Director of eCommerce, Hotsox
Find out which of your marketing efforts are making the biggest impact. See which channel drove consumers to you, the pages they visited, and all touchpoints along their path to purchase.
When a lead becomes a customer, you need to know which marketing channel or touchpoint should get credit for each conversion. Accurate attribution will get you the most value out of your marketing spend.
View your marketing data any way you want. This way you can focus on the metrics that will positively impact ROI for your company.
Marketing attribution can be a difficult topic to wrap your head around. The concept itself is simple enough. Marketing attribution refers to the science of evaluating the impact that marketing touchpoints have on conversions. In other words, marketing attribution helps you find out what efforts are improving your bottom line and how. The difficulty with this topic is largely due to the overabundance of information and the sheer volume of contact points.
Your customer may interact with your brand on a variety of channels. They may also access your brand through third party mentions, print or radio advertising, and word of mouth. Marketing attribution often discusses the analytics which are readily available, such as your conversion rates across marketing channels and campaigns. Ideally, the strategy used to collect and analyze information on your customer interaction will be well-rounded and as all-encompassing as possible to fully assess where your brand is on goals and where your message may not be hitting the mark.
When you dive into marketing attribution, there several models you can choose from in order to gain valuable insights. One attribution example is a Multi-Touch Attribution. This method looks at all the interactions or touch points your customers have with your brand before converting to a sale or making a purchase. This model is developed to include as much information as possible, which in today's digital landscape may be vast.
The multi-touch example looks to examine all the touch points that lead to a sale. They may weight things, for instance, giving more credit to the last point prior to purchase. That variable is not definitive, though. We know that customers today often have several interactions with a brand and product before making a decision to purchase. The marketing effort with the highest ROI may not be the last contact point for the customer. Looking at all of the analytics together, you can form a picture of which contact points were common in cases of conversion. You may find a pattern forming in sequence and will often note a higher percentage of interactions for one or two contact points overall.
Another attribution example, though one less commonly used today, is single-touch attribution. This model looks at an individual contact point in the sales funnel. It may weigh the last contact point heavily, for example. This model isn't used as often today because the current research and theories suggest that it's not as accurate and misses important data. It disregards the portions of contact that will often happen prior to a final sale, which are also integral to determining the success of campaigns and the real ROI for your efforts.
There are five marketing concepts. These are production concept, product concept, marketing concept, selling concept, and societal marketing concept. You should note that each marketing concept example focuses on the customer's needs and wants as a priority. The angle is different for each, but the truth is that customer service has evolved to the point where personalized experience is not only valued but expected.
In these five concepts, you'll see the focus shift from building the production process that offers efficiency and lower pricing for customers to developing the best quality product to ease a pain point for customers, to marketing efforts that directly speak to customers in a personalized way. If you look closely at each of the concepts that the company might be focused on, they all should prioritize the consumer's needs and wants in their development.
We touched on the marketing attribution models above, but there are numerous options available for both single-touch and multi-touch attribution models. In many cases, you'll use different models to inform parts of your marketing process. You'll also add new models to your process as new technology emerges. For instance, the algorithmic attribution model is fairly new and offers far more comprehensive insights. These models use AI or machine learning to automate the process and provide much more accurate predictions and forecasts to help determine where your marketing spend should go in terms of ROI.
Types of attribution models might include last-click attribution, which tells you the last point of contact prior to conversion, first-click which informs your information on first contact or new leads, and non-direct attribution which might be any point within the sales funnel. Multi-touch attribution might include weighted models or linear models and things like individual devices, which would give you information on the devices your customers are using to find and connect with your brand.
Because so much of your online marketing efforts will involve social media, it's important that you add attribution models to incorporate your analytics from individual platforms. The Facebook attribution tool allows you to examine several attribution models. These include time decay, last click, and positional attribution. The Data Driven attribution model on Facebook uses an algorithmic attribution model to help you establish which campaigns have the best impact, offer the most conversion, and attract the most engagement. All of these measurements offer value when you consider the fact that most consumers will need to interact with your brand several times before purchase.
There are a wide range of possible attribution models. In order to easily and efficiently collect and analyze data, marketing attribution tools are a necessity. Any attribution app that you might employ should be user-friendly and offer robust reporting options to help you form full overall pictures, as well as more in depth assessments on specific campaigns or areas.
As the marketing attribution software advances, you'll find better ways to sift through the data to form valuable insights. There are so many possible scenarios to the truth behind your data. If you're not using an attribution platform that allows you the best ability to compare and analyze these contact points, the best case projects will likely be faulty.
Your tools are a critical component to using the data at your disposal. Without the right tools, the work that goes into launching campaigns and compiling data is fairly useless. You can only derive so much from manual oversight. The tools allow a better comparison and view of the whole. There are several criteria you should look for in a good marketing attribution software. You need to make sure that it integrates with your current software and platforms. You also want to verify that it will be easy to use and that training materials are easily available. As with any software solution, it's only going to reap results if it's used properly.
Other criteria you want to verify is that the software will allow you to launch robust reporting options to give you advanced oversight.
