To successfully measure the effectiveness of your company's marketing mix, you must first understand the customer decision journey and which channels are having the strongest impact. On the flip side, identifying underperforming marketing channels can ultimately lead to stronger ROI and more powerful marketing results.
Attribution measurement—the identification, tracking and measurement of all marketing tactics leading up to a conversion—allows marketers to better understand buyer behavior and tailor marketing efforts to deliver a more seamless purchasing process.
A recent Econsultancy study found that only 54 percent of companies surveyed are using any form of marketing attribution. But of those companies, 89 percent report that it has had a positive effect on their business. As you implement and evolve marketing attribution for your organization, following are four ways you can improve attribution efforts:
1. First Impressions Matter
More than half of the respondents that indicated using a form of marketing attribution in the same Econsultancy study said they measure using the "last click" method, meaning they attribute the success of a sale or conversion based solely on the last touch point. The problem with last click attribution is that it doesn't provide an accurate depiction of the success of the entire marketing mix because it neglects to consider the entire customer journey.
To fully understand the effectiveness of each of your marketing channels, you need to evaluate each step in the decision process all the way back to the point of first impression. Attribution measurement allows marketers to understand what channels are creating the first impression that ultimately leads to conversion. Evaluating every step in the decision process can act as a safeguard for channels that appear to have limited impact, when in fact they play a vital role in the decision process.
2. Measure More Than E-commerce
If the goal of attribution is to understand the impact each channel has on the conversion process, you also need to identify what value each conversion has for your business.