The customer journey is becoming increasingly complex. Consumers are exposed to numerous marketing measures and switch seamlessly between different channels and devices to get in touch with brands. Advertisers are facing the huge challenge of finding out which of the many touchpoints have contributed to the success of a conversion.
In this article, we show how marketing attribution can help you learn from the customer journey and optimize your marketing.
ADVERTISERS FACE 3 KEY QUESTIONS
- How can I measure the performance and success of my marketing efforts?
- How can I create relevant and personalized customer experiences?
- How do I optimize my advertising budget within and between channels?
In the end, marketing specialists strive to combine cause and effect: Which marketing measures motivate which consumers to convert? This is where marketing attribution comes in.
THE BENEFITS OF DATA-DRIVEN ATTRIBUTION
Data-driven attribution is an advanced method of measuring marketing effectiveness that takes into account cross-channel and cross-device customer journeys. When planning marketing campaigns, rule-based models such as the last cookie wins model are still frequently used. In fact, however, these models usually attribute the success of a conversion to only a single or a very few touchpoints without taking other important advertising contacts into account. The result is a greatly simplified and little meaningful view of the customer journey.
Data-driven attribution models, on the other hand, capture the influence of each touchpoint along the customer journey across channels and devices. The model is based on algorithms and statistical analyses continuously calculating the value contribution of each individual contact points within the journey.
The analysis takes into account various factors, such as synergies between individual channels and devices, as well as changes in market conditions or customer behavior. This way, patterns quickly become visible and cross-effects or dependencies become clear. Therefore, the model refines itself autonomously.
Learn more about this topic in our blog post: Data-driven Attribution.
DISSOLVING MARKETING SILOS
Data-driven attribution gives advertisers a holistic view of their clients' customer journeys. These customer insights open up new opportunities for advertisers and can help generate long-term success. The role that various marketing measures play in the customer journey becomes clear to advertisers and can be taken into account in the planning and strategy of future measures.
These accurate analyses allow advertising budgets to be used more effectively and marketing strategies to be optimized. Especially in the digital age, marketing specialists should not see their marketing channels in silos, but instead measure the collective effect of marketing.
The acquired knowledge helps advertisers to reach their customers accurately with the right channels. As a result, marketers benefit from shorter sales cycles and long-term customer retention.
Marketing attribution provides a holistic view of the customer journey across all channels and devices. This transparency and the holistic approach ensure that marketers can optimize their marketing measures and use budgets more efficiently.