Have you ever been online, seen an advertisement for a product and ended up buying it? Of course, you have–who hasn’t? This is called market attribution, or the determination of the steps a user took to reach a desired outcome. I attribute attribution (see what I did there?) to the success of many e-commerce businesses. However, it’s not confined to strictly e-commerce. If you see a commercial that sparks your interest and then see it in the store, I dare you NOT to buy it.
Let me tell you one of my patented boring stories. Every morning when I watched TV, there would be a commercial for a product called Tac Glasses. It started off as a joke where I would repeat the commercial all day. But the more I saw it, the more I wanted a pair. I was in the store one day and saw one, and I had to have it. So, I bought a pair. And now not only can I see a lot clearer, but I also look a lot cooler.
My point, however, is market attribution can be used in a variety of ways to try and raise brand awareness, or to raise profits in general. To run a successful marketing campaign, you have to cater to your audience. You have to understand what they want to see, what appeals to them, and what soft spots they may have. I know that’s very obvious, but when you figure all of that out, you can get a clearer visual on the buying process. Additionally, seeing where your money is going and coming from is key to any business’s success.
Bridge Between Sales and Marketing Data
To sum this up, marketing attribution is generally seen as the bridge between sales data and marketing data. While that may sound easy, it’s not always as straightforward as it looks. There is no proven success, nor is there any perfect picture. It is truly about how much you are OK with knowing–in other words, will you be content with not knowing every possible thing? Or can you sleep at night knowing that you may be left guessing with some minor details? And I know what you’re thinking: “But how am I supposed to run a successful business if I can’t get a good attribution model?” My answer to that is while it is important to account for every detail you can, getting an idea of the big picture and collaborating with your team on what your most important metrics are is just as good.
Let me leave you with this final thought: Nothing in marketing is a perfect science. Do not get discouraged. Keep trying different things until you find the one that works. That is what market attribution is here to do–help you find the weak links and the successful ones to ultimately help you thrive!