Why tack your internet marketing dollars?
At the end of the day, only two things matter to the success of your business:
Open your accounting software and show me where Facebook Likes appear on your Profit and Loss statement. Show me Retweets on your Balance Sheet.
Your accountant, the IRS and the bank don’t care how many Retweets you are getting. Businesses succeed or fail based on how much money comes in the door and how much goes out.
The problem can be summed up to a single word that makes marketing analytics professionals shudder: attribution.Sales attribution is defined as the identification of the actions a buyer took that contributed to a sale and assigning a value to those activities.
To determine attribution we have tools like Google Analytics where we can track sales and see the source of traffic.
Let's look at a typical example:
Let’s say that a prospect searches Google for ‘new water heater’ and lands on your website. They browse your services, maybe they Like your Facebook page, and then leave your website.
One week later, the same prospect again searches Google for ‘new water heater’ and sees a Google AdWords ad from your company. They recognize your brand from prior interactions, click on the ad and call you to install the new water heater.