You may have heard your marketing team or agency refer to marketing attribution. Do you know what that means? It’s OK if you don’t! Many business owners don’t truly understand what marketing attribution is, or what it means in terms of their business. So let’s take a look at what marketing attribution is and why it’s important for your business.
A Brief Overview of Marketing Attribution
Marketing attribution can give you good insight into how your marketing is working in terms of sales and conversions. It helps you identify what user action contributed to a conversion (like a sale or a form completion or a lead, depending on what are tracking). It lets you know whether an organic social media post, a blog, a paid search ad, or organic traffic led to a sale — and it tells you how much money that sale brought in.
Marketing attribution can help you make decisions on where to optimize marketing spend across all of your channels, where to focus for future campaigns or where you might need a little additional help for more success.
Why is Marketing Attribution Important?
Understanding marketing attribution can lead to improved marketing efforts in the future. It can improve your overall efficiency and revenue, by allowing you to focus on the channels that bring in the highest number of conversions.
When you use a marketing attribution model, it shows you when, where, and how your customers are interacting with your brand online and in marketing materials. This can let you know, for example, that someone clicked on a paid search ad, opened an email, and then converted after clicking on a social media post on your Facebook page.
There are different attribution models, so ensuring you are using the right one for your business can help you track conversions in the best way possible. This will make your marketing more efficient and more successful with future campaigns. Some of the benefits of properly using marketing attribution include:
- Optimized spend on your marketing campaigns
- Increased ROI
- Improved product development or customer service
- Optimized creative elements in your marketing campaigns
If you’re ready to take your marketing to the next level, ELK’s Managed Digital Services can help get you there. By combining content, technology and marketing, we can create a powerful force for growth and help you successfully attribute each conversion to a campaign. Have questions? Contact us to learn more about how we can grow your business.