What Can You Learn From Attribution Reports and Why Are They Important?
In the world of digital marketing, attribution is one of the most challenging problems we confront on a daily basis. Users are being drawn into the conversion funnel by what kind of content they are seeing. We usually ask the question “Should I put more money into Facebook or Google AdWords?”
These and many other questions can only be answered if we understand exactly what motivates a user to make a purchase. On the other hand, finding the answer is not so straightforward because we are dealing with a highly complex environment in which the user interacts with the brand numerous times before deciding to convert, frequently combining online and offline interactions.
But don’t give everything away at once! Attribution marketing can assist in untangling the mess and putting everything back in its proper place. Learn more about multi touch attribution modeling Wicked Reports.
Why do companies overlook the value of marketing attribution reporting?
Every demand generation specialist knows how vital attribution reporting is important in order to create a successful demand generation marketing strategy. The most typical reason for failure is that there are too many data gaps across the customer journey when it comes to attribution reporting.
It is possible that the inability to monitor customers across channels, particularly offline interactions such as direct mail and inbound phone calls, can lead to inaccurate attribution reports in some cases. Identifying and filling in these data gaps is crucial for any organization wishing to use marketing attribution to inform its strategic decisions.
Another scenario is when a company chooses an attribution model that is not related to the brand’s marketing objectives. When this happens, the information generated can lead your organization down the wrong route because your attribution model’s approach to calculating return on investment (ROI) does not fit with the way your marketing is attempting to achieve that ROI.
Suppose your company has abandoned attribution reporting because you are unwilling to be patient in discovering and testing various attribution models. In that case, it is probable that your organization has given up on attribution reporting.
Fortunately, the correct marketing attribution solutions may alleviate virtually all of the problems that your firm may be experiencing. The proper implementation and execution of attribution are critical to reaping the many benefits that the system has to offer.
Starting with Google Analytics or another analytics tool, create an attribution model if you haven’t previously done so. Marketing attribution necessitates that your organization selects the attribution model that is most aligned with your marketing goals and the key performance indicators (KPIs) that you are currently utilizing to measure your progress.
The selection of an attribution model will take at least two weeks, and preliminary data based on the selected model will not be available until that time. Be prepared to wait approximately 30 days before comprehensive marketing attribution data becomes available through your analytics platform. These reports may be accessed through your Google Analytics dashboard, and they will include the most recent data to provide you with the most up-to-date information available on your marketing attribution results.
You should also know that you can make a change in your marketing attribution model in Google Analytics at any time or just create your new model from zero. Your preferred attribution model can also change depending on what you want to learn about the customer journey and the performance of your marketing campaigns.
Also, an essential piece of information is that it takes up to 30 days to collect reliable data if you change your attribution model more than once. Consequently, if you switch reports before reaching that point, the information contained in any given attribution report may not be as valuable.
How can you increase the number of sales through the use of marketing attribution reports?
- With attribution reports, you’ll be able to identify the channels that are most critical to your ROI. Using this data, you may alter your marketing mix and find campaigns and channels that should be more routinely integrated into the consumer journey;
- Marketing budgets can be shifted to focus on high-performing channels, resulting in a better return on investment. You may boost your company’s overall marketing return on investment by raising expenditure in areas where revenue creation is more efficient;
- You should discover the areas of the customer journey where too many individuals give up. Ineffective messaging, weak calls to action, or even data gaps that prevent you from seeing the journey as a whole could be to blame. This could be the case for a variety of reasons. Your marketing team can then address the problem through A/B testing or other techniques;
- By combining offline data into your marketing plan, you may get a more complete view. In the customer’s journey, you cannot ignore the importance of inbound phone calls and direct mail. On the other hand, marketing attribution is impossible if you don’t have any data points to work with.