Digital Marketing Attribution: Evaluating ROI and Analyzing Growth
As with anything in business, when it comes to marketing, knowledge is power. This might be especially true when it comes to digital marketing attribution – or in other words, what exactly is driving your marketing results.
At Lincoln Digital, we believe that evaluating ROI through attribution is an essential part of the marketing campaign itself. Here’s why.
The Importance of In-Depth Digital Marketing Analysis
Anyone can launch a marketing campaign, but crafting one that is effective is a different matter entirely. It’s essential that marketers collect data then perform in-depth analysis on it every step of the way. There are a number of reasons for this:
- Evaluating ROI
You need to verify that you’re actually getting a return on your marketing investment. This ensures that you’re not wasting dollars on marketing campaigns that are ineffective or, worse yet, that are actively hurting your sales.
- Maximizing success
It may be that you discover that your campaign is delivering results, and that by analyzing data you can identify how to build upon current successes. This is your opportunity to find out what works, and then repeat that success for reliable growth.
- Improving customer experience
By gathering and analyzing data on customer interactions and touchpoints, you can determine where specifically customers decide to take buying actions—or where they abandon the sale. This allows you to learn where your customer experience is falling short, then take action to improve it.
At Lincoln Digital, we’re experts at collecting and analyzing data on everything we do to ensure that you’re getting the utmost from your marketing campaigns. In other words, we make sure that you’re consistently maximizing your budget.
Our Formula for Digital Marketing Attribution
- Data Collection
We gather data on every aspect of your marketing, from changes in search rankings, to on-page customer behavior, and more.
- In-Depth Analysis
We have the experience necessary to perform accurate data analysis and provide you with actionable conclusions.
- Refinement and Optimization
We provide data-driven solutions that will either correct missteps or maximize what’s working.
How Does Digital Marketing Attribution Work?
Accurately determining marketing attribution and evaluating ROI can be a complex processes requiring specialized knowledge.
The first step involves having the right measurement tools in place. This ideally begins at the web development phase by including these tools in the backend of your website. From there, attribution options are broken into two categories:
- Single-touch attribution model
This involves looking at a single point in your sales funnel—usually the first or last customer interaction touchpoints. The benefit to this model involves cost and speed. The downside, however, can involve an inability to see the forest for the trees as it assumes that a single point drove your customers’ action. This is a good option for limited budgets or relatively simple sales funnels.
- Multi-touch attribution model
As the name implies, this involves looking at all of the customer interaction touchpoints, which usually provides a far more accurate picture of the effectiveness of a campaign. The clean benefit to this involves the wealth of data it provides, making it much easier to understand where your campaign succeeds and where it fails. It does tend to be more costly and time consuming. This is usually the best option for medium to large companies looking to get the best ROI out of a complex digital marketing strategy.
Which is right for your business depends on your particular circumstances and goals. The experts at Lincoln Digital are here to help you determine what’s best for your needs.
Signs that You Need Digital Marketing Attribution
How do you know if your business needs the in-depth analysis provided by digital marketing attribution?
Have your sales been dwindling, or, worse yet, in decline? Marketing attribution can help you find exactly where you’re losing customers.
On the other hand, have you experienced unexpected success from your current strategy, and you’d like to know what’s driving such outstanding results? Analysis will reveal what you’re doing right, and how you can best build upon your successes.
Are you releasing a new product? By collecting and analyzing data, you can know exactly what your customer response has been, course correct as necessary, and ensure that your new product release is a success.
Or are you launching a new website? Then now is the time to implement all of the data analysis tools, thereby positioning your business for effective attribution moving forward.
How Do You Begin Digital Marketing Attribution?
Ready to get started? It’s easy—simply schedule a discovery call to discuss your attribution needs and challenges.
From there, we’ll create a plan for success — what we call a “Victory Plan” for every aspect of your marketing attribution needs, providing you with clear reports detailing where your marketing campaigns are succeeding, and where they’re falling short.