Using marketing attribution, you, as a marketer, can improve your marketing Not only optimally plan campaignsbut whose Success also measure and the current Optimize campaigns. We show you the importance of the Marketing Attribution and the possibilities associated with this solution.
What is marketing attribution anyway?
The concept of Attribution originally comes from the Psychology and describes the attribution of certain causes to actions and Causal chains. Marketing attribution takes a similar approach here, as certain reactions, for example the Product purchase, various Causes attributed.
The individual causes in the chain of Touch points of the customer on his way, can be weighted by marketing attribution and thus evaluated to varying degrees of strength and usefulness. The attributed Values of the various Touchpoints can have both pragmatic and financial reasons.
On the basis of marketing attribution, it is not only possible to Plan campaigns optimallybut already running campaigns also Optimize specifically. This is because the attributed values change over time and adapt to the users' actions and to the company's reactions.
Why marketing Attribution should play a major role
Money makes for success. This simple formula seems to be taken to heart by some companies when you look at some campaigns for certain products. Vast sums are spent on marketing, and apparently with the Watering can through all channels distributed across.
However, only very few companies can afford this. Moreover, such a solution is not economical. Marketing attribution can be used to assign certain values to individual points of contact between customers and a company. Mostly depending on this, How much such a touchpoint influenced the subsequent purchase.
This evaluation of the various touchpoints ensures that the touchpoints are also supplied with finances to varying degrees in their weighting. Thus you increase the Noticeable return on investment in marketing. However, there are different approaches according to which you can allocate the budget through marketing attribution.
Different variants of marketing attribution for the segmentation of budgets
When you use marketing attribution to plan and optimize the budgeting of a campaign, you can implement this in different ways. For both the budget and your attention you can for example Evenly across all touchpoints and channels that achieve a certain value for the company.
Thanks to modern technology, algorithms can also take over the division and thus the channels extra fine weighting. A clear focus on pure purchase incentives is also possible. It usually makes sense to have a mix of the various components so that the individual sections of the campaign are not underfunded.
Review campaigns - Evaluate contact points
The first step to successful marketing attribution is the Evaluation of the individual contact points and their Weighting. Various factors should be used for evaluation.
Which factors these are is largely dependent on the Aim of the campaign and the Alignment of the company together. Because campaigns are not only aimed at sales or conversions, but can also generate attention for the brand, focus on a product or even strengthen the employer brand.
Therefore, an individual evaluation of each touchpoint is enormously important so that you can budget and pay attention to them according to their value.
In the process, the offline and online worlds can also compete directly with each other if the campaign is conducted via On- and offline media runs. This makes it more difficult, but offers an even clearer weighting of the individual channels and touchpoints.
Individual contact points and associated budget elements
As a rule, the maximum weighting for the first campaign is based on gut feeling, since no valid data is yet available for evaluation. In many cases, this means that the Marketing budget for the campaign divided equally between the different channels and touchpoints will.
With increasing experience through individual campaigns, however, this can also shift. And precisely so that this is not only dependent on perceived experience or gut feeling, marketing attribution offers the optimal solution for Distribute budget optimally among the various areas. This is because these measures assign a value to each touch point, depending on various factors.
Check campaigns and Optimize financing
If you want to change the attribution of each Touchpoints have made, you could make a Budget for the new campaign and allocate the appropriate shares of the budget to the individual touchpoints and channels. But this is where many companies stop working.
You can also Check attribution in an ongoing campaign and adapt them accordingly. After all, within each campaign, the touchpoints often differ enormously. This means that in the current campaign, you need to adjust the Evaluate attributions of the individual touchpoints and should check them.
So you can use the Allocate more budget to successful channels and cut the budget of the less successful channels. Thus, the campaign will not only be significantly more effectivebut you benefit also much more dependent on the marketing budget used.