A Guide to Finding the Best Marketing Attribution Software
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As time progresses, the landscape of the modern digital marketing is becoming more and more complex. Today, marketing is facing more and more challenges and dealing with more channels. This all makes it more difficult for teams to measure, understand, and evaluate the results of their advertising campaigns. This is where the best marketing attribution software comes into play.
Marketing attribution software helps marketers determine the most effective advertising channels and platforms for their campaigns. With the help of digital marketing attribution, you can identify what content motivates users to interact with your advertising and make a purchase. By using marketing attribution correctly and accurately, you can covert more customers by spending less money.
Thinking of using marketing attribution software for your business, but struggling to find the perfect one? In this beginner’s guide, we will provide you with everything you need to know about choosing the best marketing software for your campaign. You will find valuable insights and expert advice that will encourage you to make the right choice.
Understanding The Best Marketing Attribution Software: What Are the Benefits?
By using marketing attribution software, you can significantly improve your marketing team’s performance and achieve better results. Here is a list of the most significant benefits of this software:
- Tracking and attributing marketing interactions to conversions. Digital marketing attribution software utilizes smart technology to analyze all the actions users take, including seeing ads, visiting a website, adding a product to their cart, and more. Marketers use this crucial data to make smarter choices and improve their marketing campaigns.
- Better return on investment (ROI). With the help of attribution data, it is possible to figure out what marketing activities and tools you use help to drive website traffic and conversions. As a result, you can focus more on the things that work rather than on those that do not. Instead of blowing money on inefficient strategies, you can invest more finances in bringing in more customers and increase sales.
- Accurate analytics and reporting. Marketing attribution software provides accurate and comprehensive reports on marketing performance. Typically, these reports include such metrics as leads, traffic, sales, cost per acquisition, conversions (by channel), and more. You can use this data to improve the performance of your marketing campaign and track your progress.
Types of Attribution Models To Be Familiar With
With the help of different attribution models, marketing specialists can understand which touchpoint leads to a purchase. Here is a list of common attribution models below, so you can decide which one is better for you:
- First-touch or first interaction model. Just like the name of this model implies, it gives full credit to the very first click or interaction the user has with your brand before conversion. In other words, the model focuses on the customer’s initial point of contact. It is considered the most simple attribution method. What is good about it? It is the perfect model for those who want to track the time it takes for customers to convert across various channels, or, what channels are most effective at introducing your brand to new customers .
- Last touch or last interaction model. This model is the complete opposite to the first-touch model discussed above. That means it gives credit to the very last touchpoint that occurred about the customer’s conversion. It is a very beneficial model for shorter sales cycles with few touchpoints and understanding exactly what channel conversions are coming from.
- Time decay attribution model. It is a multi-touch attribution model that assigns credit to touchpoints occurring closer to the point of purchase. This is how it works: the initial touch receives the least amount of credit, while the last one gets the most.
- Linear attribution model. This model gives equal credit to each touchpoints. If you would like to maintain awareness throughout the entire buyer journey, this model might be exactly what you need. For example, if there are four touchpoints (organic, paid search, paid social, and email), they all will receive 25% of the conversion value due to the equal distribution. This makes the linear model very simple and easy to understand.
- Position-based attribution model. This model is also known as U-shaped model, and it divides credit between the two most crucial touchpoints. The first one, how a customer found out about your brand or products, and the second, what channel converted the user to a paying customer.
- Marketing Mix Modeling. This is the most complicated model. This model uses data analytics and algorithms to assign credit to interactions based on their impact on sales and conversions. With this model, marketers rely on automation as a way of determining which channels should receive credit.
It is crucial to understand that there is no such thing as “the best attribution model”. They all have their advantages and disadvantages, and you do not have to limit yourself to one. You can try them all and observe their performance.
What Should You Consider When Choosing The Best Marketing Attribution Software
Let’s explore the key considerations you should keep in mind when selecting marketing attribution software for your business.
Compatibility With Existing Marketing Channels And Platforms
Why do you need to ensure compatibility with an existing marketing attribution platform or channel? When you select compatible marketing attribution software, you can analyze and track the performance of your marketing campaigns across multiple channels. These channels include search engine advertising, email marketing, social media, and more.
It also saves you from headaches. You don’t have to worry about complex setups or switching to new platforms. Compatible software becomes your marketing team’s superpower.
Scalability, Flexibility, and Customization
Let’s break down each of these aspects.
