What is attribution in Marketing? Also, under the nine P's of marekting I will include what is a touchpoint?
Simply attribution is the ability to track a purchaser or buyer’s journey from awareness of the product or service and the buyer’s conversion or purchase. It assigns credit to the final touchpoints (an example, “clicks”) which immediately precede the sale or conversion.
What's a touchpoint? Touchpoint or touch point, contact point, point of contact is any encounter where customers ("People," under 9P's of marketing) and a business (product or service) engage to exchange information, provide service, handle transactions and ultimately make a sale. .
Attirbution is the identification of a set of user/buyer/purchaser actions (“events” or "touchpoints") that contribute in some manner to a desired outcome. It’s the art and science of determining what or which media are driving purchases. ...
Under the 9P's of marketing, attribution can be the art and science of assigning credit or allocating dollars from a sale to the marketing or promotional touchpoints that a customer (here's “People,” again,. under the 9P’s of marketing) was exposed to prior to their purchase.
Looking at it in another way an "attribution model" is the rule, or set of rules or documentation that determines how credit for sales and conversions is assigned to the touchpoints in conversion paths. It may assign 100% credit to the final touchpoints (an example, “clicks”) which immediately precede the sale.
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For the past 46 years, I have been a Marketing professional, a Forensic Marketing Expert, Marketing and Advertising consultant with Londre Marketing Consultants, LLC plus I teach Marketing, global Marketing and Advertising.
Ten years ago, I created and own a copyright for the Marketing concept, the Nine P’s/9 P's of Marketing ©2007, which augments the Marketing Mix (Product, Price, Promotion and Place) or, known as the "4P’s" by the American Marketing Association, Neil Borden and Jerome McCarthy in the study and practices of Marketing.
In the late 60's I was first taught In Marketing that the "customer," or potential purchasers, buyers are king or kings, but they are missing as one of the P's, in the 4P's. It's prominent and its own "P" in the 9P's of Marketing.
The Nine P's/9P's of Marketing help brand managers, companies, firms and business managers to find marketing problems and opportunities and to identify marketing opportunities, solutions, in a number of areas. The utilization of the 9P's of Marketing help, develop and guide a company or a firm's marketing objectives, strategies, tactics and solutions.
The Nine P's can be truly insightful, in many ways and in many possible actions.
I consult, teach and work as a Marketing, business and Advertising expert using many Marketing concepts and practices, including the Nine P's/9P's of Marketing.
So what is Marketing?
Marketing is a planning and execution process that involves a product or service's attributes, research, distribution, pricing, partnerships/alliances, promotion and more.
All of these activities must work together to assure successful marketing practices.
Firms, associations and companies with the most effective marketing efforts try to thoroughly understand their customers ("People") and the marketplace. Companies and new product/service development professionals create products and services to meet market needs. These firms and others use marketing research and channels for understanding and communicating to a target market or audience ("People" in the 9P's of Marketing).
In the study and practice of Marketing, Marketing manager and Brand agents develop objectives, strategies, planning and tactics.
The 9P's of Marketing include important components, elements, actions and efforts.
Let's start with targeting, "People," one of the nine elements or components. :
- "People" or targeting has almost always been left out of the traditional "Marketing Mix." Almost every diagram includes the four P's with Product, Promotion, Place and Price.
- Look at new, existing and repeat customers. Before making a sale businesses will have touchpoints along to the ultimate sale conversion.
- Place "consumer" or "People" or "potential buyers" in the middle of a circle. Add the other components in the nine P's. In Marketing, from my education, training, research and analysis plus testimony, there needs to be greater focus on the "Customer," or "People."
- "People" or market segments may utilize demographics, geographics, psychographics, behavioral characteristics and technographics, which may be a vital component or components of the 9P's of Marketing. Once a target market is chosen, the organization can develop its marketing strategies to target this market segment.
- Simply it's about Segmentation and Targeting. Add Positioning and you have STP, as a major first step.
- It starts with research and researching. This element of planning in the nine P's is a method for achieving an end, and, looking at the eight other parts, can be a detailed formulation of a program of action.
- Developing and transforming marketing objectives to marketing strategies to tactics, marketing management must make basic decisions on marketing targets (“People”), marketing mix, marketing budgets/expenditures and marketing allocations.
- Review dividing the total marketing budget among the various tools in the marketing mix and for the various products, channels, promotion, media and sales areas.
- Product and Services:
- A product (service) is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
- The goods and service combination the firm offers to the target market, including variety of product mix, features, branding, designs, packaging, sizes, services, maintenance contracts, warranties and return policies.
- Place (Distribution):
- Offering the right product at the right PLACE, at the right time, at the right price. It's the company’s activities that make the product available, using distribution and trade channels, roles, coverage, assortments, locations, inventory and transportation characteristics and alternatives.
- Considering, developing and reviewing store and non-store, e-commerce and “brick and mortar” factors, considerations, objectives, strategies and tactics, including “Partners.”
- Simply, all aspects regarding pricing.
- “Pricing” is the sum of the values that customers exchange for the benefits of having or using the product or service.
- The amount of money a consumer is willing to pay to obtain the product. Pricing includes wholesale/retail/promotional prices, discounts, trade-in allowances, quantity discounts, credit terms, sales and payment periods and credit terms.
- Pricing decision making also involves adjusting prices concerning the competitive environment, economic situations and involve buyer perceptions.
- Eight (8) major, strategic components: The communication elements include personal and non-personal communication activities.
- The activities that communicate the merits of the overall product, which include:
- Personal Selling/ Sales Force: Sales persons:
- Listen more than you talk. People who listen more, learn more, plus helps you position your service/product/solution or offering.
- Advertising: There's an expression "It is only creative if it sells." I wanted to add "It is only good media spending if it sells."
- Sales Promotion
- Collateral Materials
- Direct Marketing (also referred to as Action or Direct Response Advertising)
- Interactive/Internet/Web, Digital Media, Social Media:
- Events and Experiences
- Public Relations/PR
- Here are some strategic questions under Promotion::
- Have you noticed that you may watch what you want to watch in TV programing when you want to watch it and anywhere, any screen? That affects media planning.
- Evaluate the eight different elements under "Promotion" and your brand's practices and ask is there a better way?
- What are your costs in dollars and manpower or person power and ask "Is there a different way or ways to budget?"
- What touchpoints got to the ultimate sales or sales's conversion.
- Look at different strategic partners? Their costs?
- To whom should you target and promote? Under People/Targeting, target audience within media falls here.
- What should you promote? Strategic copy points.
- Discounting? Special sales? What economic and discount levels should you offer? Look at revenue versus costs.
- What form or combination of promotion should you offer? Features?
- How frequent? Add media planning here.
- Also referred to as Alliances. Working with others and organizations which take part in an undertaking with another or others, in a business or company with shared risks and profits.
- With "Partners" and in Marketing, it is vitally important to partner with firms that have similar corporate philosophies, with agreed upon objectives and strategies.
- The “P” or “Presentation” is the act of presenting, displaying and putting forward any of the different 9P’s© and/or components to your customers, suppliers, wholesalers, retailers, sales force, marketing intermediaries, clients, employees, partners, and/or others.
- Look at “real” product and service experiences.
- Enabling consumers and “allowing” them to feel the brand. As part of "presentation," I also place “events and experiences” under Promotion.
- While traditional marketing is based on target audience impressions/ views/ clicks/ exposure, experimental marketing involves engaging with consumers.
- Those intense, driving or overmastering feelings, emotions in the planning, developing, pricing, promoting, partnering, selling and overall marketing of products or services.
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