Four tips to make the most of marketing attribution
Marketing attribution can make your strategy more effective by focusing on what matters. What you need is a strategy to make sure that you make the most of it. Here are four tips to consider when starting.
Marketing becomes more complicated year-by-year and it’s important to be able to analyze its success when setting up a new strategy. The growing number of available channels brings up the challenge of finding a precision when analyzing their effectiveness. Marketing attribution can help marketers explore how each channel contributes to the final goal by taking into consideration the different types of impact that can lead to a conversion.
It’s not enough anymore nowadays to number the last point of attribution that led to a conversion. For example, if you’re aiming to increase the sales of a new product, you want to understand how and why there has been a boost of sales. It’s not just about focusing on the outcome, but you want to explore how this happened to repeat the success in future campaigns.
Thus, it’s time to spend more time on marketing attribution to shape the bigger picture of how sales are activated in your business and which channels are the most effective.
We’ve talked about the initial steps you need to follow when you’re getting started with marketing attribution.
Here is a follow-up on four tips that can improve your understanding but also your effectiveness with marketing attribution.
Define customer journey
Before picking the best attribution model for your strategy, you need to have a clearly defined customer journey. A combination of your existing data and a research from your customers and their personas can help you shape a good image of your online customer journey.
This is a valuable process for marketing attribution as it will make it easier to define the touchpoints that convert better for your audience.
Moreover, the next step requires an enhanced focus on your funnel stages. Once you understand your customer journey you need to optimize your funnels to ensure that each stage is making it easy for your audience to continue the actions towards the next step.
Analyse your existing funnels and their success and spot where you may be missing any opportunities to make them even more effective.
Define each stage and explore how MQL (marketing qualified leads) can become SAL (sales accepted leads) or SQL (sales qualified leads).
This process is crucial for your marketing attribution strategy as it can be the backbone of your measurement and the analysis of your touchpoints.
The more time you spend on your funnels and your customer journey in the beginning the higher the chances of creating an effective marketing attribution strategy.
Align sales and marketing objectives
You can’t analyze MQLs and SQLs without bringing together the marketing and sales teams. Each department has a different role in helping the business reach the key objectives but they all complement each other towards the bigger goals.
As the marketing team sets up the funnels and the marketing activities, the sales team can take over with the newly generated leads that can eventually turn into customers.
What’s important at this stage is to agree into the company’s wider objectives to explore how each team can work towards achieving them. It’s the stage that you break down all the silos to explore the best tactics that will favor the company at a holistic level. There will still be specific goals for each team, but this doesn’t mean that you should separate them from your bigger business objectives.
Even if you have already defined your objectives, it’s a good opportunity to analyze them again before setting up a new marketing attribution strategy. This will help you understand how attribution can facilitate the measurement of your goals.
A close collaboration between marketing and sales can lead to an improved understanding of the customer success and how you can improve the experience that will bring you faster to your next goals.
Analyze channels and set priorities
Once you get a holistic view of your business goals it’s time to analyze the effectiveness of the channels you’ve been using up to now.
It’s easy to get lost in a multi-channel campaign and follow the tactics that are not necessarily as effective as others could be. It’s useful to evaluate all the channels and the results you’re getting to ensure that you’re using your time as effectively as possible.
For example, just because a competitor is successful on Facebook, it doesn’t mean that you should adopt a similar strategy. If Facebook is not working for you, then don’t be afraid to spend your time on more successful channels.
In a similar way, if you already know which channels are the most effective for your marketing strategy then make sure you keep focusing on them in your next campaigns. There’s no need to change everything if you’ve already found a formula that brings you the desired results.
It’s still a good idea though to explore the potential of each channel and how it can contribute to your attribution strategy. How can you use each channel as successfully as possible and how can you analyze its success?
Not every channel has the same metrics of success and that’s how attribution can help you define the importance of each channel towards your objectives.
This is the right time to have a closer look at your data to see what you can learn from them. Not all data sets are probably as organized as they can be and your attribution strategy can be more successful with a proper focus on data.
Your data can tell you how effective your current marketing strategy is and how you can improve it by focusing on the right channels and the right methods.
It’s crucial to ensure that your data is consistent and that all tools and platforms reflect the best results. Unified data can help you understand your customers to adapt your strategy for your next campaigns.
It’s a good starting point to discover which attribution model can be more useful for your objectives and how you can reach the desired results as fast as possible.
Moreover, it’s also useful to dive deeper into your reports and what you can learn from them. Chances are that you rely on multiple reports to understand the success of your marketing strategy. Now it’s a great opportunity to create a holistic view of all your data and the reports that will make it easier to set up a successful attribution strategy.
Are your reports focusing on your key objectives? Do you waste time on metrics that don’t really matter for you? Do you use the right tools for your objectives?
The questions to these answers can lead to an enhanced strategy that relies even more on the best tactics to meet your key objectives.
According to Econsultancy, 6 out of 10 US companies are expected to adopt a multi-channel attribution in 2018. The growing focus on marketing attribution strategies makes it even more important to make the most of them by analyzing the existing state of our marketing strategies.
A good starting point would be to focus on these four areas:
- Analyse your current funnels
- Blend marketing and sales objectives
- Measure the existing performance of all your channels
- Dive deep into your data to understand your audience
These four points can help you gain better insights into your customer audience and what your customers expect from you. These learnings can be extremely important when planning the next steps of your strategy and of course, when deciding on the best attribution model for your business.