What is meant by Market Attribution?

Marketing strategies are evolving with time. Today marketing has become more science than art. There are different approaches to quantifying market attribution and marketing performance. The quantification of information and the empirical analyzation of details to find out the effectiveness of a marketing strategy.

One marketing technique that has received a lot of attention both among marketers and academicians is market attribution. If you are hearing this word for the first time, you are not alone. Most people don’t know what is meant by marketing attribution, and how is it relevant to a business.

Market Attribution

In this article, we will lay out the key point that every business owner should understand regarding market attribution and website support chat.

What is Market Attribution?

The roots of market attribution can be traced back to the attribution theory developed by psychologist Fritz Heider in 1950s. The attrition theory states that people assign meanings to events. People then examines and synthesize the information a casual judgment.

The application of the attribution theory is marketing is spurred by the onset of digital marketing. The information available through digital marketing channels. These includes email marketing, social media, website support chat and organic search. They encourages marketers to seek techniques that allowed its effective usage. This has resulted in the formation of marketing attribution technique.

In its simplest form, marketing attribution refers to assigning a value to a marketing channel in terms of how it influences the purchase decision of the customer. For a marketing manager to make an informed decision, it is important to understand the value of each marketing channel.

How to Measure Market Attribution

The fact is that the customer journey is not always linear. A customer can visit a website through multiple channels using different devices before making a purchase. For instance, a customer can visit a link on Twitter, a link on organic search result page, paid advertising link, website support chat, or clicking on a retargeted ad on a website.

Unlike other measurement methods that are mostly ‘black and white’, market attribution adds a shade of grey when measuring customer journey. Assign proper credit  to the channel based on the influence it makes on the purchase decision of the customer. Better still,  attach the percentage value to a channel depending on how it influences the customer purchase.

You can develop the Advanced attribution models  to find out the relationship between different channels.  A customer that has arrived at a site through online searches and is using website support chat will behave differently than a customer who has seen an ad on TV. Understanding the interaction (digital to digital versus broadcast TV to digital) can help in improving the marketing strategy.

Conclusion

The aim of the market attribution is to find out touch points that are effective in conversion, like website support chat. In this way, a manager can better allocate the resources and optimize the effectiveness of market expenditures. Besides,  identify the channels and assign a value to them. It is important to measure the different channels and study how the customers interact with each channel. Marketing attribution technique can help in determining the importance of each channel in the customer purchase journey.