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Customer Journey

Using attribution analysis to optimise your campaign performance

Written by Tony Loxton
Jun 21

If you’re doing any sort of marketing, attribution analysis is kind of a big deal. In fact, it’s a really big deal. If you want to know if your marketing campaigns are effective, whether you’re using the right channels, and how much money you need to spend in order to get customers, attribution analysis is crucial.

After all, marketing is an investment, but only if you’re managing it strategically.

Digital attribution analysis tools abound, but when it comes to measuring traditional channels like TV, many CMO’s are still wandering around in the dark.  

One of the inaugural data analytics tools, Google analytics made conducting attribution analysis relatively easy. The thing is, digital marketing is only one of the myriad marketing channels out there. Traditional mediums still work, and work well (TV is still ranked as the most effective channel of them all). And if you want to make informed decisions about your campaigns as a whole, you’ll need to be measuring them together (regardless of your marketing mix).

If you want to get smart about your marketing efforts, you’ll need to embrace the data.

The most important findings obtained from an attribution analysis are:

How much money you’re wasting (aka wastage).

Being able to identify what’s working, and what isn’t is the first step towards mitigating wastage and strategically allocating budget to the marketing platforms that are actually getting results. No one wants to waste precious capital, especially in an economy that requires your marketing to work harder than ever before. And while you may be of the opinion that your media wastage is as negligible as a dripping tap, one drop of water soon becomes a bucket full. In other words, addressing wastage as soon as you discover it is crucial.

How your various channels and platforms are performing.

The way your market responds to your marketing campaigns plays a big role in your conversion rate – a term that’s often touted as the be all and end all of marketing (especially digitally-driven campaigns). Being able to identify if your marketing mediums are successfully eliciting a desired action – whether this is downloading a case study, calling in a subscription or signing up for a newsletter, is paramount. What many marketers often fail to consider, however, is that today’s customer doesn’t arrive at the decision to purchase after being exposed to one channel only. Often referred to as omni-channel buyers, your customers are watching your TV ad, looking at your social feed, visiting your website and hopefully, eventually making a purchase either online or in your physical store. To put it simply, the buyer’s journey isn’t solely vertical. And if you want to determine your conversion rate, you first need to pay attention to the way a lead becomes a customer. This will inform your choice of platforms, enabling you to further optimise your marketing mix.

How your target market is responding (aka audience engagement rate).

Just as important as identifying which channels are best at eliciting a response, is determining how many responses they’re actually facilitating. If your best performing channel is TV for example, but your audience response rate is still less than optimal, you’ll want to re-look the creative you’re using, the time your ads are flighted, and whether or not your target market segmentation needs to be revamped.

This also further aids your efforts in budget allocation and strategic marketing as you’ll know which channels are converting leads into customers, and which channels are converting visitors into leads. This may require some A/B testing, but by evaluating audience response, you’ll have a far better idea of which channels to concentrate on.

Attribution analysis isn’t a blanket solution, but by measuring and analysing these metrics, you’re that much closer to better cost efficiencies and optimised marketing strategies. Find out how Blix Traffic can aid you in conducting media analysis across digital and traditional platforms, here.

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