“We need more conversions.”
At some point in their careers, every marketer has heard this. The more conversions you get, the higher number of deals you can close, so it makes sense that this is high on managers’ minds.
But the path to conversion isn’t simple. It involves a series of actions your lead takes as they travel down your buyer journey – and understanding which of your marketing efforts are the most successful in this journey is key to reaching conversion goals.
The question now is: “How do I learn what’s having the most impact?” With marketing attribution reporting, you can analyze how effective your marketing teams’ various campaigns and assets are.
What is Marketing Attribution?
Marketing attribution refers to all the different interactions a contact took that assisted in creating your desired outcome, such as a conversion, with an assignment of value to each engagement. The goal of marketing attribution is to help your marketing department see how their campaigns – paid ads, email, website visits, content, referrals, search -- impact a sale.
When it comes to reporting on marketing attribution, there are three models to follow:
- First Touch – First touch marketing attribution tracks the first step a user took to convert. For example, they searched for “creative services” on Google and found your site. The first touch is crucial because it begins the buyers’ journey for your potential customers.
- Last Touch – Last touch marketing attribution tracks the last step a contact took before converting. An example might be someone filling out their payment information on a sign-up form. The final touch is also critical because it shows the ultimate factor that resulted in that person converting.
- Multi-Touch – Multi-touch marketing attribution provides an overview of all the touchpoints or actions, including what content, where it was received, and how that user interacted with it from start to finish.
Why Use Marketing Attribution Reports?
Reporting of any kind can help you better understand what’s working and what’s not in your marketing strategy. Attribution reports specifically allow marketers to see their impact on the sales process and, ultimately, their influence on a person’s purchasing decision. More specifically, it can reveal:
- Insights into what your users like and don’t like in terms of digital marketing
- The most common pathways to conversion, and how you can replicate them for other leads
- How many touches, interactions, or points it takes on average to convert a user
- Your strongest and weakest content, particularly your best TOFU and BOFU material
- What platforms or channels generate the most first and last touches
- What you need to do to improve your buyers’ journey
Ultimately, different kinds of marketing attribution reports help marketing teams focus on driving more conversions by revealing what content, platforms, and mediums have the most significant effect on leads.
Get Help Building Marketing Attribution Reports
Now that you know why it’s essential to understand the actions someone takes on their journey to becoming customers, it’s time to build these reports! For HubSpot users, you can make these in your portal by navigating to the “Reports” dropdown and choosing “Attribution” under “Create a custom report.”
However, if you find yourself having trouble building these reports – or understanding marketing attribution – feel free to reach out! We’re here to help, so you never have to feel nervous when someone asks for more conversions.