What is Marketing Attribution?
Yes, we understand how difficult it is to prove your marketing efforts and track ROI. This is what is made easier by marketing attribution.
Marketing attribution is a process by which you can connect your marketing efforts with business ROI. Simply put, it is a method which helps you in gauging the real driving factors behind a certain purchase.
Before a user purchases a certain product from your e-commerce store, or hire your services, there are certain touch points involved throughout the process. These touch points might be a Facebook advertisement, a television commercial or a third party website where they might have seen your good review and thought of making a purchase.
Attribution is nothing but a science which helps you in determining all these touch points, the major ones being:
- First touch attribution
Here, the first campaign that the lead engaged with before converting is credited for the success.
- Last touch attribution
Here the last campaign that the lead engaged with before converting is crediting for the success.
- Multi-touch attribution
A multi-touch attribution model splits the credit amongst all the campaigns that a buyer went through throughout his purchasing journey based on certain rules and models.
But how is this achieved?
Four Steps To Marketing Attribution
- Determine the channels which bring the maximum outputs for you
- Have the correct data regarding their cost
- Choose the model that suits you best based on the touch points
- Create an overview based on the above insight
Why Is Marketing Attribution Important?
Marketing attribution is important for the proper allocation of budget, and to determine which campaigns worked and converted leads to buyers. This is important in order to calculate the contribution of a certain marketing campaign in driving business and growth.
You simply won’t like to allocate a thousand dollars to your Facebook campaign if you know that the previous results were not appreciable and that the AdWords campaign was more successful. This is how marketing attribution helps in proper execution of marketing strategies.