Have you have ever wondered which of your marketing campaigns are leading to the highest number of sales? If so marketing attribution modeling should be an integral part of your marketing plan. Today many small business owners are simply guessing what marketing efforts are working or just hoping for the best. If you are ready to put a little more science behind your marketing plan, we will break down what marketing attribution is and how it can affect your business.
What is Marketing Attribution?
According to Google, attribution is defined as rules or the rule which “determines how credit for sales and conversions is assigned to touch-points in conversion.” A conversion path consists of interactions, such as clicks on links from a website, interacting with an email, or calling a phone number on an ad, which then leads to a transaction. Examples of channels that customers regularly use are: Internet searches using specific keywords; browsing Facebook, Twitter, and other social networks; email marketing campaigns; direct mail campaigns; and offline marketing campaigns.
If you are like most small business owners you are probably wasting precious resources and employee hours on marketing that simply isn’t working. Marketing Attribution will show you where to concentrate your efforts, and you’ll know which digital and non-digital channels are leading to the most sales and which ones you need to trim or cut all together. Online marketing is more complex than ever, and added to that your transactions are probably happening offline. The fact that you can now see which touch-points brought in a new customer or reactivated an old one is a game changer for most small business owners. Marketing Attribution studies the customer’s journey getting to the point of sale, giving you an all-encompassing view on how your customers or potential customers are interacting with your company.
There is NO way to determine a accurate ROI if you are not attributing value all the way through a transaction. You are likely waiting 50% of your marketing budget on efforts that produce ZERO revenue. What if the data could help you save 40-50% of your advertising / marketing budget. What if the data could help you increase your repeat business by 40-50%. What if the data could help you be more profitable (or a LOT more profitable). The data is great but… data is only good if you can make it actionable. Now that you are thinking about Marketing Attribution. Now is the time to act. You will most likely see a significant impact on your overall marketing strategy and the rest of your business. It will help you understand where to spend your marketing budget and how to create new touch points to engage with past customers as well. You can incorporate the data you have acquired to bring additional guidance into other parts of your business. Building a profitable business is important, and this is one area of your businesses that can have a significant impact over a short period of time.
FreshLime provides Marketing Attribution and Engagement solutions for small businesses in the service verticals. If you need help or want to gain a better understanding of how attribution can help you grow and become more profitable contact us.