The Ultimate Business Growth Resolution for 2017: Make the Most of Marketing Attribution

As we enter into a new year filled with limitless opportunities and prospects, why not resolve to build a smarter, more profitable business? But in a world where there are so many outlets through which you interact with your customers – from radio and TV to direct mail and email to your website and social media and beyond, how can you know for sure which of your efforts are really working and which are not? That’s where marketing attribution comes in. Marketing attribution is the practice of determining which channels are most effective in attracting and converting customers – both online and off – in order to:

• Measure how many marketing dollars should be allocated to each channel.
• Optimize content to drive more traffic and conversions.
• Attract new customers and win back former customers.
• Sync up offline programs with online campaigns.
• Accurately forecast your marketing budget.

Marketing attribution goes beyond simply counting clicks or following customers’ paths to making their purchases; it uses complex algorithms to determine which channels are driving the most revenue. Naturally, you’ll want to invest more dollars in higher-performing channels. If marketing attribution is such a powerful business growth tool, isn’t everyone taking advantage of it? Actually, no. According to Forrester, only 24 percent of marketers currently measure campaigns across multiple channels, which means that there is a huge opportunity for you to gain a competitive edge by taking the plunge into marketing attribution this year. Here are eight steps you should take right now to get started:

1. Clarify your objectives.

With information coming at us from all directions and devices, it can seem next to impossible to measure the ROI on any given campaign. So what’s the best way to narrow down all the possible factors to determine what’s actually influencing your customers’ behavior? Before embarking down the attribution road, you must establish clear direction. To get the results you seek, start by making a list of questions to help you clarify your objectives: Which channels produce visible results, and which can’t be seen?

• Which metrics will you track in order to gain the insight you seek? Revenue, lead volume, etc.?
• How many conversion points will the attribution system track?
• How do you currently capture and report on metrics? What are some areas where you’d like to see improvement? How do stakeholders receive data reports? Is there a better way to keep them informed?
• What mechanisms will be used to collect the data, such as specialized software or online forms?
• Does your company have in-house expertise on implementing an attribution model, or do you need to leverage an external resource?

Take the time to determine clear objectives before embarking down the marketing attribution path, so you can choose a solution that provides the end results you desire.

2. Start small.

In the digital age, there’s almost no limit to the amount of data you can collect and analyze about your customers and your marketing efforts. However, if you’re new to attribution, keep it simple in the beginning by focusing higher-level data, such as revenue and marketing spend, to avoid becoming overwhelmed with numbers. Save the more granular customer data for future iterations when you’ve got more experience under your belt.

3. Leverage technology.

If interpreting data feels like trying to read foreign language, the first step is to acknowledge what you don’t know and seek external resources to make the job easier. It’s not necessary to hire an expensive in-house expert; there are plenty of effective and affordable solutions available to help you analyze complex data and generate actionable insights. Whatever tool you choose, just be sure that you’re getting clean, accurate and trustworthy results.

4. Match up your metrics.

You probably already have discrete metrics and measurement tools in place for each marketing channel that you currently employ, from email to pay-per-click to social media campaigns. In order to make effective use of marketing attribution, however, you’ll need to establish a set of common metrics that you can use across all channels in your attribution analysis.

5. Work together.

Building a successful marketing attribution program depends on getting buy-in across your organization. Involve all of your key players – from managers to marketers to developers – when choosing a platform and planning its implementation. Collaborate to ensure the right questions are being asked and the relevant data is being collected.

6. Don’t expect perfection.

Rarely is any data set 100 percent clear and comprehensive. There will inevitably be some data that can’t be captured, leaving blind spots in your analysis. Without a crystal ball, there will always be invisible factors – both online and off – that influence your customers’ purchasing decisions. Despite these inherent limitations, even a partial set of attribution data will create a strong foundation for planning successful campaigns across multiple channels. As long as you’re looking at reliable sources, that information can be used to optimize your existing marketing campaigns and plan for future testing and analysis.

7. Compare attribution models.

Under the broad umbrella of marketing attribution, there are a number of models to consider, each with its own strengths and limitations: First and/or Last Interaction: Either the first or last point of contact is given full credit for the conversion.

• Pro: Interaction-based attribution uses previous purchasing behaviors to assign different levels of importance to various touch points.
• Con: This type of attribution can sometimes be subjective.

Last Non-Direct Click: All credit for the sale is attributed to the last indirect point of contact, such as an email link.

• Pro: This model enables marketers to gauge the effectiveness of their external marketing campaigns.
• Con: The Last Non-Direct Click method runs the risk of discounting a myriad of factors that come into play after the customer has clicked through the email.

Last Adwords Click: In this model, the most recent paid search click gets full credit for the conversion.

• Pro: This model enables marketers to gauge the effectiveness of their search spend.
• Con: The Last AdWords method runs the risk of discounting any influences that came after the click.

Linear: In this balanced attribution model, the credit is equally weighted among all points of contact in the path to conversion.

• Pro: This model is simple and straightforward, making it a great entry point for getting starting with attribution.
• Con: The linear method could attribute more credit to a touch point than it actually merits.

