Mobile marketing is dominating digital marketing right now. Since the iPhone launched in 2007, smart devices have quickly become an everyday necessity. Our phones are almost indispensable and are vital in how we communicate in our daily lives. In 2014, the number of mobile devices exceeded the number of people in the world, at over 7.7 billion devices. The growth in use of mobile is showing no signs of slowing down,
While these consumer stats are overwhelming, mobile is also big business in B2B. Research from BCG found that 80% of B2B buyers are using mobile at work. Moreover, some 70% of B2B buyers increased mobile usage significantly over the past two to three years, and 60% expect to continue to increase their mobile usage.
A recent report from Forrester Consulting demonstrated just how much of a priority mobile marketing is for today’s marketers. The report stated that 86% of marketers considered mobile as playing an important role in acquiring new customers. In addition, 75% of surveyed marketers considered increasing customer loyalty to be their second highest marketing priority with 77% of them stating that mobile could help them achieve this goal.
However, the report also found that while mobile marketing adoption is high, marketers are not using sufficient measurement practices.
The Problem with Measuring Mobile Marketing
It’s not surprising that 80% of internet users today own a smartphone, not to mention their, tablets laptops and other devices. In fact, the average number of connected devices per consumer is 3.64. To make matters more difficult, they tend to switch between these devices when they are interacting with a business online.
This means that the customer journey is no longer as linear as it once was and the traditional sales funnel is no longer as effective at predicting this journey. As there are now multiple touch points, marketers have to try to measure across channels and devices to find out what is working for them across the life cycle. However, this is quite complex and only 14% of marketers measure mobile at all phases of the customer journey.
Multi-touch attribution models can help marketers do this and work out which acquisition channels are most effective for them.
What is Multi-Touch Attribution?
Single-touch attribution gives credit for a conversion to a single touch point regardless of how many touch points led to the conversion. Multi-touch attribution splits the credit to all the touch points that contributed to the sale, such as the channels, campaigns and keywords with the goal of arming marketers with data so that they know where to invest to acquire more new customers.
B2B Marketers teams using multi-touch attribution get a much clearer picture of the success of their campaigns. By recognising the touch points that lead to conversions, marketers can optimise campaigns and channels and improve their ROI. They can also get a more complete view of the customer journey and see how different touch points interact to impact buying decisions. This information can help inform future campaign investments.
Different Types of Attribution
The following models credit revenue to more than one touch point and give marketers an accurate idea of the touch points that lead to a sale.
- First Touch: First Touch attribution gives 100% of the credit to the touch point that drove a visitor to your website for the first time. As all credit is assigned to a single touch point, it puts more emphasis on the top-of-the-funnel channels that drive brand awareness.
- Last Touch: The Last Touch model is one of the simplest model for attribution systems to measure. It credits the entire creation of a sales opportunity to the last point of contact.
- Linear Attribution: Linear attribution gives the same amount of credit to every touch in the buyer journey. The good thing about this model is that it recognises all the marketing channels that make contact with the buyer throughout the stages of the funnel. However, it doesn’t take into account the potential of different impact of the marketing touches.
- Time Decay: The Time Decay model is a multi-touch model gives more credit to the touch points that occur closest to the conversion, assuming the touch points closer to the conversion had more influence. The problem with this model is that top-of-the-funnel efforts don’t get much credit – even though they may have had significant impact.
- U Shaped Model: The U-Shaped model tracks every single touch point, but gives most credit to the first and last touch points, assigning the rest of the credit equally among the others.
There are several other types of attribution, but the above are the most common attribution models that can help you to measure your mobile marketing efforts. If you need help in measuring your mobile marketing or creating or implementing the campaign, get in touch with the digital marketing experts at the Lead Agency.