Determining which parts of your marketing efforts translate into conversions and sales can be one of the most chaotic areas of marketing. But it’s also one of the most important – assuming you want to increase ROI, sales, brand awareness, conversions, campaign success, and more.
This is where marketing attribution comes into play. This blog post covers the definition of marketing attribution, the three main types of marketing attribution, and seven marketing attribution reporting software.
What is Marketing Attribution?
Marketing mapping shows you which marketing tactics and touchpoints lead to conversions, engagement, sales, and movements on the buyer’s path.
Here are four examples of that Benefits of Marketing Write-up::
- Determine the most effective areas to focus your marketing efforts and budget.
- Understand your target audience and their needs.
- Improve your chances of reaching and resonating with your audience with personalized experiences.
- Increase the ROI.
Three types of marketing attribution and software
Regardless of the benefits you’re looking to get from marketing attribution, there are three main categories of marketing attribution: keep these in mind when setting your attribution goals and deciding which software is ideal for you.
1.Multi-touch assignment (MTA)
The multi-touch assignment indicates which of the many possible customer contact points is responsible for a sale. It is important to know that while most MTA programs contain some channel data, they are designed to test certain test points.
For example, a multi-touch marketing attribution tool can score your touchpoints in the following ways:
- First touch model: A first-touch model allocates all of the credit to the first webpage or digital asset that brought a customer to your website. This model is ideal for understanding what brings people to your door.
- Last touch model: The assignment of the last touch is the reverse of the first touch. There is 100% credit for the last thing a customer sees before making a purchase. This model is great for rating content at the bottom of the funnel like CTAs and landing pages, but doesn’t help much at the beginning or in the middle.
- Last interaction model: The last interaction model often overlaps the last touch model we just reviewed, but it differs in important ways. The modeling of the last interaction gives credit to the last point of contact that creates a conversion. For example, in the last-touch model, the last blog post that a customer viewed would receive credit, while in the last-interaction model, it wouldn’t.
- First and last model: In contrast to the three previous models, the first-and-last attribution framework divides the credit. Ontraport automation platform recommends this model because the first and last contact points stand out in a customer’s mind.
- Simple decay model: This model gives the last point of contact the greatest appreciation and the previous less and less. The question is whether these weights exactly match the customer experience.
Any attribution model is better than none. However, MTA models can contain loopholes and inappropriate assumptions. For example, a customer may have seen a television commercial or received a recommendation from a friend that digital tracking cannot take into account.
Multi-touch assignment also becomes more difficult due to platform limitations. Google, Amazon, and Facebook – the three largest advertising networks – have restricted cross-platform tagging. Pixel-based solutions are subject to similar limitations due to previous browser updates from Mozilla and Apple, which eliminated pixel tracking for speed and security reasons.
2. Modeling the marketing mix
Modeling marketing (or media) mixes is more difficult than MTA. Instead of using a tag or pixel to track individual users on the web, MMM uses multivariate regressions to predict the impact certain sales and marketing tactics have had on customer behavior.
As a top-down model, MMM takes historical data from online and offline sources into account. An attempt is made to take into account external influences such as seasonality, price data and more general economic conditions. MMM is popular with businesses – and since it requires a plethora of data and complex algorithms, the space is somewhat dominated by business vendors with roots outside of marketing.
3. Multi-channel attribution (MCA)
Multi-channel allocation (sometimes referred to as cross-channel allocation) is a mix of MTA and MMM warehouses. Multi-channel allocation uses data at a single level, but attempts to evaluate certain tactics such as modeling the marketing mix.
MCA aims to paint a complete picture of how a consumer’s online and offline activities lead to sales. In the simplest MCA model, every channel that the customer accessed on the way to the sale receives the credit.
When a customer searches for a product from the desktop, reads a blog post on their cell phone, visits a physical store, and finally, after a referral, makes a purchase on social media, each channel receives weighted credit based on the time the user spent on it has expended.
