3 new marketing attribution trends to keep an eye on
Marketing attribution can save marketers from spending their budget without being able to analyze their best-performing channels. Now it’s time to explore the latest trends that can make your marketing strategy more effective.
More marketers recognize the need to invest in marketing attribution. It can help them be more efficient with their budget to create more successful campaigns. As more channels show up, there is a challenge of attributing their success to the most appropriate channels.
That’s why it’s important to understand the benefits of attribution to ensure that more future campaigns will be relevant for the target audience.
2018 is already bringing a more sophisticated perspective to attribution, helping more marketers explore its potential in the best possible way.
If you’re ready to leave aside the traditional attribution methods to test new upcoming trends, then here are three key trends to focus on.
1. Integrating marketing and sales with the right technology
Marketing and sales teams cannot work in silos anymore. More successful businesses realize that by blending the two different teams together they can get a more complete understanding of their funnels, from the stage of awareness and consideration of the actual sales.
What’s important is to track all the stages of the marketing and sales activities to ensure that the attribution is as accurate as possible. Marketing technology and its rapid growth through the years can make it easier to organize all the activities.
There is a great opportunity now to help both marketing and sales teams to become aware of how each task contributes to the wider goals. Whether it’s content, an email campaign or an ad, it’s the use of technology that can lead to an improved experience that will make it easier to approach new prospects.
Moreover, CRM systems can also be combined with marketing technology to provide a better planning regarding the leads and the existing customers.
The right use of technology can make the funnel journey easier by providing a clear and transparent reporting for all teams. It can also facilitate the relationships management to ensure a seamless customer experience across all levels. Collaboration is facilitated while productivity is enhanced towards meeting the business objectives.
It’s also useful to focus on good integration when investing in a new marketing technology as this can improve the connection between different technologies and the access to the data your teams can have.
2. Focusing on data and measurement
A big part of attribution has to do with the appropriate focus on data and the measurement that can help us spot new opportunities.
Whether it’s an unexpected success or an attribution model that does not yield out the desired results, it becomes more important to pay attention to all available data.
All the different attribution models have been created in an attempt to present the diverse strategies in the modern marketing landscape. Every business has different ways of interpreting success and its factors that contributed to it.
This brought up the need for improved marketing measurement to help marketers make the most of their campaigns.
Thus, there is a growing need for measuring the success of each campaign by analysing the attribution touch points that contributed to the final results. This brings out the opportunity of using the right attribution models to analyse the success of a strategy and what it means for each team.
A data-driven marketing strategy can make it easier for a company to meet the set KPIs by focusing on the metrics that will measure the success of each tactic.
The growing need for marketing technology that focuses on measurement as part of attribution has pushed more vendors to focus on these services. Marketers need to understand how to spend their budget wisely while salespeople want to measure the conversions of each campaign. These two different objectives can all become part of an attribution strategy and its measurement, using customer and revenue data to improve their efficiency and their accuracy for their future investments.
3. Increased focus on awareness and the marketing impact
As marketing attribution matures, more companies understand how each stage of the funnel is of equal importance towards the final goal.
Thus, the focus will shift from conversion to all stages, with the awareness gaining new ground in its contribution to the end goal. This trend can bring a new allocation of the budgets to a more equal split between awareness, engagement, consideration, and conversion.
The rise of multichannel attribution will help marketers experiment with the value of awareness across each channel and how a top-of-funnel investment can lead to meeting the set objectives.
The realization that awareness can play a key role in the funnel can lead to new attribution techniques that will determine the focus on each touchpoint.
This will make it easier for marketers to measure the impact of all their activities and how each one of them is translated into their business objectives.
A data-driven approach can make it easier to define a broad concept such as the impact of a strategy and it can also facilitate transparency across different departments.
Thus, as attribution models keep evolving, it will become more important to measure the impact of each touchpoint. The combination of the rise of marketing measurement and the need for defining the marketing impact can bring a new era of marketing when more activities can be analyzed towards the key objectives.
Marketing attribution has brought a big opportunity for marketers to stay at the forefront of their company’s goals. In fact, a sophisticated attribution model and the detailed analysis of all touchpoints can make marketing more efficient and the link with sales even closer.
We’re expecting a rise of marketing technologies that facilitate the attribution, its measurement and its impact and this will make it even more interesting for marketers to understand how their work contributes to the set KPIs.
The future lies on data-driven approaches that make the most of every metric by analyzing all touchpoints. The right attribution model can help each company explore the benefits of new channels, new strategies in a more efficient use of their budget towards delivering a successful customer experience.