What is Marketing Attribution?
The literal meaning of attribution is the action of regarding something as being caused by an entity. In that sense, marketing attribution is the process of regarding an activity that caused a sale or conversion. Fueled with data across platforms, it has become an analytical science that helps companies evaluate customer touchpoints.
The goal is to determine which collaterals or messaging has the greatest impact on the prospect. By analyzing these collaterals and their impact helps the business to improve marketing ROI. They can now channel more capital towards highly effective collaterals and campaigns.
Why is Marketing Attribution Important?
Data is the foundation of marketing attribution. There can be no attribution without consumer data that signifies which channels led them further into the funnel. Tracking and capturing consumer data across the customer journey becomes essential for every organization.
For example, a prospect comes across a search PPC ad campaign, explores the landing page, and provides email but only converts after seeing a special promotion in the mail after a few days. Which collateral did the work? Should they focus on a more optimized landing page? Run more search PPC campaigns or focus on promotional email campaigns?
It’s impossible to analyze this without data. Analytical platforms and models are required to achieve in-depth granularity in marketing attribution. Attribution modeling distills big data into account level insights that can be used for campaign optimizations.
Benefits of Marketing Attribution:-
Optimized Marketing Spend
It is a constant pain point for every business to reduce the cost of acquisition. Proper attribution allows teams to adjust the budget and media spend accordingly.
Increase Return on Investment
Optimized campaigns enable marketing teams to reach the right target audience, at the right time, with the right message. This increases the ROI of the marketing campaigns.
Improved Customer Personalization
Marketing attribution helps to segment the target demographic into further smaller segments. It allows targeting the audience in a much more personalized messaging.
Campaign visuals are essential in portraying the brand messaging effectively. Certain attribution models help in determining which creative works best for your prospects.