Do you really know how much revenue your marketing campaigns are generating?
If you don’t, your campaigns may be more of a guessing game than a science. In order to profitably scale your business, you need marketing attribution.
What is Marketing Attribution?
Revenue attribution is the process of assigning revenue to a particular source, such as a marketing campaign or customer segment.
Revenue attribution is a method to find out which channel produced revenue. This information can be used to optimize your marketing efforts, because you’ll know where to focus your time and energy.
It’s difficult for marketers to track what’s driving conversions and leads. In fact, most marketers are still using spreadsheets! If you’re not tracking your marketing data an attribution software, you could be missing out on crucial insights.
The problem with attribution is that it’s just not as simple as 1-2-3. It is a complicated process, but it’s worth it. It helps us understand the breakdown of where money comes from on your site and makes improvements easier to track.
What Insight Can You Gain From Marketing Attribution?
Marketing Attribution allows you to understand which channels are generating more sales and where your efforts should be focused in order to increase ROI.
Today’s marketers have a lot of tools at their disposal to measure the success of marketing campaigns, but most don’t know how to use them.
One feature Journicity offers is the Revenue Attribution Analytics tool. With it in place, the software gathers all of the data so that you can focus on what really matters. You’ll be able to see which channels drive the most sales and optimize accordingly. Journicity even helps you figure out where your customers come from in order to better target them in the future. Stop guessing and start attributing!
Why Marketing Attribution Is Critical For 2021 and Beyond
There is an increasing number of digital touchpoints for customers – including social media platforms, chatbots, voice assistants, etc.
The importance of revenue attribution has increased dramatically in recent years as more and more companies are relying on digital channels to generate new business leads and increase customer loyalty. This trend will continue into 2021, with many organizations turning their focus towards maximizing both ROI and customer lifetime value (CLTV).
Revenue attribution is a powerful tool to help you see not only where your marketing efforts are working, but also which channels will continue making revenue. This information can be used in conjunction with data analytics and customer feedback surveys for the most accurate picture of what’s going on with different parts or aspects of your business at any given time.
Track What’s Driving Conversions and Leads
With so many ways for potential customers to interact with your brand, it becomes increasingly difficult for marketers and business owners alike to track what’s driving conversions and leads.
Revenue attribution is a powerful method for determining which marketing channels are producing revenue. This information can be used to optimize your efforts, because you’ll know where to focus time and energy when planning campaigns in the future. For any company serious about tracking ROI on their marketing campaign, they need to make sure they’re using an analytics system capable of attributing sales data accurately by channel.
“If you don’t have a solid plan for tracking your marketing efforts, it’s like handing out money with no return address,””” said Scott Harward, CEO of Journicity. “You’re not going to know where that cash is coming from.”
For marketers, tracking the ROI of marketing is essential.
More Important than Ever
You can’t afford to ignore revenue attribution in 2021. It’s the key to understanding your sales and where they are coming from. Through this information, you’ll be able to target the right audience and drive more traffic towards your products.
To learn more about marketing attribution and how Journicity can help grow your business, schedule a free consultation today.