Jun 6, 2023
With the influx of new marketing channels finding their place in the modern digital age, advertisers worldwide are launching campaign after campaign across a broad spectrum of mediums, from Google paid search to linear and CTV. There’s no doubt that this omnichannel approach does wonders for driving greater brand exposure and customer engagement. Of course, the…
With the influx of new marketing channels finding their place in the modern digital age, advertisers worldwide are launching campaign after campaign across a broad spectrum of mediums, from Google paid search to linear and CTV.
There’s no doubt that this omnichannel approach does wonders for driving greater brand exposure and customer engagement. Of course, the more screen time you get, the more likely your most valued audience will see your message and decide to act, regardless of what that next step looks like for your specific brand.
But the rise of multi-channel strategies, and even those singular ones, also poses a pressing challenge to the everyday digital marketer: accurately tracking sales and conversions.
Fortunately, the right attribution model will deliver the insights you need to know exactly what is driving your consumers across channels — all the way from initial ad exposure to conversion.
Every digital advertiser benefits from not only determining how a customer came across their ad but also how they progress through the marketing funnel.
Because the average online customer journey now ranges from 20-500 touchpoints, it’s important to recognize that a lot of interaction happens before your customer decides to make a purchase.
With marketing attribution, you can go in-depth to fully understand the impact of different touchpoints along the customer’s journey — from beginning to end — and discover which channels contribute to a conversion.
These findings provide you with measurements of the successes and/or challenges of your campaign’s online presence and help you track your investment to determine your return on investment (ROI). When you leverage attribution models, you’ll have assistance outlining the resources you plan to use in future campaigns more effectively, helping you work towards the goal of actually increasing your ROI over time.
The process of attribution is not an easy undertaking for all, but it is crucial to understand. Without the right methodology, you’ll quickly find yourself in the dark with your campaigns, unaware of what’s truly impacting your brand’s bottom line.
From last touch to time decay, different attribution methodologies offer their own distinct advantages.
That’s why using multiple attribution models is highly recommended for an accurate understanding of the customer’s journey in full.
But to reap the best benefits for your brand, you’ll need to select the right attribution models for your campaign, and that decision starts with acknowledging the specific use cases of each.
The most common attribution model, last touch, determines an estimate of a customer’s last touchpoint with your brand before making a purchase or signing up for a service. Often referred to as “last click” or “last interaction,” this model gives all the conversion credit to the final touchpoint and offers a highly granular glance at your marketing cycle’s conversion points.
Just like last touch, the first touch model is another attribution methodology that assigns 100% of the conversion credit to a singular interaction a consumer has with your brand. This time, however, emphasis is placed on the first touchpoint a customer has with your company, with the main idea being that the initial interaction was the primary selling factor.
Unlike last and first touch, the linear model is a multi-touch attribution methodology, taking into account several touchpoints along the customer journey. What’s more, this methodology doesn’t just consider all the ways in which a customer interacted with your brand — it also splits conversion credit equally across each touchpoint, offering a balanced look at your marketing strategy in its entirety.
Similar in nature to the linear model, the time decay methodology assigns credit to all of the marketing channels that led to a conversion. However, unlike the evenly distributed credit provided by the linear model, time decay places more weight on the later touchpoints, with credit lessening — or decaying — as you look further back into the customer’s journey.
Attribution is the math and science of digital marketing, and it’s not always easy to navigate right off the bat.
To effectively leverage attribution data and boost your chances of conversion success, it’s best to:
As the digital landscape continues to advance, marketers need to stay ahead, and those that master campaign measurement with multiple attribution methodologies will be best positioned for success.
To fuel your future media budgets and marketing decisions, it’s critical to identify what channels are driving conversions and understand how your channels work together to influence those conversions.
With Digital Remedy as your media partner, we’ll help you determine the best attribution model(s) for your campaigns with specialized optimization, incrementality, and halo effect methodologies.
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