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Attribution Marketing A New Frontier
By vistasad
Attribution is the allocation of your company’s dollars within the various components of marketing. Judicious allocation between various options is a prerequisite for success. as you know is one of the bedrocks of business success. How are you going to measure the efficacy of money spent on blogging, article or press release submissions? Attribution provides a sound matrix to answer many of these questions.
Sales Efforts Sequence and Resource Allocation
A business has to have its sales basics in position. How do you sequence an e-brochure, e-mail, e-book, phone call after a visitor has left behind an e-mail address as well as a phone number? Do you call first or send in an e-brochure? Do you have a fixed sequence or will you pass limited control to the customer?
A vital consideration is money. How are you going to direct efforts towards particular sales tools? Through web analytics, we attribute productivity to e-mails, website by origin, advertisements, social networking etc. Once we have this data in we are able to allocate resources.
Multiple Inputs for a Sales Channel
Various sales inputs are measured for productivity and allocated in Attribution Marketing. For instance, a travel company advertises summer vacation packages in a high profile magazine. It also sends out glossy catalogues to customers who have used services earlier and to those in a mailing list. Some buy these packages within a week and others purchase the same package after a month. Now we can attribute the sales of those who bought the package within a week. In Attribution the catalogue would receive a certain weight, much more than that of the advertisement in the magazine, while measuring the relative efficacy of the two sales tools.
The Attribution Challenge
The attribution difficulty
arises for those who bought the package after 30 days. How much do we attribute to the effect of receiving the catalogue and how much due to the effect of looking at the newspapers?
Typically, travel companies call up clients or send e-mail solicitations to opt in lists. So how much of the sales is due to calling up or writing to the customer? Nowadays, most travel companies have websites and often the order is placed online. The extent to which the travel package in question has been strategically positioned on the agency’s website and its relative outcomes is also an area of Attribution research.
Allocation between these options or “attributes” of effort is vital for a wealthy sales result. Proper allocation of the budget between catalogues, newspaper advertisements, phone calls, online advertisements, maintaining a good website and other forms of efforts has to be performed.
Sales Efforts Prop Each Other
A website is listed in a newspaper advertisement, so customers find the website and place their order. If stop advertising and expect sales through the website, it may not happen, because people are no longer aware of your company.
There are travel companies with only an Internet presence. For ground level services they tie up with other travel companies. Their responsibility is sales, tracking customer movement and handling complaints.
Look at the various forms in which they could promote sales: e-brochures, e-mails, blogs, websites, print media, phone calls and so on. Obviously, they have to measure the productivity of a dollar spent in any of these efforts. Attribution is vital for such an organization.
When formulating a media plan, always consider using attribution right from the start. Every dollar is a vital resource and should be spent effectively in your effort.
vistasad.com/advertising-services-dubai.html”>Anthony Dayal is the CEO of Vistas Advertising and Marketing, a Dubai-Sharjah based company which specializes in a full spectrum of services including web designing, animation, graphics and search engine optimization. Visit him at vistasad.com for multiple insights into the vast and fascinating world of the web.
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