If you are an entrepreneur or marketer, then it is important that you understand the concept of marketing channel attribution. This is true whether you drive traffic to your site, do affiliate marketing, use organic traffic, or paid traffic. If you don’t know where your traffic is coming from, you can’t gain key insights that help you grow your brand. Get a head start by reading this primer on marketing channel attribution.
The first thing that you need to understand is that analytics is your friend. Analytics allows you to see exactly what your traffic is doing once they hit your page. They also help you see how your traffic is attributed. For instance, someone coming from Social Media might be worth more to your business than someone from email. The way to know this is with an understanding of conversion rate data generated by analytics.
To understand marketing channel attribution, you need to know how much a visitor is worth to your brand. This is calculated based on their conversion rate. Essentially, it is how much they buy compared to how many times they visit your site. Email signups or free trials are another metrics you can look at as well. Once you know this, you have a better idea of how to attribute marketing channels for conversions:
Deciding How To Set Up Your Attribution
In analytics platforms like Google’s free flagship program, you can see exactly what the path is that your prospect took before either bouncing or converting. This means you can see if they hit your site after clicking on a paid ad, social media link, or email promotion.
This is important because, with some of your partners, you might have attribution agreements that say if the visitor converts within 30 days after visiting your site through their affiliate link, they get a commission. If you don’t know exactly what the attribution model is, then you can’t get paid and vice versa, so decide this in advance and set up your analysis software to trigger it based on those parameters.
In today’s digital marketing world, long gone are the days where there were only one or two channels to deal with. Today, savvy marketers need to have their fingers on the pulse of all their channels. That way, you can attribute sales and conversion the proper way. This will boost your profits, please your partners, and let you run analysis on your data to take your results to the next level.