Marketing Attribution refers to the process of assigning value to each touchpoint in a consumers’ journey, making it clear which one played the biggest role in their conversion. Properly understanding which marketing channels are most effective can help you adjust marketing strategies quickly, redistributing budget across the most successful channels, increasing return on investment (ROI).
One of the most common barriers to effective attribution is siloed data – where information is spread across different teams and brands. Business also struggle to know which attribution methods are best for them, as most models fail to take all touchpoints into account. A great attribution provider will discuss the benefits and drawbacks of different models with you and will help you choose a solution as unique and flexible as your business.
The most advanced attribution model is Data-Driven – it makes the most of your data by using advanced machine learning algorithms and artificial intelligence (AI) to accurately measure the value of each individual marketing channel.
Here are 5 easy steps you can take to get started with Data-Driven Multi-Touch Attribution:
Define your goals and objectives
The first step to effective MTA is to define your goals and objectives. For example, you might be spending budget on a specific channel like Facebook but unsure of its true value. Similarly, you might want to see the value of individual keywords, to avoid investing in those with low performance, redistributing spend across more successful words.
Whatever your objectives are, it’s key that you share them with your MTA provider, so that they can ensure your customer data platform offers the appropriate level of detail.
Fospha clients AVADO found that 20% of their AdWords were being undervalued by last-click, and 30% were being overvalued.
AVADO used MTA to save £200,000 in AdWord spend, without impacting revenue.
Clean your data to have the most up-to-date and accurate database
Once you have defined your goals, you need to ensure that all your data is cleaned – a process which ensures that data is correct, consistent and useable. All data should be GDPR compliant.
With data being pulled from a range of sources, in a variety of formats, there are often errors and inconsistencies that make it difficult to use. Removing these errors increases efficiency, leaving more time for marketers to find and implement important insights, instead of cleaning the data they need.
Consolidate your fragmented data sources into a Customer Data Platform
With most consumers encountering an average of three offline and online touchpoints before conversion, data is often fragmented into various formats, and siloed across different teams or Martech vendors.
A Customer Data Platform (CDP) can take a variety of disparate data, from a range of sources, and consolidate it – providing a more unified view of marketing performance, and customer experience.
Ensure tags are set up to collect traffic and visitor data
Tags allow you to track the accurate number of visitors to your site as well as their individual journeys, ensuring that visitors are counted across devices, and touchpoints (online or offline). Effective tagging makes it easier to view the entire customer journey – clearly identifying places where customers are leaving the conversion funnel.
Ingest data into a machine learning model to get valuable marketing insights
The final step of effective attribution is ingesting data into a machine learning model that provides rapid and easily digestible insights. Where some businesses wait months to gain any insights from their data, our market leading onboarding time means that our clients can access valuable insights in as little as 30 days.
The ever-changing nature of the digital marketing landscape makes the ability to assimilate large amounts of consumer data quickly and effectively more important than ever, with agile reporting necessary to help marketers adapt their strategy in-step with the industry.