Nearly half (46%) of business leaders don’t have a marketing attribution model, with 37% feeling overwhelmed by the complexity of attribution data.
The study, from Marketing Signals, found that the top ways businesses aren’t using marketing attribution has been revealed from not tracking calls into the company (31%), not tracking sales or discount codes (27%) and 21% who don’t measure paid social media activity.
The survey of 1,021 UK workers also revealed that 74% of business leaders said that marketing attribution reporting is a priority for their company.
The research also looked into the specific ways’ businesses are carrying out marketing attribution, with 31% confessing that they aren’t tracking calls coming into the company.
More than 1 in 4 (27%) also said they don’t track sales from offers or discount codes on their website, highlighting another way that businesses aren’t effectively measuring the impact of their promotional marketing activity.
This was followed by 21% who revealed they don’t measure results that come through paid social media activity, while 17% don’t accurately track the performance of PPC campaigns.
Gareth Hoyle, managing director at Marketingsignals.com comments: “The research shows how many businesses are failing to understand (or sometimes are even trying to understand) the results of their marketing spend. This is despite the importance most businesses place upon marketing attribution reporting. From not tracking calls, discounts and offers, all the way to not measuring online ad campaigns, there are many ways businesses aren’t using marketing attribution effectively.
“It should be noted though, that, this is somewhat understandable given the growing number of marketing channels which has left business leaders facing a challenge to understand ROI and performance metrics using multi-channel attribution. That said, there are clear benefits of using a multi-channel approach as it will provide a more in-depth understanding into what is and isn’t working with regard to marketing activity. This is important because it will help to inform future decisions about how best to apportion marketing spend.”