How well do you know your customers? I mean, really.
Did you ever wonder how your customers found your site? Do you know anything about their interests? Do you know why they decided to buy from you?
Enter the world of “marketing attribution.”
Marketing attribution is about cutting through the myriad of data you have about your customers and pinpoints the exact trigger for conversions. Attribution is a business intelligence method of evaluating the combination of online touchpoints that influence or assist a conversion or sale.
Your “conversions” are anything that moves your user down your sales funnel. And, more specifically, a conversion is that critical moment where there is a financial or data transaction. A conversion could be a sale, but it can also be click or a registration for a white paper download, which is essential for B2B sites.
This assists in ROI analysis about where to invest your ongoing marketing investments. Additionally, smart marketers can leverage this data for site and email personalization and research for future UX/UI designs. Your enhancements here will generate ongoing loyalty from this new customer by appealing their needs based on what you have started to learn about them.
Step One: Start with the basics
A few basics about your users:
1. How many conversions are you tracking with marketing attribution?
2. How do your new users behave on your site, and how many are becoming paying customers?
3. Which marketing campaigns or channels (such as organic search, social, paid ads, email marketing, or your referrals) are driving your conversions?
4. How often are you able to convert a user with a single campaign, and how often are there multiple interactions before a new user converts?
5. How long does it generally take to convert a new user into a paying customer?
Step two: Prepare for the future
At the moment we “convert” or learn more about an anonymous user, let’s add those attribution parameters into their account record so that we can improve UX and CX. Your Customer Data Platform (CDP), for instance, should be collecting this information for your CRM.
Step three: Next level
If you use Google Analytics, study its documentation on its “Conversions” reports. Here you’ll also find next-level techniques on data modeling for your marketing attribution efforts. Go here.