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!

---

Great Content, No Readers: How to Solve Your Subscriber Problem

Hybrid or Hummer: What kind of mileage is your content getting?

Previously, we established that content is the gasoline in your business growth engine. But your job doesn't end when you hit "publish." Promoting your content is just as important as creating it. If content is the gasoline in your business growth engine, then promotion is the difference between putting that gasoline in a Prius versus a Hummer. Even the most value-packed content can’t help your business grow if no one is reading it. For your content to deliver results, you must actively engage in bringing new people to your site.

Here are 12 tried-and-true tactics to boost your readership and maximize the mileage you’re getting from the resources you’re investing in creating great content.

Be a citizen of the web marketing universe.

No website or blog starts out with its own built-in community. However, established communities do exist everywhere around the Web. Identify the ones where the types of people who would be interested in the topics you write about are already hanging out, reading and making connections. Join in the dialog there by commenting on blog posts or participating in discussion forums. Don’t be a shameless self-promoter. Focus instead on adding value to the conversation. If you do a good job, people will be naturally curious to learn more about you, and they’ll seek out your site to see what else you have to say. Just make sure to include a link in your signature so they’ll know where to find you.

Don't beg for links; present win-win opportunities.

Once you’ve earned your stripes as a trusted and valued member of these communities, you can begin reaching out to the other blog owners that run in these circles for opportunities to gain exposure to their readers. But don’t just ask them to link to your site. After all, what do they stand to gain from giving you a link? Instead, frame your request so that it provides benefit to the person on the receiving end as well. For example, invite them to be featured in an interview on your site. Even the most successful and well-established bloggers are always looking for a little added exposure, and they’ll undoubtedly promote their appearance to their fans, too. Or ask if you can contribute a guest post to their site. Most bloggers will be relieved to have one less post to write, and you’ll get the chance to put your own original content in front of their readers, with the added benefit of a link in your bio.

Give links to get links.

When you’re composing your posts, there’s no need to pretend that you’re the one and only person who’s ever had anything of value to say on your chosen subject matter. Link to other articles and experts who’ve either offered great insights on that topic or taken an opposing point of view, if you want to refute their claims. When you publish your article, shoot the person whose blog you’ve linked to an email or a direct message on Twitter. It will definitely get you noticed and will more than likely get you either a retweet or a link in return.

Leverage the connections you already have.

Don’t assume that everyone who follows you on Facebook or Twitter also reads everything you post on your site. Every time you publish a new article, make sure you extend that content to Facebook, Twitter, LinkedIn and any other social media platforms where you are active. Instead of simply posting a link to your article, a great trick is to turn your headline into a question. Open-ended questions leave people craving an answer, which will prompt them to click through to satisfy their curiosity. If you’re using this tactic on Twitter, remember to keep your post to 120 characters or less (link included) in order to allow for retweets.

Extra! Extra! Let them read all about it.

Create a weekly or monthly email newsletter that’s a digest of your most recent posts. Enhance the value of this newsletter by incorporating a few bite-sized tips or links to other interesting articles from around the Web. You might be surprised at the number of new readers the “forward to a friend” button might bring you.

Don’t be shy.

Opportunities to subscribe to and share your content should be omnipresent. Put your email subscription offer either in the header or the sidebar of your site so that no one who visits can miss it. Add extra incentive to join your list by offering a freebie at sign-up, such as an e-book, checklist or audio download. Be sure to present the chance to subscribe to email updates at the end of every article as well. If the reader liked what they read, that’s the best time to get them to sign on.

Give them options – lots of options.

Email addresses are pure marketing gold, but don't be so laser-focused on building your list that you only offer email updates. Let your readers consume your content in the way they most prefer, whether that’s by subscribing in an RSS reader, via StumbleUpon or through the social media channels where you post links to your latest articles.

Be attentive to your readers.

When someone reaches out to you – whether by leaving a comment on an article, sending you a direct message on Twitter or dropping you an email – respond. Making them feel like a part of a community whose members are truly valued will motivate them to spread the word about you and encourage others to join the party.

Create content that sparks conversation.

The real holy grail of promotion is not generating two-way conversation between you and your readers. It's the multidimensional communication that occurs when your readers start interacting with each other as well. That's when suddenly you make the leap from publishing content to building community. The key lies in how you craft your content. While it's important to write with authority and demonstrate your expertise, don't make the presumption that you have the final say. One of your most important jobs as a creator and promoter of content is getting the ball rolling on conversation and debate. Ask for input and advice. Solicit dissenting opinions. Encourage your readers to share their own personal experiences that relate your topic. Great conversation is magnetic. It will keep your current readers coming back again and again, and draw new visitors in when they see the lively interactions that exists around your content.

Find the right balance.

Remember that you don't have to post every day or even every week if that's not realistic for you. It's better to find a comfortable rhythm that will allow you to maintain a steady pace of both creation and promotion. It’s better for someone to come to your site and see that you post one must-read article every month than to see unpredictable fits and starts of activity.

When you find something that works, stick with it.

In the game of promotion, there’s no magic formula for success. It may require a lot of trial and error before you find the right combination of tactics that work for your audience and your schedule. When you do uncover a particularly effective strategy, mine it for all it’s worth. If you write a guest post that gets a lot of attention, find out if there might be an opportunity for you to become a regular contributor on that site. If you get a significant proportion of traffic from one of the sites or forums where you’re a regular participant, by all means, keep it up. If you write a post that gets more traffic, more retweets or more comments than average, continue to develop other articles around that topic. When people tell you what they want, give it to them.

Slow and steady wins the race.

If this sounds like a lot of work, it is. Community building requires time, patience and persistence. There are plenty of articles out there with enticing headlines like “How I got 10,000 subscribers with one post!” This probably won’t happen for you. That doesn’t mean your efforts aren’t worthwhile. Don’t risk becoming a pariah by being overtly pushy and self-serving in your methods. Instead, tread carefully and treat everyone you encounter in the blogosphere – readers, commenters and fellow content creators alike – with respect. As always, follow the rules of trustcasting and allow your community to grow organically in breadth and depth as you cultivate your reputation as a credible and authoritative source of information. Over time, you’ll build a robust, thriving community of people who will not only consume your content voraciously but will ultimately become customers and evangelists for your brand.

---