Today’s marketers are faced with many challenges. However, it is good to know that there are more than enough methods they can apply to optimize their efforts to deal with them. Throughout the retail industry, marketers are seeking new effective strategies to enable them meet actual business objectives. Interestingly, they are already demonstrating a rounded picture of the value of marketing.
Rather than attending channel-specific needs, the maturing of attribution modules will enable more marketers to focus and work toward meeting business objects. Whether it’s boosting customer lifetime value, attracting new customers or anything in between, businesses (startups and companies) just want the mixture of tactics and marketing channels that can help them achieve their business goals.
The Current State of Attribution Marketing
Google which is currently one of the world’s most innovative tech companies has invested heavily in machine learning. In a bid to effectively enable data-driven attribution for marketers, the company has managed to incorporate its machine learning tech with Google Attribution to determine how credit is assigned to every touchpoint along the consumer journey.
From the moment consumers start engaging with your brand for early research to the final touch, click or interaction before purchase, this product will determine how much credit to assign by analyzing the unique conversion patterns of the user’s account and compare customer paths that convert with those that don’t. Today, marketers who really want to achieve results that accurately represent their business are following this trend.
With the new marketing attribution model, marketers no longer need to rely on last-click attribution to provide a beneficial new perspective. With Google Attribution, marketers can now be able to automatically get their cross-channel bidding integrated automatically throughout their AdWords search campaigns. Before the conversion finally occurs, the product’s rollout hopes to shine a light on the true touchpoints users interact with.
Data is the new integration
While advertisers are still exploring other models in Attribution, Google is encouraging adoption of data-driven attribution. Before deciding to incorporate new models into AdWords, advertisers must understand the possibility of monitoring and evaluating the performance of the various models. This is because these models will supersede any other model that has already been set in AdWords once they have been pushed. It is this data that automated bidding will require to make that final decision.
Unlike Google Analytics, the new Attribution tool seeks to make more cross-channel data available to help distribute credit to the actual path of a sale. Basically, it aims to determine the specific amount of budget that every of your marketing channels will require to work as efficiently as possible. Now, marketers are inclining themselves to embrace attribution as companies are demanding more accountability for every marketing dollar. While weighing the impact of every touchpoint along the consumer path such as clicks and views, attribution is proving to be even effective as it currently includes the effectiveness of all digital ads.
The future of marketing attribution
As it stands, the future of attribution marketing is extraordinarily remarkable. In just a short time, Google will want to achieve a more predictive outcome, automatized performance analyzation, and simplified data collection with its attribution. Advertisers will need to take concrete steps to grow their attribution practice to outpace competitors.
With analyzation fully established, marketers will be able to use attribution to strategize and plan for a better marketing mix for their ad campaign which can go a long way in yielding a better user experience on each touchpoint. This also helps to make cost efficiency, CPA, campaign CPC, and budget optimization an easy task. No doubt, marketers will stand to enjoy better data, better analysis, and better marketing with this new system.
Though not many organizations are adopting this data-driven measurement strategy at the moment, it is evident that as time goes on, more startups and companies will be getting involved particularly when they begin to observe and identify its well-recognized benefits. Over the coming years, more advertisers will be invited to join Google attribution as it is currently for select advertisers and not yet global. Attribution will incorporate the effects of each touchpoint on the consumer’s journey – both offline and online – so as to be able to present a clearer picture of the marketing impact of the user across digital and physical worlds.