Living in the digital world means that people are also using digital platforms and tricks to market their companies, websites, brands, products, and practically everything else they want their audience to see. There are multiple different methods of reaching the target audience. There are also various digital marketing strategies and techniques that you should use to increase your visibility, boost your sales and be successful in your niche. The existence of that many platforms and channels is quite amazing, but, as explained at http://www.juni.co/blog/what-is-marketing-attribution, you might have difficulty understanding which channels to focus on the most platforms to use to increase your audience and gain more customers.
You are not the first nor the last person to worry about this. The first thing I have to say here is that you should never, and I mean NEVER, focus on using only one marketing strategy, one platform, and one channel to get through to your potential customers. Sure, that one channel might be successful, but the point is that you might miss out on many customers if you decide not to use anything else but that one technique that you find useful.
Well, I suppose that this was perfectly logical for you, but the truth is that you’re not sure how to choose the right channels and platforms for you, and I can definitely understand that. This is why you now need to learn about a particular concept that will come in handy and solve your choosing issues and struggles. If you could not have guessed it, I am referring to marketing attribution.
I am sure you have quite a few questions about this specific concept, especially if this is the first time you have heard about it. The good news is that I have decided to give you the answers to some of the most important questions that you might have here. That way, you will get a clear picture of marketing attribution in general and learn how to use that concept to grow your specific business. So, let us start answering those questions.
What Is Marketing Attribution?
The first question that you need to have answered is the most basic and the most logical one. What exactly is marketing attribution? In a few words, this is the analytical process of determining which marketing techniques and tactics contribute to conversions and sales. After analyzing all the tactics that you are using and their respective success, you will get a clear idea of what’s working and what isn’t, meaning that you’ll know precisely what to invest in.
If this sounds like an easy process, let me tell you right away that it isn’t. The above is quite a simplified explanation, and it serves the purpose of helping you understand the core idea behind marketing attribution. However, you need to know that this process consists of identifying and analyzing all the marketing touchpoints that a particular consumer will encounter on their actual path towards making a purchase. So, this process aims to identify precisely which messages and channels have the highest impact on the consumers’ decision to purchase something or to take the desired next step. The goal is practically the same as the one I’ve mentioned in the simplified explanation. Still, the process can be quite complicated, as you must be thorough and detailed while doing the research and the analysis.
Why Is It Important?
If you’re now trying to figure out why marketing attribution, defined here, is so important for your business, let me try and shed some light on that as well. First of all, by doing this, you will get to optimize your marketing spending, meaning that you’ll cut some costs by avoiding certain tactics and channels that have proven unsuccessful. On the other hand, by using all of those successful tactics and channels, you will get a high return on investment (ROI), which is quite a big deal. By reaching the right customers at the right time and with the right offer, you will increase conversions, which will lead to an increase in your ROI.
In addition, your targeting will be much more effective since you will realize exactly which messages work on your potential customers, allowing you to provide them with a personalized approach that everyone loves. This will help you grow your audience and understand their needs and pain points much better, which can lead to better product development. When you create the products that will address those pinpoints or update your existing ones, you’ll definitely have more success on the market, which is undeniably what you are aiming at.
How To Choose Your Model?
There are several most common marketing attribution models out there, including the linear, last-click, first-click, position-based, data-driven, and the time-decay models. Of course, you cannot use all of these at once, which means that you will need to figure out precisely how you can choose the right model for you, which will undoubtedly require you to do some research and careful thinking. There is no one-size-fits-all solution, meaning that you’ll have to research all of those in detail and consider your specific goals, target channels, number of touchpoints, length of the sales cycle, and similar things to make a smart choice.
Featured Image by Gerd Altmann from Pixabay