Time Decay: Whichever touch point occurred in the closest time proximity to the conversion receives the most credit.

• Pro: It seems logical that the later touch points ultimately prompted the conversion.
• Con: This model disregards initial points of contact, which may have helped to build brand loyalty.

Position-Based: In this type of attribution model, the first and last touch point each receive 40 percent credit, while the other 20 percent is distributed equally across all other interactions.

• Pro: The Position-Based model is a good choice for marketers who want to highlight how leads are generated and then how they ultimately convert while still accounting for the points of contact in between.
• Con: This model runs the risk of giving mid-funnel touch points less credit than they deserve.

8. Consider building your own model.

Every company’s attribution needs are unique. To ensure that everyone in your organization gets the relevant, accurate information they need to make informed marketing decisions, consider building your own attribution model. By partnering with a firm experienced in developing customized, cloud-based business management software, you can work together to design a solution that is tailored to your specific needs and objectives. Here’s to helping you build a more effective marketing and business growth engine in 2017!

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13 Tricks to Make Your Email Campaigns Delete-Proof

Your customers' email addresses are a precious commodity – a golden ticket that gives you a free pass straight to their inbox, where (at least in most cases) you have far less competition for their attention than in their Facebook or Twitter feeds. If they’ve entrusted you with this level of access, it’s important to make sure that you're always a welcome presence and that they not only open your messages but even look forward to receiving them. At all costs, you must avoid abusing this privilege with emails that come so frequently or offer so little value that your recipients unsubscribe. Once you’ve been banned from their inbox, you'll probably never get a second chance to earn your way back in. By using the tactics outlined below, you can create powerful email marketing campaigns that are not only spared from the dreaded delete key but that also further advance the trust your customers have in your brand and, ultimately, drive them to buy from you time after time.

1. Make it worth their while.

The most important ingredient of a must-read email is the subject line. Keep it short and choose your words wisely. The recipient’s decision to open or delete hinges on your ability to make the case that your message is worth their time and attention. The best, most enticing subject lines convey to the recipient that the information that follows is urgent, unique or extremely useful – like in the example from Epicurious above, which featured the subject line "Packed Lunches, Made With Love." After all, what parent who faces the tedious task of packing school lunches every day wouldn’t be drawn in to read more?

2. Inspire and inform.

In today’s age of information overload, a brief but indispensable tip or inspirational message – whether it arrives on a daily, weekly or monthly basis – can be a refreshing change of pace for your customers.

3. Sell them a solution.

Don’t talk to your customers about your products or services. Talk to them about their needs and problems and give them a road map to solutions.

4. Make the ordinary extraordinary.

Emails with no other purpose than seeking “likes” for your Facebook page or follows for your Twitter stream are a dime a dozen and almost assuredly destined for the trash. However, if you can illustrate the valuable content and community connections that your customers are missing if they’re not part of the conversation, they’ll be much more likely not only to take notice but to take action as well.

5. Don’t underestimate the power of a good deal.

Everyone loves a deal, which is why discounts and free shipping offers are sure-fire attention-grabbers. Get more mileage out of your campaign by encouraging your customers to share their special offer with their friends via email or Facebook.

6. Demonstrate incredible value.

Discounts aren’t the only way to reel in bargain-lovers. Another equally effective approach is to provide creative, budget-friendly ideas and strategies that will let them satisfy their wants and desires without breaking the bank.

7. Turn them on to trends.

People like to be in the know about what’s new and what’s coming next. Give your customers the inside dish on the latest trends while highlighting the must-have items of the moment.

8. Show them what they’re missing.

No one likes to think they’re missing out on something that will save them money, make their life easier, solve a problem or even make them the envy of their friends and neighbors. Showcase your most popular products and feature reviews or testimonials from customers who love them. Nothing tips the scales toward a sale like the rave review of another customer who simply can’t live without whatever it is you’re selling.

9. Give the gift of ideas.

From Valentine's Day to Mother's Day to graduations and Christmas, your customers have at least as many gift-giving occasions as there are months of the year. For those times when they're in search of that perfect present, a well-timed email with creative ideas at a variety of price points is a welcome source of inspiration.

10. Gain a lot with a giveaway.

There’s nothing like the allure of a giveaway to motivate your customers not only to read  your email but to take the action you desire, whether it’s reviewing a product, “liking” your brand on Facebook or providing a referral to a friend.

11. Campaign for a cause.

Tying your email marketing campaign to a charitable cause is a win for everyone. Not only will your promotion be more attention-worthy but your customers will get a feel-good boost for choosing to spend their hard-earned dollars in a way that benefits the greater good.

12. Get the party started.

Building your campaign around events or classes offers your customers the opportunity to meet others who share similar interests and learn something new. Enhance your invitation with an exclusive discount for event attendees, and you’ll deliver an even more powerful motivational punch.

13. Invite them in.

Sometimes a simple email can open the door to a much deeper level of engagement. Remind your customers that your experts are available to them one-on-one and that together, you can identify the products and services that are the best fit for their specific needs and goals.

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