Why is Marketing Attribution so Important?
Marketing attribution has a significant role to play in helping organisations to maximise business outcomes. And yet marketing attribution doesn’t sit at the top of the list of priorities for everyone, especially those who aren’t marketers by profession. Attribution is the science of determining how outcomes have been achieved and what has driven them. It provides the kind of essential insight that enables better decision-making and allocation of marketing spend. Without good, solid marketing attribution, ad budgets can be drained and revenues lost because the insights are simply not there.
Why does marketing attribution matter?
- Marketing attribution is a key tool and fundamental to generating ROI on marketing spend.
- Attribution allows marketers and businesses to get to grips with the impact that their campaigns are having
- It provides a way to exert some control within the customer journey and better shape it for the needs of the business and the outcomes desired
- Via marketing attribution it’s possible to see exactly how and where marketing channels have contributed to bringing customers into the business
- Marketing attribution is a key tool for ensuring that marketing budgets are being effectively spent
- The use of marketing attribution allows for greater efficiency, driving resources towards channels that actually deliver for the business
Attribution is a top priority for marketers
Given the direct impact that marketing attribution can have on the success of campaigns it’s not surprising that the 2017 AdRoll State of Performance Marketing Report found that attribution is a top priority for marketers. The report, which surveys professionals across North America and Europe identified that, while four out of five organisations are currently using marketing, 70% still struggle to act on insights to generate improvements. This would suggest that marketing attribution isn’t being used effectively by a large proportion of businesses. It’s a huge opportunity identified by marketers but often wasted by businesses – but that could be about to change.
Attribution models are changing
According to the 2017 AdRoll report, 60% of marketers are planning to change the attribution model that they use in the coming months. Attribution has moved swiftly to the top of the pile as a method marketers can use to measure marketing, evaluate results and optimise the decision making process. The Report found that 75% of marketers find attribution to be critical or fundamental to their success and yet there are clear indications that the current use of attribution is not what it could be – such as the statistic that two thirds of marketers are intending to change the attribution model that they have used.
Where does attribution impact?
The AdRoll report identified the two key points where marketers felt that attribution was making a real impact in their business:
- 70% said that using attribution allowed them to work more efficiently with budgets, achieving better allocation across channels
- 64% said that attribution provided key insight into how marketing channels work together
So, attribution has a tangible role to play in optimising marketing spend and providing a more in-depth understanding of how organisations can best use the channels available to them. If you’re not currently using marketing attribution – or you’re looking for a new attribution model like 60% of the report respondents – then now is the perfect time to shift up a gear.