Advertising Attributions – Conversion Tracking Benefits
Chief Marketing Officers are constantly pressured to provide results through their marketing strategies. Those of us that understand marketing as a whole, understand that success is measured in many ways. However, we understand how marketing and advertising attribution functions. It’s an ecosystem, and like any ecosystem, it’s strength lies in unity. Each cog in the wheel doing its job for the good of the whole.
As a marketer, you’re creating opportunities for growth. You are building a brand. This is not a “turn it on and rake in the cash” effort. You are the visionary in a long-term relationship between your brand and ideal buyers. You are crafting, molding and planting seeds that, when done with intention, you’ll rest under the shade of one day.
Marketing and Advertising Attribution
Your brand story is meant to engage engage buyers. Exposure is key, but there is always a tipping point where the ROAS needs to make sense. Enter: performance metrics. Ensure you are focusing on the effective avenues. This can be immensely crucial when marketing budgets are limited. The goal should be to properly track performance across all marketing channels to optimize ad spend.
This can seem quite simple to a young marketer. We have noticed it is challenging even for experienced marketers and media buyers. We tend to stick to what we know and do not grow from there. It is time to grow and track advertising attribution effectively.
We aim to provide the information and resources needed to execute successfully. Take inventory of what you are currently doing and provide you insight into effective marketing attribution also known as conversion tracking.
What is Conversion Tracking?
Conversion tracking, or sales attribution, refers to the manner in which you gauge and analyze performance. It’s tracking the customer’s journey through your funnels with their goals at the helm. Funnels are also known as the path that the customer takes from marketing to purchase or any goal you’re investing in. Because it is an investment, and like any investment, it takes skill and time.
Conversion tracking and attribution reports provide marketers deep insight into the pulse of their marketing efforts. Digging deeper into touch points, bounce rates, and how users are interacting with their brand. That is just the surface of what you can gather from data and key metrics. They provide you a great avatar of what your ideal customer looks like. Showing the effectiveness of a marketing vertices provides insight into your budget allocation and allows you to scale what is working or shut down what isn’t.
Marketing and advertising attribution, what’s in your metrics toolkit?
The best place to start is with what you are already doing and what you are familiar with. Your marketing and advertising strategy can expand as you put the pieces together.
However, maybe you haven’t been able to find effective ways to track attribution and you find yourself always scrambling to show how effective your marketing strategies are. That is ok, that is why we are here to help.
What is most commonly used for tracking is Google Analytics. Google Analytics can be an amazing tool that allows you to track your site performance. It is imperative that you install Google Analytics properly though. I can’t stress it enough to make sure everything is installed properly. It happens too often enough that users just do the basic install and follow the results blindly.
That is why you always need to have multiple tracking sources and tools to compare and create effective marketing campaigns. This will allow you to truly follow your customer’s journey through your sales funnel and decide where to optimize.
How much should I spend when testing?
Cost is always a subject that comes up with attribution and it is important to set realistic budgets that will provide enough data to make the best decisions. The biggest mistake we say inexperienced marketers make is make hasty decisions after a small test. It can be extremely frustrating to keep changing your marketing strategy because it isn’t working but find out that you never tracked anything properly. Budgets are important to set and commit to along with run dates. A great test run is always 90 days. Which means you set a budget that you are comfortable testing for 90 days. At scale this can mean you can test $10k a month or $1k a month. Depending on where your comfort level is. However, $10k a month will provide you significant data that will allow you to significantly scale up and understand your audience.
How will tracking conversions benefit me?
Although we have gone through the many ways tracking will help you, I’d like to break it down and simplify it.
Dynamic Creative Optimization
Will provide you insight into what messaging and imaging your audience is responding to, allowing you to hone in on what works best for your brand image.
Increasing your return on ad spend will allow you to continue to invest in marketing and drive more revenue for your brand.
An effective ecommerce site can run significant revenue and if you figure out all of the kinks and optimize the little things that may be holding you back, you can create a site that will always drive revenue for your brand.
Take Marketing Risks
Now that you realize what works for your brand you can take risks. Try new marketing strategies and test out new messaging and imaging. Which will allow your marketing strategies to grow and flourish.
How do I improve my conversion tracking?
The key as mentioned above is to take inventory of what you are currently doing and break it down to make sure it is working properly. Then you can get your development team to include more tracking that will properly track users throughout their journey. For example, many sites only track users on the first click.
How many times have you purchased something on the first click?
Or as we joke here in the office “who wants to get married on the first date?” Advertising is meant to re-engage your loyal brand ambassadors, but primarily to grow new buyers. This is called “cold traffic,” meaning, they just met you. Why do they want to marry you (or, give you their valuable resources of time or money) But with enough exposure and working them through that sales funnel, your ideal buyers will be ready to invest more time and finally, money.
The key is to continue to track users, making sure you know where the user journey began and how it ended in a sale. With Traffic Roots, we provide you development resources to make sure all of your tracking is working properly. This allows you to get the best out of your marketing campaigns.
We have had clients who are delighted with their eComm analytics for sales attribution with Shopify, BigCommerce, and Woocommerce. Robust and user friendly, we believe they are the best platforms to host with. Reach out and we’ll show you a few examples.
Improve your ROAS today!