In today’s dynamic, multi-device and multi-channel world, the average consumer uses up to six different touchpoints before making a purchase, compared to only two nearly twenty years ago.
As a result, it is important for marketers, especially marketing professionals in industrial companies, to map the customer journey and determine which channels are really worth the time and effort. And this is where marketing attribution can help.
If there is one capability industrial marketers need to invest in, it is marketing attribution.
As a marketer, it is advisable to use marketing attribution as part of your reporting and insights. This will allow you to reach your campaign goals faster and more effectively. You can also increase the ROI of your marketing spend.
What is Marketing Attribution?
We can define marketing attribution as the practice of identifying and evaluating various marketing touchpoints that your customers encounter on their buying journey.
These touchpoints usually include the following:
⦁ Blog Posts
⦁ Earned Media Campaigns
⦁ Whitepaper
⦁ Product Pages
⦁ Paid Search and Display
⦁ Social Channels, and
⦁ Email Marketing
Marketing attribution modeling is the process of measuring the value of each marketing touchpoint in a customer journey relative to the combined or aggregate value of the customer engagement. So, the goal of marketing attribution is to help your industrial company understand the value of each interaction through those engagements.
A relative value is usually placed on each touchpoint in order to determine the highest impact on conversion.
Common Marketing Attribution Models
Here are some common marketing attribution models:
⦁ First-touch attribution
⦁ Multi-source attribution
⦁ Last-touch attribution; and
Why is Marketing Attribution Important for Industrial Companies?
Marketing attribution is important for your company as it can help you paint a clearer and better picture of how industrial customers engage with your brand across various channels and touchpoints, such as email marketing.
By enabling you to credit each touchpoint with a conversion value, marketing attribution helps you determine where you can best focus your efforts and time and invest your money.
As an industrial company, you may use SEO, directory site listings, PPC advertising, and print advertising. Keep in mind that either this marketing spending is worth it or it is not. Marketing attribution is valuable as it helps you find the answers.
The right marketing attribution model, coupled with excellent reporting, can provide valuable insights, such as which marketing sources delivered the most leads and how that compares to the previous month.
Final Thoughts
As more marketing channels are thrown into the mix, there is no doubt that marketing attribution will play a more important role in sustaining customer satisfaction and increasing revenue for industrial companies. Now that you know precisely what marketing attribution is and how it works, you can focus on the right areas without any guesswork.
While it’s usually hard to pinpoint which attribution model is the best for your business, by making the best use of data and tailoring your approach to your business, you will make the most of your marketing attribution efforts.