Discover the significance of marketing attribution and how it can impact your cashflow. Explore different models for attributing credit to marketing channels and learn how to apply them to your business. Gain insights on engaging with customers through various communication channels and get tips for digital marketing strategies for small businesses.
The video discusses various marketing strategies and their effectiveness in reaching target audiences. It also explores the impact of social media on marketing and the importance of creating engaging content. Additionally, the video touches on the use of data analytics to measure the success of marketing campaigns.
If you use marketing to generate leads and sales, you probably want to know
which of your marketing channels is getting those leads and sales.
That’s where marketing attribution can really make a difference. If you’re not sure what
marketing attribution is, you’re in luck, because that’s just what we’re gonna cover in this video.
By the way, if this is the kind of content you want to see more of, don’t forget to
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What is marketing attribution? Marketing attribution is a way
of crediting different marketing channels for the leads and conversions they drive.
Those channels might include organic traffic, paid advertising, social media, and more.
You can use an analytics tool like GA4, a customer relationship management (CRM) tool,
a customer data platform (CDP), or even a combination of all those tools to help you
track the way people interact with your marketing, particularly on your website.
When those people convert, you can connect each conversion with all of their marketing
interactions. This helps you understand how people got from the beginning of their buying
journeys to the point when they’re ready to convert. You’ll have a fuller understanding
of your marketing, which channels work, and where you need to fill in some gaps.
When working with marketing attribution, you’ll want to choose a model that assigns credit to
different channels that helped close the sale. There are plenty of options, and I’ll explain
how it works in just a bit. But now, let’s talk about why marketing attribution matters.
Why is marketing attribution important? When someone converts, many businesses will
give all the credit for the conversion to the last marketing channel or material the customer viewed.
But it’s rare for someone to become a customer after encountering only one marketing material
from your business. Usually, they’re gonna go through several different marketing channels
and campaigns before they convert. And those earlier campaigns are just as important to
understanding your marketing effectiveness as the channel that got someone to convert.
If you don’t give credit to all the marketing materials that help turn someone into a customer,
you’ll end up undervaluing them. With marketing attribution, though, you can identify all of the
tactics that worked and avoid that problem. Which attribution model do you need?
Not everyone approaches marketing attribution the same way, and your business’s needs
shape that approach. You can generally split marketing attribution into two different camps.
In camp number one, you give credit to one marketing channel for a conversion. Camp
two gives credit to more than one channel. So, let’s define a conversion as someone
contacting your business. One lead found your website through Google, clicked on a
social media ad, interacted with a blog post you shared on social media, clicked through
one of your email newsletters, and then later contacted you via a link in a paid search ad.
Some businesses may want to give all the credit to the first interaction,
since that’s what started the whole journey. In this case, you’d credit Google, often referred
to as SEO, organic, or organic search. Some may credit the conversion to the
last interaction, which directly drove the lead. It would be paid search in this example.
Now the one channel approach could work, especially if you have a short
sales cycle where people don’t need to interact with multiple channels before
they reach out. This may be the case if your offerings don’t require a massive investment,
like a dashboard phone mount for a car. But if you have a longer sales cycle where
people need to do their research before making a commitment, the one channel camp
might not be a good choice. So, instead of a dashboard phone mount, you sell the whole car.
That’s not something the average person buys on a whim. In a situation like this, which requires
a lot of research and a bigger investment, a one channel approach discounts the role your marketing
channels in the middle played in that conversion. While the channels in the middle of someone’s
journey may not lead to a direct conversion, they do influence someone’s decision to
continue interacting with you. Each part of your marketing keeps your business top of mind with
your audience, builds trust, and helps you form relationships that lead to contacts and sales.
So, in the example, while social media and email weren’t the last channels
before that lead converted, they did play an important role in that person’s journey.
That leads me to our second camp of marketing attribution models:
giving credit to more than one channel. Within this camp, you have a lot of choices.
You can assign equal credit to each channel for a conversion. So in the example, organic search,
paid social, organic social, email, and paid search would all be credited equally.
You can assign most of the credit to the first and last channels and split the rest of the
credit among the middle of the journey. So, organic search and paid search would each get
maybe 40% of the credit, and the three channels in the middle would share the rest of the credit.
You can also choose to give more credit to the channels closer to the conversion,
and less as the interactions occurred further from the time your lead converted. So in the example,
paid search would get the most credit, followed by email, then organic social…you get it.
If you want to get really granular, you can assign different values to each touchpoint based
on the revenue you made from a sale. That can be complex and require some new tech to figure out.
But it’s a really great way to understand which channels have the most impact on people who become
your customers, not just those who become leads. Either way, it’s up to you which model or models
you want to use. Just pick whichever one you think will do the best job of helping you optimize your
future marketing. Or reach out to some marketing attribution experts to help guide your decision.
Well, that does it for this video. But if you want to learn more about marketing attribution,
or digital marketing in general, you can always subscribe to our YouTube channel,
or to our newsletter, Revenue Weekly.
Thanks so much for watching, and we’ll see ya in the next one!
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