Marketing analytics is definitely booming. In fact, the amount spent on it is predicted to increase by a whopping 73% between 2015 and 2017. However, some marketing managers are wondering if it’s really worth it – if it is really a cost-effective way to drive sales. The short answer is “yes,” and here are four hidden secrets of marketing attribution to help convince you.
There’s Lots of “Freebies”
Some may hesitate about spending more on marketing analytics because they imagine that it takes a high level of investment to see a high level of results. However, it’s possible to do low-level analytics through resources such as Google Analytics in order to determine how different channels factor into the purchase process, such as determining whether the route from a click to a conversion is a straight line or otherwise feeds the top of the sales funnel in a cost-effective way. While it is possible to do much more with paid marketing attribution software, you can essentially get a preview of analytics effectiveness for no cost at all before making any major investment.
The Methodologies Are Constantly Improving
Another myth about marketing analytics is that the methodologies are not effective. While the truth is that no approach is perfect, using multi-touch marketing attribution is, according to Marketing Land, “10 times” better than relying on last-touch attribution. So, using marketing analytics software already puts you at an advantage. That advantage grows the more you use these programs because your own methodology and technique will improve. The bottom line? Using marketing analytics will start you out ahead of the race, and that lead grows the more you use it.
It Puts You Ahead of the Competition
Despite the previously mentioned advantages of multi-touch marketing over last-touch, Forbes discovered that “over 50 percent” of marketers are still relying on last-touch because, in all likelihood, they have not discovered the right “tools or vendors” to take them to the next level of marketing. This presents a unique opportunity for marketers who DO embrace marketing analytics for marketing attribution to gain an advantage over half of their own industry. Combined with the versatility of marketing analytics – that they can be customized for different companies to acquire and use the data they find most relevant – this offers the best of both worlds: A more individualized marketing solution that also helps you to stand out in a crowded sector of marketers.
You Can Begin With Very Little Data
Similar to the hesitation over the cost of marketing analytics software, some marketing managers hesitate about analytics because they think they need reams and reams of existing data in order to get started. However, this is untrue on a number of levels: as Forbes reports, third-party data providers “can fill in any gaps” when it comes to vital data. Companies can see improvements almost right away by using basic data about marketing channels. The nature of this type of software is that the more you use it, the more data you have … and the more data you have, the more effective your company can become.
It’s natural to be a bit skeptical about the effectiveness of marketing analytics software. After all, theories are one thing and outcomes are something else. Fortunately, you don’t have to take our word for it: Be sure to request a demo to see how effective Marketing Manager can be!