Marketing Attribution is the process of determining techniques that will contribute to the lead generation and sales of any business. It is a type of analytical science used by marketing and sales teams. With the help of marketing attributes, you can determine whether a particular marketing technique is benefitting your organization and how. During their purchase journey, each customer encounters marketing touchpoints, which are used as markers and KPIs by the marketing and sales teams. Marketing attribution evaluates these touchpoints to determine the success rate of the campaign.
Importance of marketing attribution
The most prominent aim of marketing attribution is to determine which delivery method reached the most customers and which brought in the most leads. The channels through which the content is delivered are critically examined, and efforts are made to select the best channel. Each organization has different requirements, which calls for the use of different marketing attributions. Some of the major marketing attributions are single touch-first touch attribution, single touch last touch attribution, linear multi-touch attribution, u shaped multi-touch attribution, time decay multi-touch attribution and w shaped multi-touch attribution.
Marketing attribution has its concerns. Some of those present themselves as huge challenges that organizations must overcome. The most prominent concerns of marketing attribution are:
- The Return On Investment (ROI) determined by Marketing Attribution is far from the real ROI of any business. Marketing Attribution only considers touchpoint conversions while calculating ROI, but there are several more contributing factors in reality. The existing database of the customers and offline sales efforts cannot be accounted for in Marketing attribution, which makes its ROI prediction quite uncertain.
- Since Marketing Attribution is very selective and limits the channels through which the revenue generation is measured, it becomes difficult to consider certain strategies. The paid search strategy can be effective only if the total marketing efforts are good enough to increase customer interest in the product. But with Marketing Attribution in reign, calculating which strategy bought in how many conversions is cumbersome and unreliable.
- One can say Marketing Attribution has in-market and correlation-based bias. Due to this, the predictions can be inaccurate. You can use algorithmic and statistical techniques to separate the data and calculate the estimations. But it is not always the case that the results obtained are useful and reliable.
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Top marketing attribution technologies
Oktopost promises to incorporate all social data into your CRM and provide visibility into the function of social media in multi-touch attribution. Oktopost, with its particular focus on social media marketing, fills an important gap for many digital firms. It illustrates the importance of social media for lead generation rather than just brand awareness.
Neustar is in a position to bring information from mobile and offline promoting channels. It’s a good selection for corporations following leads outside of the internet and social media. Neustar’s support team is quite excellent. Its diversity of elements makes it a powerful choice for businesses that need a versatile approach.
Kochava has a unified audience platform that is capable of tracking your customers across several platforms simultaneously. It provides you with a strong and configurable solution for your marketing attribution. The wide range of features offered by Kochava is appealing to several businesses.
Statcounter is a perfect tool for businesses that have low financial allocations for marketing. It is commonly used by small businesses to track the user actions of their customers and later on analyze the collected data. Statcounter is an easy to use technology and has a user-friendly interface.
Appsflyer was designed to track user interactions across mobile apps. The marketing attribution provided by this platform is mobile-centric. It provides usable and information analytics from the gathered data. Appsflyer has a user interface that is very easy to operate.
Invoca is the most unique of all the marketing attribution technologies available in the market. Almost none of them have the structure to track phone sales. But Invoca can track calls and develop analytics with the help of AI. Since it offers such a unique solution to the users, the market price of Invoca is higher than most.
The multi-channel attribution model of Ruler Analytics uses a revenue-driven approach called the “Closed Loop Framework”. You can identify individual customers as you track them, then integrate their data with your analytics and CRM. After the customer completes a purchase, proportional credits are assigned to the channels, keywords and campaigns that played a role in the conversion.
Altitude offers comprehensive insights into consumer habits, which it achieves by providing a wide range of reporting and attribution modelling customization possibilities. Their internal analytics suites provide a choice of rules-based or machine learning models, and you may contribute your ruleset if necessary.
With various innovations being witnessed in the marketing attribution segment, we can expect some exciting times ahead wherein we can see some more interesting developments.
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