How Can Marketers Choose and Trust The Right Channel-Level Attribution Metrics?
You need to prove the ROI from your marketing efforts, in order to do this you need a strong marketing attribution model. With so many different metrics and data points to consider, it can be difficult to figure out which is best for you. If you’re an agency, questions like this may keep you up at night. So, how do you pick the right model for your company?
With most marketing campaigns it’s never clear which channel led to a conversion. Sure, you’ll be able to calculate the ROI from a PPC campaign, but what about the impact of a social media campaign or top-of-the-funnel content? Marketers must choose the metrics that best indicate the value of any given channel in multiple stages of the customer journey.
Marketing attribution matters. Marketers need to use metrics that are indicative of driving sales, but finding meaningful channel-level metrics is impossible without identifying the broad business Key Performance Indicators. Most companies take the metrics and base their investment according to those numbers. It’s great that you’re focusing on efficiency, but you’re focusing on the wrong numbers. From this point, you’ll need to validate the importance of the metrics and their results. For many, switching to an advanced attribution practice brings on skepticism about newly-generated analytics and insights. Let’s take a look at some benefits of marketing attribution:
- Customer insight: Since marketing attribution looks at every touchpoint before the conversion, it helps you understand customers better. You get insight into your customers’ preferred channels, conversion paths, and even their choice in creative content.
- Customer value: Marketing attribution helps you understand the value of each new customer and the cost to acquire them. This can help you zero-in on your most profitable customers and marketing campaigns.
- Quantifiable ROI: Marketing attribution helps you assign a fixed value to each part of the customer acquisition process. This makes it much easier to prove ROI.
You have to pick an attribution model that works for you. There is no “one size fits all” when it comes to attribution models. This is especially true for agencies since you’ll be working with a wide range of clients. With that being said, you’ll need a resilient team – one that will continue to work with you to get the job done. We can be that team for you. Contact us today to help with your marketing needs!