When it comes to assigning budget to various marketing campaigns, the dollars assigned to advertising are often fought over by various team members. When it comes to understanding which channels are effective, you need to be able to measure each channel. Enter, attribution.
Why Attribution this month?
Facebook, Twitter and other social platforms have seen a reduction in advertising spend in the first half of 2020. The need to measure which channels are most effective becomes key, especially when overall budget spending has reduced.
John Wanamaker,
a pioneer in marketing
“Wanamaker was an American merchant and religious, civic and political figure, considered by some to be a proponent of advertising and a “pioneer in marketing”. He was born in Philadelphia, Pennsylvania, and served as U.S. Postmaster General.” SOURCE: Wikipedia
To avoid the mystery of which 50% is being wasted, or in fact, reduce that wastage by as much as possible, attribution will go a long way to helping you get a clearer picture of your advertising spend.
Keep reading further…
There is no shortage of opinions or models to help you determine attribution.
We presented 5 models for User Group members to consider and provided pros and cons for each. These models were covered in more detail during the webinar, you can learn more from the replay.
First Touch
Last Touch
Linear Attribution
Time-Decay
U-Shaped
Why Attribution Matters to Marketers
“One common challenge for marketers is performing in-depth analytics. You’re most likely marketing your product or service through a variety of channels so how do you know which channels are performing well and which ones aren’t?
Is the huge influx of traffic to your site from a Facebook ad or a piece of content you just published? Which of your marketing channels caused a spike in conversions that led to increased revenue? Without proper attribution, you’d only look at vanity metrics like the number of link shares or comments.”
“To gauge the success of a marketing campaign, you need to delve more deeply and look at things like how a lead first came in contact with your content, what pushed them to make a purchase, and so on.
With marketing attribution, you can study the full journey of how a person went from lead to paying customer, which helps you see what’s working. Maybe your Facebook ads aren’t optimized or converting at all so you’re better off pausing your campaign and re-strategizing.”
SOURCE: 6 Social Media Marketing Attribution Models and Tools to Help Marketers. Social Media Examiner®
Presenting the data in an easy to digest way for all teams, not just marketing.
Eloqua Insight provides you with a range of dashboard options, various ways to present your Eloqua data to both Eloqua users and non-Eloqua users. You can use Agents to subscribe team members to dashboards. Watch these YouTube videos to learn more about Agents and creating Insight reports.
Presenting data in your CRM
Depending on your chosen CRM e.g. Oracle Sales Cloud, Salesforce, Microsoft Dynamics etc, you can move Eloqua campaign data to the CRM and use it in your CRM reports and dashboards functionality.
We do this at Marketing Cube, it’s a great way to share Eloqua Campaign data with the sales team.
Campaign Data assigned from the Canvas
Viewing your attribution data in the context of campaign types will enhance your interpretation of the data and your advertising spend. You have three values you can assign on the Campaign Canvas – these feed the Eloqua Dashboards as well as the Insight Dashboards. You can also use Custom Fields on the Campaign Canvas to feed additional data through to Insight Reports and Insight Dashboards, should you need to.
The UTM values need to be thought through as these are the values you’ll be reporting on.
The process you go through to develop your attribution values e.g. Lead Source, Lead Medium, Lead Campaign and perhaps Lead Content will be somewhat unique to you and will be driven by your reporting needs. We see the common assignment of values across our customers, however, there are always some unique requirements.
Perhaps you’re already part way there.
If you’ve developed UTM values that you’re using with your Google advertising and other source tracking/attribution, you are part way there.
You will need to make some changes, most likely enhancements/additions to your collection of values in order to incorporate your Eloqua campaigns.
Our CX consultants can help you
If you need some assistance with the ‘thinking’ and perhaps some of the ‘doing’ in Eloqua, we can help with both tasks. Contact us today and we can talk further.
The fundamentals of reporting and what you can expect.
The UTM values captured by your Eloqua forms are captured and assigned to a Contact. The captured values can be stored on the Eloqua Contact and/or an Eloqua Custom Data Object. To be clear – the UTM values are linked to the Contact, not the campaign, it’s a one-to-one relationship.
When you view UTM reporting in the Context of a Campaign, you will have as many values as you do campaign members multiplied by associated form submissions.
Keep in mind not all Eloqua Forms are part of an actual Campaign Canvas. Using Custom Data Objects along with Form Submission Data will help deliver Insight Dashboards helping roll up the data, providing a Campaign view.
