Attribution in Marketing: Setting up your Processes and Tools for better Attribution Models

There are several approaches to gaining a solid client base. Every marketing strategy that a company employs needs not necessarily yield results. What might work for one company might not work for another. What worked for a company in one place at a specific time might not deliver the same benefits in a different place and during a different period of time. In all of this, a good marketing attribution model plays a key role.

Marketing attribution is the process of evaluating and analyzing the return on investments (ROI) brought by each platform that connects the company to the client. It also includes marketing projects and campaigns. Marketing attribution involves collecting data and feedback to analyze what channels and which parts of their marketing strategy yield. 57.9% of companies are using marketing attribution tools and processes for propelling their business forward today. It helps find the exact mediums and places to invest more marketing resources in.

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Benefits Of Marketing Attribution

The average client uses 10 platforms to communicate with a company. The marketing field is fragmented and interconnected. Prospects are likely to encounter a series of interactions with the company before they are converted to proper clients. 71% of marketers believe that marketing attribution helps optimize customer experience and improve ROI. 59.4% of marketers claim that marketing alignment is the primary goal of marketing attribution. The reasons that modern marketers are invested in marketing attribution are as follows:

  • Optimizing marketing budgets
  • Personalization of client experience
  • Marketing development
  • Data-driven insights
  • Performance tracking
  • Predictive analytics
  • Attract relevant audience
  • Improve conversion rates
  • Align sales and marketing teams
  • Integrating marketing and sales software
  • Proper use of resources (labor and investment)

A FEW PROVEN METHODS TO DRIVE BETTER MARKETING ATTRIBUTION 

The average conversion rate of individual mediums is low. But the prospect is likely to have interacted with more than one medium. Marketing attribution can be collected from both offline and online means. Some of the average conversion rates of individual online mediums are mentioned below:

Medium Average conversion rate
Email marketing 3.9%
Organic search 5%
Paid search 3.6%
Referrals 4.1%
Social media 2%

There are several more layers to understand how attribution marketing works. First, to follow up on the journey of the company’s influence on the client, models that assume the pattern of the client are devised. Analyzing a combination of some of the common attribution models are:

  1. First interaction – Credit is given to the first medium that introduces your company to the client. Every other path that leads to the client’s conversion is not considered.
  2. Last interaction – All the credit for client conversion is allotted to the last medium they had interacted with before approaching the company. For example, if a Facebook ad of your company was the last thing that the client viewed before visiting your website or placing an order, Facebook is given full credit, irrespective of the probable influence that other mediums had.
  3. Last non-direct click – Like the last interaction, this model gives all the credit to the medium that redirected the client to the company’s official website.
  4. Linear model – This provides equal credit to all the mediums or touchpoints that have interacted with the client.
  5. Time decay – This model allots credit to all touchpoints involved, but in an ascending fashion issuing the highest credit to the last interacted touchpoint and a lower percentage for the initially interacted touchpoints.
  6. Position-based – This model forms a ‘U’ shaped graph, allotting the highest portion of the credit to the initial and final interactions, while the touchpoints that secure positions in the middle are assigned lower shares of the credit for client conversion.

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Tools For Marketing Attribution

Some of the leading attribution tools used by businesses to harness data management and analytics are as follows:

1. Ruler analytics

The moderately priced marketing attribution tool helps get higher ROI through data collection. It segregates the lead distribution from different platforms. It has easy dashboards to track performance rates.

2. Google attribution

The free service by google helps track marketing activities and outcomes of your company’s website. Deeper-level insights on the channel’s contribution are issued by Google.

3. Statcounter

The platform makes general web analytics easier, with comprehendible data presentations and built-in marketing attribution features. It provides live interaction feed, visitor engagement, traffic sources and is trusted by more than 2 million websites globally.

4. Adinton

The diverse features include analytics, data collection and presentation, and marketing attributions. Channel profitability, customer behavior, and buying intent are also readily tracked by the platform.

5. Funnel

The platform issues automated data collection and converts it into comprehendible reports. Data transformation, destination, analysis, and professional consultations are issued by the funnel.

6. Impact

Unique dashboards, performance trackers, and data conversion services are available on ‘impact’ along with business development tools, user activity monitors, and data provisions arranged as insights.

Equipping the appropriate models to correlate data cannot be carried out manually, especially when online touchpoints are involved. Attribution marketing tools can help speed up the process and remove huge workloads away from the company but provide the benefits of the data. Utilizing the data efficiently is essential for the success of attribution marketing.