Almost everyone relies on multi-channel strategies to carry out their digital marketing campaigns online and offline. Are you in the same situation? While this practice enables you to customize your customer’s journey in every single step, it also presents many unique challenges, especially when analyzing some of its impact on your marketing campaign or ROI.
For the most part, it isn’t easy realizing all of this. You may spend hours crunching data from different sources, tracking different marketing metrics, or relying on other resources. Everything keeps getting harder unless you are using Marketing Attribution.
Read this blog as we tackle marketing attribution and how it significantly impacts your construction business dominance online.
What is Marketing Attribution?
Marketing Attribution is a strategy of assessing the value or Return of Investment of the channels that directly connect them to potential clients. On the other hand, it is the means by which your clients come to know and purchase your services and product.
It seems simple enough after knowing its definition and whenever you think about the final sale. However, in your experience, does your client ever go straight to your website and avail of your services? That is rare, right? It is because multiple channels and messages are responsible for the final purchasing decision. Besides, your target prospects will still go through click funnels, leading them to your landing page, where they can get more information about your services.
Above all, the highlight of marketing attribution is your marketing budget. It is greatly influenced by it. With this attribution in place, you can spend more money on marketing campaigns that support your revenue, leading to more opportunities.
Many Benefits of Marketing Attribution
When Marketing attribution is done effectively, it brings a myriad of benefits to your marketing campaigns and overall business, including:
1. Optimize Your Marketing Spend
It can be a lot of pressure to dictate where you will put your budget, right? If you do not get a good return, it can hinder your capacity to prepare a budget in the future. However, with marketing attribution, you can get real insights into how to spend best your marketing dollars. You can determine which campaigns and channels of yours have worked best to drive sales and what drives your audience down the buyer’s journey.
2. Increased ROI
Effective attribution enables you to reach the right consumers, with the right message, at the right time – leading to increased conversions and high marketing Return on Investment.
3. Evidence on what is working with attribution
Looking for proof or pieces of evidence on what works in your marketing is never easy at all. The customer’s journey is long, with multiple conversion types and touchpoints to consider. However, with marketing attribution, your campaigns can achieve and generate more quality leads and revenue.
4. Improved Personalization
You can use attribution data to understand the channels further and messaging preferred by individual clients for more effective targeting throughout the client journey. Your marketing team will also be involved as you begin personalizing all touchpoints.
5. Improve Product Development
Person-level attribution allows you to understand the needs of your consumers better. Those insights can then be referenced when creating updates to your products and services to target the functionalities your clients want.
6. Optimized Creative
Attribution models that can assess a campaign’s creative elements allow you to improve messaging and visual elements and better understand how and when to communicate with the users.
Different Approaches to Marketing Attribution
We mentioned some common benefits of Marketing Attribution above. Now, let’s go over and find the best approach to your marketing campaigns. There are different approaches to marketing attribution, ranging from basic, single-factor attribution models to advanced models. Take a closer look below:
1. Single source Marketing Attribution
Single source attribution models assign all the credits to one touchpoint, typically the first or the last touch.
First-touch attribution: This marketing attribution assigns all the credits to the first channel with which the leads are engaged. This includes downloaded resources of yours. It can be a datasheet. It is easy to implement and increase the effectiveness of your channels.
Last-touch attribution: Because it is the last touchpoint before the final sale, determining where to give credits is relatively easy using the last touches model. In practice, this may be a final sales call or pitch deck. But, this does not account for any prior interactions, like the visits of your prospects or interactions with the lead generation team, missing out on key insights about other valuable marketing channels.
There is no shortage of marketing channels to interact with your clients today and lead to the final sale. It is for this reason that single-source marketing attribution is widely considered archaic.
2. Multi-source marketing attribution
In this model, each existing channel you use is given credits for contributing to the final conversions. Since MTA (Multi-source Attribution) accounts for the totality of your customer’s journey, marketing attribution is given to different touchpoints, including everything from your ads and social posts to newsletters and webinars.
Here are six models under MTA that you should know:
- Linear – The simplest MTA model gives equal revenue credit and weight to all your touchpoints.
- Time decay – The lengthier the sales cycle, like your B2B business, the more spread out the existing touchpoints. This model gives credit to more latest marketing touchpoints compared to those earlier in the process, which might not have been as significant.
- U-Shaped – This particular MTA model gives credit to two major touchpoints – the lead creation and first touch- and everything in between.
- W-Shaped – This model is similar to the U-shaped MTA, except that it includes an added touchpoint, the opportunity creation. The opportunity points to organic traffic. In this model, this traffic is focused as it assigns value to your marketing channels leading to accurate conversions.
- Full-path – This MTA model builds on the other model, including the final close. Generally, the credits go to the main milestones of your customer journey. One significant benefit of the Full-path model is that it accounts for more follow-up opportunities.
- Custom – There is a selection to assign your own attributions weights through the customized model. Perhaps the most cutting-edge model, custom methods allow you and your team to determine percentages based on marketing channels and client/buyer behavior.
3. Multi-source Attribution
This model allows you to record all engagements throughout the sales cycle with the additional details of carrying the touchpoints. While it creates the most precise depiction of the customer journey, multi-source attribution models are harder to apply. But with the right strategies and people, you can make the most of this model.
With all the marketing attribution models we outlined and explained above, which one is the best for your business? That is the question that you will come across. However, the model’s success depends mainly on how you make the most of it. Various tools and experts can help you get the best outcomes.
Practice Marketing Attribution with These Easy Tips
If you want to learn more about marketing attribution, consider the following tips below:
1. Align your model option with your marketing campaign
The scope of your campaign can significantly influence the type of attribution model you will use. For instance, you may decide on this particular model for your project that targets fellow construction businesses. Aligning your model option with your projects can enable you to produce precise numbers and interpret your success accurately.
2. Develop reports regularly
Consistent marketing attribution allows you to further assess your success over time. You can even determine patterns with channels that generate higher conversions, which can ultimately help you plan your future tactics. With repeating reports of your marketing channels with lower conversions, you might decide to devote your resources and time elsewhere. It is best to practice marketing attribution right after every major campaign you do. You can also refer to those reports when strategizing new promotional tactics.
3. Make use of marketing attribution software
Software programs can streamline your marketing attribution process. You can easily input the data with the attribution models of your choice. As a result, you can get a report with a detailed analysis of your marketing strategy. Upon choosing software, consider the ideal one that matches the extent of your marketing campaign.
For instance, if your marketing campaign takes place mainly on social media, you might utilize software that analyzes social media metrics.
Get Started with Marketing Attribution with ConstructionMarketin.io
Despite the term “marketing attribution”, today’s multi-layered approach to marketing campaigns, branding, and customer experience has made it a company-wide affair. Successful implementation of single and multi-touch attribution models will take the participation of marketing experts. And one of the easiest ways to collaborate with these experts is to partner with the best digital marketing agency!
Here at ConstructionMarketing.io, we focus on helping you set your goals and boosting your ROI. We can create a long-term strategy for your marketing campaigns and provide valuable customer insights. We can assure you that investing in marketing attribution and partnering with us at the same time will help you align your marketing efforts in the same direction.