Since the idea of social media marketing and blog marketing blew up, many other marketing channels have now been created, allowing marketers to expand their campaigns to different platforms and devices.
Not only that, but due to the different ways someone can market their product or service during modern times, many touchpoints have also been created.
This has impacted different marketing strategies, how companies can promote their brand to the public, and the customer journey.
Even though this increased amount of touchpoints means that there are now more ways for a customer to interact with your brand and make a purchase, it also creates a great number of different complexities.
More customer engagement is always a great thing. However, the communications agency responsible for monitoring these touchpoints and for the communications and marketing team to perform efficiently needs access to certain information to cope with the progressively intricate buyer journeys.
This is where market attribution is effective. Let us discuss this in more detail, exploring market attribution and highlighting what an attribution report is. Furthermore, we will also discuss some benefits of this strategy.
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Marketing Attribution: What Is It?
Before understanding its benefits and importance, understanding the concept’s root idea is essential. Due to this, let us first consider the definition behind marketing attribution to better perceive its importance to marketing departments and organizations throughout the globe.
By definition, this is a strategy primarily used by the sales department. It involves formulating reports that allow the advertising and marketing team to analyze the impact they have made, keeping a specific goal in mind.
An example is that a company might have set up a goal to generate a specific number of sales due to a social media marketing campaign.
When dealing with such a situation, they would need to implement marketing attribution strategies to measure the impact this marketing effort had on their overall product sales in the form of an attribution report.
What Is an Attribution Report?
These reports help marketers understand the impact their campaign has made on sales. And involve the relevant team in compiling the entirety of the interactions comprising of a customer journey that leads to them buying the product.
This is done through the implementation of different models. Which are then used to display information highlighting the channels of marketing which have been the most effective according to the current marketing goals.
Even though there are different variations of this report. The common and most effective one used by many companies. Due to them being highly beneficial to marketers and the sales team is the multi-point attribution report.
Many organizations use this technique to make their report primarily since it provides the marketing department with in-depth information, pinpointing exactly which marketing campaign was the most effective in terms of customer engagement and sales.
Benefits of Marketing Attribution
Due to the nature of this reporting strategy, the information extracted through this technique can lead to many benefits, other than understanding the customer journey more accurately and efficiently in marketing products.
Let us explore this in greater detail, discussing how businesses can benefit from this strategy.
· Optimized Company Expenditure
The main function of an attribution report is to provide insights to the marketing department. Informing them on the most effective touchpoints generating the most profits for the company.
This can help them focus most of their expenditure on the most financially advantageous marketing channel. Causing them to spend less capital to get the most out of their marketing and sales efforts. Resulting in optimized marketing and expenditure.
· Better Product Development
As discuss earlier, there are many different models that marketers take advantage of, and each is used to accomplish different goals.
Person-level attribution is such a model and is best used to magnify the interests of their customer base.
Companies can utilize this customer feedback to improve their product accordingly. Not only resulting in a much better product but also having a positive impact on consumer engagement.
· More ROI
When used to its maximum potential, marketing attribution can also help companies with their return on investment.
An efficient reporting strategy allows marketers to pinpoint their target audience. Generating the most sales for them and allowing the sales team to accurately analyze their target demographic.
This results in the insights they can use to convey the right message to the right consumers. Resulting in optimized spending and more return on the finances they have spent to market the product.
· Encourages More Creativity
Certain marketing attribution models are design in a way. That they provide marketers with information comprising of the creativity which has applied in the campaign.
This allows them to better assess which elements have had the most impact on the consumer. This allows the sales team to emphasize them more when generating future marketing campaigns.
Not only does this result in better consumer engagement. But it also allows marketers to be more creative with their sales efforts to convey the right message to the general public more creatively.
Conclusion
Marketing attribution can be a great asset for a company, but its effectiveness depends on how an organization can utilize this reporting strategy.
Due to the increasing number of different models which comprise marketing attribution, it is important to understand their purpose and advantages. However, this guide will help you better understand the concept of marketing attributions and their advantages.