Why Marketing Attribution is So Challenging and What to Do About It
How did you earn your last few clients? If you’re like many of our subject matter expert clients, I bet at least one came from a referral. But are you sure it was just a referral? Or was it a specific piece of marketing? Or a combination of things? That’s where the question of marketing attribution comes in.
Today, we’re exploring why attribution is important, why it’s so darn difficult, and what you can do to make it work for you. The Spring Insight team dives into this in detail in the video below, so be sure to check it out for more insights!
What is Marketing Attribution?
Marketing attribution is all about figuring out which of your marketing efforts led to a specific result. Whether you’re launching a new service, enrolling people in a webinar, or running a lead generation campaign, understanding what works helps you dial up successful tactics and dial down the duds.
Why Attribution is Important?
Knowing where your clients come from is crucial for several reasons. You want to invest your time and resources wisely. Whether it’s the time you spend on marketing or the money you allocate to advertising, attribution helps you identify what efforts yield the best results so you can focus on them.
The Rule of Eight
One concept that has been around as long as marketing itself is the “Rule of Eight.” The idea is that you need at least eight touchpoints with a prospective client before converting them into a paying customer. The first four touchpoints might be indirect, such as seeing your blog post or LinkedIn update. The last four might involve more direct engagement. The theory goes that after about eight such touchpoints, your potential client will have seen and understood what you offer them and decide to engage with you as a paying client. This necessity to reach your potential customer in all these different ways at different times is part of the reason marketing attribution is not all that straightforward..
A Real-Life Example
Let’s bring this to life with an example. Imagine your last new client is named Jane, and she was a referral from your college classmate, Lynn. When you think about how to attribute this lead, it sounds straightforward, right? This is a straight referral. But think about it: How did Lynn think of you? Was she always thinking of you?
Or did she see your recent blog post on LinkedIn, which reminded her of your expertise and prompted her to refer Jane to you? I’m sure you’re fabulous but it’s unlikely you are top of anyone’s mind all the time, least of all Lynn, your college buddy who you haven’t talked to in 14 years. The likely scenario is that Lynn saw something about you that triggered her to think about you and make that referral.
In this case, one referral has at least three touchpoints: a referral, a blog post, and a LinkedIn update. This complexity is what makes attribution so tricky.
Embracing the “Yes, And” Approach
So, how do we solve this attribution conundrum? Unfortunately, there’s no magic bullet. The answer lies in embracing a “Yes, And” approach. You need to be all-in with your marketing efforts on multiple fronts:
- Networking? Yes, and…
- Social media? Yes, and…
- Blog posts? Yes, and…
- Newsletters? Yes, and…
- Videos? Yes, and…
You get the idea. It’s about amplifying your message across various channels and repurposing content to reach your audience effectively. Remember, you don’t have to do it alone. Hiring a fantastic team can help you distribute your message across different platforms.
Asking the Right Questions
Asking questions is a great way to get to the heart of the matter when it comes to marketing attribution, but you have to ask the right questions to the right people. When a new client comes your way, don’t just ask, “How did you hear about me?” Dig deeper. If they say it was a referral, call up the referrer and ask how they thought of you. Did they read your blog post or see your LinkedIn update? People are usually happy to share their thoughts, especially when you’re reaching out to thank them.
Leveraging Technology
While not always practical for smaller businesses, there are specialized software solutions like HubSpot that can track user movements. These tools allow you to create more detailed attribution models by following a prospect’s journey from awareness to interest to purchase. If your business can support and gain value from this level of customer journey tracking, it is an excellent way to clear up the confusion on marketing attribution.
Thanks for reading (or watching!) us untangle the complexities of marketing attribution. We’re thrilled to share our video insights with you every Tuesday, so subscribe to our channel for the latest updates.
If you’re feeling overwhelmed by the need to do all the things, don’t worry! Spring Insight is here to help you set up a robust marketing strategy that covers all the bases. Schedule a complimentary consultation with us at Spring Insight. We’d love to chat with you and help your business thrive!