In our Q4 Lunch and Learn we talked about how complicated it can be to build a marketing attribution model for your business. There are many steps involved and actions that need to be taken before you can begin.
Creating an attribution model is so complex because marketing departments often work in silos, measuring success by individual channel rather than looking at a more holistic view. If this is your current approach … stop.
Before you start making decisions about your marketing budget and before you start spending money, take a minute to get organized:
- Define your goals (most important step)
- Decide how goals will be measured (also very important)
- Gather all marketing and sales data (don’t forget to include traditional media)
- Start making connections across channels
- Create a data governance plan
- Who controls & validates the data
- What does the data consist of
- How often are you updating it
- How are you measuring success
- How are you reporting success
- Create a marketing budget
- Decide which channels you’ll be using
- Allot the marketing budget to various channels
- Build a marketing plan (messaging, content, user experience, etc.)
Now you can start to think about spending money on marketing. It’s not an easy process; it’s hard. It takes time. But if you don’t plan out your marketing efforts properly, you’ll never know for sure what the impact is for your business.
For more details about the process, take a look at our video for the Q4 Lunch & Learn @ Liquid.
Need help? We can build an attribution model to meet your business goals. Take the first step.
About Nicole Castelblanco
Nicole Castelblanco is Manager, Research & Analytics at Liquid. She leads the department in the planning, implementation and management of online lead generation programs which include paid and organic search, display, social media, email marketing and analytics.