7 Ways Multi-Attributions Events will Boost Affiliate Marketing24-Feb-2023
One of the most effective ways marketers can boost the ROI of their campaigns is by tracking the performance of the different marketing channels and customer touch points. Multi-attribution events are all about monitoring and attaching a score to each touchpoint to help the marketer determine the impact each touchpoint has on the sale.
Thanks to advancements in modern marketing tools such as Offer18, marketers can now use multi-attribution to track the impact of the different affiliates at each stage of the customer journey, including click-throughs, product views, or cart additions, in addition to the final conversion.
If you are keen to learn more about how multi-attribution events will drive the future of affiliate marketing, this article. With any further ado, let’s delve right in!
How multi-attribution events will drive the future of affiliate marketing
1. It enables a better understanding of the customer journey
Having details of how customers behave at each touch point enables marketers to gain a more complete understanding of how customers interact with their brand. They can later use this data to make more informed decisions regarding the areas to improve in future campaigns. This information can also be used to improve the customer’s experience at each touchpoint of the customer journey.
For instance, if you notice that most potential customers drop off from the sales funnel just before checking out, you can work towards making your checkout process more friendly. This may include adding more payment options or reducing the amount of data you collect at the checkout point.2. Detailed Performance Tracking
With multi-attribute events, marketers can get full details of the performance of the different affiliates besides the conversions. Marketers are able to know the impact of each affiliate at different stages of the customer journey, such as click-throughs, product views, and cart additions.
Such information enables them to make decisions from a more informed perspective. Such decisions may include choosing which affiliates to partner with and how to effectively optimize their campaigns. Ultimately, this can boost conversions since more time and attention is given to affiliates with the most impact.3. More Accurate Commission Payouts
One of the effective ways businesses can boost revenue from their affiliate marketing campaigns is by devising ways of fairly incentivizing their affiliates. With multi-touch attribution, marketers can accurately track multiple touchpoints in the customer journey, allowing them to ensure that affiliates receive fair and accurate commission payouts.
This kind of system boosts the transparent and equitable affiliate program. Ultimately, this will help the business attract and retain high-quality affiliates. More quality affiliates mean more revenue for the business. So, it is a win-win for every party in your marketing ecosystem.4. More efficiency in the affiliate network
As a marketer or business, your main goal for creating affiliate programs is to boost sales. Having a more efficient affiliated network will enable you to generate more conversions per affiliate, leading to more sales. With multi-attribution events, marketers can accurately attribute sales to the right affiliates, regardless of who referred the customer to the brand.
In the end, this makes it easier for marketers to reward the different affiliates in their network in a manner that is proportional to their effort. When affiliates are assured of earning more when they put in the effort, they will always do their best to improve the experience of your potential customers at the different touchpoints in their journey.5. Better Fraud Detection
It is the marketer's responsibility to ensure that their affiliate programs are free from any kind of fraud and unfair practices. Having lots of unfair and fraudulent activities in the affiliate network can have a significant impact on the bottom line of affiliate marketing programs.
With multi-attribution events, marketers can track multiple touchpoints in the customer journey, making it easier to identify and prevent fraudulent activities such as click fraud and commission fraud. This eliminates affiliate marketers that may want to cheat the system in order to earn more.6. It enables hiring more quality affiliate marketers
Besides improving the efficiency of their affiliate network, one of the ways marketers can increase the sales generated from their affiliate marketing campaigns is by recruiting more affiliates to join the network. With multi-attribution events, marketers can easily identify which affiliates are driving the most sales and conversions.
This data can be used to determine the kind of affiliates to add to their network. For instance, if a marketer notices that their affiliate marketers on YouTube generate more revenue, their focus when recruiting for the future will be placed more on YouTubers. In the end, this leads to having much more effective and reliable members in their affiliate network.7. Improved ROI
When running affiliate marketing campaigns, marketers should ensure that every dollar invested in any campaign yields significantly more results. Building an affiliate marketing network is an investment that requires putting in a significant amount of resources.
By utilizing the insights generated by multi-attribution events, marketers can optimize their campaigns and improve their return on investment (ROI). The optimization process may include identifying which affiliates are driving the most sales and conversions and using this information to allocate their budget and resources more effectively.
In summary, multi-attribution events are a powerful tool marketers should utilize to boost sales generated from their affiliate marketing programs. From enhanced performance tracking and improved customer journey understanding to increased affiliate network efficiency and better fraud detection, the benefits of multi-attribution events are numerous.
By monitoring the customer journey across different touchpoints, marketers will have all the data about the behavior of their customers and the effectiveness of the different affiliate marketers in their network. Overall, any business that wants to run an effective affiliate marketing program needs to invest in integrating tools that can track customer behavior at the different touch points of the customer journey.