Digital marketing leverages effective strategies that persuade people to take favorable action to your brand or business. You can reach an enormous audience in a way that’s cost-effective and measurable. Just a few decades ago, there weren’t too many options in terms of business advertising, except for radio, print, and television. With digital marketing, there are endless possibilities. Search engines, social media, mobile apps, email, and websites help you promote a product or service. you can attain any marketing objectives by applying digital technologies and media. Do you want to lose out to competitors who are more digitally savvy?
Nowadays, individuals will visit your site several times during the conversion process. They’ll come across your blog post, return a week or two later, and click on an ad the very next day. The question now is: How are you supposed to know what marketing channel deserves praise? The ROI from various advertising platforms is the most important metric to pay attention to. Selecting what marketing channel (online or offline) to bet your money on shouldn’t be hard if your choice is based on the concept of attribution. It’s all that should matter in digital marketing.
What is attribution in digital marketing?
To put it simply, attribution is a series of events or touchpoints based on the user’s actions, which contribute to the desired outcome. Each of these actions is assigned values according to its importance in digital marketing, not to mention its impact on consumers. The aim is to figure out what channels and messages have had a profound impact on the decision to convert. This idea stems from the psychological theory of attribution. Attention needs to be paid to the fact that the current theory of attribution was advanced in the light of the transition of advertising spending from traditional, offline ads to digital media.
Stop for a second and think about the customer’s journey, from beginning to end. You’re interested in what this path looks like and how many touches or clicks it takes until people finally buy something. According to the experts at Summon, with winning projects around the world, the age of the customer is only dawning. Digital experiences and communications have to be personalized and highly-relevant. As expectations are reaching an all-time high patience and tolerance for sub-par experiences have decreased. Get a good understanding of how people travel through the entire sales process.
Wasted ad spend is due to poor strategic planning and incorrect channel focus
This might come as a surprise, but more than half of the money you currently spend on digital marketing is wasted. You haven’t built your marketing and advertising strategies on a foundation of attribution and this is the result. Figure out what channels are working for your marketing plan (not all of them are created equal). Just like everyone else, you settle into digital media too fast and poorly, based on the wrong factors, such as what will get the most immediate returns. You should effectively analyze data and obtain valuable insights that can be deployed in optimization campaigns.
Get a better idea of the ROI for each marketing channel and find the source of the truth. Marketing attribution is at the same time simple and complicated. There’s no best attribution model, but there are some models worth considering, as follows:
- First interaction
- Last interaction
- Last non-direct click
The vast majority of models are built on the last touch mechanism, which takes into account the last platform the customer was using at the time of the purchase. Unfortunately, this model is deceptive because it doesn’t show you the bigger picture. It just tells you what platform your customer used to make the final while traveling down the sales funnel.
Keys for success in attribution modeling
If you want to bring in more customers, put your best effort into everything you do. Most importantly, make sure that your digital marketing team delivers high performance. The team of experts needs to think about how their actions impact the overall success of the project. There’s no point in concentrating attention on minor details. The agency should report on the agreed metrics, maintain strong communication, and do its part to make the campaign run smoothly. When done effectively, attribution brings about many benefits, like optimized marketing spends, improved personalization, and optimized crave.
Getting a good understanding of the customer purchase journey isn’t enough for fixing attribution problems. You have to go the extra mile to meet with success. Here are some tips to consider.
- Be aware of ZMOT. ZMOT is an acronym and it stands for Zero Moment of Truth. It pinpoints the moment that a customer has been exposed to your brand or business before a purchase is made. A consumer constantly requests information from their social network, so keep that in mind when designing customer experience.
- Use data from Consumer Barometer with Google. Google’s Consumer Barometer is useful if you want to find out how individuals use the Internet to shop, communicate, or watch things. Not only that, but also you can understand what channels assist conversions in your industry. You can dig further into the survey responses and filter them to obtain tailored data.
- Understand the concept of missing touchpoints. The missing touchpoint refers to something your company isn’t doing that if you’d start doing, you would notice a dramatic improvement. An additional touch, message, or interaction is necessary. To stand out, you have to do things differently. There’s no guarantee that the current path will lead you to success.
Set up marketing attribution reporting
Finally yet importantly, don’t hesitate to tap the minds and expertise of pros who have the necessary skills to implement a strategy from start to finish. The future of attribution models will be around analytics tools that help clearly understand where conversions come from. To get the most reliable insights, digital marketing experts use a combination of software and tools to determine the correct optimization, whether it’s an online or offline campaign.