If you work in marketing, the term "attribution" should definitely be on your radar. But what exactly is attribution in marketing? It refers to how advertisers determine the impact of their marketing strategies and customer interactions on sales, conversions, or other goals.
In this article from Brand Equity, they dive into the advantages and challenges of attribution in the marketing world, providing an understanding of why it's so crucial for the customer journey.
"[Attribution] helps allocate resources, optimize strategies, and measure ROI. Marketers use various tools like analytics, CRM, e-mail marketing, etc. The complications of marketing attribution arise from several factors. There are multiple touchpoints. Customers interact with various channels, such as social media search engines, emails, display ads, and offline advertising, before making a purchase."
Tools like Immensity, which leverage AI/Machine Learning, can also prove beneficial for attribution, especially within the music industry.
Read the full article to learn more.