A business can only grow when there is a good ROI from products or services sold to its customers. These products, however, do not sell by themselves. You must invest in marketing strategies to reach your target customers and convince them to buy. As if that does not involve a lot of work enough, you also should worry about whether what you are doing is working or not. This is where marketing attribution comes into the picture.
Marketers have long recognized that b2b attribution must be front and center for any marketing strategy. Focusing on performance metrics is equally as important as the marketing itself. A collective method of gathering, analyzing, and taking action on the insightful information derived from a b2b attribution software is what will help businesses to reach existing and new customers
What is a Marketing Attribution Software
Running a business always demands you spend money on marketing. This includes digital marketing, a staple in today’s marketing trends. Since a considerable amount of money is usually involved, you need to make sure that you also have a way to know if you are gaining returns from your investment. Digital marketing attribution software is the tool that you need for this purpose.
Attribution reveals all elements from the marketing source to the leads and sales. This would allow you to measure the results of your marketing efforts accurately. This is important for small business owners who are careful about spending for their marketing campaigns. Even large corporations use attribution to determine which marketing channels work in their favor.
Marketing attribution lets you identify which marketing sources are good and must be credited for leads. It also shows the lousy marketing sources that don’t deliver leads. For it to work, however, you will need access to verifiable data that will give a complete picture of the customer’s journey.
Image Source: DreamData.io B2B marketing attribution
How Marketing Attribution Software Works
A lot of attribution techniques have been introduced over the years. They are usually deployed as Software-as-a-Service applications. Because they are stored in the cloud, marketers can easily access SaaS marketing attribution software whenever and wherever there is an internet connection.
Although these applications vary significantly, they have certain similarities regarding tracking attribution data. Typically, they measure performance through click path data. They have tools to track users across multiple platforms. These tracking services also vary across different media types. It would help if you also considered learning about your attribution model. It can be as simple as first-touch or last-touch model attribution or more complex like multi-touch attribution models.
In the end, an attribution software gives you the information about how many credits will be given to every marketing touchpoint. It measures the marketing contribution of the channels that you are using. Once you have the data, you can use it to pinpoint which of your methods work and give you a higher ROI.
What Makes Marketing Attribution Important
Google Analytics is a valuable tool for tracking conversions. It is, however, a little limiting in terms of connecting clicks to sales. This is where marketing attribution helps make the most out of all data you can collect across the customer’s buying journey. The key benefits of attribution include:
1. Gain insight into what works and what isn’t.
There are so many marketing methods and platforms, and it would be great to have something that works synergistically with your business. The problem is that it can be challenging to identify which one is the most effective. Instead of aimlessly wasting your marketing budget, invest in attribution so you can focus on a strategy that will be most beneficial to you.
2. Determine the touchpoints your target leads need to convert.
The beauty of attribution is that it can help you discover the value of all touchpoints toward conversion. This will be your guide to checking and improving which touchpoints are engaging the customers better so that you can let go of those not giving the most impact on your strategy.
3. Derive data-driven insights for a better marketing strategy.
The best value of attribution is that it can improve your organization, including your marketing strategies. The data you gain from attribution can be used to see how you can make the customer experience more meaningful.
With these benefits, it is sufficient to say that using attribution can help you unlock the full potential of your marketing strategies.
Marketing Attribution Software You Have to Consider In 2022
Gone are the days when only large corporations with a big marketing budget could benefit from advanced analytics and attribution systems. These days, small and medium-sized enterprises can experience the benefits of b2b attribution and analytics from accessible solutions, like marketing distribution software.
Here are over ten of the most promising marketing attribution software this year:
1. Ruler Analytics
This software tops the list as it is a favorite tool among marketers who like to utilize a smart approach in marketing attribution. It has tons of features to uncover visitor, touchpoint, conversion, and sales data throughout the customer’s journey. It efficiently tracks all user actions and facilitates multi-touch attribution to connect ROI to the correct campaigns. Ruler Analytics can track multiple channels and keywords simultaneously. It can also be integrated with major CRMs and Analytics programs. Rest assured that it unifies all data so there will be less confusion and more productivity for your team. Most users would agree that this software can help make insightful marketing decisions.
One of the most crucial aspects of attribution is having a holistic method of measuring, analyzing, and deriving solutions from the resulting data. Neustar makes it easier for marketers to do these things with its revolutionary attribution tools. With this software, you can derive accurate information on the whereabouts of the customer’s journey. You can tweak your marketing strategies and make them more personalized to your target audience by accessing actionable insights. Even with Neustar, understanding the impact of marketing on your ROI can be a little complex, but the benefits of attributions will be very favorable to your company.
Making good marketing choices can be the difference between the success and failure of a company. Ensure that you always get to make the best decisions for your business with the help of a marketing attribution software like AppsFlyer. Its innovative solutions provide exceptionally capable data gathering and analytics. It generates granular data that is helpful if you want to focus on monitoring your numbers and spend your marketing budget more wisely. Although it can be a little confusing to work with at first, you can count on its 24/7 prompt support and a dedicated account manager to get you through the kinks.
4. HubSpot Attribution
Modern marketers need modern tools, and HubSpot Attribution is one software you should seriously consider. It is an all-one-one tool for your marketing automation, CRM, customer service, and content management needs. With its custom reporting functionality, HubSpot becomes a powerful attribution companion. It can unify all marketing tools seamlessly, which means you can save time, money, and effort in tracking and analyzing data. There is also a vast number of resources from the HubSpot team that you can use to learn all about marketing attribution. It is an excellent way to benefit from an attribution software while it assists you in growing as a marketer.
