Accurate attribution data can benefit your teams by showing the demonstrable ROI of your marketing efforts.
For example, let’s say your team spent $2,000 on Facebook ads, $1000 on radio ads and $2,000 on Google ads. That $5,000 generates 100 leads. But if you don’t know which channels the leads originated from, how can you determine which channel’s budget to increase or decrease?
Once you’ve implemented Google Analytics, you can develop your tracking strategy by customizing UTM parameters for campaign reporting and managing events to identify the value of each different action, like link clicks, downloads or demo sign-ups. Finally, you can integrate with your CRM to get thorough source attribution data from contacts who fill out forms on your site.
Clearly, in this example, Google ads were the most successful and generated the most bang for your buck at about $33 per lead. The cost per lead of radio ads tipped the scales at $100—and resulted in far fewer leads. Armed with this quantitative data, you can confidently inform the leadership of your decision to reallocate the radio ad budget to the Google ad budget. If all goes according to plan, your leads will grow with your budget.
Let’s revisit our example data. Without advanced attribution, you may never see that while the radio ads only generated 10 online leads, they also resulted in 25 calls, driving the cost per lead down to just $28. This bigger picture view shows that Facebook ads were the least valuable marketing channel, a fact basic attribution obscured. Advanced attribution, on the other hand, optimizes your marketing efforts and steers your spending in the right direction.
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