When converting a lead, how do you know which marketing touchpoint gets the credit for it? The answer is marketing attribution modeling. While the riddle of marketing attribution can turn out to be challenging, by leveraging this tool and connecting each of your various marketing channels, you can manage to:
• Determine the performance of your marketing efforts
• Balance marketing investments and time across channels
• Analyze the marketing path of the whole customer journey
76% of all marketers that participated in a study say they currently have or are planning to introduce marketing attribution in their strategies.
Attribution models are a powerful tool in assessing the efficacy of different campaigns and channels, thus enabling marketers to better understand which are the best lead-generating channels. This way, investments can be made more wisely and resources allocated to the right marketing tools.
Which model is the best one?
Approaching channel attribution can be done in various ways. The right or wrong concept doesn’t apply for marketing attribution modeling. Recent studies show that an average of 6 to 8 touchpoints is enough to generate a lead. Model selection depends mostly on objectives and specific campaign targeting.
Typically, attribution models can be grouped into two categories: one-touch and multi-touch models.
One-touch models attribute an entire conversion to one channel, making this approach a practical and simple one. However, the shortcoming of this model is that it can be unreliable when it comes to accurately describing the customer journey.
On the other hand, multi-touch models are more popular and widely used in today’s digital landscape as they allow marketers to:
• Measure ROI on marketing campaigns
• Avoid devaluation of touchpoints
• Build highly personalized customer experiences
Attribution technology’s impact on marketing budgets
According to a recent survey, most marketing leaders revealed that attribution technology has indeed impacted their marketing spend. More exactly, the survey results showed a general increase in spending on channels like content marketing, paid search, and organic search.
When implemented properly, B2B marketing attribution can provide better visibility over the customer journey, optimize marketing investments, and increase awareness of how different marketing channels are working together.
What’s your opinion regarding marketing attribution modeling?
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