There is so much to learn about particularly when it comes to assigning credit to interactive touchpoints. This is one interesting aspect of digital marketing that many marketers find to be quite complicated. Before now, this used to be a relatively simple adventure but today, some layers of complexity have been introduced which is primarily due to the explosion of marketing channels and devices. Ultimately, this post will benefit anyone whose knowledge of marketing attribution is murky or shaky.
Only a handful of marketers can actually explain how valuable each touchpoint or channel is during the purchase process or consumer journey. Despite being the entire goal of attribution, not every marketer can categorically state that they are effectively optimizing revenue and spending their budget. When approaching your marketing budget, there are certain things you must know if you must make a difference in your marketing campaign.
Respect the tenets of good communication
Like everything else in digital marketing, attribution can be quite unstable. As new channels emerge and technologies change, models are bound to take a different turn. The fun part is that you must not remain dormant. The best way to remain updated is by abiding by the tenets of good communication between consistency of goals, agreement on key metrics, and teams.
If all parties involved in the process do not agree on the models being tested, the key metrics involved and the goals of the attribution program, the whole thing is likely to fail. Without clear communications, you cannot effectively generate more revenue as some teams may be afraid that they will lose budget. Communication is key in any attribution program, so ensure to observe it rightly.
Models are complex and nuanced
As you go forward, it is important to note that no matter how advanced any model may be, they all have their flaws. Whether it’s Time Delay or econometric or Game Theory or U-shaped, whatever, though they present more insights than simple first- and last-click, they are, however, all nuanced and complex. Try as much as possible to master the principles guiding attribution. This is the secret of succeeding.
Testing also matters
Marketing attribution is one aspect of digital marketing where impression and clicks are magically translated into accurate values that can provide an excellent marketing budget. Interestingly, there is still much to do even when you manage to understand the perfect attribution scenario. One thing you must try to understand is the importance of testing. With a better ad copy, you could make those clicks to be even more valuable.
Use a more streamlined lead generation form or a sharper product image to boost that conversion rate from a mobile click to a PC search. Basically, you are looking to assess the value of each marketing touchpoint so you can effectively spend more. This is just what attribution is all about. However, the buck of the task lies on you and your team to assiduously work together to increase the value of those touchpoints.
Don’t underestimate the lifetime value (LTV) of your customer
LTV is very crucial in any marketing campaign and must not be meddled with. Just so you know, it is the fulcrum of any meaningful attribution program which you and your team must learn to understand. There is a whole lot more to benefit when you also consider the traffic coming in at the top of the funnel. Your upstream click could get undervalued when you rely solely on single-conversion events.
Align your teams right
Right from the beginning, let your finance teams be involved in the goals of the attribution program. This goes beyond a mere marketing issue. At higher levels, your tech teams cannot be left out particularly when it comes to installing more complex models. Try not to make funds unnecessarily scare for upstream channels by over-crediting the bottom of the funnel. A good rule of thumb is using attribution to display the value in those upstream channels.
With solid marketing attribution put in place, there are lots to achieve for free. Though things may start seeming very complex and costly particularly when you consider all the technologies and advanced models available, however, knowing that all those things are free brings a great sigh of relief. Obviously, there’s a lot to accomplish with attribution. You can easily develop and test hypotheses about how your users are interacting with your brand; ensure that social media platforms like Facebook and Google are not taking credit for the same conversions, set up your on funnel touchpoints across multiple channels, glean from those sources when you’ve got the data.
It’s for everyone
If you are already making good use of Google Analytics and tracking data well within every channel you are already ripe for some basic attribution even when you haven’t really thought of it. Even those who are only set up to understand the performance of social media and their marketing channels such as Twitter, Google, Facebook have got all the mechanics they require to perform standard marketing attribution.
Apart from those specific key performance indicators (KPIs) which you will be tracking for each channel, you are also going to track how your users engage with your website. Thanks to Google Analytics, you will be exposed to the conversion, bounce, and interaction rates of your customers. Interestingly, this activity or info can be linked to other databases, including your customer relationship management (CRM) which is prominent with marketers on a B2B model. By implication, value is already being assigned to marketing interactions and with the right elements in place, you can even dive deeper.
For example during the purchase process, you can easily understand where the channels fall using just the data in these tools. As a matter of fact, you will get to know if Google clicks are a cost-effective way to feed the top of the funnel or they only lead directly to conversions. Also, you’ll get to know how mobile ads on social media work for direct response. With just this data alone, you can effectively establish basic attribution models such as last-click and first-click across multiple paths.
All these tips mentioned above are necessary for any marketer seeking to make waves in the digital world. With attribution, your marketing style can make all the difference you need in approaching your marketing budget without even stressing yourself in the process. Today, marketers are adopting new approaches to bring down the siloed walls of display, social, search, and offline channels to establish a holistic brand experience.
Rather than inadvertently focus on only last-click events, marketers a new different course entirely. Now, you just have to focus on marketing attribution to have a holistic view of your keyword and query performance. With Google’s new product – Google Attribution, you can effectively tame the cross-channel and cross-device conundrum. Brands are using this new product to boost conversions and effectively integrate cross-channel bidding throughout their search campaigns with AdWords. As a result, marketers are experiencing a seamless transformation in optimization mindset.