Are you wanting to come up with ways to maximize the return on your investment with your marketing programs? Do you feel that there is a better way to gain traction for the platforms you use? If so, then you need to learn all you can about marketing attribution.
Doing so can paint a clearer picture for your client’s buying process, help you fix glaring holes in your process, and give you a better understanding of your customers.
See below for an in-depth guide on marketing attribution. We want to help you understand what it is, why it’s so important, and the main benefits of using it in your business model.
What Is Marketing Attribution?
Are you pouring money into your company’s YouTube channel, but unsure of the return you’re receiving from it? Do you feel that Facebook or Instagram are bringing your target customers to you frequently? Have you ever taken the time to look?
This is why marketing attribution is so valuable for your business and its marketing plan. It helps you understand your customers. But what is marketing attribution, really?
In short, it’s the process of using analytics to figure out which one of your marketing tactics is offering you the highest return on your investment. More specifically, which ones are playing a role in the sale of your items.
It can help ensure that your company’s time and money are being put to good use. Once you’ve performed marketing attribution, you can be sure that your money is going towards the most beneficial marketing outlets.
For example, let’s say your company uses marketing tactics such as:
- Social Media
- Blog Posts
- PPC (Pay Per Click Advertisements)
- Webinars
After performing a marketing attribution test, you might find that your social media marketing tactics are producing the highest return, while your webinars are producing the lowest return. After learning that, you can place more money into your social media marketing endeavors, as they’ve offered the highest conversions.
Why Does Marketing Attribution Matter?
A better way to ask this question is “What are the benefits of marketing attribution for your business?”.
Understanding the benefits will show you why it’s such an integral part of your marketing plan moving forward. See below for some of the biggest advantages.
1. Helps Build Customer Loyalty
A marketing attribution model will give your company a distinct plan for how to go after your target market. It will outline all of your current marketing initiatives (blogs, social media, etc.), then show the number of resources you’re placing on them.
This will guide you towards your target market. The more resources you spend on convertible outlets, the more of your niche customers will end up purchasing your products.
Here’s a shocking statistic for you: 80-percent of your future profits will come from only 20-percent of your current customers. Client retention is important, people! By using a marketing attribution method, you’ll help line up more loyal customers, and thus, steadier (and higher) profits.
2. Increases Return on Investment
Marketing attribution helps you get rid of worthless spending. It can help you pinpoint the tactics that don’t help you produce much (if any) traffic to your products/services.
For example, let’s say your analytics reveal that your email campaigns aren’t producing. There are two actions you can take from there: lower the amount of money you place into your email marketing or readjusting your campaigns.
On the flip side of that, if you see that your social media marketing tactics are paying off in a significant way, you can invest more money into them. That way, instead of throwing money at channels that don’t produce, you’re throwing that money into tactics that will.
3. Improves the Customer Journey
For those of you that are unfamiliar, the customer journey refers to the different touchpoints and experiences that your clients have with your brand.
So if your customer initially finds you on Instagram, uses a link to shop on your site, then purchases a product, they’ve just gone through a customer journey. However, the journey doesn’t end once they buy. It’s a continuous loop if you’re doing it right.
Your marketing attribution can help ensure that the customer journey never ends. For example, you can invest more money into social media to make sure your brand stays relevant in your target market’s head.
4. Optimize Your Marketing Strategies
How can you gain more confidence in your marketing plan? How can you be sure that you aren’t wasting time in certain tactics that aren’t producing?
The numbers don’t lie. Using marketing attribution will help your brand understand which tactics work, as well as which ones do not. What happens to the tactics that aren’t producing? They get tossed to the side (if you so choose).
It can help you take an in-depth look at all of the tactics that you use. If you have a few trendy marketing tactics you would like to try, then you can substitute them for the tactics that aren’t producing a return.
The key here is to refine your marketing plan. Marketing attribution can help your strategy evolve and thrive over time.
Instill Marketing Attribution Into Your Marketing Plan Today
Now that you have seen an in-depth guide on marketing attribution, it’s time to integrate the attribution process into your marketing plan.
Be sure to read this article for the 9 signs that you aren’t properly using your ad spend on Facebook. This can help you see higher returns from Facebook on your marketing attribution report.
For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.
