What is revenue attribution and why are we writing about it? To break it down quickly, revenue attribution is the way you track and record your revenue generated from various marketing channels. Now what you do with that information makes ALL the difference.
You think you know your audience, right?
What does your data tell you?
In this article, we will discuss the importance of revenue attribution and the severe impact it can have on your company if your tracking efforts are suboptimal.
Online marketing, especially paid ads are a key component of revenue generation. Prospective customers need to know that your company exists and what the goods/services that it supplies are.
Customers must also understand why they should buy from one company over another, by optimizing and perfecting your revenue attribution and tracking models you can move closer and closer to delivering the right message to the right user at the right time.
Revenue attribute is near and dear to AdRizer’s heart as it fuels the motors that keep are media buyers creating endless campaigns day after day.
Understanding The Revenue Attribution Process
Revenue attribution is the process of properly attributing revenue stemming from efforts published on various advertising sources/platforms.
This is imperative for internal tracking, that your integrations need to be foolproof. You must track where the user/prospect came from as well as simultaneously determine the pathway of that user and what exact steps they took.
For offline efforts, this can be accomplished by your sales and business development team asking potential customers how they heard of you and what brought them there.
Benefits Of Revenue Attribution For 2022
Understanding what directed a new or return customer to your company/brand further helps you simplify your advertising budget and grant you the ability to milk the existing data you have in order to make educated decisions in the future.
Even if you have the time - perfecting your revenue attribution gives you an easy to digest snapshot of which marketing effort made more money - this includes the message, the URL, the offer, the time of day, browser, user type, affinity groups, whether users are using a desktop or mobile phones, etc.
Therefore, by attributing revenue in the proper manner without any loose ends your team has the ability to reduce your price per user (i.e. lower CPC, lower CPA, higher CTR, higher conversion rate, lower bounce rate, and many more metrics)
Top 5 Revenue Attribution Benefits
- Assists with understanding revenue drivers using ALL sources
- Helps instantly quantify marketing efforts by channel to maximize growth opportunities
- Uncovers top revenue drivers amongst various channels
- Better understand your audience and HOW they buy/interact online
- Makes forecasting simple by giving you all the ammo to make your next marketing move
Why Revenue Attribution Is Critical For Scaling Efforts
When it comes down to it at the end of the day, revenue attribution has the ability to quicken the time it takes to down double on what marketing channels are working (and what’s not!)
Below are 4 critical attributes to look for when comparing Revenue Attribution procedures:
- Attribution is no longer a “guessing game”
- Designed to handle any level and marketing channel
- Based on incremental effects of marketing efforts (more granular overview)
- Attribution should also include historical data alongside data used to target users
Contact us today to learn more about how Cortex can assist your online efforts and grow your revenue stream!