The marketing mix is a term used to describe the tools or strategies that you use to reach your marketing goals. You'll often hear this called the Marketing Mix 4P’s. The four Ps refer to product, place, price, and promotion. There are other Ps that can enter into this mix, such as positioning. The original four Ps are integral to developing your marketing positioning.
The elements of marketing mix include all of these 4Ps at the very least. They each help you to crystalize the customer's experience and where your products or service fit in that market. When you look at each of these individual elements, you need to ask questions that will help you clarify what your products do, who they serve, and why your business is the best fit for the customer's needs.
All of these specific elements go together to help you determine the full customer persona and develop the best experience and products for the market. The answers to these questions will help you map your marketing position and determine who your direct competition is, so that you can target the right demographic for your business.
The marketing mix doesn't just inform the way that you market the business. It's the backbone of your entire business plan. These are the basic questions that will makeup your business strategy, as well as informing your customer base.
In marketing, segmentation is critical today. Once, any form of marketing was just a way to put your message on a loudspeaker. It was one slogan or ad copy that was repeated, verbatim, in different mediums. The same slogan would appear on your packaging, in your office, on print advertising, and any form of commercials. That was many years ago. Since then, we've learned that personalized marketing is far more effective. With the current availability of digital marketing, we can more easily achieve a personalized message. To do that, marketing segmentation is the best tool at your disposal.
There are many market segmentation examples you can use. Your marketing efforts can be directed in a number of ways and, when you look at your audience as a whole, you'll recognize that they can be categorized by many characteristics.
The four types of market segmentation include demographic, psychographic, geographic and behavioral. Demographic segmentation uses information about the customer's age and gender, along with more specific information, such as marital status, income, and education. In the case of B2B marketing, demographic segmentation might include the job title of the contact person and the industry. Though today, many B2B marketers are using B2C segmentation techniques when reaching out to contacts.
The psychographic segmentation includes things like interests, motivations, and things that the customer prioritizes. The geographical segmentation might be wide, such as by country or large regional area or it may be far more exact, such as zip code or school district. Behavioral segmentation often focuses on how the contact person interacts with the brand and their spending habits.
Using segmentation allows you to personalize the message to the individual customer. For example, you would use marketing segmentation in your email campaigns. This might include sending follow-up email to those who have recently purchased items, but separate email to those who left their cart mid-purchase on your website. These would be two tailored messages that only went to the segment of your audience where it was applicable.
You can use the same segmentation techniques on social media platforms, through SMS messaging, and other channels. Your audience receives advertisements that speak to their individual needs at that time which gives you a much better rate of conversion. Ideally you want to meet the customer's needs before they even know they have them. That, at least, is the goal.
Multi channel attribution is an amazingly powerful tool. Your customer interacts with your brand in a seemingly endless variety of ways. Consider the fact that most people will use their phones to research things at a whim. Their phones also contain a location device. For your business, this means that if you're using all the tools at your disposal to accurately represent your business and products online, your customer's own devices will promote you when they're geographically close or simply looking for the product you have.
This is why it is so integral to use your marketing efforts to correctly promote who you are and what you do. This is a proactive way to connect every part of the experience for the customer, and for your own marketing team.
Multi channel attribution allows you to collect and analyze the Marketing touch points where your customers find you. In multi touch attribution models, you can see all the ways your customer interacts with your brand. Not only the last contact point or the first, you get every contact point and the duration of time, as well as the time delays.
Multi touch attribution is important because your customer isn't only making decisions based on a single contact. That can happen, more rarely. Customers will be more motivated to buy when they come to your services after researching. Essentially, they were already looking to purchase when they found your solution.
That is not the majority of purchases in most industries. That is a more common model in areas where people only shop when something needs to be replaced or fixed, such as an auto mechanic. For most businesses, though, customers will interact with a brand several times before purchasing. For the marketing team, this gives you ample data to see which campaigns and messaging were most effective.
It's also important to analyze this data to determine whether your branding message stays on target.
Multi touch attribution gives you a way to assess all of these touch points. This includes messaging that the company is putting out but it also includes social media mentions, which can be put out by customers or reviewers. You should be able to follow review pages, print ads, even offline exchanges.
There is a lot of information held within the buyer's journey. This type of attribution lets you study every step to see where the touch points work well and where they can be improved. It can also be useful to help in retargeting customers who fall out of the funnel prior to conversion. Overall, this attribution model allows you a more in depth look at the individual audience member and your market as a whole.
Marketing attribution allows you to classify and study the overall impression that your branding has on the customer and to determine ways that you can improve. Data gathered through these analytics can help you refocus marketing directives. It also becomes useful when developing new products. Your data allows you to gather information from your customers about their needs. This lets you develop the products they want, which gives you a ready-made market for sales.
Marketing attribution is critical today because customers expect a personal experience. They want their needs met immediately. Because technology has advanced to the degree that customers can expect that level of personal, real time service, companies that don't use the latest methods to gain insights will fail to stay competitive with the market.
Marketing attribution is useful for marketing campaigns but it also informs the health of the business as a whole and the way that it functions in the market.