Guide to Multi-Touch Attribution
Attribution is a marketing term that refers to the process of establishing a set of touchpoints or user actions that help to promote the core objectives of the marketing campaign. By identifying the core aspects of a campaign that contribute to lead generation, marketers can design a smarter and more efficient campaign that fuels lead generation. There are a variety of different attribution models, and your marketing success will hinge on finding the ideal attribution model to suit your campaign strategy.
What Are the Most Common Attribution Models?
Last-click and post-click attribution models are particularly popular approaches. However, they fail to take into account the multitude of marketing channels that modern companies utilize, thus providing an inflexible approach to attribution. As a result, multi-touch attribution (MTA) is beginning to gain ground in the marketing world, providing a more versatile model that offers the flexibility modern businesses need.
What Is Multi-Touch Attribution?
Consumers are no longer relying on a single medium to access information about companies. In recent times, mobile usage and social media have become increasingly popular among consumers, and marketers need to be able to leverage these trends. MTA provides the dynamic attribution analysis that businesses need to assess the success of their marketing campaign across all channels.
Since more businesses are utilizing mobile outreach than ever before, this adds yet another facet to the marketing campaign. According to research conducted by EdgeRank Checker, brands that utilize mobile Facebook posts have experienced an average of 39 percent more engagement per every post, thus considerably improving marketing ROI. MTA can help businesses gain better insights from their strategy, so they can design their digital marketing strategy around the marketing channels their customers utilize the most.
How Can Multi-Touch Attribution Be Used?
MTA can be used to optimize the return on investment (ROI) for marketing. The technology relies on an automated algorithm that gauges ROI in real-time, providing marketers with an up-to-date analysis of their marketing success. It provides deeper insights into the aspects of a campaign that are performing effectively and the aspects that are lagging behind, so marketers can implement a targeted marketing approach that is fully optimized to produce maximum leads.
MTA benefits marketing these ways:
• Advanced analytics: With MTA, marketers can improve their data analysis and inform better marketing decisions.
• Attributing a cause to every sale: To improve sales, you need to understand how sales are being made, to begin with. MTA helps to connect the dots by providing an in-depth analysis of where each sale comes from. This allows you to identify aggregate trends and design a marketing strategy that is suited to produce an increased ROI.
• Utilizing multiple marketing touchpoints: Since your marketing strategy needs to be dynamic, you need an attribution model that is equally flexible. MTA uses multiple touchpoints to give you insights into your entire campaign.
How Reliable Is Multi-Touch Attribution?
MTA has proven to be highly precise, which is perhaps what has led to its growing popularity. A report released by Marketing Charts found that, while only 24 percent of company marketers use marketing attribution, those that are utilizing it have had impressive results. 29 percent of respondents report experiencing a major benefit, while an additional 60 percent report experiencing some benefit.
A whitepaper released by Kenshoo highlights just how inefficient a single-point model campaign is while pointing out that an MTA model can enhance the accuracy of insights, providing a much more accurate approach to data analysis than single-point modeling.
How Will Multi-Touch Attribution Benefit Your Business?
For businesses that are in need of a dynamic attribution model, MTA is the ideal approach. The statistics resoundingly show that marketing attribution can improve your marketing insights, allowing you to identify the core factors that drive sales, so you can cultivate a targeted marketing strategy. With an MTA model, you’ll be able to access multiple touchpoints and design a marketing strategy that will optimize your potential for lead generation.
While many businesses are still relying on last-click and post-click attribution models, many are beginning to realize they can no longer provide the flexibility needed by a multifaceted media strategy. With the rise of social media and mobile usage, marketers are turning to MTA to provide the dynamic approach to analysis that is needed to improve marketing ROI.
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