Marketing attribution is becoming ever more important to marketing success. 56% of marketers believe attribution is important, while a further 33% believe it’s nothing short of critical. And we expect these numbers to grow even bigger.
Many respected companies have published reports on the state of attribution marketing over the past year or so. We selected the most significant and most striking facts we found in those reports.
We categorized the stats for you to quickly catch up on what’s been happening in the field. Stats are categories to show why marketing attribution is important, what the most important challenges and opportunities are, and what plans companies have for the future.
3 minutes from now, you’ll be able to separate attribution facts from fiction. And if you don’t have that much time, take a look at our summarized infographic instead. A colleague is talking about how ‘multichannel marketing’ is overrated? You have the stats to prove him wrong!
It’s time to step your attribution game up. Let’s go.
Attribution provides efficiency gains of 15-30%
Inbound marketing budget are cut 12% more for companies that don’t calculate ROI.
67% of shoppers regularly use more than one channel to make purchases
9.5 is the number of visits to a retailer’s site before shoppers decide to buy
26% say the reason for choosing their current attribution model is accurately giving revenue credit to marketing
22% say customizing customer experience is the single most important opportunity
12% say data-driven marketing that focuses on the individual is the single most important opportunit
8% say multichannel marketing is the single most important opportunity
47% say improving the efficiency in the sales funnel is their top sales priority
49% say developing a cohesive plan for future customers is ‘most important’
39% say having well designed user journeys that facilitate clear communication and a seamless transaction is ‘most important’
34% say having the right technologies for data collection and analysis has the greatest impact on ability to understand the customer
43% believe an ideal measurement solution provides a unified cross-channels view
49% say developing a cohesive plan for future customers is ‘most important’ To ‘optimise customer experience’
74% say matching customers across multiple devices is important to growth, but only 14% has a ‘strong capability to do so
84% say associating conversion events with marketing is very important to growth, but on 10% has a ‘strong capability’ to do so.
59% say creating a culture of measurement and accuracy is the biggest attribution challenge
22% say they believe they’re using the right attribution model
30% say the reason fro choosing their current attribution model is ease of implementation and setup
77% say they believe they’re not using the right attribution models, or they don’t know
60% don’t action the insights they get from attribution
24% of UK companies is very confident that their agencies carry out attribution impartially
56% say campaign tracking/tagging is a big attribution challenge
56% data validation/normalisation is a big attribution challenge
70% say cost justification is a challenge
48% say integrating cross-channels attribution with existing methods is a challenge
59% say data collection en centralization is their biggest challenge
50% are struggling with accountability and accuracy of reports
50% must report separately on channel budgeting and investments
58% say lack of knowledge hinders proper attribution execution or implementation
44% say lack of time hinders proper attribution execution or implementation
41% technology limitations hinders proper attribution execution or implementation
96% say their algorithmic attribution is at least somewhat effective, while 89% say their custom attribution is. But, just 23% use these methods.
42% report attribution manually using spreadsheets
4. Future Plans
39% expect to use an average of 6 or more channels over two years
78% of marketers plan to adapt of increase their use of cross channel attribution
30% plan on changing attribution model in the next 6 months
What about your marketing attribution plans?
The huge amount of mentioned marketing attribution challenges is staggering. The promising start of marketing attribution deserves a good follow up in the shape of practical methods, tips and tricks. Stay tuned on our blog!