Using tools like pixel tracking, marketers can evaluate channels like search, social media, and ad retargeting. In addition, personal attribution techniques link channel and contact point data with individual customers.
Today the challenge is to combine the online and offline behavior of customers. How can you do that Here are four techniques:
- Pedestrian traffic: Mobile marketing companies use beacon technology – or in the case of Foursquare Decision engines – to determine where smartphone users are. The IDs of mobile devices are then compared with customer profile data in order to credit certain campaigns.
- Point of sale data: When a user makes a credit card purchase in a physical location, the credit provider works with a data company to provide credit to previous channels for the purchase.
- Customer panels: Some companies ask users to sign in through an app that sends data back to the marketing team about their location or offline behavior.
- Multi-source matching: Just looking at a purchase, location, or declared dates, you can’t tell the full story. This is why companies investing in MCA cross-check data are reviewing for an accurate picture of what offline channels a customer may have been dealing with. For example, companies can use POS data to track customer behavior and use those numbers to influence a future campaign.
Now let’s look at seven examples of marketing attribution software that can help you with attribution reporting, analysis, and more.
Marketing Attribution Software
- HubSpot Marketing Analytics software and dashboard
- Ruler analysis
- Active campaign
- C3 metrics
1. HubSpot Marketing Analytics software and dashboard
HubSpot’s Marketing Analytics & Dashboard software measures and analyzes the performance of your campaigns and marketing efforts with built-in analytics, reports and dashboards. With HubSpot, all of your CRM data and marketing software data is in one place, at your fingertips – without SQL or coding. This makes it easy for you to identify, review, organize, and share your marketing attribution data (among many other types of data) on your all-in-one CRM platform.
HubSpot offers detailed attribution reports for Contact mapping and Revenue allocation.
In terms of Contact attribution reportingEvery customer interaction – and any revenue from that interaction – is recorded in that contact’s record. This is also helpful as it ensures that everyone gets credit for their work.
As for Revenue attribution reportingThis will help you identify the areas where you should focus your attention and budget.
Additionally, HubSpot has some other notable features that can make reporting on marketing attributions – and other marketing work and reports – easier.
There is a Custom report builder that brings all of your data together so you can access contact, company and business data, as well as your landing page, blog and email data in one place. Custom objects are available to provide data unique to your business, create new segments, and create custom reports, campaigns, and workflows.
Report dashboards are customizable and flexible – they come with pre-built, drag-and-drop templates that you can share through HubSpot or via email or Slack. (You can also create dashboards from scratch if you prefer.)
Behavioral events track custom interactions that are unique to your business and indicate when a customer is ready to move on to the next leg of the buyer’s journey. Last, Account Based Marketing (ABM) bridges the gap between marketing and sales so you can close more high quality target accounts.
2. Ruler analysis
Ruler Analytics is marketing attribution and call tracking software. It has closed-loop marketing attribution so you can access all of your earnings and conversions in one place.
This multi-channel marketing attribution platform has online and offline conversion tracking that you can use to determine the return on ad spend (ROAS), which campaigns, channels and keywords lead to conversions, and your customer journey understand better.
Compare different rule-based models including first click, last click, and linear mapping. You can also map your customer journey to identify the marketing channels that drive visitors to find your business, make purchases, and otherwise convert (such as filling out an online form or chatting with a sales rep).
You can pull customer data from any form submission and automatically associate it with the marketing source it came from. IIntegrate your data with Google Analytics using Ruler’s Google Analytics and Google Adwords integration and upload your marketing mapping.
Branch is a cross-channel attribution and mobile connection platform that provides insight into all of your team’s marketing efforts. The tool connects customer touchpoints from all your channels with conversions that take place on each platform.
The predictive modeling feature of the tool is anonymous and uses historical mappings to identify exact mappings in the absence of a universal ID. This is helpful because “Apple killed IDFA”. The IDFA was an identifier for advertisers that worked similarly to tracking cookies in browsers.
