{"id":79759,"date":"2020-09-09T10:05:26","date_gmt":"2020-09-09T14:05:26","guid":{"rendered":"https:\/\/marketinginsidergroup.com\/uncategorized\/what-is-marketing-attribution-and-why-it-matters-now-more-than-ever\/"},"modified":"2023-09-14T05:51:03","modified_gmt":"2023-09-14T09:51:03","slug":"what-is-marketing-attribution-and-why-it-matters-now-more-than-ever","status":"publish","type":"post","link":"https:\/\/marketinginsidergroup.com\/marketing-strategy\/what-is-marketing-attribution-and-why-it-matters-now-more-than-ever\/","title":{"rendered":"What Is Marketing Attribution and Why It Matters Now More Than Ever"},"content":{"rendered":"

Marketers are under increasing pressure to show measurable results to the business.<\/p>\n

Marketing attribution<\/a> is something I’ve been a little obsessed with<\/a> since I started blogging. In the end, you have to be willing to take accountability for the success (or failure) of your marketing activities.<\/p>\n

Sounds simple enough, but there\u2019s a whole lot more involved. Discover the full extent of marketing attribution, its benefits, and models below.<\/p>\n

What is Marketing Attribution?<\/h2>\n

Marketing attribution is the analytical science of identifying which marketing strategies are driving sales or conversions.<\/p>\n

Marketing attribution involves the precise evaluation of the various marketing touch points a consumer sees or interacts with on their purchasing path.<\/p>\n

\"Path<\/p>\n

The goal of attribution is to identify which channels, strategies, and messages have the most significant impact on the consumer\u2019s decision-making. In other words, what is it specifically<\/em> that triggered a consumer to take action?<\/p>\n

Marketers leverage several attribution models, including lift studies, time decay, and multi-touch attribution. Each model delivers a unique set of insights that shed light on how, where, and when a consumer engages with a company\u2019s messaging. These insights can then be used to tweak and customize campaigns to mirror individual consumer\u2019s desires and ultimately boost marketing ROI.<\/p>\n

Sophisticated marketing attribution enables teams to standardize consumer data sourced across various channels and then allocate a proportionate weighting to each dataset.<\/p>\n

\"Attribution<\/p>\n

Successful marketing attribution requires a high level of data granularity. Marketing teams can only achieve this through an advanced marketing analytics platform that can refine big data into actionable, person-level insights.<\/p>\n

The Benefits of Precise Marketing Attribution<\/h2>\n

Quality marketing attribution processes can be resource-intensive. But when marketing teams create an effective model \u2013 one that assesses a variety of datasets from online and offline campaigns \u2013 attribution delivers significant benefits, such as:<\/p>\n

Optimized marketing spend<\/h3>\n

Attribution models reveal to marketing teams how dollars are best spent<\/a>. How? By highlighting touch points that result in the highest engagement levels. Marketers can use this information to reallocate their budget to maximize engagement.<\/p>\n

Further to this, an optimized marketing spend typically delivers a boost in ROI. In other words, attribution models can reduce the cost of conversions.<\/p>\n

Enhanced personalization<\/h3>\n

\u201cThe balance of power has shifted to customers in a profound way, and personalization, as a result, has become a critical differentiator.\u201d \u2013 <\/em>Forbes<\/em><\/a><\/p>\n

Marketing attribution can tell marketers which channels and messaging are preferred by each customer, enabling more effective targeting at every stage of the sales funnel<\/a>.<\/p>\n

More effective creatives<\/h3>\n

Analyzing the effectiveness of the creative aspects of marketing campaigns can be a challenge. Marketing attribution models can give marketers the information they need to optimize the messaging and visual elements of their assets.<\/p>\n

Data-driven product development<\/h3>\n

Person-level attribution offers a unique insight into the needs, wants, and limitations of customers. This data can be referenced during product updates, so teams can focus on the features and functionalities that matter most.<\/p>\n

Types of Attribution Models<\/h2>\n

Marketing attribution models allocate value through the statistical analysis of user-level insights. Attribution models take a strictly person-centric approach in contrast to other strategies that use aggregate data. Various attribution models rely on different analytical process, some focusing on time-based metrics and others focusing on engagement, as examples.<\/p>\n

Preferred attribution models deliver insight into the following:<\/p>\n