One of the most critical areas of marketing for ecommerce is defining what drives conversions and sales. It must be prioritized if your ecommerce marketing goals include improving brand awareness, increasing conversions, and growing ROI. A marketing attribution software can be one of the best tools to achieve these goals if you know which one to have for your business.
This post will discuss what attribution is in marketing, the importance of marketing attribution software in b2b marketing attribution, and how to choose the best marketing attribution software for your current business needs.
Marketing Attribution in a Nutshell
Simply put, marketing attribution for ecommerce determines the impact of different interactions and marketing touchpoints on the customers’ purchasing decisions. It is an evaluation of the touchpoints to see which influences the customers to convert.
Ecommerce marketers know the importance of b2b attribution because it gives a complete understanding of the ROI produced by the marketing efforts. It allows you to avoid simply guessing about where your revenue is coming from.
If you are going to imagine the customer buying journey, you will notice that it is hardly linear. Typically, a buyer gets aware of a product from social media, blogs, or other advertisements. Then the company aims to retarget and promote the product using lead-specific ads. Once leads are captured, they are nurtured with targeted emails. Other campaigns are also launched until the leads decide to become customers.
As you can see, many touchpoints help create customers. Marketing attribution aims to see which touchpoints work through a combination of data correlation and evaluation methods.
Aside from helping you make better marketing decisions, attribution also lets you maximize your ad spend by letting you know which channels it is best to focus your marketing budget.
You can connect ecommerce marketing efforts to the ROI through marketing attribution. It also enables you to improve the overall marketing efforts based on the data collected from the various activities on the sales funnel. All in all, attribution optimizes your marketing so you can effectively minimize the marketing budget but maximize the revenue and conversion rates.
What is Marketing Attribution Software
Most marketing platforms are built with attribution features. Marketers, however, encounter a common problem: the features are not always enough to give the data that modern marketing teams need. This is where marketing attribution software comes into play.
It is crucial to have the ability to understand every nook and cranny of the engagements happening in the sales funnel. A b2b attribution software lets you optimize your ad spend by giving you a thorough evaluation of your campaigns. It can measure any channel to provide you with an unbiased view of what works in your campaigns and what needs to be improved or removed.
Without marketing attribution software, you will deal with too little or too much data. It will be challenging to try piecing together a varied and unrelated set of results. The only way to appropriately observe, track, and evaluate marketing data is by having tools that provide many benefits, especially with on-point data analysis.
Marketing Attribution Software Must-Haves
Ever since the world of ecommerce marketing expanded, marketers have gone non-stop in finding the best solutions to make the job of evaluating marketing performance a little bit less complicated. Anything that will help you see how your content, ads, and other media affect the ROI is categorized under marketing attribution software. However, note that not all of them can be truly helpful. Some may not have the capabilities that you need for your marketing data collection. The truth is that only a handful can deliver the actual value of marketing attribution, giving the marketer good data to justify the marketing budget and plan more effective strategies.
Here are the features that you must look for when picking the best marketing attribution software:
- Ease of setup. Some attribution software is built with confusing UIs. The learning curve is steep because you need to know different functions for every channel or action you want to track. This increases the risk of collecting the wrong data, which will invalidate the results. A software that is easy to set up and has straightforward functions is the best one to pick, especially if you are new to marketing attribution.
- Collection and management of both online and offline marketing data. Modern marketing is not limited to digital advertising. A solution that can also collect and track data from traditional channels, like TV and radio ads, is a must to have a valuable insight into customer behavior both online and offline.
- Supports the right integrations. A full-stack solution for all your marketing needs is an excellent way to keep track of your marketing performance. It is a must to have an attribution tool that can connect with all software solutions that you use so that you get to work in a single platform, minimizing confusion and errors. It should, at least, integrate with your CRM, email provider, and the SEO tools that you already have. The ability to support a lot of integrations is also beneficial when your business grows.
- A unified source of relevant data. Some platform-based attribution systems are only helpful to the features of the platform they are aligned with. Using their data together with the data from other channels can be difficult. This makes campaign tracking and tagging confusing and unreliable if you use several resources. A single software that handles data centralization ensures you can collect reliable data from the entire marketing strategy.
- Broad spectrum of device coverage. Some tools are device-specific. You must be careful about using them, especially if you run campaigns for a particular device. To maximize your investment, you can use software that covers a broad spectrum of devices so you will never miss any important data.
- Maximum platform security. Attribution means collecting campaign data and everything about the end users or your customers. It is essential to maintain protection against potential data and privacy breaches. Software with the best in class security features is the only means to avoid serious ramifications.
- Gives plenty of room for personalization. The market is flooded with marketing campaigns, making it harder to connect with the audience. An accurate picture of the customer’s preferences is the only way to execute a highly-targeted campaign that is very effective. The attribution tool should deliver quality data that you can use to send relevant messages and offers to the customers’ inboxes or feeds. This strategy allows you to focus on the needs and interests of the customers, which will help with better conversions.
- Provides detailed attribution platform reports. A good attribution platform can provide an in-depth and detailed attribution report. It gives you a clearer view of the analytics and makes performance auditing more reliable. You can only optimize your campaigns and enjoy the full benefits of marketing attribution if you fully understand your marketing performance, which heavily relies on detailed and accurate reports.
- Over-attribution and fraud handling. Over attribution and data fraud can cost you a lot because it makes your attribution efforts insignificant. It would be best if you chose a tool that prioritizes fraud detection and can block fraudulent attribution to minimize over-attribution.
- Smart Recommendations. Not all marketing attribution software offers intelligent recommendations to help you find the loopholes in your marketing strategies. This is crucial because you need insights about methods to maximize your campaigns’ ROI. A marketing attribution tool that can educate the user is the extra help that will be valuable to your campaigns.
All these considerations must be taken into account when you are choosing a marketing attribution tool to use for your business. It is vital to have appropriate software that will work with your team aside from having the best features that an attribution tool can offer.
The modern digital marketing landscape for ecommerce is so fragmented and highly complex. The only solution for marketers to make data-informed decisions is having reliable marketing attribution software to help attain marketing goals faster and more efficiently.
Marketing attribution is difficult by itself. Choosing the right platform to do it is also just as challenging. There is a need to do thorough research if the tool that you will use will have the features that match your current marketing needs. The features mentioned earlier are the total must-haves if you are looking for the best attribution solutions for your ecommerce marketing. But, of course, it would help you choose better if you know exactly what your software will solve. Reviewing your marketing goals to pin down and prioritize which features will work with you best is essential.
A marketing attribution software is perhaps among the most critical solutions in digital marketing. It will help you unify all data from the campaigns across multiple channels. The attribution process will be chaotic without it to make sense of the complex marketing data. Above all, attribution software is an excellent idea because it facilitates growth by giving you deeper insights into the engagements in the customer’s purchasing journey.