- Published: Mar 31, 2023
- 5 min. read
Savannah SwansonDigital & Social Trends Writer
- Savannah is a content marketer with editorial experience spanning several businesses. Specializing in social media and marketing trends, she loves talking about the latest developments in online marketing. When she’s not writing, Savannah loves traveling, hoarding books and coffee mugs, and adoring her cat. Please don’t ask her about famous true crime cases, or else she’ll tell you all about her theories and get absolutely no work done.
Part of a good digital marketing strategy is knowing when and where to make improvements to your advertising efforts so you can enjoy continued success. By tracking revenue attribution, you can ensure you’re supporting the marketing strategies that work and improving the ones that don’t.
With the help of WebFX’s own marketing attribution tool, MarketingCloudFX, you can do all of that (and more!).
WebFX isn’t just home to MarketingCloudFX — it’s also home to 500+ team members who are skilled in all things digital marketing. See what we’re all about by giving us a call at 888-601-5359 or contact us online today!
One platform tracking countless metrics and driving stellar results.Learn More About Our Proprietary Software
But first, what is revenue attribution?
Revenue attribution is the process of pinpointing which of the marketing strategies you employ are driving results to your business. It helps you track the success of your marketing efforts and use those valuable insights to make improvements for continued success.
Why use revenue attribution?
Revenue attribution helps you to identify what actions are resulting in generating web traffic, conversions, and leads.
For example, you can examine whether your social media advertising efforts are encouraging users to interact with your content and visit your site or see if your search engine optimization (SEO) strategy is driving traffic to your site.
How do I measure revenue attribution?
Revenue attribution is measured through attribution models. Revenue attribution models determine and represent how credit for marketing results like conversions and leads are assigned to specific touchpoints or customer interactions with your brand.
Types of marketing revenue attribution models
There are quite a few different models out there, from custom models that fit with your business to models that assign credit based on when interactions happen. Today, we’re taking a look at four primary types of marketing revenue attribution models you can use to track the success of your marketing strategies:
1. First interaction
The First Interaction model assigns credit for marketing results to the (you guessed it) first marketing material a user interacted with. For example, if a user clicks on one of your social media ads to visit your site and make a purchase, the ad will receive credit for the conversion.
2. Last interaction
The Last Interaction model is the complete opposite of the First Interaction model. Here, credit for the conversion is assigned to the (again, you guessed it) last piece of marketing material the customer interacted with. The idea here is that the last interaction is what directly drove the conversion.
Unlike the First and Last Interaction models, the Linear model distributes credit evenly across all interactions that take place leading up to the conversion. This revenue attribution model is appealing because it acknowledges all interactions between the first and last interactions and credits them rather than ignoring them.
4. Time decay
The Time Decay model assigns credit for conversions to marketing interactions according to how close it is to the time of conversion. For example, if a user goes through three interactions — a paid ad, blog post, and social media post — the social media post will get the most credit assigned to it since it happened closest to the time of conversion, while the paid ad will get the least credit.
Say hello to MarketingCloudFX
MarketingCloudFX is WebFX’s own revenue marketing platform and the perfect marketing attribution tool. Fueled by 1+ billion data points and hundreds of marketing experts, MCFX helps our clients capture more traffic and leads and close more sales through valuable, data-driven insights.
Your data lives in different places — social media, your customer relationship management (CRM) system, website analytics, and more. With MCFX, you can unify your sales, advertising, and marketing data so it’s all in one place.
Tracking revenue attribution with MCFX
When it comes to revenue attribution, MCFX brings a few key advantages to the table that you don’t want to miss out on.
Track customer journeys
MCFX gives you detailed access to the customer journey. From when customers first interact with your brand to well after they’ve made a purchase, you can track revenue attribution through MCFX’s reporting features.
With MCFX’s detailed reports and customer data tracking, you can view when and where customers interacted with your brand and if those interactions have led to conversions.
Analyze data across channels
MCFX takes the headache out of analyzing data across different channels. Whether you’re pulling data from social media platforms, web analytics, and advertising suites, MCFX unifies all of that data so you can track revenue attribution without the hassle of jumping to and from different platforms and software to pull data.
Create workflows and automate specific selling activities
Once you’ve identified key revenue-driving touchpoints, MCFX gives you the opportunity to automate certain selling activities and set up workflows so you can keep that revenue going. And with MCFX’s customer journey tracking, you can keep an eye on said workflows and adjust them when needed, so you’re always on top of your game.
Try MarketingCloudFX for yourself by partnering with WebFX today!
Tracking your marketing revenue attribution is easy when you’ve got MCFX by your side. WebFX’s revenue marketing platform helps you save more time, close more sales, capture more leads, and drive more traffic to your site — all through data-backed insights.
The organization MCFX brings to your business makes pinpointing the successful marketing strategies driving the most results for your brand simple.
Try out MarketingCloudFX for yourself by partnering with the dedicated digital marketers at WebFX. We have over 25 years of experience under our belts, and we can’t wait to do great work with you. Give us a call at 888-601-5359 or contact us online today to get started.
Savannah is a content marketer with editorial experience spanning several businesses. Specializing in social media and marketing trends, she loves talking about the latest developments in online marketing. When she’s not writing, Savannah loves traveling, hoarding books and coffee mugs, and adoring her cat. Please don’t ask her about famous true crime cases, or else she’ll tell you all about her theories and get absolutely no work done.
WebFX is a full-service marketing agency with 1000+ client reviews and a 4.9-star rating on Clutch! Find out how our expert team and revenue-accelerating tech can drive results for you! Learn more