Let’s Talk Simplifying the Attribution Problem with Dave Rigoti and Eva Sharf from Bizible
Cross-channel attribution can make or break your brand. As savvy full-funnel digital marketers, it is imperative we identify the marketing channels that convert the most leads into paying customers, and adjust our budget accordingly.
This is where cross-channel attribution comes into play. Cross-channel attribution is using advanced analytics to assign a value to each marketing tough point that led to a desired action (sign-up, request demo, etc.). This includes online and offline marketing channels. Attribution accurately tracks media and marketing efforts to help identify key marketing interactions that influence customers to convert. It helps answer the questions: How did that customer start the buyer's journey? What led that customer to make a purchase or transaction? What are the metrics we should track to act on these insights?
But, attribution continues to be a struggle for today's marketer this is because:
1. Marketers are using more and more channels to reach customers. According to Search Engine Watch, the average marketers uses 13 channels to reach their audience. Eight of those channels are digital.
2. Most marketers are outgrowing first or last touch attribution models, but few know how to measure across channels.
According to a Marketing Land article, attribution has been deemed an “unsolvable” problem…but is it?
Don't give up on all hope JUST yet.
We chatted with Bizible's full-funnel marketing gurus, Dave Rigotti and Eva Scharf about how to approach the attribution problem and glean valuable insights from your marketing efforts.
Catch the highlights from this #PPCPodcast episode below
Cross-Channel Attribution: Bizible’s “Bread-n-Butter”
1. Single-touch attribution gives rise to a model bias because you only optimize for those first or last performance activities. This ultimately results in unintentionally shrinking your funnel and overall growth.
2. Engage with your audience on all channels - both online and offline. The typical customer journey includes a wide range of touchpoints. As a marketer, you want to understand the impact of every customer interaction from paid keywords to conference booth demos.
3. Some basic pieces of attribution may not work, but perhaps that’s not always a bad thing. Relying too much on attribution as a way to assign a value to multiple interactions can leave holes in the consumers’ thought process. It’s not always necessary to quantify new bits of information and data you come across. Find a balance between customer focus and attribution data by looking more closely at trends and foster more conversations with your marketing team.
4. Using false signals is worse than having no signals at all because you end up optimizing for the wrong channel. Instead, use a multi-touch attribution model to properly attribute revenue across all your marketing channels to “give credit, where credit is due”.