In this era of constant connectivity and accessibility, an average person has at least 4 connected devices at all times. Marketers find it difficult to gather the data coming from myriad sources to gain a full picture. According to research, a person can have up to 40 fragmented profiles in a single database, to which longer customer journeys with many touch points adds more chaos.
Even after the advent of advanced Analytics platforms, marketers are still at a loss when it comes to attribution. According to Gartner ‘s report for 2019, 36% of B2C marketing analytics readers admitted that they have too many data analysis tools while 37% said they don’t have the right tools.
It is important is to understand that marketers are finding it difficult to connect the web activities with the mobile activities, reason being that consumers are constantly jumping from one device to the other.
In such scenarios, attribution has definitely come to rescue filling many data gaps for marketers.
Attribution helps marketers to learn the pattern of actions taken by their customers to know about what you sell, be it your brand, your product or your services. With the help of marketing attribution platforms, the marketers assess the value and popularity of various channels or events that led to the conversion.
The main challenge faced by CMOs is to allocate the right budget to get the maximum out of the investments and achieve the maximum potential.
The multi-touch attribution models (MTA) today enable the marketers to track and gauge the consumer journey, understand audience behaviour through patterns. However, questions like how much budget to allocate to their digital marketing is a question CMOs still find difficult to answer.
It is anticipated though that combining both types of the model; the MTA that offer speed and granularity and the marketing mix models that provide scale and coverage to the marketing tactics, the attribution industry will continue to evolve. The leveraging and technology will only help to attain clearer grounds as the marketing leaders foresee.
There are factors that will count to be the game-changers.
Through Machine Learning and Artificial Intelligence enabled tools, the attribution analytics is going to expand to new dimensions of forecasting. The machine is going to empower and find correlations by reading patterns that went unnoticed or not even thought to examine. AI algorithms in attribution analytics will go a long way allowing to make projections intuitively.
Based on consumer’s purchase activities and previous viewing patterns individualized product or service offerings can be made. Personalization in attribution analytics plays and is going to play a very vital role to assess such consumer data in coming years too.
A real-time communication channel between the sales and marketing teams is what is required to be established. The intuitive and effective built-in CRM integration with Salesforce by Unliche successfully provides an end to end attribution till conversion for an effective marketing agenda. Smart attribution tools will help set up the ad budget and redistribute it in short time spans so that the marketing ROI remains optimized. Such automated ad-spend decisions helps attribution analytics at a strong foothold.
Attribution is far more elaborate than just tracking deep links. Only the right infrastructure and experience with an updated knowledge base can take attribution analytics to the heights it deserves.