We are so excited about 2020, as it’s going to bring a lot of changes, innovations, and opportunities. But, at the same time, it will bring many challenges for digital marketing. A digital era (and the era of AI), bring us a diverse range of technology tools to help marketers. We can easily create content, make designs, launch YouTube channels, streamline, podcast, reach a large audience, and many more. The problem is…almost everyone does it. Good news! Marketing attribution tools will help marketers to not get lost in this diversity of marketing channels, and prioritize them properly.
“2020 is about data-driven approaches in digital marketing. And, if you still underestimate marketing attribution importance, read this post.”
Neil Patel has already shared some predictions for 2020 digital marketing strategy. According to Neil, the main ‘pains’ of marketers are that we all use diverse channels, outreach is dropping down, and it’s hard to stand out from the crowd. He suggests to multicast, to use different online distribution channels, and still pay attention to content. Neil also predicts AI future of digital marketing.
There must be a good solution for digital marketing in 2020?
Marketers can waste their time making a wrong conclusion regarding the effectiveness of each channel. Digital marketing today is not about choosing the right channel but understanding the customer journey and multi-channel way to reach out to your target audience. If you got leads or purchase from your Facebook ad, it doesn’t mean you need to invest more in Facebook ads. Your customer might have decided on the purchase while watching YouTube ad of your brand or checking your blog. How to understand the customer’s journey? The answer is marketing attribution.
What is marketing attribution?
Let us remind you of the definition of marketing attribution.
We defined Marketing attribution as an organized set of rules that attribute credits for different touchpoints across the customer journey.
You need to track every step, reaction, and behaviour of your customer to measure the right efforts of each marketing channel you use. That is a marketing attribution modelling.
First, let’s step back and look at this quick overview of the digital marketing trends for 2020
Content is still a King. Content creation is still the main SEO approach to reach your audience.
The future is AI. Marketers will use AI in software products and services to analyze consumer behaviour and search patterns, using data from different sources. It was predicted by Gartner analysts that by 2020, AI technologies would be pervasive, increasing personalization and automation of the marketing actions. And, they weren’t wrong.
Influencer marketing. Influencers help brands get noticed or skyrocket thanks to a word-of-mouth approach. And, in 2020 this trend will just increase.
Voice searches and smart speakers. Due to increasing usage of voice speakers like Alexa, marketers need to put smart speakers ‘on the map’ of their marketing strategy.
AR and VR to stand out. These tools will be more useful for marketers, especially for retailers and e-commerce, engaging its users more innovatively.
For example, IKEA is already having its own virtual “PLACE”.
Marketing technology tools. Marketers will use more software and digital tools to boost marketing efforts, automatize the process, and track data.
Data-driven marketing. Digital marketing today is all about data and analytics. And, the ability to properly track consumers behaviours and analyze data will drive marketing performance.
Marketing attribution will take precedence. As you can see from the list of digital marketing trends, there are many of them, and most of the marketers will use. This means that they need to track all marketing actions and customer journey using marketing attribution tools.
Marketing Attribution trends and tools that will change digital marketing in 2020
1. Data-driven attribution in digital marketing with AI and machine learning tools
Data-driven attribution gives the most credit to your best channels and eliminates underperforming ones. However, to apply this model you need an expert data scientist, and other resources to conduct the measurement properly.
Data collection of the marketing actions is a pain for marketers, as in some cases, like with offline marketing, it’s hard to evaluate a customer’s behaviour. While using different touchpoints in marketing, the use of data-driven attribution tools that help to understand when and how various marketing channels contribute to those conversions are very important for defining a marketing strategy.
Thanks to data science, and its tools like AI or machine learning, marketers can predict ROI and ROAS in their 2020 planning more accurately. Marketing managers apply AI and machine learning to unified cross-channel campaign data.
Watch as strategist Bryan Kramer reveals how marketers can benefit from AI.
2. Multi-touch Attribution Marketing
There is a big variety of marketing attribution models, but the trend is a multi-channel marketing attribution model. What does this mean?
When a marketer wants to track the right channel that brought higher conversions or sales, the main mistake can be a focus on the last touchpoint. If the customer saw your ad first on YouTube, then checked your website, then purchased your Instagram, it doesn’t mean that Instagram works better. It’s important to estimate the whole customer journey with the help of a multi-touch marketing attribution model.
3. Cross-Device Attribution
We are not only using different marketing channels at the same time but also various devices. According to the study, conducted by Google back in 2012, consumers use different devices to start their purchase. And as in 2020, we will have even more devices to use and marketing channels to apply, cross-device attribution is something marketers can’t avoid.
Another study by Statcounter shows that desktop and mobile are switching roles. And, the emergence of new devices will increase this tendency. Maybe in the near future, we will get another device that will replace smartphones, for example.
Instagram and other social media are improving and adding more features for shopping. Now, you can click on the Instagram picture and make a purchase. This will also reflect the way consumers use their devices.
Why is it important to use marketing attribution tools?
One of the main Marketing Attribution trends for B2B is attribution software. According to Google, over 76% of marketers already use marketing attribution. And, the technology market offers more and more different tools like marketing attribution software to take digital marketing and analytics to another level.
Karen Sauder, VP of Sales at Google, says:
“The mistake of many marketers is that they’re waiting for a perfect measurement solution that doesn’t exist.”
And, here is the list of attribution tools.
– Multi-channel funnels overview
– Assisted Conversions
– Top Conversion Paths
– Time Lag
– Path Length
– Model Comparison Tool
– Google Signals, and more
Facebook Attribution and other social media channels also have big lists of attribution tools.
And now imagine, you need to use them all, collect data, analyze, and prioritize.
To do these actions and optimize marketing ROI in few clicks and place all your marketing metrics in one place, choose the best marketing attribution software.
WINDSOR.AI’s clients typically improve marketing ROI by up to 30%, free themselves of unprofitable campaigns, and focus their marketing with data-driven customer journey insights. We use trendy AI and data-driven analysis combining with attribution modelling that tells you what works and what doesn’t.
This is going to be a challenging year for marketers. Almost everyone using the same marketing tools, to stand out and increase conversions, we still need to use more marketing channels. And tracking data will become a real pain for marketing leaders. Marketing attribution is the best approach for marketers to use the data properly and prioritize marketing efforts. Choosing the right tool to measure customer journey is a key point to overcome 2020 marketing challenges.