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!

Bridging the Gap: How to Integrate Social Media Into Your Website

Your website is the home base for your company. It’s where you turn visitors into leads and prospects into paying customers.

Social media sites are outposts for your company. They’re where you go to find your customers and prospects and maintain an ongoing dialog with them in the places where they live online.

All too often, however, companies treat their web development and social media efforts as separate and distinct initiatives when, in fact, they should be working together seamlessly to promote the growth of your business.

Here’s how to maximize your online exposure by bridging the gap between your home base and social media outposts:

Start with the basics.

Make sure you have obvious links to every social media site where you maintain an active presence in a prominent location on your website. The header or footer is a good spot for these links because they then become a universal element of your website that every visitor will see no matter which page they might happen to land on first, last or in between.

You don’t have to use the standard logo for these social media sites, either. Instead, you can style these buttons in ways that reflect the look and feel of your own site.

Keep in mind, too, that the point of these links is to entice web visitors to “like” or follow you on these social media networks so that you can continue your conversation with them long after they’ve left your site. Therefore, it’s important that you include links only to those sites where you maintain an active presence. Don’t add a link to any site where you are not a frequent participant because there will be no incentive for that prospective customer to want to continue engaging with you on that platform.

It’s also smart to have these links open in a new tab so that you don’t risk losing your hard-earned visitor to other distractions on Facebook or Twitter.

Empower your advocates.

Today’s culture of the Web thrives on people finding great stuff and passing it along to others.

Make sure it’s easy for your customers and fans to share the stuff they like on your site with their own circles of friends and followers.

Again, use some discernment here and don’t include sharing options for every social site ever invented. Just pick a few key options like Facebook, Twitter and Google+ so that these buttons can be large enough to be easily seen.

Also, don’t plop these buttons on every page. Make sure they’re present on every product page and blog post. But what are the chances someone is really going to share your About or Contact page with the world?

Finally, pay attention to how links look when they’re shared. For example, Facebook’s API displays page titles and meta descriptions for shared links, so make sure these elements that live in the underpinnings of your site are formed strategically so that the shared content is presented in the most advantageous way for your brand.

Use social media to feed your website.

If you regularly use social media networks to keep your customers and prospects apprised of special promotions or events, you might consider plugging a Facebook Like Box or Twitter widget into your website.

However, don’t exercise this option just because it’s there and it’s trendy. Think carefully about whether the content you share on Facebook or Twitter actually pertains to and is appropriate for your average website visitor.

Also, while it’s almost always best for your blog to be an integral part of your own website, if you do maintain your blog on a third-party platform like Blogger or Tumblr, make sure you pull an RSS feed from your blog into your website so customers can discover your great content.

Get visual.

If you have a helpful how-to video or a series of photos from your latest event that you want to feature on your website, consider posting them to social sharing sites like YouTube or Flickr and embedding them in your site from there.

This approach makes your content accessible to the millions of users who search these social platforms for videos and images, making it that much easier for potential new customers to discover your website and your brand.

For example, Pink Cake Box, a gourmet cake shop located in New Jersey, reports that about 10 percent of their website traffic each month comes from Flickr, where they regularly post photos of unique cakes.

Just make sure when you post your photos or videos that you include a link back to your site in the description so users have a clear path to reach your home base.

Get social with service.

It’s standard practice to give your customers the option to contact your company via an email address or by submitting a form on your website.

However, many companies are now encouraging customers to get in touch via Twitter or Facebook as well.

There are several benefits to this approach. First, it gives the person who wants to reach you a quick, convenient way to do so. It also gives your company the opportunity to field both praise from happy customers and complaints from dissatisfied buyers in the public eye.

While you might be nervous about the idea of having complaints aired publicly, consider this: these people are going to be talking about you anyway. It’s best to give them an outlet to do so in a way that allows you to provide a positive resolution to the problem at-hand while demonstrating to the world that your company cares about your customers and is dedicated to providing the best possible experience for them.

If you go this route, just make sure that you’re prepared to monitor and reply to any communication directed at you via social media right away. If a question or complaint lingers unanswered, it will reflect poorly on your brand. Also ensure that anyone who is tasked with responding behalf of your brand is well trained in how to handle any imaginable scenario in a way that demonstrates strong values and a commitment to providing excellent customer service.

By bridging the gap between your activities on social media networks and your own website, you’ll create an even stronger promotion engine for your business that will help you capture and convert more customers.