Do you observe the buzz around Multi-touch Marketing Attribution lately? I recently have and gave it a thought doing a bit of research and gathering some facts.
Attribution theory is the study of models that explain attribution i.e.the process by which individuals explain the causes of behavior and events.
To emerge as a winner in marketing, you need to target your ideal customer and reach out to them providing them the best customer service experience. You give them the best service experience when you understand your customer better. The behavior behind how they buy, how they consume content, or why they are interested in your product.
Understanding the behavior of customers is where marketing attribution comes into play. Marketing attribution is the process of identifying a set of user actions that contribute in some manner to a desired outcome and then assigning a value to each of these events.
Marketing attribution help us understand that what combination of events when done in a particular order influence individuals to engage themselves in a desired behavior typically referred to as a conversion, and then quantify that conversion. This new interest in knowing the data behind how a customer converts has been ignited by the shift of marketing budget spend on traditional, offline ads to now spending on digital media. There is a huge amount of data that is available through digital channels such as paid and organic search, display, and email marketing.
Multi-touch Attribution shares credit across all the landmarks in a buyer journey.
This type of attribution model gives marketers a more holistic view into their data. Financially you’re able to invest the correct resources into each marketing channel. You’re able to understand your customer buyers stages better which enables you to budget your team’s time and resources on the campaigns that get the highest ROI. Over all, you team is happier, your CEO is happier and you can take that pressure you previously felt from your boss, go air up a tube and float the river with all the extra time you’ll have on your hands.
So here I list out few best practices to implement a successful multi attribution model:-
- Implement a data driven model - Having a data-driven model maximizes the data for each channel to obtain the most accurate analysis and limit the risk of error related to location-based models. A data driven model is based on a comparison of the results provided by all the attribution models and attributes the least extreme result. Thus offering a more accurate analysis. Data collection is omnipresent because of the number of devices we use every day (PC, tablet, mobile). The amount of information to analyse and process continues to grow each day. To leverage this data in order to draw from it a customized attribution model would be a smart thing to do.
- The final click is not the decision maker- All conversions are never equal in value—some may simply be one-time sales, while others represent the start of a long and profitable customer relationship. Attribution models that stop at the "final click" miss important insights that can help predict customer lifetime value (CLV), which is the potential net profit associated with the entire future relationship with a consumer. Events like log-ins, app usage and additional purchases can give marketers a deeper picture of the total lifetime value of customers who convert. Including these data points in attribution analysis helps to identify strategies that are most profitable to the business over the long term.
- Never judge a channel according to its reputation- Reputation of a channel should never be a priority. True reflection of your business, reputation is an important channel. We have noticed that this is often how Internet users come to finalize their order, using your brand name in a search engine. However, these channels rarely have a decisive impact on conversion but contribute to its success. As a result, the channels not linked to reputation are underestimated. To overcome this I recommend de-prioritizing reputation, i.e. ignoring the position of the channels related to reputation in a multi-channel conversion path except under certain conditions.
- Never analyze a data in ‘Silos’- Advertisers analyze each marketing channels separately—keeping mobile data separate from display, display separate from email, and so on. However, this doesn't reflect how consumers interact with marketing messages on their paths to conversions. A display campaign may initiate interest in a product, while an email offer closes the deal. Both are equally important. A single, integrated view of data from multiple marketing channels is needed to accurately attribute the impact of each touch point on the customer journey. Advertisers may find that the channel initiating a conversion cycle is not getting proper credit, or perhaps that another channel isn't having any influence on conversion cycles at all. These cross-channel nuances are impossible to measure when data is locked in silos.Today, half your conversions come from a multi-channel conversion path. Each of these channels has a distinct role in this path: some will attract attention (initiator), others will fuel interest (supplier) and the last will generate conversion action (striker). Best practice means analyzing these different roles, which will identify the actual contributions of your channels.
- Identify fraud and fight it- From cookie-stuffing to "bot traffic cheats," fraud is a problem that continues to challenge performance marketers. When each step along the customer journey is captured, attributed and analyzed in real-time, it's easier to identify bad visitors and stop them in their tracks. For example, if the last touch on a conversion path is a cookie dropping a few milliseconds before the consumer hits the landing page, something could be wrong—especially if the previous touch point is from a trusted publisher. The right visibility will help to ensure that this kind of hijacking is excluded from a properly attributed conversion path.
- Choosing the right backward window- The backward window defines a time period before the conversion takes place. It lets you assemble all the traffic sources before conversion. This gives you more details on the channels involved in the conversion path. However, it’s important to choose the right window. By default, the backward window of an e-commerce site is 30 days. Depending on your sector of activity, it will be subject to change. Indeed, an online sales site will not have the same attribution window as a travel site. Purchasing a physical item is generally shorter than booking a trip.
- Take it step by step- Attribution modeling can help advertisers better understand how various marketing investments contribute to conversions and which strategies or combination of strategies are the most effective. However, with billions of data points to track, it's easy to become overwhelmed by the volume. It helps to approach data analysis "step by step." This means prioritizing a few of the most important metrics first and then layering on more complex analysis once a good, well-working model is up and running. For example, if average order value is a factor in determining commissions, focus first on understanding this key metric before moving on to other KPIs.
Successful attribution demands an integrated approach that takes into account the impact of each and every touchpoint along a customer's journey to a conversion. For advertisers just getting started, begin with the most critical metrics, take all marketing channels into account, and be aware of and have a plan for dealing with fraudulent practices. The result will be a better understanding of which strategies yield the greatest return.
For all the brands and businesses marketing their products and services online, here is a piece of advice for you
The Internet is always changing and adapting, and respectively, so are we. We need to constantly reinvent ourselves and find better ways of performing tasks. To know more about how to implement a multi-attribution model for your business, go through what Qode media is all about.