Why You Should Not Let Multichannel Marketing Attribution Intimidate You
Multichannel Marketing Attribution. Sounds intimidating as it is, without even understanding the term, right? (I’m trying not to think of the initials – MMA).
Not to soften the marketing world or anything, but I never thought I’d come across a term in marketing that would fall into the same sentence as ‘intimidate’. But here we are. Welcome to 2018, folks!
Before I advise you against panicking over MMA – er, Multichannel Marketing Attribution, I mean – let me reassure you that you are not alone. Firstly, nobody wants to face Ronda Rousey in the MMA ring. Secondly, business-talk-time. eMarketer found that as of 2016, “58% of marketers spent time trying to understand cross-channel measurement and attribution in 2016 — a number that’s on the rise”.
So, it isn’t just some fad that’ll go away. And wariness over this particular, growing trend in marketing isn’t unwarranted, either.
Frankly, multichannel marketing attribution has become very important. In an age where an 11 year old is probably more tech-savvy than your average post-grad, we’re going to plop straight into the age of using as many channels as possible to engage with customers. Sure, the business model that revolves around attracting customers and conversions as the basis of success will be eternal. But the concept of how you reach that point is ever-changing.
Now, we’re talking paid ad space, push notifications on apps, online newsletters, and a host of social media strategies. You’ll notice that some of the biggest brands in the world are acerbically witty on their Twitter pages. It’s all part of creating a brand identity. But consider all of these factors together, and it’s so understandable to the point of transparency why marketers are struggling with this MMA concept.
It’s not as intimidating a concept as it is one that requires time and effort to master. Maybe that’s intimidating in itself. But hey – I’ve got all the time and effort in the world to tell you why multichannel marketing attribution isn’t something to be feared. In fact, it’s something that might potentially boost your business, if done correctly.
Become A Social Media Don
Pretty much every single Business-to-Consumer (B2C) marketer today is investing in multiple social media channels.
For example, if your business was a luxury clothing shop, get on Twitter and interact with your followers. Snapchat some hot new looks. Instagram your outfit of the day! There are so many ways to engage with consumers, and it’s guaranteed that nearly every consumer is on one form of social media at least. So, capitalise on it, rather than be boggled by it.
And let’s face it – there’s always that one social media campaign that sticks in your mind. Why can’t you be one of those? Be a lucrative channel for your brand. When it comes to e-commerce marketing, you can’t afford to ignore the drastic shift to online stores, so it makes sense to jump on online marketing.
Furthermore, as Facebook and Twitter and Instagram develop, they also develop metrics. Now, you can analyze which specific channels contribute however many views, likes, shares, and even revenue.
Sure, it might seem like a hassle on paper, but in practice, when everyone’s on Instagram anyway, maybe it isn’t. Maybe it’s just the way the market is headed now. So, get a hashtagging. It’s not only good for advertisement, but it’s getting your brand identity and personality out there, too.
Use Third-Party Tools Or Services To Do The Work
You grab customers through exceptional customer service. If it’s a website, then it’s through exceptional user experience. Clearly, you’ve found your niche – be it in selling goldfish or threading eyebrows – and you’re selling it proudly because you’re good at it. And yes, you’re probably good at advertising too. A few updates on your website’s blog keeps your customers informed.
But throw LinkedIn, Facebook, Snapchat, Instagram, Google+, Twitter and YouTube – to name a few – then suddenly your workload is more of a mountain than a molehill.
It’s a bit of a catch-22. If you stretch yourself too thin across these platforms, yes, you can certainly reach more potential customers. But if you’re stretched too thin, how can you provide that customer-centric service people crave so much?
Don’t be afraid to use third-party services. Some might be free, and some might be paid. But ultimately, it’ll be worth it. For example, if you need a hand with scheduling Tweets, then try TweetDeck for free. As your business inevitably grows, you’ll need help from fulfillment companies to assemble your orders and reliably deliver them to your customer.
Unify All Collected Data From Your Multichannel
By having a centralized database – or an information hub of sorts – you can take away the disarray the multichannel platform may have caused. Think of it like a dissertation (as painful and tear-jerking as they were). You’re essentially taking information and data from various sources and sticking them in one place, ideally a spreadsheet, so you can get a birds-eye view of what’s going on.
At this stage, you can go over the data you’ve collected from your customer per campaign. For example, if you looked at their data trail, you might see when they signed up or subscribed to your site. Then, they might’ve made a purchase. And another. Then another.
These patterns inform us of consumer behavior and allow you to tailor certain recommendations to them (similar to how Amazon or eBay operates). You can see what campaigns they were most responsive to; the campaign that drove a conversion; the campaign that drew them in in the first place.
Analyze Performance Across Campaigns
Now we’ve got a better picture of your customers and what campaigns are successes, you can compare performance across your multichannel.
You’ve got the data from your various channels and you’ve pooled them together. Yes, it’s very beneficial to analyze them separately. But take it up a notch. Compare the performance of your campaigns across the platforms, and see if they’re all as successful as the other.
Have a look at the conversions. Sign-ups. Information sharing. All of this contributes to accurate analysis and a broader picture of how the modern day consumer goes about their business now.
And don’t forget the demographics, too. Facebook might lag behind Instagram or Twitter, but what if you found that the latter two were 60% more popular in 18-25-year-olds, whilst Facebook held a dominant share of 70% of people aged 30-45?
This kind of analysis can uncover the good as well as the bad from your campaign. But really, you can only improve from that. If your Facebook demographic is older, then cater your campaign so it targets that particular audience. Conversely, create a more stylish, slick, on-trend campaign for the younger audience on Instagram.
Multichannel marketing attribution might sound like the business world has sent you on a mandatory wild goose (geese?) chase. However, when you think of the factors that are still inherently Marketing 101, it may be multichannel, but the secret still lies within creating a niche for yourself that you can target.