The first one is scalability, which means the ability of the software you choose to grow with your company. Imagine you have a universal backpack that you take with you everywhere. It is spacious, durable, and has adjustable straps. You want to have the best marketing attribution software that is like this backpack. You want it to be flexible, easily adjustable, and be able to accommodate more channels and data.
The second component is flexibility. Think about your smartphone with different apps, features, and settings. You can easily switch the running apps through quick gestures on your phone’s screen depending on your needs. Similarly, you want software that is adaptable to changes in your industry and allows you to explore new ideas, data visualizations, and your approach to data analysis.
Customization options in marketing attribution software also play a crucial role. Think about it like this: you drive a car with a personalized dashboard. You can arrange the features, buttons, and gauges to make them suit your preferences and needs. With customizable software, it is the same. It enables you to create personalized dashboards, reports, and data visualizations that suit your brand’s needs.
Features and Functionality
If you are on a mission to find the best marketing attribution software, there are specific features and functionalities to look out for. Let’s take a closer look.
Here are some features to keep an eye out for:
- Multi-channel tracking. This is one of the core features that marketing software should possess. It allows the software to track and attribute conversions across different marketing channels. They include email marketing, social media, search, and others.
- Cross-device attribution. It is the process of tracking and analyzing interactions across various devices before a user makes a purchase.
- Data integration capabilities. This feature allows software to connect and exchange data with another marketing attribution platform, other channels, and marketing analytics dashboard tools that you utilize for marketing.
- Real-time reporting. This feature allows you to access up-to-date data related to the performance of your marketing campaign. As a result, you’re marketing team is able to take quick action, implementing strategy adjustments as needed based on real-time data.
Budget and Pricing Models
When choosing a marketing attribution tool, you should evaluate your specific needs and budget. Analyze your financial resources and decide how you are willing to pay for the software. Do not forget that there are certain factors that can determine the costs of the software. They include unique features, functionality, business size, and the pricing structure.
However, it is not just about the cost. You also want to know what you will get in return, right? When you are choosing software, ask yourself: “Is it worth investment?” How will this software help you improve your marketing and increase ROI? It is always better to investment in software that will handle your future marketing needs.
Exploring different pricing models is also important. Here is a list of a few pricing models that you may come across when searching for marketing software:
- Subscription-based pricing model. According to this model, a customer pays a monthly or annual fee to access and utilize the software. It is like a streaming service, where you pay for your subscription every month. As long as you keep making regular payments, you can continue to use this software and enjoy its benefits.
- Usage-based. In this model, the cost depends on the actual usage. It is like paying your electricity bill every month. The more you used your software, the more you will have to pay. If your marketing needs fluctuate, this model might be beneficial for you.
- Enterprise-level pricing model. You should consider this model if you have a business with higher demands and complex needs. You will need to talk to the software provider and discuss the pricing features and specifications. Typically, this model offers extensive customization options and more advanced features.
It is crucial to pick the pricing model that most aligns with your company. Each pricing model has its advantages and disadvantages, so take your time to carefully review and evaluate them.
Assessing Integration and Support
When it comes to selecting the best marketing attribution software for your business, seamless integration with your existing marketing technology stack is crucial. What does it mean exactly? Imagine you are participating in a cooking competition. Every ingredient you are using for your recipe represents a different marketing tool. These tools/ingredients work and mix together to create a “delicious” marketing campaign.
However, one secret ingredient can make all the difference with flavor and dramatically improve the quality of your marketing strategy. In this case, that ingredient is marketing attribution software.
You may wonder, why is it important? Well, if there is no seamless integration, you may end up with incomplete data and a lot of guesswork. Instead of being a valuable investment, your software will be a waste of money.
If you have a business that relies on marketing campaigns to drive sales, you may benefit from using attribution software. However, choosing the right software can be challenging. There are several core factors to consider, including compatibility with existing marketing channels, scalability, flexibility, customization, features, functionality, and budget. You should keep these factors in mind and conduct through research to make a balanced decision.
Finding the best marketing attribution software for your ecommerce business makes all the difference in the success of your marketing campaign. Therefore, you should never rush with the decision about which software to apply.
If you need professional help, we invite you to book a demo with one of our attribution experts today. At Growify, we offer robust multi-channel attribution, budget tracking, and a creative performance hub that allows you to measure the performance of your marketing campaigns using more accurate data.
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