When was the last time you had taken a trip, or a day out ? Wasn’t it fun ? There must have been several factors contributing to how much you were able to enjoy. Similarly, channel attribution analytics has become beneficial in various ways, to digital marketing. Let’s take a look at what we need to know.
Marketing attribution helps you plan and decide which actions on your behalf would most likely lead to conversions. Each of these actions, also known as touch points, play a pivotal role, from the first interaction with the customer till the final step of conversion. This is similar to how you’d plan each step of your trip, from the mode of travel, to where you’d stay and how much you’d be willing to spend while having a great time.
With so many options for your travel itinerary, you’ll be spoiled with choices. The reality is that you’ll be left confused with all those cafes being equally good, or those museums being far apart, but equally worth the visit. Such is the case with marketing channels. With so many different channels available to digital marketers, it’s easy to feel lost and confused in a deluge of information.
This also makes it difficult to point the best working touch points. This is why we need channel attribution analytics. Besides following a multi-channel strategy, it is of utmost importance to find out which channels are resulting in the maximum conversions, and which ones engage the customers most effectively. This could be compared to drawing out an itinerary based on the route and the best way to explore this new place. You’d rather plan a route which covers some of the best places and lets you enjoy each of them to the fullest, than to have a poorly planned route which leaves you tired and confused.
With the advent and the availability of various social media outlets, it is likely that many marketing channels will end up being interconnected. It is also evident from the various mobile applications, email marketing campaigns and offline communication methods that any channel on its own will also be filled with various touch points.
With attribution analytics, it becomes easier for you to understand how customers make their way to your product. This helps you identify which touch points need to be strengthened and which ones can be removed.
With data coming in from various sources, it can get hectic and confusing for any individual to sort it all out in an organised manner. With channel attribution analytics, your data gets integrated and this helps you identify what’s best for your customers.
Also, you might want to know what effect one channel might have on another. Cross channel attribution comes to your rescue here. It helps you understand how customers make use of these various channels. It also helps you understand your customers better. This helps you make accurate forecasts and make well informed marketing decisions.
Talk to any company which makes use of channel attribution analytics and their digital marketers will tell you that it helps them make better forecasts for their upcoming campaigns. They’re also able to analyse the reaction to each of these campaigns and then decide what works best for them. This not only enhances their performance but also helps them retain customers.
The best and the most important aspect of channel attribution is that it helps you allocate finances based on the performance of the marketing channels. This optimizes your resources, enabling you to invest more in those channels which bring in the most customers.
Not only can you decide on costs associated with each touch point in your marketing funnel, but also find out the best way to utilize your monetary resources on each of them.
At the end of the day, we want to keep our customers happy. The most immediate benefit of marketing attribution is an improvement in customer experience and satisfaction. This comes as a result of understanding your customers better.
After all, once you understand what your customers need, and how they behave online, your efforts and interests will be aligned with theirs. Quite often, this results in better customer engagement and brand loyalty, as a result of a much more relevant and enhanced marketing strategy. Win-Win, isn’t it ?