It is quite helpful to have expertise in handling attribution modeling as a successful marketer because it will help you identify the areas where you should spend and not spend your marketing budget.
However, sometimes, lack of knowledge becomes an issue and instead of revealing the truth, marketers start to make guesses regarding attribution modeling.
Marketing attribution if done correctly, can provide a complete insight to the marketers, and they can understand the behavior of their customers accurately.
But, if it’s not done the right way, then misconceptions and concerns will unearth. These concerns need to be resolved because attribution modeling cannot be blamed for the lack of results.
Myths about attribution modeling
Here is a list of 10 common myths about attribution modeling that every marketer needs to understand and of course, leave behind.
1 – You need a Degree in Rocket Science to understand Attribution Modelling
Typically, attribution modeling is analyzed and understood using the help of an attribution modeling software.
However, some marketing attribution modeling software’s are designed in such a way that they require a lot of knowledge to handle them efficiently. It makes things more complex because enterprises require extensive training to get the best value out of them.
But on the flipside, if you review the list of popular attribution models, they are not very complex to understand. Most models provide quick and easy insight into the performance of each channel, which really doesn’t require any extensive marketing analytics or number crunching science to understand.
Similarly, you can use multi-touch attribution modeling software like Windsor that is not only user-friendly and equipped with result-driven features but is also backed with data scientists to help you along with every step of the way.
2 – Replacing Last-click with other Attribution Model might resolve issues
Marketers are well aware of the most popular, last-click attribution model, which tracks the final touch point of a visitor before converting into a customer.
But, the real issue with this attribution model is that it cannot view the whole customer journey. It gives all credit to the last marketing channel before the conversion.
But static models will only highlight specific areas of the customer journey towards conversion, not the whole process.
3 – You need to have a Huge Marketing Budget
As most of the marketing attribution software’s are designed for the enterprises, which can afford any price tag. Some software costs well over 6 figures and even 7 figures in annual recurring expenses.
Though most of these software’s might be steeply-priced some of them are budget-friendly and reduces spend on the marketing budget. They give quick and visible ROI from marketing expenses.
For example, Windsor.ai is an affordable Marketing Attribution Software that can be easily implemented and delivers quicker Marketing ROI.
Check out these marketing attribution case studies to learn more about how Windsor helped organization’s save tons of marketing budget.
4 – Attribution Modelling Is only helpful for Large Enterprises
Small and medium enterprises believe that attribution modeling can only be used by enterprises. They are only helpful for marketing channels with spending in excess of millions.
However, it’s only a misconception. If you are part of a small or medium enterprise, you can reap all the benefits of attribution modeling similar to large enterprises.
The key thing here is to discover marketing channels or campaigns that bring or doesn’t bring in results. And this objective is the same for each organization. The more targeted or result oriented your marketing investments, the better ROI you will get.
5 – Using only Marketing Attribution Software is enough
Some enterprises believe that only having an attribution modeling software is what they need to do in order to fix the problem. But that’s not correct.
It is only the first step towards a successful marketing performance evaluation. They help you in finding top performing marketing channels and successfully implementing them in your strategy. But it’s up to you to use them effectively for business growth.
6 – Retargeting Last-Click Attribution might not be effective
Retargeting is undoubtedly an excellent technique to target already interested prospects.
Though Last Click Attribution Model might have its shortcomings, retargeting the last click marketing channel has its benefits. In some cases, it is the last customer touchpoint, before a conversion.
Targeting that channel can easily boost the sales of a business or whatever the marketing objective is. It also helps them to invest their marketing budget on a platform with more conversion possibilities.
7 – Marketing Attribution only works for Online Marketing Channels
Since attribution software’s were web-based and focused entirely on online marketing channels, they didn’t account for offline or traditional marketing channels.
However, for a lot of enterprises, offline marketing proves to be a major success factor.
There are many businesses that are getting customers from marketing events, in-store activities, TV ads and so on.
Due to this, marketing attribution software accounts for offline marketing channels such as TV Ads Performance too. This helps in getting a much better picture of your marketing investments across online and offline marketing channels.
8 – Marketing Attribution Is nothing more than Assumption
It is definitely a wrong belief that marketing attribution is totally guesswork because. It is designed specifically to monitor your marketing channels and how it accounts for business goals.
Sometimes, selecting a wrong model and less marketing expertise can make things worse. Marketers think it is because of the attribution model, which is nothing else but a clear misconception.
Data-driven attribution models use advanced machine learning and artificial intelligence algorithms to identify the true performance of each marketing channel.
9 – Data can be Integrated with only limited Data Sources
Some marketers have concerns regarding data integration with attribution software. They think that it might be tough and sometimes, an impossible task to integrate all data. But that’s not the case.
Top Marketing attribution software like Windsor.ai understands these issues. It enables users to integrate any marketing data sources with its attribution platform.
It’s not only quite easy to integrate but also effective as well. The integrated data can easily be worked on and even pushed to 3rd party marketing dashboards.
10 – The Brand Presence can’t be tracked In Long-term
Brand presence matters a lot to the business for long-term success because it has the potential of improving the sales volume.
Attribution modeling not only tracks the short term presence but also measures all factors that contribute towards the long-term presence of a brand. It just requires the right attribution model, software and experienced person to handle it successfully.
Attribution modeling help businesses understand marketing performance, credit the right marketing channel and create effective marketing plans. This powers their brand impact, engage customers, drive sales and improves marketing results.
Getting rid of all these misconceptions is the only way to think positively towards attribution modeling and get the maximum return from each marketing campaign or channel.
Do you have any concern about Attribution Modelling? Let us know in your comments and our experts will answer it for you.
Want to Boost the Performance of Marketing? , book a Free Demo of Windsor’s Marketing Attribution Software, to see how it helps you get the best out of your marketing activities.