In recent years, attribution models have had a bad rap, and it’s true that different models, particularly those based on cross-platform activity, have their own set of issues. However, in 2022, attribution will be critical for marketers to determine ROI.
The importance of marketing attribution cannot be overstated when it comes to maintaining a healthy business growth. For many organizations, it might be the difference between a successful or a failing business. Understanding the impact of marketing initiatives requires marketing attribution.
Marketing costs will continue to rise without a suitable attribution model, and marketing teams will continue to engage in a myriad of marketing initiatives that may be good only for vanity but not real business ROI.
Every marketer should include attribution in their reporting and insights so that they can achieve campaign goals faster and more efficiently, increase the Return On Investment of their marketing spend, and continue to contribute to the bottom line of their company.
Also Read: Boosting CX and Driving Loyalty with Immersive Experiences
Here are a few reasons why every marketer should make marketing attribution a top priority:
Forecasting the Success of Different Digital Touchpoints
In today’s world, most B2B purchase journeys are heavily digitized. A good attribution model can enable marketers in not just determining the current effectiveness of each marketing channel, but also in forecasting future outcomes. When each lead or visitor outcome is linked to a specific marketing approach or channel, it’s easier for marketing executives to see what’s working and what isn’t in the big picture.
This data can also be utilized to focus attention on specific areas with higher potential depending on the current data and attribution ratios.
Understand What Type of Campaigns to Run
Proper evaluation and insight into numerous touchpoints in the online purchase journey can enable marketers in determining which campaigns to run next. Knowing how existing efforts attract attention and visits can help marketers focus on message that is more likely to work in future campaigns and improve ROI.
If this data is properly broken down and analyzed using the right methodology, it can be used to drive future efforts, identify and plan long-term campaigns for several quarters.
Also Read: Bridging the Data and Analytics Skill Gap in Marketing
Today Attribution Systems are Simple to Evaluate
Attribution models that are now available have expanded, grown, and become more sophisticated over time as a result of the latest martech advancements. As digital marketing trends evolved, so did the martech that drives them, resulting in simpler, cleaner, automated attribution models that typically require two fundamentals to extract value from – a proper setup with current martech and marketing channels, and a team to assess marketing data to drive future decisions.
While most B2B teams will argue that the B2B journey is still lengthy and difficult when compared to their B2C counterparts, some will argue that, while this may be true, these B2B customer journeys are still quite predictable. Using the correct attribution model to nurture and drive this journey can help marketers enhance their outreach and messaging while also attempting to shorten the customer lifecycle.
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