By Tijs van Santen on July 27, 2016
Today’s digital marketers have everything they could possibly need to be successful. Technological advances have resulted in a vast array of promotional options – personalized messaging, across devices, geo targeted, paid and unpaid, on and offline. Even better, all of this activity can be tracked across the lifecycle so marketers have tons of data to inform their every move. It’s a marketer’s nirvana, right?
Well, maybe not.
Marketers today are also faced with increasingly competitive markets, constantly changing consumer behavior, ad blockers, fraud and tight budgets. They also endure intense criticism of their spending choices from those who feel that all of this data should make the marketer’s job easy.
It’s not easy.
The reality is that all of this data is coming in from multiple sources and each of them collects and defines the data differently. Compiling it, making sense of it and feeling confident about your resultant decisions can be a very frustrating (and time consuming) experience.
That said, tech-savvy marketers are beginning to find a way around this challenge. By investing in marketing attribution technologies marketers can gain a top-down view of every touchpoint along the customer’s journey to conversion and a single source of the truth. This allows marketers to identify common paths to conversion and adjust their strategies with confidence.
What has possessed these creative types to give in to their techy selves? Below are three reasons why marketers love attribution data.
Reason 1: Attribution Data Provides Visibility into Every Channel Involved in a Conversion
Attribution data allows marketers to see every touchpoint, better yet the combination of touchpoints, that impact a customer’s decision to make a purchase. This means that marketers can identify contributors to the buyer’s journey that they may otherwise overlook.
To illustrate this, consider football as a simplified analogy. If football players were only paid for running the ball across the end-zone supporting players would have no incentive to contribute. Yet, without the combined effort the team would lose so every player must be recognized for the value they provide.
The same is true of your channel. Marketers who use attribution data can find and nurture productive channels and reduce their spend on unproductive ones, ultimately boosting ROI.
Of course, organizations with marketers who are focused on (and rewarded for) the success of specific channels will require a shift. In a marketing environment that incorporates attribution data, teams should be rewarded for their collaborative wins to encourage flexibility and teamwork.
A great example of an organization that has achieved success in this manner is GlassesUSA Website. GlassesUSA used attribution data to identify “introducers” who contributed early in the customer journey by encouraging newsletter sign-ups. By shifting funds to their introducers and reducing unnecessary costs in their affiliate channel they were able to increase revenues across all of their channels by 55%!
Reason 2: Attribution Technology is Relatively Young, Early Movers Gain a Competitive Advantage
Today’s business environment is fast paced and competitive. Enterprises must guard themselves against new players boasting exciting new capabilities and the agility to move quickly. Yet, sophisticated, easy to use technologies that provide deep, actionable insights are complex, feature rich and they come at a cost. Enterprises that recognize this can leverage attribution data to gain a competitive advantage.
Although a limited level of attribution insight is available to anyone who has the time and patience to collect and analyze it, doing so requires the splicing together of siloed data from disparate sources. This makes it difficult (if not impossible) to gather information that can drive confident decisions.
Enterprises who are already investing heavily in marketing have the volume necessary to make technology investments pay off. In fact, they can hardly afford not to. To meet their revenue projections, enterprises must continue to invest in marketing and at this level of spend, small changes can produce tremendous results.
Reason 3: Ability to Uncover Opportunities Within a Channel and Move Beyond Last Click Attribution
Greater visibility into every touchpoint in the customer journey can also help you find contributors within a channel that might not be getting the credit they deserve. This can be incredibly useful to individual channel managers. If you only reward contributors based on last-click you risk missing significant opportunities.
For instance, within your affiliate channel certain affiliates may be more adept at introducing or influencing a sale versus closing the sale. By recognizing this and adjusting your payout model to reflect the relative value each player brings to your brand, you can unlock incremental value in your channel.
Digital marketers have access to a tremendous amount of data and there is an expectation that they should be able to leverage it to their advantage, but it isn’t as easy as it sounds. Capturing and making sense of that data requires advanced marketing technology that can mold it into the insights marketers need to make sound decisions.
Marketing attribution technology offers marketers a top-down view of their customer’s journey so they can spot opportunities both across and within their marketing channels. Those who gain this powerful information can make confident, impactful changes to their marketing programs – improving ROI and gaining a competitive edge.
For additional information and to determine if marketing attribution is for you, please view this webinar titled “Are You Ready for Marketing Attribution.”