Social activity must be attributable to marketing conversion

Whether your agency is a Google Analytics certified partner, or you just have an analytics account to help with client reporting, the benefit of Paragone.ai’s dashboard is immense.

It’s the ability to associate each traffic source with revenue attribution that makes the Paragone.ai platform powerful for agencies, and the payoff is the same for brands: greater insight into what makes marketing work.

With the sheer number of social networks and other options for media, the challenges mount in deciding which social campaign to invest in, and how to make sure time and money are well spent. Tracking social media analytics is a start but that won’t provide agencies or their clients with insightful reporting across every marketing channel.

Why?

Because there is simply too much marketing data to track using standalone tools. In addition to the growing challenges of data governance, social media ‘walled gardens’ and data privacy laws make it difficult for agencies to develop a truly ‘single view’ of the customer. Instead, agencies and brands should spend their time on strategy and building compelling content and calls to action, rather than focusing on spreadsheets and reporting.

A simple, easy-to-implement solution to display all relevant information is needed. That’s where Paragone.ai comes in.

Two hard facts for agencies about social media metrics

1) Social media data alone is not enough to assess results.

Data analysis can help provide information on the current state but it doesn’t help to inform an ideal future state; and

2) Social media data doesn’t take into account multi-touch attribution models, which is a must.

But with Paragone.ai, you are able to attribute conversion to each of the moments that lead up to a decision to convert.

6 ways to measure Revenue Attribution

Deciding how your agency should measure revenue attribution for a given campaign is about validating different attribution models. Typically, there are six such models employed:

• Last click – This model gives 100% of the credit to the last interaction your business had with a lead before they convert.
• First click – This model gives 100% of the credit to one single click or interaction.
• Position-based – This model splits the credit for a sale between a prospect’s first interaction and the moment they convert.
• Linear – This model splits the credit for a conversion equally between all the interactions the customer has had.
• Time decay – This model spreads out the value across multiple events. But unlike Linear attribution, the Time Decay model also takes into consideration when each touchpoint occurred.
• Data-driven – This model gives credit for conversions based on how people engage with your various ads and decide to become your customers.

 Which is the most effective attribution model for your performance marketing? Start by answering these questions:

• Which touchpoint has the greatest impact on the user’s decision to purchase?
• What role does brand presence play in the decision to convert?
• Which messages or media is a consumer exposed to and on what social channel?
• Which ad gets the best results from each category of user-client?
• How do external macro-environmental factors, such as Covid-19, impact these things?

Once you have the answers to those questions, there is a marketing strategy process to go through.

1. Determine if the attribution model applies to your product or service;
2. Apply the compatible attribution models across your relevant media networks;
3. Compare the data of attributable touchpoints against revenues over time; and
4. Analyze your strategy and implement appropriate changes and updates.