Marketing attribution interests those who are somehow involved in the sphere of sales. In this article, we are about to cover its definition, significance, and reveal basic details that should be taken into account.
What is attribution?
Putting it simply, the term means the analysis of what marketing methods promote sales. Today, there are several widespread attribution models such as multi-touch attribution, time decay, and others. The result of the models mentioned is a better understanding of how to change the sales campaigns and adapt them to suit the customers in the best way possible.
Besides, it helps to keep track of the effectiveness of the marketing campaigns which is a vital step towards successful sales in general.
There are certain advantages of marketing attribution such as:
- It allows to reveal the consumers’ needs and real demands;
- Optimization of costs for the marketers;
- Better communication: due to using the tool, the users will react to what is addressed to them more eagerly.
Let us switch to the existing models of marketing attribution and see what they are all about.
Kinds of marketing attribution
First of all, there is a single-touch attribution. It is considered to be the most typical in marketing automation systems and CRM. The methods inside it include first and last touch, opportunity creation, lead creation.
The next type to mention is multi-touch attribution. This one can be characterized as the most effective one to determine user activity considering the touchpoints that become crucial on the way to purchase. The most widespread models here are as follows: even-weight, position-based, and time decay.
Switching to CTV attribution
CTV attribution is another curious stuff to look at. This kind of marketing attribution is linked to getting accurate measurements based on SDK integrations, tracking pixels. Moreover, it will be clear what customers’ behavior became the reason for conversion.
Here, you can look at the obvious advantages of it:
- Custom target optimization that will result in a higher effectiveness of the advert companies being planned;
- Getting clearer ideas regarding TV commercial performance (effectiveness and frequency);
- Dealing with the new clients (attracting those who can be potentially interested);
- Expanded data on TV consumption in all the aspects imaginable;
- Choosing the partners with the best KPI and adequate pricing.
CTV attribution: getting an idea about workflow, soft, and tools
In short, there is a step of target identification and sending the list to inventory sources. Then, a major thing to mention is the study made as a result of ads data analysis. The quality of it is thoroughly controlled before the marketer will get it.
The tools of CTV attribution vary greatly. Applying a specific attribution platform, the marketer has the opportunity to track the whole activity of the user. Here we mean how much it was possible to earn from the particular user, at which point he decided to proceed to the subscription, and so on.
Attribution software is normally very easy to deal with. And here is the reason for this: nice pre-development. Pretty much, all that is needed to be done is the subscription to a certain model. Then, the marketer will get full access to the analytical reports (the integration with SDK, and stating events and tags have to be performed beforehand).
CTV attribution cannot be considered to be perfect today. However, it goes through very significant improvements constantly. Getting to know about the pros and cons of the ad campaigns, and the customers’ behavior has become a really necessary thing. That is why marketing attribution significance should not be underestimated nowadays and taken into account.