If you are to ask marketers about their go-to attribution software, you can expect DreamData to be among the top choices. The reason is that this platform churns out reliable analytics that you can use to track and analyze the customer’s journey in real-time. You can immediately make better marketing decisions based on the data gathered about your campaigns and their impact on the ROI. It is also simple to use and perfect for small to large enterprises. The ability to scale is essential when choosing an attribution software because you will want a dependable and innovative partner as you gain more insight into your marketing.
As a product of a leading marketing intelligence software provider, you can expect to have nothing but the best from this attribution software. Nielsen uses a combination of attribution methods to get the most accurate data. It focuses on the key performance indicators to give you an informative insight into how effective your marketing initiatives are at a granular level. As one of the most robust attribution platforms, marketers will better understand how to deploy the marketing budget across channels, strategies, and demographics from its data-driven attribution executive dashboard. Although it does a lot of things, many users can attest to how the learning curve of this software is fast, so you can easily navigate through the features instantly.
7. Full Circle Insights
As a marketing and sales performance management solution, Full Circle Insights’ primary benefit is optimizing the company’s marketing strategy and driving more revenue. It is specifically effective for multi-touch attribution models and works with comprehensive funnel metrics. It is powered by Salesforce App Cloud, which can be fully integrated into the most reliable marketing automation solutions. It is used to understand every campaign performance and guide you to relate the impact of campaigns to the sales funnel and revenues. Take comfort in the knowledge that former Salesforce executives design this software. It is a collaborative project made possible by marketing automation specialists and veterans in the marketing metrics industry.
An improved attribution accuracy makes Tealium one of the best in the marketing attribution scene. With its simple, fast, and accurate attribution tools, you can meet aggressive revenue goals without a problem. You can also accelerate time to market because of your better understanding of crucial factors, like choosing the best marketing channels. It is ideal for companies doing ab testing and wants a thorough overview of their campaign analytics and conversion tracking data. Most marketers find it advantageous to use Tealium because it can handle multiple environments for testing and deploying campaigns. Tracking the ROI is also quick since updates can be done in minutes without waiting for another campaign sprint cycle.
As a trusted management solution in the dining, retail, and services industry, Sparkfly steps up the game for marketers with its revolutionary sales attribution features. It is designed to maximize customer acquisition and measure the effectiveness of marketing efforts in real time. It focuses on enhancing the customer experience by personalizing campaigns, including loyalty programs. The real-time visibility of customer buying behavior, channel performance, and all data regarding sales attribution enable marketers to make data-driven decisions that will improve the customer journey and loyalty. This will lead to your team improving on your marketing spending. Sparkfly is a delightful tool for achieving lead generation, conversion, and retention goals.
10. IBM Digital Analytics Impression Attribution
One way to justify the marketing budget is by ensuring you optimize your gains from all marketing initiatives. IBM Digital Analytics Impression Attribution lets you do this with its impressive reporting solutions. It is straightforward and has a seamless method of unifying data from the customer journey. It also simplifies the exporting of reports by allowing the user to create automated reporting of specific data ranges. This tool is primarily used to track traffic and measure all ROI conversions to keep on track to achieving engagement goals. Its analytics are powerful enough to design a better marketing strategy which is crucial if you are keen on having a high ROI with a low budget for marketing.
11. Bizible (Adobe Marketo Measure)
Like many professionals who trust Adobe for various creative applications, the company once again proved its worth in the digital industry by being a reliable source for marketing attribution. This software is easy to set up, and everything is fully automated. This means that you do not need to lift a finger to collect helpful information manually. With a way to build a solid data foundation, you can know the details of all touchpoints the customer has to go through. You can then utilize the information to see the impact of marketing efforts on your company. It is a simple solution to connect the dots between the money spent on advertising and the revenue you gain from it.
12. Google Attribution
We can’t talk about attribution and marketing without involving Google at some point. Its marketing platform is what most brands use to advertise on Google’s web properties, after all. So many marketers trust Google because it is known to give accurate information from Google Analytics. You can say it is the most basic solution to track all sorts of data from multiple marketing channels. Its attribution features include various valuable tools that let marketers gauge the total ROI and help optimize marketing spending. Check out the Multi-Channel Funnels and Attribution features to get a high-level view of all touchpoints in your marketing strategies.
One crucial aspect of any business is how to make customers know you exist. Marketing attribution should be prioritized since it can help you design a marketing strategy that brings new customers while nurturing the existing ones.
In a nutshell, marketing attribution is all about understanding the “how,” “where,” “when”, “who,” and “why” of your sales. It gives you a clear picture of how your strategies impact the buying behavior of your customers. The data you collect will specifically show where and when most of the action takes place. You can also gather information about which demographics connect with your company the most. Most of all, you can finally understand why some strategies work, and some do not.
The wealth of data marketers can derive from an efficient marketing attribution software is the most crucial element of a successful marketing strategy. Harnessing the power of insightful information is the best way to improve any business. Whether looking for an intelligent way to enhance your marketing or are keen on improving products, attribution and customer journey analytics can and will fuel increased performance.
Source: Plato Data Intelligence: PlatoData.io