What is Marketing Attribution?
Marketing attribution is when marketers are able to give credit for a goal conversion to a specific marketing touch point. A touch point is an engagement that the company has with a potential customer before they convert into a customer. For example seeing a TV commercial, a click on a Facebook or paid search ad, an interaction at a trade show and more are all different marketing touch points.
Why learn about Attribution?
Marketing attribution is essential to figuring out what marketing channels have worked to hit your goal. Without looking at the attribution of your marketing campaigns you will never know what worked vs what did not.
About this Free Attribution Micro Course
In this short Marketing Attribution course we give a general overview of marketing attribution and why it is important. The course video is followed by a short quiz so you can earn coins and a badge for taking the course.
Here is an excerpt from the Attribution micro course video.
The purpose of attribution is to ensure that the company’s dollars are allocated to the marketing touch points that convert the most people into customers at a low cost. The typical outcome of implementing attribution is a 15% – 35% increase in ROI (1).
Different attribution models can assess efficiency of marketing touch points:
- First-touch attribution credits the first channel that a person interacted with before purchasing;
- Last-touch attribution, quite the opposite, credits the last channel that a user interacted with before purchasing;
- Multi-touch attribution weighs the value of each touch point and splits the credit accordingly.
Marketing attribution is on the rise, but marketers still don’t know how to implement it properly:
- Four in five organizations claim that the rise of big data has increased focus on attribution (2);
- 70% of businesses don’t action the insights they get from attribution (3);
- For 59% of businesses the lack of knowledge is the biggest obstacle to implement marketing attribution (4).
Rebel Sport wanted to understand the effectiveness of its AdWords campaign in driving in-store foot traffic. The store visit data showed Rebel, which product categories drove the most shoppers to its stores. This encouraged the brand to bid more aggressively for search terms within those categories and focus on the customers who shopped in those categories. As a result, Rebel’s store visit rate from digital efforts boosted by 44%, while year-over-year profits increased by 15%.
Attribution guarantees that the marketing budget is invested, not wasted. Make sure you grow this skills.