Last Updated on: 22nd November 2023, 03:05 am
15% are still using a first-click attribution model despite 81% agreeing that marketing attribution is important
A recent survey, conducted by Mediahawk, has revealed that 1/3 of the marketers do not currently have a marketing attribution model.
However, when asked if they thought that marketing attribution was important 81% of those surveyed agreed or strongly agreed that it was.
Attribution allows marketers to see which channels are the most profitable and whether their marketing efforts are bringing a return on investment (ROI).
Although multi-channel attribution models are recommended to get a more accurate picture of the customer’s journey and all touchpoints leading to conversion, 23% of those questioned said they were using first or last click models.
These models assign credit to the first or last touchpoint in a customer’s journey, meaning assisting touchpoints in the customers journey are overlooked.
There are still large holes in marketers’ attribution
When asked which channels they struggle to attribute conversions to, 38% said traditional media advertising and 32% said offline marketing materials.
These being the most challenging in attribution may not come as much of a surprise given that many marketers use Google Analytics for attribution, a tool that does not attribute offline conversions.
A tool that aids marketers in the attribution of conversions from offline sources is call tracking. Call tracking software records the number of calls a business receives, the keywords used and ads clicked that result in a conversion, giving a full view of how effective a campaign has been.
This tool was largely unknown and underutilised ten years ago, but over the past few years it has become a staple piece of analytics to provide a full picture of attribution. However, as the survey revealed 62% are currently not using this software, hence the issue with tracing conversions back to offline channels.
A more surprising figure is 31% said they struggled to attribute conversions to social media. Although social media has risen in popularity over the last decade and is now deemed essential in marketing strategies across most industries, marketers are still struggling to prove the ROI of this channel.
Many of these social networks, particularly those that offer paid advertising have their own analytics offering, which can be used in conjunction with Google analytics, yet the data revealed that there is still a struggle to attribute these channels.
Consumers are accessing their social media accounts from various devices and methods, such as mobile apps, desktop, mobile web and tablet, making attributing all leads and conversions from social media still a challenge for some marketers, as the survey results suggest