Branch also tracks referral and ad assignment, and measures the success of email, web, and social media marketing. Use the cross-platform, cross-channel cohort analysis for comparisons of all your marketing campaigns and cCompare mapping across all of your channels including email, ads, social media, and the web.
Branch displays your data in analytics dashboards and segments this data by device, platform, channel, campaign, conversion events (e.g. installations) or metrics (e.g. clicks).
4. Active campaign
ActiveCampaign is a customer experience automation platform with attribution reporting capabilities. With ActiveCampaign’s attribution reporting, you can determine which traffic sources and contact points are converting your leads.
The tool’s contact records contain lists that are updated with all conversions made by a contact and the specific contact points that played a role in that conversion. There is a segment builder that tells you which traffic source (e.g. ad or campaign) a contact who converted actually visited your website from.
You can set up automatic triggers to take action as soon as a contact has been converted in a certain way, and cReate assigned values for your conversions. For example, if every tenth customer who fills out the web form on your landing page spends $ 500, you can set the assigned value for a web form conversion to $ 50.
Use ActiveCampaign to determine the mapping from a variety of paid and organic traffic sources. In terms of paid touchpoints, ActiveCampaign can help you track Facebook ads, AdWords, and more. In terms of organic touchpoints, ActiveCampaign can help you track product reviews on 1) any website other than your own, 2) guest blogger posts, 3) social media posts, or 4) a reply to Quora.
Set up a two-way synchronization between HubSpot and ActiveCampaign with the integration.
5. C3 metrics
C3 Metrics is an attribution reporting tool that focuses on cross-platform advertising attribution for businesses. The tool provides attribution solutions for companies in a number of industries including e-commerce, automotive, financial services, pharmaceuticals, and travel. There is also the C3 Metrics Attribution Data Cloud, which is suitable for digital, TV, radio and direct advertising.
Use the tool’s Marketing Mix Modeling (MMM), which takes into account external factors such as competition or changing industry trends, when retrieving attribution data. You can also cConnect onnect users anonymously across devices and platforms with ease and aAnalyze the mapping with online report dashboards and offline reports that can be provided on demand.
Windsor.ai is a multi-touch marketing attribution software that integrates all of your marketing data and metrics and runs attribution models. The tool measures the ROI based on the allocation across multiple channels, campaigns and keywords.
Multi-touch attribution modeling maps and optimizes the customer journey. It determines how and where you should spend your budget. Windsor.ai also offers Your ROAS for all touchpoints by combining the multi-touch mapping with customer journey data that matches the cost data.
Use the Keyword Optimization Tool, Google Ads Optimization Tool, and TV Ads Performance Tool to improve all of the different channels and touchpoints for your unique audience. You can also do oneProcess and retrieve marketing and CRM data from any tool using one of Windsor.ai’s many integrations and APIs.
Connect all your marketing, attribution and CRM data with HubSpot’s Windsor.ai integration in one place.
Attribution is multi-touch business attribution software that identifies the specific impact of the touchpoints on your marketing funnel. There are features that are great for both B2C marketers looking to optimize marketing ROI and B2B marketers looking to optimize their journey to purchase. The tool’s automatic data collection feature organizes all of your online and offline touchpoints and combines this information with your budget spending.
Use this tool to manage affiliate marketing, report and improve partner performance, and compare affiliate performance to the performance of your other marketing touchpoints and channels. You can also bBuild automated attribution models with machine learning algorithms that display all of the patterns in your data and touchpoints.
Use Attribution’s dashboards and reports to segment your data by campaign, contact point or channel and synchronize all this data with your other software (e.g. CRM, marketing tool, business intelligence tool).
Get multi-touch mapping for HubSpot with the Attribution integration.
Determine what your marketing attribution goals are, what types of reports will be most helpful for your business, and use one of the many marketing attribution tools available today to grow better with data-driven marketing.
Editor’s note: This post was originally published in December 2019 and has been updated for completeness.