Written by William Flaiz and originally published on Forbes.com on September 20, 2018.
Obviously, this can be a problem. How does a company ensure that it's putting its resources behind the most effective channels and interactions when it's not even sure what those are?
This is where attribution comes in. Attribution is the science of assigning value to each marketing touch point -- determining which interactions had the greatest influence on customer conversion. In short, it allows you to see the correlation between marketing data and sales data.
Google Analytics, which is among the most widely used analytics platforms, outlines several different types of attribution models. Understanding the different types of models is essential for understanding when to use them.
Wrapping your head around the various attribution models may seem challenging, but fortunately, there are numerous companies that provide attribution services. LeadsRx provides a clear, unbiased view of every touch point, mapping out the entire customer journey. TrackMaven effectively pinpoints your most engaging content and measures your brand's most engaging channels, providing feedback insights regarding publishing days, times and formats. And Visual IQ can help you understand which combination of events is most likely to result in customer conversion. (Full disclosure: I provide consulting services for Visual IQ.)
Attribution helps you understand a customer's journey through your sales funnel. While the jury is still out on which attribution model is the most effective, every model has the same goal: to increase your opportunities for lead conversion by focusing on the most effective channels.
When you have multiple marketing activities going on -- as you probably always do -- you'll use multiple attribution reports to understand the impact your content is having on conversion. In fact, you may even use more than one attribution model for the same campaign for a more robust picture of your customers' journeys.
However, it's important to remember that, while attribution can teach you how your customers are engaging with your brand and content, it doesn't tell the entire story. For example, brand-building activities and offline activities both play significant roles in the marketing mix, but online-only attribution solutions don't account for these.
Attribution can lead to improved brand visibility, better tracking and better modeling, all of which can enable marketers to make impactful marketing decisions with confidence.
Published by William Flaiz on
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