While so much of marketing and advertising has moved to online channels, there's no denying that the higher volume of output has made it more difficult to determine ROI and which channels are worth the investment. You'll have one visitor clicking through multiple platforms, such as your social media ad, blog posts, or website, before they convert to customers. That ends up begging the question, which one did the job?
There is immense success in digital, where 64% of businesses saying they brought in a new client from a video on Facebook to 80% engagement increases in email marketing and 33% of marketers using paid advertising to increase brand awareness. That's only a very small portion of online success, and the problem is that you need to know which ones are making the difference so that you can allocate your budget and resources appropriately.
This is where attribution models come in to save the day.
There are multiple types of attribution models, with each one distributing the value of each touchpoint differently:
Which model you decide to go with is ultimately up to you. Still, it's important to consider which one fits your business best, compliments your unique sales cycle, and what beneficial insights it provides your team. You should also pick a model that connects with the goals of your ad campaign since some strategies are growth-oriented, whereas others focus on efficiency.
You can do this in one of two ways:
The latter is particularly helpful since it removes some burden off you. After all, attribution models can be complicated and difficult if you're not familiar with the practice.
Most marketers struggle with using big data for marketing. They are quick to adopt new digital tools but don’t measure their success, and often find the significance of ROI to be a challenge in marketing. More than half (60%) of companies in their report found that comparing the effectiveness of marketing across their different digital media is 'a major challenge.'"
This only further supports the need for an attribution model — first-touch, last-touch, or multi-touch — to clarify where your efforts are best spent and what resonates best with your audience.
As for simplifying the process to maximize your potential in digital marketing, working with a media partner like FOX 12 on your attribution marketing strategies allows you to move forward with all the knowledge, expertise, and experience of professionals who have been working with the practice for a long time.
As companies rely more on the internet as a business feature, attribution models will become increasingly essential. What you use and who you work with to implement and navigate these models and practices will determine how much of an advantage you will gain and the benefits you will enjoy.