In the past, businesses relied on tried-and-tested marketing methods. For example, if businesses benefited from PPC ads, others would jump on the bandwagon. Research has proven that this approach is not as foolproof as it sounds. After all, different businesses attract different audiences and offer differing products. As such, a one-size-fits-all approach does not bear fruit.
Attribution tracking is the easiest way to understand your target market and create marketing campaigns that speak to their interests. This software does the following:
Overall, this tracking is essential in helping you allocate marketing funds to the channels that benefit your business the most, enabling your business to grow.
What Does it Consider an Attribution Tracking
Attribution tracking looks at your marketing channels as a whole as well as in bits. As such, it gives you an in-depth analysis of how your channels perform. So, what does it consider when analyzing your website?
- I. The touchpoints: Customers interact with your business at different points before they make a purchase. These include triggers, initial business consideration, active evaluation, purchase decisions, experience, and loyalty. This tool follows your customers as they go through these stages and records their experiences. For example, if most of your customers end their journey at active evaluation, you’ll know that your lead conversion techniques require some work. This tool assigns values to each touchpoint after reviewing different customer interactions to help you note the most critical areas of your sales funnel.
- II. The conversion paths: As your customers go down the decision journey, they follow different paths. Some move fast through the stages and skip some parts of the sequences, while others go through each and take their time. This tracking tool helps you follow these different paths from initial contact to final conversion and determine which stages see the most traffic and where you lose most of your leads.
- III. The marketing channels: In the digital age, businesses can rely on many marketing channels, including email chains, social media ads, PPC ads, influencer marketing, and SEO. Attribution software tracks all these channels and reviews how each contributes to lead generation, sales, and overall revenue. From this, it can create a list that shows how effective each option is, enabling you to determine the one that is best for your future campaigns.
- IV. The campaign effectiveness: Marketing efforts do not just differ in channels. They also differ in campaigns. For example, a short-form video may do well on social media and result in good engagement. Yet, a month later, you may post another short-form video that does not have as much traffic. Knowing which campaigns appeal to your audience is important. With tracking software, you can gauge the influence of each campaign option on your overall marketing success so you can know what your audience prefers. The tool can help you lean into factors such as timing, the campaign’s tone, the content, etc.
These insights can help you go back to the drawing board and figure out how to deliver consistent yet effective marketing campaigns, which will help you stand out and improve your return on investment in marketing.
Implementing the Right Tracking Tool
Attribution tracking tools work differently based on the values they assign to different marketing touchpoints. For example, a last interaction model gives most of the conversion credit to the step preceding the lead conversion. Conversely, a first interaction model assigns most of the credit to the first customer touchpoint. Knowing the model that best fits your business comes down to the following considerations:
Your business needs will depend on your specific needs and goals. Thus, it is important to approach this decision with a tailored approach instead of going with what’s hot on the market.
Conclusion
Businesses spend a lot of money on marketing efforts, hoping to get more leads and sales to propel their growth. In the digital age, the annual marketing expenditure is worth hundreds of billions of dollars. Unfortunately, these efforts may not pay off as expected without the right data. Attribution tracking helps you monitor your marketing campaigns and determine the most effective ones, thus enabling you to focus on what gives you value and avoid spending money on channels whose results are below par, boosting your marketing success.