One of the most exciting aspects of digital marketing compared to other media such as print media, is the unique reporting, tracking and Return on Investment (ROI) accountability it offers. Not only does digital marketing provide opportunities to analyse campaign performance data at a micro level, but it offers this unmatched scale of information in real-time. If you are a business owner who is looking for ways to optimise the user experience on your website, differentiate yourself from your competition and maximise the return on your advertising spend online, it is important to understand what attribution in digital media is, and the many advantages it offers in growing your business.
So, What is Attribution in Digital Media?
In the marketing world, attribution or multi-touch attribution, is identifying a specific set of actions taken by users on your website that contributes in some way to the desired action you want them to take. In the majority of cases, the desired action is usually either completing a purchase if you have an e-commerce site, or completing a sales lead form or email subscription. A value is then assigned to each action taken by the user beforehand that led to the purchase or data capture. Attribution is capitalising on the ability to track every move of how consumers interact with your business online. In modern marketing, it mainly relates to website conversion strategy and email marketing tactics in particular.
An attribution model is a set of rules on how touchpoints are assigned credit in conversion paths. There are many alternative models, for example, 100% of the credit could be assigned to the very first interaction or the very last interaction before a sale. A media specialist will examine your individual business and conversion goals to determine the best model to use.
Attribution is directly connecting all of your marketing activity with ROI. With the rise of new technologies in a multi-channel world, attribution is becoming more convoluted, so the ability to harness exactly how conversions occur is more valuable than ever before.
The User Journey is Key
Imagine for a moment your website is a physical bricks and mortar store. What would someone experience when they visit your store, is it relatively easy to navigate your way around? Would you be able to find what you are looking for reasonably quickly? Does your shop attendant offer suitable up-sell products to customers at the check-out?
The end-to-end user journey encompasses where a user discovered you, such as through social media or perhaps a Google search ad, what page of your website they landed on to provide the first impression, how they then interacted with your website to build a sense of trust, credibility and value offering, and finally what their last webpage was before leaving or alternatively what the final click was that led to a purchase.
Find a media specialist who understands your online shopfront, the most effective touchpoints, and can identify areas for improvement. The overall user experience of your website is crucial to your digital marketing strategy as it influences conversion rate, boosts brand perception and customer loyalty, increases website ‘stickiness’ (that is, pageviews and duration of time spent per visit) and can differentiate your business from your competition. By placing an equal focus on all points of a campaign, an experienced marketing strategist will acknowledge what contribution they each play in the conversion path and what opportunities there are to tweak and test each element to increase revenue. A streamlined user journey instinctively guides your users from start to purchase in the simplest and fastest way, maximising sales. How do you formulate this ideal user journey, I hear you ask? Attribution.
Amplifying Online Conversions
When you understand attribution in digital media, you have the power to amplify your online conversions. Through real-time data, you can determine what marketing tactics directly influenced an immediate purchase decision. Was it the colour of a button? An ideally placed testimonial? A promotional code? It could be any number of elements of your digital marketing strategy that leads to a conversion. A tailored and sophisticated attribution model will help you to understand your most effective channels, so your advertising budget can be allocated accordingly. If you work with an experienced media specialist who can analyse the complete marketing funnel in a data-led way, this also carries the added benefits of allowing your business to functionally test creatives and optimise your marketing message.
Through attribution you can enhance the user journey, understand your audience’s reactions and gain valuable insight for future campaigns. Especially relevant online when you are paying per click to your website, it is important to maximise the return on this investment and secure as much new business as possible. A marketing strategist with strong creative thinking can tailor an attribution model specifically for your business and recommend new ideas and tests, to continually increase the conversion rate of your website and campaign ROI.
Want to know more? Get in touch for a confidential chat on how attribution can help grow your business online.