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MarTech Series – Marketing Technology Insights
Measuring everything in marketing is a must! Marketing attribution relates to the process of evaluating everything about the various marketing and customer touchpoints your brand pursues.
With today’s marketers primarily focusing on strengthening their multi-channel marketing models, the need to measure the impact of each is more crucial than ever. How else can marketers know what to focus on and which channel to drop or reduce efforts for?
A proper marketing attribution model helps marketers and salespeople understand more about the channels that are effectively contributing to conversions. In a crowded digital marketplace, marketing attribution is a must for every marketer because it fuels more focused and targeted efforts.
But when it comes to building out a marketing attribution process, what exactly should marketers keep in mind, given today’s B2B market dynamics?
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A few quick thoughts:
Customer behaviors change all the time, across industries. During the pandemic years of 2020-2021, industry trends and customer trends shifted significantly and so did buying priorities in terms of technology investments. Fast forward to 2022, with global businesses now largely adopting a hybrid work model and adjusting marketing models (including events and similar channels) to include offline/online experiences: attribution models need to be adjusted accordingly.
Understanding more about what triggers customers and what can possibly change in the near-future based on real-time data will allow marketers to firm up current marketing channels in terms of priority and plans while also diverting the right kind of attention towards immediate near-term plans. A proper marketing attribution model will allow marketers to predict future trends too if done well.
For marketers who use multiple channels to market multiple products or services, breaking down information on the most ROI driven channels that lead to better conversions is one part of the game. The other lies in knowing what products and services are working well through which channel because: not every channel will be a good-fit for all the brand’s products, in most cases.
If you have a video engagement tool for instance and also an analytics tool, not only does the kind of measurement model need to go deeper, so does the type of core messaging and marketing outreach…
A robust marketing attribution model is not only meant to allow marketers real-time insights into the performance of each marketing channel or strategy, a drop in statistics in certain areas are meant to show case or provide early warning signs. Experienced marketers who already know which channels or what type of marketing messaging works best for their industry are used to a well-oiled end to end system. A sudden drop in performance for a channel that previously provided good ROI is a sign that industry behaviors are changing or certain marketing triggers and messaging are not working anymore.
Early identifiers can allow marketers to take the necessary steps much before there is some serious damage done to pipeline or the brand on the whole.
In a multichannel marketing ecosystem, attribution models can seem complicated, but there aren’t. The right analytics systems and skillset (read: marketing ops and data analytics teams) can be put in place to implement strong processes that can eventually be formatted to provided end to end support and data to different marketing teams and initiatives within the organization. Marketing attribution as already illustrated before plays a key role in defining what marketers need to do more of to improve their overall output and ROI.
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Paroma serves as the Director of Content and Media at MarTech Series. She was a former Senior Features Writer and Editor at MarTech Advisor and HRTechnologist.
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