You’re probably familiar with HubSpot’s Ultimate List of Marketing Statistics for 2019, or at least with some of the more referenced metrics from that tome. One that gets used a lot is the “47% of buyers viewed 3-5 pieces of content before engaging with a sales rep.”
So, that metric supports the argument for a smart content marketing strategy. But it also does something else. It begs an important question—if half of the consumers need 5 blogs (or whatever) to talk sales, which blog was the one that hit the sweet spot? Which one made that consumer go from, “Hmm, interesting” to “OK—time to talk a new CRM for my business,” or to talk about anything else he needs to buy.
Said differently, with all the marketing channels available to them, isn’t it important for marketers to home in on which one (more than any other) generated a purchase decision and, if it is important, what’s the best way to do that?
Marketing attribution is more science than art, a deep data dive the goal of which is to determine with some degree of accuracy what piece (or pieces) of your marketing makes consumers take the actions you wanted them to take, like downloading a piece of content, visiting a product page or (Hallelujah) making a purchase. With the increasing number of marketing channels available to them, marketers need a smart attribution strategy to increase the odds their marketing campaigns will be successful:
As Salesforce notes, for example:“Marketing attribution is the way in which marketers assess the value or ROI of the channels that connect them to potential customers. In other words, it’s the means by which the customer came to know and buy your product or service…Multiple channels and messages were responsible for the final buying decision, including the Facebook ad they initially clicked on or the email they received when they signed up for the newsletter. In an ideal world, you’d be able to track the entire customer journey from start to finish with personal anecdotes from each customer about why they made the decisions they did along the way. But that’s not realistic, or scalable.”
“Assumption” is a dangerous word in marketing. For one thing, assumptions are usually tainted with some form of bias—like the bias of assuming the display ad you pulled an all-nighter to get in by deadline was the silver bullet that pushed conversions up by 10%. For another, assumptions don’t help you improve the effectiveness of your marketing.
Attribution shouldn’t be about assumptions or guesswork or eyeballing. It’s about gaining real insight into what in your marketing campaigns works, and what doesn’t—and nothing could be more important to the success of those campaigns.
Consider for example these attribution metrics from Leads RX:
Every business—and every marketing team—is different, with different target audiences, different marketing challenges, and different goals. As it turns out, there are multiple approaches to attribution and several attribution models from which to choose. That, of course, can be complicated and a bit confusing. Your best bet if the nuances of attribution create a boondoggle for your business is to work with an experienced digital agency who can give you the advice and guidance you need to choose the best attribution model for your needs and to increase the odds of success.
That said, the most typically leveraged attribution models include the following 4:
Weighted multi-source attribution: this is arguably the most reasonable and accurate model—unfortunately, it’s also the most challenging to implement effectively since doing so necessitates accurately assigning weight to every marketing channel and touchpoint along the buyer’s journey. Said differently, unless you have some real analytics heft in your marketing team, weighted multi-source attribution is not a do-it-yourselfer.
CONCLUSION
Ever had a seemingly impossible job you had to do or an intractable marketing problem the solution of which was critical to your company’s success? That’s not overstating the importance of effective marketing attribution, or for that matter of any other marketing, activity grounded in incisive, accurate data analysis. Here’s the thing: when you see something that can measurably enhance your return on marketing investment and improve your business, but that’s also really hard to do—those are the times it’s smart to get the expert guidance and advice you need to succeed. To learn more about the ways our digital marketing services—from analytics to creative design, SEO, content creation, marketing automation, and social optimization—will help you drive sales and grow your business, contact us today.
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