Marketing Attribution and Its Benefits to Improve Your ROAS

Multi-channel marketing strategy become necessary for every business nowadays because of a variety of activities a use does before making a purchase. It is important to track those activities and find the areas of improvement in your strategy. Marketing Attribution can help you with the same.

What is Marketing Attribution?

It is a process of analyzing the marketing efforts contributing to sales or conversions. It helps to identify which marketing tactic provides the best impact to complete your marketing goals. Marketing Attribution covers all the interactions users make in the way of conversion. The model provides data on how, where, and when a consumer interacts with the brand messages so, the marketer can customize campaigns according to customers’ needs and improve ROI.

Need of Marketing Attribution

Before, the marketer could only guess which part of the marketing was working. It could be half or less than half. Nowadays, numerous information, sales funnels, automation, and personalization available to track user behavior and to identify which digital marketing channel is responsible for the conversion rate. You have many options available like cross-device tracking, event tracking, user profiles, and Marketing Attribution Software for the purpose. All these technologies make your job easy.

What are the benefits of Marketing Attribution?

Advanced Marketing Attribution models lead to many benefits. Let’s discuss them.

1. Analyse and optimize marketing cost

Attribution models provide insights into your spending on marketing. It includes the number of dollars best spent on showing touchpoints that earn the most engagements. So, the marketer can adjust the budget and spending accordingly.

2. Improve return on investment (ROI)

An effective attribution model helps marketers to reach the potential customer with the right brand message that increases return on investment (ROI).

3. Improve personalization

Data insights provided by attribution models help marketers to understand the communication channel preferred by individual customers for more effective customer targeting.

4. Helps to improve your product or service

When you use personal level attribution models, it helps to understand the customer requirements and you can update your product or services according to the insights.

Different types of Marketing Attribution models

1. Single-Touch: When the customer chose to convert after the first advertisement they see, it is called single-touch or First-Touch Attribution
2. Multi-Touch: This type of attribution includes all the touchpoints engaged with by the consumer leading up to a purchase. In this model, more than one marketing channel is used.