Attribution in Digital Marketing: Tools and Tips That Can Help Optimize Attribution Models in Digital Marketing
Attribution in Digital Marketing, commonly known as Marketing Attribution, is the analytics involved in determining which marketing strategies work best for your business. Through Attribution in Digital Marketing, you can find out which campaigns are contributing the most to conversions and sales ROI and why. It is important to understand the ‘why’ part because it determines which exact part of the whole campaign is working best and how it can be incorporated in future campaigns.
Attribution in Digital Marketing can evaluate the touchpoints and deliver the most useful insights for your business. Several types of Attributions are available for digital marketing, each of which serves varied purposes.
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Common lags that digital marketing teams experience
- Attribution in Digital Marketing often analyzes a customer’s journey in a way that suggests that one event led to another. For example, a customer who clicked on a product link a few days ago bought that product today does not mean it was that link that led to the sale. Marketing teams often juggle removing correlation-based biases.
- Sometimes it so happens that a customer has already been looking for your product in the market. Their interaction with your ad was only for the purpose of buying. Attribution in digital marketing has an in-market bias that it was the ad that made the customer buy the product.
- Some ads work best for a group of targeted audiences. But Attribution in Digital Marketing often misses these points. Marketing teams always have to use separate tools to segment the audiences of their campaigns to find that out.
Best practices to follow for Improving your Attribution Model
Stakeholders at businesses are often unaware of what attribution models to pursue.It’s best to conduct a seminar for your employees to familiarize them with attribution and metrics that matter to your brand and help them incorporate it and measure in their daily marketing and operations activities.
Key Performance Indicators
Set up Key Performance Indicators (KPIs) for all your attributions. Setting up KPIs hardly takes much effort but deciding what KPIs to use is a different story. Thorough market research and the position of your business in the market will help decide which KPIs will work best for your business.
Recurring marketing data
Recurring marketing data is a common occurrence in all data-driven systems. Implementing a multi-touch attribution model becomes a smart choice. Make sure your business can identify recurring data and not use it as separate data. That will cost your company much more than you can predict.
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Tips to optimize attribution models in digital marketing
Solve data integration problems
Problems with attribution in digital marketing can be solved smoothly by data integration. Data should be integrated from as many (valid online!) sources as possible. This helps your attribution to reduce the number of missing touchpoints.
Cover missing touchpoints
Touchpoints are sort of anchors for data in attribution. The more the touchpoints, the more correct the form of data you will be able to collect. But it often happens that all the touchpoints do not get covered. These are called missing touchpoints.
Use data-driven attribution models
Data-driven attribution models are usually algorithmic. They use predictive algorithms to collect and analyze significant data from multiple touchpoints and sources. It then gives insights into the most active touchpoints. These touchpoints can play the leading role in data collection.
Tools to optimize attribution models in digital marketing
Funnel is a data collecting platform that converts advertising and marketing data into automated reports to help your business make better budget and targeting decisions. It allows users to rapidly analyze their campaign statistics from all channels in one location, allowing them to understand how each channel relates to their goals.
Adinton is a comprehensive marketing optimization package that contains tools to assist with marketing attribution. The program analyses your marketing expenditure, conversions, and clicks and then reports to you on how efficient each channel is, including if you over-or under-invested in certain channels.
Ruler is a closed-loop, multi-channel attribution tool that may provide you with a plethora of information about your marketing ROI. It enables you to immediately link all of your marketing activities to income. Ruler accomplishes this by recognizing your website visitors and tracking their individual experiences across numerous touchpoints.
Attribution in digital marketing might seem complex for new users. But the wonders it does with data are worth investing in. Be careful (and smart!) while choosing which techniques and tools you decide to use for your business.
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