Comprehensive Guide to Marketing Attribution
Author: Ling Qing Meng
We’re living in a golden age of digital marketing, where the widespread adoption of the internet has enabled businesses to expand their touchpoints into new territories. However, the resulting mountain of data makes it challenging to determine which touchpoint led to a sale.
Fortunately, marketing attribution offers a solution. It allows businesses to pinpoint the exact moment a potential customer becomes a paying customer. While marketing attribution is practical, it is not without its flaws.
Despite its imperfections, marketing attribution is an invaluable tool for your organization. It helps determine ad spend budgets and measure the success of campaigns. Discover everything you need to know about marketing attribution and learn how a partner like Lucia can help unlock significant ROI for your efforts.
Quick Note on people that say “We don’t use paid ads”
Look, even if you are doing “organic marketing” posting for free on socials or doing community marketing via TG. You’re still paying for it. You’re still paying your content person to write it. Or if you’re doing it yourself as the founder that is a huge loss in opportunity cost. There is no such thing as free lunch in our current capitalistic attention economy.
Marketing Attribution — What is it and why should I care?
Marketing attribution is a data science process that seeks to understand the impact of marketing efforts. Whether you primarily sell through an e-commerce platform or use a multi-channel approach with both online and offline channels, marketing attribution can reveal which marketing mix generates adequate lead generation and conversion results.
Marketing attribution models help marketers assign credit to the various touchpoints a customer encounters before making a purchase decision. These touchpoints can include anything from search engine optimization (SEO) blogs to social media ads, but they do not always carry equal weight in a customer’s decision.
Invest in Technology and Tools
While most CRMs handle data collection and organization adequately, partnering with a solution like Lucia’s Click Insights can introduce advanced technologies like AI and machine learning. More info can be found on our doc server. These tools help uncover hidden trends and accurately attribute offline sales, providing a more comprehensive view of your marketing efforts.
Due to the varying impact of different marketing tactics, marketers use different models — such as custom attribution, last-click and first-click attribution, and position-based attribution — to obtain an accurate view of which interactions lead to the desired action.
How YOU — your company or your Portfolio companies — benefit from Marketing Attribution
Improved Decision-Making
Marketing attribution provides insight into which channels drive results, attract the largest audience, and generate the highest conversion rates. This allows you to make more informed decisions based on attribution data, helping you meet or exceed business goals.
While Google Analytics and Mixpanel give you some insight. They are wildly inaccurate. They double count conversions devices (when the same user is on multiple devices). Or if there is a person or competitor in Vietnam spam clicking on your ads wasting your money, your analytics information will get contaminated. Thanks to our advanced machine learning models, we don’t run into that issue.
How? Because thanks to using device tracking pixels and analyzing blockchain addresses, we know when a person is the same person just using a different device. That means actions from one device or another device map back to the same person.
This allows you to figure out Customer Acquisition Cost on the per-person basis. Very important detail.
Enhanced Customer Experience
Forbes reports that over 66% of consumers demand companies understand their unique needs. Attribution data reveals which marketing activities resonate most with your customers, enabling you to customize their experience. This leads to improved brand awareness and loyalty.
Marketing Spend Optimization
Ad campaigns and marketing strategies continue to increase budgets, but understanding how to optimize that budget will improve your marketing ROI. Attribution helps you identify which marketing activities deliver the most value for your investment.
Informed Sales Cycle and Product Changes
Investing in an attribution tool with technology like machine learning or artificial intelligence, such as Lucia’s Click Insights, can help identify hidden trends that guide sales cycle and product design changes. Marketing attribution data provides a business case for why these changes are necessary.
Everything from customer interactions to bottom-line P&L numbers can benefit from marketing attribution. Marketing teams can better utilize financial capital, while business leaders can dive deeply into strategy.
Effortlessly Track Marketing Attribution Lucia
Marketing attribution is an invaluable tool for marketing teams and executive decision-makers. It identifies where in the buyer’s journey a customer decided to make a purchase or take a desired action, highlighting the most effective marketing channels for lead generation and optimizing creative strategies for maximum impact.
Although sifting through vast amounts of data to determine the most influential touchpoints can be daunting, various models assign weighted values to different positions in the sales cycle, providing clearer insights into the best-performing avenues.
Having an advanced tool can simplify this process and enhance accuracy. Businesses are turning to Lucia Attribution for its cutting-edge technology, including AI and machine learning, which offers a comprehensive method for attributing both online and offline sales to various marketing efforts. Apply today to see if Lucia attribution is the right fit for your organization!
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