As the digital marketing landscape has evolved, marketing mix has become more sophisticated and diverse. More and more choices are emerging and it can be a challenge to understand which of your marketing choices are working best for you. Marketing Experts are using Attribution Analytics to optimize their marketing campaigns.
Mobile Attribution accomplishes one simple goal: It provides data on which channel(s) is giving you maximum conversions. Identifying these channels and shifting majority of your ad spend on them can help you minimize your cost per conversion.
Why is Mobile Attribution important?
Ascertain where your users are coming from:
Most Analytics attribute conversions based on the ‘last-click’. Today’s consumers can jump from app to social networks to website to gather more information before converting. The ‘last-click’ model does not provide the real picture and concentrating your budget on this last point of contact might not be the most prudent approach. Multi-touch attribution determines the value of each channel which helps marketers with spend allocation.
Identify your best performing campaigns:
Various campaigns give your various results. Through attribution, you can find the campaigns that are giving you the best results and focus more budget on those campaigns.
Improve your user retention by building smart campaigns targeted at those users who showed an interest in your app.
Understand the LTV of your customers:
LTV stands for Lifetime Value. In simple terms, LTV refers to the amount of money that a single user spends on your platform over their lifespan on your app. Knowing your users’ LTV helps you to be informed about your app’s competitiveness. If your user acquisition cost is higher than the LTV, then it is definitely not a sustainable model.
How can Attribution improve your marketing campaigns?
Attribution helps Marketers understand how every element of the media stream seen by a customer contributes to final conversions. Using Attribution Analytics can improve your marketing campaigns in many ways:
- Clearly defining your consumers: Through attribution analytics, you can clearly determine who your customers are and tailor your messages suitably.
- Channel filtering: Knowing which channel or set of channels are giving you the best results, you can devise the optimal marketing mix to achieve highest returns.
- Budget Management: As a result of both – clear definition of consumers as well as channel filtering – budgets allocations can be managed to give the highest ROI.
- Real-time Customization: Messaging can be customized to suit your individual customers. Specifically through retargeting, marketers can adapt the campaign for existing or potential customers in real-time. This increases the chances of conversion by manifold.
The competitive implications of advanced attribution analytics are huge. Those who do not use attribution analytics will struggle to see incremental improvements in their marketing efforts because of limited insights into their customer acquisition journey. Those who do use attribution analytics will be able to make smarter media choices and will be able to bring down the customer acquisition costs, ultimately improving the return on marketing spend. Attribution Analytics is a powerful tool in the hands of marketers for gaining maximum benefit from each channel in use.