Analytics are essential for keeping your digital marketing strategy effective, and attribution is the way you build analytics for your next campaign. You can easily optimize your marketing based on return on investment, especially because digital marketing relies on a wide array of channels. Therefore, you have to take your business forward and increase online presence.
Attribution modeling will not affect how journey starts or ends, but will provide you with a sense of a customer journey. That way, you will be able to assign the appropriate attribution to specific touch points so that you can determine a customer’s interaction during the journey of becoming a loyal customer.
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According to Google, the attribution model is the rule or set of rules, that will determine how you assign credit for conversions and sales so that they can reach the conversion path. Therefore, we can state that attribution modeling will help you understand the entire process of buying journey so that you can optimize marketing campaign based on this information.
Channels Could Include
- Advertising through Google Ads, social ads, or Display.
- Social media marketing that features campaigns and specific posts on various channels.
- Content marketing through blog posts and official websites
- Affiliate networks
- Website links
- Email marketing
Therefore, if you have a company that uses multiple channels to interact with potential customers, you should find a way to analyze everything so that you can know where to spend more and where to spend less.
Attribution modeling (check here to learn more about it) is essential for the modern marketer because it will help him/her:
- Improve and prove the return on investment in marketing campaigns.
- It can measure the impact of touch points that customer makes, and to determine where they decided to convert or make a purchase.
- A marketer can choose an appropriate channel that will effectively increase ROI
- A marketer can find which channels are most effective and focus on them
- A marketer can understand the customer journey
Today, most customers use multiple devices on a daily basis, which allows you to see how they interact with other channels and how did they get to your website to make a purchase. That way, you will be able to focus on certain, more effective paths and neglect those that are not working.
- First-Touch Attribution – This particular type includes 100% of the credit that goes due to initiated interaction. It can be useful if you want to create a demand generation and to see, how people react and be introduced to your brand. However, it will not provide you with information on how to generate revenue.
- Last-Touch Attribution – This is the point of last interaction when a potential customer decides to become a loyal customer and gets credit for that. This particular attribution will help you show which campaigns feature the highest conversion rates, and it can be useful if you wish to analyze conversions from different channels. Visit this website: https://radiumone.com/first-last-touch-attribution-matters-measuring-conversion/ and you will understand how to measure conversion.
- Linear Attribution – This particular type of attribution will allow you multi-touch attribution so that you can check the channel and credit for the final conversion. Finally, you will be able to analyze marketing campaign through multi-touch attribution. This will allow you to customize your specific customer journeys, which is a way better solution than focusing on one particular conversion activity or point. However, the main problem with it is the difficulty to ascertain what drives the conversion. Therefore, you have to understand what type of interaction is more valuable than others.
- Time Decay Attribution – Another essential form of multi-touch attribution will provide you information and credit to the interaction that led to conversion. However, it will provide you value on other touch points too, and you will be able to see how different channels caused conversions. This will allow you to see how important each touch point was for conversion, while final interaction will get the highest credit. Finally, you will be able to optimize campaigns so that you can drive more conversions without paying too much money.
- Position Based Attribution – This particular type of attribution is the mix of the previous two. 40% of credits go to last and first touch point, while 20% goes to the middle and splits between them. Therefore, it is essential to understand that last and initial touch points are most important, but ones in-between are also important and valuable to analyze. This will let you optimize important touch points, while you will be able to acknowledge middle steps for the next campaign.
Significant data will play an important role in attribution, and if you have a big brand, you can use specific software that will help you utilities complex data without any additional problem. Have in mind that attribution models are essential because they will inspect cause and effect when a specific event happens.
On the other hand, for small brands, it makes sense that you can collect relevant data by using analytics software and other pieces that will help you understand how to improve promotional path and generate more conversions from potential customers and visitors.
It will also help you understand the amount of traffic you get, the possibility to analyze their activities and how to implement solid camping that will ensure their return.