The marketing landscape becomes more complicated year-by-year with the influence of technology and the new channels that show up. A multi-channel strategy makes it imperative to discover the touchpoints of your work that led to a conversion.
And this is the reason why marketing attribution has seen a growth in its prioritization among marketers.
Marketing attribution is simply defined as the process that can help you determine the actions that helped customers before they proceeded to a purchase. These are the touchpoints that played the most important role, from the first exposure to the very last action.
According to a poll by the Data & Marketing Association (DMA) and Winterberry Group, 63% of US marketers have increased their prioritization of marketing attribution from one year to another. This change explores the growth from 2016 to 2017 and it reflects an increased interest in finding the right attribution strategy that can make the marketing ROI easier.
It’s interesting that according to the same poll only 4.5% of US marketing professionals have decreased their focus on attribution. These stats come along with the rise of new marketing trends, such as the Internet of Things and the voice technology that brought up new layers to the touchpoints that shape the customer journey.
The more screens consumers access, the harder it gets for marketers to examine their most effective strategies. This is a good reason to increase the focus on attribution by picking the best models for each case that can provide answers to their questions that have to do with ROI.
In fact, a closer look at data can give marketers the context to optimize their channels, their campaigns and their budget, which will ultimately make their work more effective.
Econsultancy has estimated that 37% of in-house marketers have used attribution as part of their strategy in 2017, while there is an estimate that 6 out of 10 US companies will adopt a multi-channel attribution during 2018.
These challenges are not new for marketers, but they now become more important, bringing out the need to pay more attention to them. Why is there an increased interest in attribution now then?
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