Digital Marketing attribution analysis is one of the most important aspects of a robust digital marketing strategy. To achieve the best ROAS from your digital marketing efforts, you need to gain in-depth insights into how your advertising channels perform, including how well they drive conversions.
When advertising on multiple channels, it is essential to understand your digital marketing mix’s true value and how each channel contributes to the final conversion. These insights inform your budget allocation and enable you to better optimize the customer experience and cross-channel customer journey in the most cost-effective way.
Marketing mix attribution also helps you understand the interaction between different channels and touchpoints. This provides a full picture of overall advertising performance’s success, including the ROI of each of your channels. As a result, you can optimize your marketing mix attribution and digital marketing strategy accordingly.
How can you ensure an optimized digital marketing attribution process that delivers data-driven insights about your overall digital marketing performance? And how can you choose the right ad attribution model for your campaign?
Read on as we cover our top three tips to overcome common obstacles brands run into during the marketing mix attribution process. As a result, you’ll better allocate your marketing budget and drive better efficiency and effectiveness in your advertising campaigns.
Tip #1: Leverage the types of digital marketing attribution models that best fit your campaign goals.
It’s essential to choose the right ad attribution model based on your specific campaign goals. The majority of brands consider using a single-touch model (such as first touch or last touch) since these are two of the most commonly used types of attribution models. There are certain instances where a single-touch attribution model is the best option and other cases where a multi-touch attribution model is a better fit.
Knowing the differences between the types of ad attribution models and when to use them is a vital way to accurately measure the effectiveness of each of your marketing channels and touchpoints. This way, you can better invest your media budget to high performing channels and avoid wasting ad spend on channels with low conversion volume.
So how do you know which digital marketing attribution models are the best for your campaigns?
A first interaction attribution model, for example, is best suited for awareness campaigns, where the main campaign goal is new customer acquisition. In this type of campaign, measuring campaign success by the first touch helps reveal the true value of the first user interaction and its impact on the later stages of the marketing funnel.
However, for a retargeting campaign, where the main campaign goal is to move users further down the conversion funnel, measuring based on the last click is a better fit. In this case, the last touch can show how successful your channels and touchpoints were in leading someone already in your cycle to convert.
Finally, there are certain instances where you need to not only measure first and last touch, but instead, need to identify the mid-funnel touchpoints and the full customer journey. This is where a multi-touch attribution model comes into play.
Multi-touch attribution is best when you need to identify precisely which touchpoints throughout the customer journey deliver the most value to your brand. It measures mid-funnel touchpoints so that you can understand the whole customer journey, not just customer interactions at the first or last touch with your brand.
Without measuring mid-funnel touchpoints, you might miss out on valuable insights needed to inform your media budget, such as where (which channels) you should cut or add spend to.
Understanding the true value of all of your touchpoints also means that you can serve customers tailored and personalized messaging at the moment they are most likely to convert. This leads to a shorter conversion process and increased ROAS.
Tip #2: Test and evaluate your marketing mix attribution process often to maintain marketing agility.
Choosing the right digital marketing attribution rules for your campaign is important. However, it’s also critical to continually measure marketing efficiency so that you can quickly adjust your ad attribution model when you define multiple types of conversion goals (such as increased brand awareness or traffic to site).
Being able to switch to a different ad attribution model quickly helps ensure that your marketing team maintains agility in your marketing strategy. An agile marketing strategy can help effectively balance competing priorities and run high-performing campaigns that drive results in real-time.
Real-time insight into the advertising performance helps you more effectively optimize touchpoints. This helps you run more efficient marketing campaigns, optimized to your customers’ unique interests as they move through each stage of the conversion funnel.
Tip #3: Optimize your advertising campaigns based on the outputs of your marketing mix attribution
Suppose you decide to use a multi-touch attribution analysis to measure campaign performance. In that case, it’s vital that you also have a process in place to optimize your campaign planning against the insights from your multi-touch attribution analysis.
To build out this process, you need to make sure that you have a robust customer tracking system in place (such as Google Analytics 360, Adobe Analytics, or Mixpanel.) No matter which analytics solution you choose, your analytics platform should act as a single source of marketing truth.
This single source of truth ensures you build and maintain a measurement framework that gives you accurate, data-driven insights into the true performance of your touchpoints and channels. As a result, you can streamline your campaigns based on accurate, clean data insights and fractional output from your multi-touch attribution analysis.
This helps you optimize your marketing strategy effectively so that you can reallocate budget to high-performing channels that drive the greatest conversion growth based on multi-touch attribution analysis.
Reinvesting your marketing budget to the strongest campaigns increases your conversions and sales volume, which ultimately drives better ROI for your overall digital advertising efforts.
No matter what type of digital marketing attribution rules you apply to your campaigns, measuring how channels and touchpoints drive conversions is only helpful if you can then act on those insights. To make sure you can act on the insights from your marketing mix attribution process, you need to choose the right ad attribution model for your specific marketing and business objectives. You also need to utilize the right team members (data scientists) who know how to analyze and suggest actionable tactics.
To learn more about how our team of experts in marketing attribution analysis, get in touch with us here. We can’t wait to learn more about how your brand leverages marketing and data analytics to drive efficient campaigns now and long term.
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