Every great marketer is always on the lookout for new tips and techniques to improve lead generation and other marketing endeavors. Here's your next installation! Attribution modeling is all the rage. It's in the magazines, on the blogs, and making its rounds via the trade shows. Here's what attribution modeling is, how it's different, and how it can help you, the marketing professional, achieve better results with the same amount of money you are spending now.
Attribution Modeling: The Definition
Attribution modeling is best defined as a method of measuring the impact of any given item of communication in terms of its generation of revenue. It measures the monetary impact of communications on actual business goals, including sales, retaining customers, revenue, profits, etc.
Attribution Modeling: The Practice
What does this look like in practice, and how is attribution modeling different from what you have always done before? Most likely, you have been using metrics such as share of voice, web visits, click through rates, impressions, etc. to measure the financial impact of your communications. Instead, attribution modeling collects and reports on other metrics, including turnover rates, profits, customer retention rates, and volume of actual sales.
Attribution Modeling: The Benefits
The primary goal of attribution modeling is to be able to report accurately on the holistic view of the financial return of any given message or marketing communication. It seeks to create a more accurate picture of the financial gains being delivered, which allows you to better refine your communications, make adjustments on the fly to improve results, and deliver more value for the same budget allotment you're getting now. Simply put, attribution modeling is a technique that offers both the marketer and the business a better value.
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