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With a proper marketing attribution, better decision-making, visibility, tracking, and better modeling are at the marketer's fingertips.
FREMONT, CA: Attribution is the primary challenge in digital marketing for years. The way conversions are attributed can significantly change important decisions regarding brands' marketing budget and business goals. The end goal is to identify whether the brand is effectively spending its budget and optimizing revenue, which means that the brand needs to know each channel's value during the purchase or conversion process. Here is more about rethinking the marketing attribution challenge and advanced the team's ability to accurately attribute what's responsible for success.
Marketers invest in multiple channels to achieve different marketing goals, such as creating brand awareness, boosting website traffic, generating more leads, and even creating more conversions. But understanding the contribution of each activity in converting the customer remains the challenge because of the unavailability of the data related to online journey through various channels. Thus, the need to have an attribution model in place becomes important.
The idea behind attribution is to divide up credit for conversion amongst touchpoints preceding it, so marketers can determine what's working and frame future investments accordingly. There is a customer base built up over time for businesses and feeds a considerable portion of recurring revenue. Besides, there is an existing brand equity that influences customer decisions. There are offline marketing efforts that are untrackable. The digital marketing touchpoints that led directly to a sale only contribute an incremental impact on top of them.
Marketers who leverage attribution consistently attest to a greater level of visibility into their marketing strategy. Because of the high visibility into the pipeline journey that customers take, marketers can see which channels, programs, and campaigns are most effective within buying journeys. Better performance measurement of campaigns is another benefit of attribution data. This helps marketers evaluate the success of their efforts so that their decisions are based on data and not upon a series of educated guesses.