Marketing Attribution: How to Maximize your ROI in 2021 - Lead Forensics

Marketing Attribution: How to Maximize your ROI in 2021

Now more than ever, marketers have a vast array of channels available to engage their prospects with. Over time, multi-channel campaigns have become more frequent and effective – yielding a 37% increase in response rate compared to single-channel campaigns. Achieving this can be no small feat. Campaigns need to be monitored and tweaked over time to ensure good performance. To do this, 52% of marketers use attribution reporting – using analytics data to make informed decisions on which channels to focus on.

What is marketing attribution?

Let’s review what we mean.

In short, marketing attribution is the analytical process in determining which tactics are directly generating sales or conversions – closely evaluating the touchpoints a prospect encounters in the buyer’s journey. To employ attribution reports, marketers use models such as single-touch & multi-touch attribution to further specify the effectiveness of their tactics and channels. In practice, this insight allows for adjustments to be made in real-time – providing marketers with the information to customize and personalize their outreach to the needs of specific prospects.

Using attribution models

Single-touch and multi-touch refer to the two broad categories of model types in developing an attribution model.

Examples of single-touch attribution are:

  • First-touch attribution – this assumes that a customer converted on the first touchpoint they encountered
  • Last-touch attribution – which, on the opposite end, assigns full attribution credit to the last touchpoint regardless of their engagements beforehand.

As buyer journeys in the B2B landscape have become more complex as the number of channels and touchpoints have increased, these models don’t always hold the most value as they don’t account for the broader journey.

However, multi-touch models can be developed to consider all of the touchpoints a customer interacts with leading to a purchase. These are useful as they are a more accurate resemblance of current buyer journeys. They also enable you to assign value to the channels that are the most prominent for your organization.

Examples of which include:

  • Linear attribution – recording every touchpoint engaged before a purchase, it weighs them all equally, assigning the same credit toward obtaining the conversion.
  • U-shaped attribution – contrastingly, this model scores touchpoints separately, assigning the most value to the first and last engagements in a buyer’s journey.
  • Time decay attribution – weighting the touchpoints that are closer to the conversion more highly – suggesting that these have a greater impact in leading to a sale.

In B2B marketing, multi-touch attribution is often praised for being compatible with digital channels, allowing you the scope to assign value to your most impactful channels and report on them.

Measuring attribution

Gaining insightful data to guide these decisions can be arduous and time-consuming as it requires data accumulated over time from campaigns. Therefore, it’s worth investing in high-end automation tools and CRM integrations to fuel your marketing analytics.

Website visitor identification software, such as Lead Forensics, saves precious time and money in assessing the effectiveness of your touchpoints. Using this technology, you are given visibility on who your website visitors are, where they have come from, the pages they have landed on, and where they have been looking – all in real-time. This is a great way of assessing your most effective channels for your campaigns, highlighting which have gained the most attraction, and guiding where your investments need to be attributed.

Lead Forensics is an industry-leading website visitor identification software that reveals the identity of your previously anonymous website visitors, allowing you to instantly generate business leads. It works by utilizing intelligent reverse website visitor tracking technology with a global database of business IP addresses to track your website visitors, reveal their identity, and notify you in real-time. Users are provided with the business name, contact details of key decision-makers, and detailed analytics of their activity. This way, you have everything you need to reach out to the right person, with the right information, at just the right time. Book your Lead Forensics demonstration today!

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