Attribution – getting the balance right!

By Joel Nicholson, Marketsoft

The challenges…

  • Do you sense the debate amongst your marketing team on attribution is in a never ending cycle?
  • Or do you find sometimes keeping attribution simple works and yet sometimes it is too blunt or uninformative?
  • How much impact is the plethora of emerging digital channels having on complicating your attribution approach?

The concepts…checkweigher-system

  • When we look at all different types of businesses and business model the same fundamentals exist, they all have customers and the customers follow the same buying journey of awareness to consideration to decision.
  • The marketing activities for each stage of the customer buying journey are typically different and only relevant to one of the stages
  • To date, much of digital marketing activity, especially on social channels is benefiting the awareness buying stage, where as more direct channels such as phone, mail, search and sales people, are channels mostly contributing to the decision stage

Actions to consider…

  • Mapping marketing activities against the customer buying journey in a matrix will create a relatively simple way to find balance between a blunt single channel attribution model verses a multi-channel multi-buying stage attribution model
  • Using channel weightings to aggregate multi-channel influence should be keep to 2 or 3 channels otherwise, decisions on channel effectiveness become untrustworthy
  • Avoid copying other attribution approaches from other companies and work out what is right for you.