When it comes to finding the right marketing campaign attribution for your medium-sized business, it is important to trust in a digital marketing agency that understands what strategy will provide the best results. There are no two businesses that are exactly alike, which means no two marketing strategies should be the same either. The right marketing campaign attribution can make or break your success each year. Depending on whether you need short or long sales cycles to successfully operate your business, you will find success from following any of these five strategies.
Making Campaign Attribution Models for Business With Short Sales Cycles
Short sales cycles are important to understand because your business does not have a long period of time to nurture a lead into a customer. These individuals are looking to quickly purchase a product or schedule a service. Often, these leads already understand what your business offers. Therefore, they do not need to go through extensive touchpoints of engagement to decide if they will do business with your company.
1. First-Touch Attribution
As the name of this attribution implies, this strategy looks at your customer’s engagement history from the very first time they engaged with your brand in the sales cycle. Whether this first point of engagement was in-person, via email, on a social media post, or through your website, it is important to identify how each of your leads have found your company. This is an incredibly easy strategy to build and maintain because it follows the exact timeline of interaction. You can see the history of your customer’s engagement with your company and understand what actions lead to them finally making a purchase.
When you trust a digital marketing agency to build this strategy for you, you can ensure any and all automated events will be properly logged. Furthermore, you can trust that those who need to be notified about engaging with a lead are properly notified at the exact right time. You will not need to worry about losing out on a sale simply because your sales team was not notified of a customer inquiry.
2. Last-Touch Attribution
Similar to the last attribution strategy, last-touch attribution identifies the final engagement with leads before they become customers. While it is important to understand your customer’s history, it is even more important to identify trends in actions or conversations that lead to conversions. These conversions are what drive your business forward and provide you with the revenue needed to excel each year.
Fortunately, this strategy is just as easy for a digital marketing agency to build for your business. All pertinent information that needs to be logged can be done so with ease. As more leads convert into customers, your agency can provide you with detailed reports that show what made the conversion possible.
Making Campaign Attribution Models for Businesses With Long Sales Cycles
Long sales cycles require multiple touchpoints of engagement to fully nurture a lead into a paying customer. In order to reach a decision that leads to conversion, your business must understand how to nurture the lead. This process is lengthy and required detailed notes on each point of engagement.
3. U-Shaped Attribution
With U-shaped attribution, it combines some of the ideas of the first touch and last touch attribution strategies. Especially, this strategy provides 40 percent of credit to the first point of contact along with the last engagement that leads to conversion. The remaining 60 percent is evenly divided to the mid touchpoints that occurred through the sales cycle. This type of strategy paints a complete picture of how media, messaging, and marketing tactics hooked, nurtured, and converted leads into customers.
By trusting a digital marketing agency to create this attribution strategy for your business, you can begin to fully understand your customer journey and fine-tune your sales cycle. There will not be a guessing game on what happened between the first point of engagement and the last touch. Rather, you will see the mid touchpoints and be able to determine if they need to be expanded or decreased in order to create the most efficient sales cycle.
4. W-Shaped Attribution
A W-Shaped attribution strategy evenly distributes credit to the first, last, and mid touchpoints. This type of strategy does still focus on the first and last points of engagement before conversion, but this strategy is important when all engagement is important for obtaining conversion. With a W-shaped strategy, you understand the points of engagement that both nurture and convert leads.
A digital marketing agency can help you identify all the various touchpoints that are apparent in your sales cycle. Once these are identified your agency can help you analyze data to determine if these touchpoints are more likely to educate or persuade your leads on your offering.
5. Time-Decay Attribution
A time-decay attribution strategy recognizes that events leading up to conversion carry more weight than events that occur earlier in the sales cycle. While gaining interest is important, the touchpoints that convert leads into customers are ultimately what increase your revenue. Therefore, more value is credited to the final events in the sales cycle.
Your digital marketing agency can help you determine which events are crucial to converting your leads in the final hour. These events are identified based on past sales, speaking with the individuals who interact with your leads, and understanding what actions your leads can complete without speaking to your company. This information is compiled and used to assign the best values to each touchpoint.
Trust In Marketing Campaign Attribution To Improve Your Sales
Whether your business follows a short or long sales cycle, you can improve your results by understanding what events are crucial for converting customers. For others, only the first or last touchpoints are important. For other businesses, understanding the mid touchpoints or the final stages of the sales cycle is what makes a difference in their sales.