Of all the advantages realized by the digital communication environment, the most valuable benefit may be the ability for marketers to eliminate some key unknowns concerning the effectiveness of digital marketing campaigns. Marketing attribution is a reporting strategy that gives marketers the ability to determine the effectiveness of digital campaigns. In today’s crowded and highly competitive digital media environment, understanding how consumer conversations are being converted into purchases is critical.
With the array of social media channels and a highly mobile and dynamic consumer, making better decisions on how and where to invest marketing spend to optimize return on investment is extremely important. Using attribution models helps marketers better understand which marketing efforts are driving consumers to make a purchase. To put it simply, what is working and what is not.
A comprehensive attribution model can track a consumer’s entire journey from initial contact to the purchase decision, permitting marketers to see where on the detailed journey the conversion was made. Understanding which channels are generating leads and converting customers most successfully and why will expose the success or failure of a campaign by channel and may reveal subtle changes in consumer behaviors and approaching trends in a market. Data analysis can take the guesswork out of marketing and help increase the value of a marketing budget, improve customer experience, and understand what channels, touchpoints, strategies, and tactics are working best.
It is important to remember that all things change with the passing of time, and savvy, experienced consumers are no exception to that rule. Consumer behaviors can and do change rapidly. The goals and objectives of any attribution model should be routinely reviewed and modified to reflect the dynamics of a competitive marketplace.
A selected number of core performance metrics that include those that are relative to a campaign’s objectives will generate a manageable and meaningful set of results. Selecting too many indicators can result in inefficiency. It is best not to design an attribution model that produces meaningless data and ventures beyond the strategic objectives.
At Junction Creative Solutions (Junction), we are experienced and capable of developing impactful digital strategies for our clients. We understand the importance of measuring the progress of digital marketing strategies and how to identify and evaluate the results to specifically address each client’s goals and objectives. For more on how Junction can help you build a meaningful attribution model that optimizes your strategic success, call 678-686-1125.