Although marketing attribution, as a concept, has been around for quite some time, marketers have been increasingly using the same to enhance their marketing success over the last few years. Complex multi-channel marketing system have made it harder to determine which ones have brought the best results. With attribution, marketers obtain clearer results of the efforts made towards achieving business goals. Let’s see how to use marketing attribution to achieve your organization goals.
What is Marketing Attribution?
Marketing attribution is the process that marketers use to assess value of their mobile application marketing and customer relation channels. Simply put, it is the way with which your customers came in contact with your business and bought your product or service. When you think about your final sales, it seems a simple process of your customers buying from you. But did your customer come to you directly and make a purchase? This rarely happens. You must have posted your ads and messages across multiple resources, such as social media, newsletters, TV commercials etc. With marketing attribution platforms, you would be able to track the entire journey of the customer from beginning to conclusion. When you have this information, you can identify your most lucrative marketing channels and focus more on them.
How to Use Marketing Attribution Effectively
Here’s how to use app attribution platforms to achieve organizational goals:
- Identify the most important channels: Whether you are spending your efforts on search marketing, social media or other media, you need to find at least 3 best channels you would be using on priority
- Find out the exact cost data for all attributes: If you want to pin point the most profitable channel, you need to find out the exact cost data of each attribute. You can compare the 3 best channels that you used, and determine the result. After all, this is the basic purpose of mobile app marketing attribution
- Select an attribution model: All credit for final sales goes to the last click, but this can be misleading. It won’t tell you where did the customer came from. The first click attribution model will provide attribution marketing tracking for each and every sign up, conversion and transaction right from the beginning. Some position based models also attribute the first, last and touch points in between. Linear model counts each touch point equally. Simply put, by choosing the right attribution model, you will be able to identify which channels drive most traffic to your company
- Make an overview: Make a list of your channels, how much each of them cost you, and how much revenue they bring to you. Don’t get shocked if some channels bring you nothing. Stop spending time on them for now. Just focus on the most lucrative ones and start to monetize them
- Make changes in your marketing model: Now that you have collected your data through marketing attribution for mobile, you can put it to good use. Change the allocation of your marketing budget towards higher paying marketing channels. Also ask your team members to focus more on those channels.
Choosing the Right Marketing Attribution Tool
In order to get the most reliable insight, you would need to correlate data from your channels to determine the right optimization for your marketing campaign. You can successfully do this by using a strong mobile app attribution and analytics platform. You would be at an advantage if you find the right tool that can give in an in-campaign insight into your offline and online marketing optimizations.
However, choosing the right tool is not so straightforward. Several factors need to be considered before making a decision. Here are a few key points that may help you choose the perfect marketing attribution platform for you:
- Ease of implementation: Implementing an attribution tool usually involves integrating an SDK/code into your digital property. This requires some technical prowess and would require your technical team to invest some time and effort. The easier the tool is to integrate, the better.
- User experience: Any tool is as great as the person using it. A great user experience allows your team to use all the features of the tool to the maximum. It should be intuitive and simple to use.
- Integrations: Marketing is no longer a stand-alone activity. You should consider if the tool integrates seamlessly with your CRM or email marketing vendor. This will allow you more transparency and require less set-ups from your end.
- Fraud detection and prevention: Every marketer will tend to identify online fraud as one of the major concerns when it comes to digital marketing. Any tool worth its salt should be able to identify fraud signals and allow you to take appropriate action.
Of course, this is not an exhaustive list and there would be other considerations such as cost, quality of reports and analysis and others. No one tool can incorporate all your specific requirements. Here is where customization comes into play. If you have niche or specific pain-points, you may need the attribution provider to customize the tool for you. Unliche is one such tool which prides itself in customizing the feature set to meet client requirements.
What do you consider when choosing the right marketing attribution tool?