“How did a customer find my business?”
“How is my advertising campaign performing, and what is REALLY working?”
“Is my money being spent well?”
“Am I getting a high ROI?”
These are the questions that keep business owners up at night. And one of the best ways to answer these questions is: Attribution!
What is Attribution?
Attribution is who gets the credit for the conversion or sale. Sounds pretty simple, right? Well, not exactly. Allow me to explain why though a simple example.
Let’s say you work at a large company, and your boss asks you to prepare a report on how to increase work performance. At this point, you would use all your available resources and enlist your department managers on the task: one manger may prepare a report on tips to stay organized, while you may look for ways to minimize work interruptions, etc. Three weeks go by, and the report is finally ready. You hand it to your boss, and he or she loves it! You walk away feeling like a hero, and your boss writes an inter-office memo giving you credit for it.
But why only you? Because you were the LAST person in the process (last click), and the person that has effectively completed the task for your boss.
In other words, the attribution for the “conversion,” or in this case, the success of the report, goes to you. But what about the rest of your team? And the researchers that contributed to the completion of the report? This is the same for your advertising, if someone sees a display ad and then Google’s your business. Google will get credit for the sale.
Consumer Purchase Journey
There are many factors that aid in the consumer purchase journey. The conversion may have happened during one of the multiple touch points. Did they see an email campaign, social, or digital ad? Or did they watch a TV commercial or hear a radio commercial? This is where last click attribution comes into play, and why last click attribution can’t be the final deciding factor.
Last click attribution ignores any other marketing that influenced the customer before the purchase. More often than not, whatever advertisement reached a consumer last receives credit for the attribution. With all the different marketing options available to you it is best to have an integrated marketing strategy.
There shouldn’t be a debate between “traditional marketing” and “digital marketing.” Instead, the conversation needs to shift to focus on how all the channels work together to get the conversion. Customer loyalty is quickly diminishing, so having a multi-platform advertising campaign with Display, PPC, and Social allow you to reach your customers in all phases of the buying cycle. Having a multi-platform strategy allows you to stay top of mind when the consumer is ready to purchase. Whether you are running a multi strategy solution or just one tactic is always a good idea to create KPI’s.
Setting Marketing Goals
It is important as a business owner to set market goals, and there are several ways to do so. Creating KPI’s and understanding your Google Analytics would aide in translating if your marketing is paying off. The benefits of these combined with help decode your marketing campaigns and allow you to tell the story of what is working.
And lastly, create a multi-platform strategy that will reach consumers during multiple touchpoints. If you need assistance with planning your marketing campaigns, contact one of our digital media representatives.