Contrary to most general perceptions, a conversion process isn’t an organized, neat, and nice path set from one point to another. As a matter of fact, it is more like a winding road map of loops, intersections, and tangents that involve an entire host of consumer touchpoints. Interestingly, attribution can help marketers optimize the path their customers took to get to them and also make significant sense of the conversion journey.
First and foremost, you must understand that analytics alone are not enough. Though the offer lots of helpful information as regards making a conversion, analytics only skims the surface and provides answers to questions about the customers who visit your site once they’ve made the decision to interact with your ad. Along with attribution, marketers are now easily reaching out to people who have neither heard of their offers nor their site but are searching for product or service they provide.
Advertisers are using marketing attribution to get these people notice them and encourage them (customers) to engage with them. Basically, they are employing these strategies to make their ads more effective enough to reach consumers and yield meaningful results. With marketing attribution, you, as an advertiser or marketer, can know where (the right place) and when (the right time) to actually take the right step to engage. Here are other ways advertisers are benefiting from marketing attribution.
Deeper customer engagement
No doubt, any serious marketer would be excited about the concept of attribution. Obviously, there are no better ways of determining which avenues are actually yielding the best ROI than these. It is one thing to have the data but acting on it intelligently is obviously more important. This is why most people imagine it to be pretty complex. With this form of attribution, marketers can see all the touchpoints their customers are interacting with.
One good thing about this attribution model is that it’s very easy to set up and implement. In fact, you will find it more exciting and easy to interact with consumers on digital channels like paid ads and social media than working across brick and mortar platforms and other tangible channels like magazines, radio, TV, and others.
Improved search features
Since its inception about 3 decades ago, search features have undergone tremendous transformations in both form and function. Search has gone out of the text box and is now being seen in gaming systems, TV remotes, on audio speakers at home, in automated cars, and on smartphones. This communicative feature is virtually everywhere. It’s with both marketers and consumers alike across devices and embedded in tablets and phones.
As a result, search has gone beyond singular conversions right within the very own channel employed by marketers. Now, they use keywords to assist throughout the consumer decision journey and not just for immediate conversions. Today, keywords are now being evaluated in a much wider context as they help consumers survey, inquire, evaluate, identify, purchase, and follow up on products and services.
Now, it is virtually impossible to grade any digital channel or even search on one click prior to a conversion. Through search, customers can easily compare insurance quotes, buy movie tickets, rent a car, and even order a pizza online. Obviously, it (search) has transcended beyond simple voice input and is advancing to understand user behaviors and intent with available data aimed at helping consumers take action. Just so you know, with analytic attribution put in place, many advertisers and marketers have already started relying on search as inter-communicative partners that they cannot do without.
The end of first- and last-click
The use of first-click or last-click attribution models has been the common way to go in times past (though they’re still being used today). First-touch or first-click attribution models assign conversion credit to the first touch point, whereas, last-click or last-touch attribution models give 100 percent of the credit to the customer’s last touch point leading up to a conversion.
Scrutinizing either of these popular models is quite easy as they focus mainly on either the beginning of the buyer journey (first-click) or the end of the buyer journey (last-click). It may interest you to know that both the use of first-click and last-click attribution models is gradually coming to an end due to their disregard for every other marketing activity.
Now, marketers no longer want to focus on those elements that tend to drive the final conversion and ignore early, top-of-funnel activity, as they have come to realize how this can dry up their marketing efforts. To this end, they are focusing on establishing customer lifetime values (CLVs) or lasting relationships by adopting new approaches aimed at creating a holistic brand experience.