The rise in popularity of digital media channels and platforms, along with the importance placed on customer-centricity, has resulted in high demand for more accurate methods of measuring marketing ROI across industries. Marketing attribution or multi-channel marketing attribution is not a new concept, and some early adopters in the business world have used different versions of this model. However, the influx of massive data sets from various sources like social media, websites, and other digital platforms have given rise to the adoption of multi-channel marketing attribution models.
In this article, Quantzig aims to dispel some common myths around multi-channel marketing attribution, shedding light on how marketing attribution works and empower brands to develop and deploy their own programs to gauge ROI and performance
Partnering with us to devise a multi-channel attribution model for your organization helps you adopt a progressive approach with continuous guidance and support from experts to guarantee the basic adequacy of the model. Request a free proposal to get started.
1. Multi-Channel Marketing Attribution Only Benefits B2C Companies
For years now, multi-channel marketing attribution was only associated with B2C firms and their campaigns aimed at retaining customers. Though B2B businesses have been slow to realize their true potential, almost all leading B2B companies today have incorporated multi-touch marketing attribution into their marketing models. And despite facing greater challenges when compared to B2C companies, B2B companies are placing no less importance on attribution. In fact, justifying marketing costs and calculating ROI was a major challenge faced by B2B business leaders globally.
2. Multi-Channel Marketing Attribution Models Are Static
It is a well-known fact that multi-channel attribution modeling can be complicated and confusing for those who do not possess the necessary skills and capabilities to understand its intricacies. Though there are a wide variety of models available today, it’s quite impossible to find one that is pre-aligned with your business objectives. Irrespective of how simple or demanding the process of establishing an attribution model is, businesses should continually refine their approaches and measure the shifts based on channel performance and brand affinity. Adopting a standardized approach or a static model may lock in incorrect assumptions about the customer journey resulting in inaccurate ROI findings.
Analyzing huge volumes of customer data generated from several touchpoints is quite a big challenge. Speak with an expert to learn how we can help you tackle this challenge.
3. Multi-Channel Marketing Attribution Models Are a Necessity
The benefits of deploying a multi-channel marketing model can be far-reaching due to its ability to help track user journeys and account for consumer activity in several ways. But the ability to analyze data, as well as translate them into tangible insights that closely relate to ROI, is where the real challenge lies.
For businesses, multi-touch marketing attribution is a moving target that often changes faster than the business cycle. While not every company will be inclined towards making such huge investments, having realized its benefits, many have moved towards that direction.
Notably, companies that are well-equipped and take the necessary actions to develop and implement an attribution model have been successful in turning the benefits of attribution into a key differentiator. Our cross-functional teams comprising of 550+ data scientists and data analytics experts possess the domain expertise required to build systems that help correlate customer actions to financial outcomes.
When it comes to driving revenue through your marketing channels, it is crucial to ensure your marketing campaign aligns with customer acquisition strategies. Request for more information to gain comprehensive insights into our capabilities.