The need to assess each channel’s impact is more important than ever for today’s marketers, who are focused mainly on developing their multi-channel marketing strategies. This is crucial for marketers to know where to focus their efforts and which channels to abandon or scale back on.
By using a good marketing attribution model, marketing and sales can learn more about the channels that contribute to conversions. Marketing attribution is a must-have for any marketer in today’s crowded digital industry since it drives more focused and targeted efforts.
But, given today’s B2B market dynamics, what should marketers keep in mind when building a marketing attribution process?
Customer Behavior and Seasonal Trends Should Be Considered
Across industries, customer behavior is constantly changing. Industry and customer patterns evolved dramatically during the past two years, as did procurement priorities in terms of technology investments. In 2022, with most global organizations adopting a hybrid work model and modifying marketing models such as events and other similar channels to combine online and offline experiences, attribution models will need to be updated accordingly.
Understanding what motivates customers and what might change in the near future based on real-time data will enable marketers to fine-tune current marketing channels in terms of priority and strategies while also devoting the appropriate amount of attention to the short-term goals. A robust marketing attribution model will help marketers predict future trends if done correctly.
Customized Attribution Models Are Crucial
Analyzing information on the most ROI-driven channels that drive better conversions is one element of the game for marketers who utilize various channels to market multiple services or products. The other is recognizing which services and products are performing well on which channels because not every channel will, in most situations, be a suitable fit for all of the brand’s products.
For instance, if a video engagement tool is used along with an analytics tool, the measurement model needs to be more detailed, and so does the primary messaging and marketing outreach.
Using Data from Attribution Models to Analyze the Drop in Performance
A robust marketing attribution model is intended to give marketers real-time data on the performance of each marketing plan or channel and to highlight or provide early warning indications when statistics in specific areas drop. Experienced marketers are accustomed to a well-oiled end-to-end system, knowing which channels or types of marketing messaging work best for their business. A rapid drop in performance for a channel that previously generated a positive ROI indicates that certain marketing content and triggers are no longer effective or industry behaviors are changing.
Early identifiers can help marketers take the necessary steps before the pipeline or the brand as a whole suffers significant damage.
Attribution models may appear complicated in a multi-channel marketing world, but they aren’t. With the skillset and right analytics systems in place, robust processes can be implemented that can eventually be configured to provide end-to-end assistance and data to various marketing teams and initiatives within the company. As previously said, marketing attribution is critical in determining what marketers need to do to enhance their overall output and ROI.