As you already know, there is no good or bad attribution model particularly when it comes to marketing goods or services online. Most marketers across the globe have been particularly perturbed about finding and applying the best model. Generally, it is the company or organization that determines the success of any model they choose to employ.
In order to achieve the best outcome within your organization, there are various tools that can be used to effectively compare marketing attribution models. Some good outmoded trial and error principles can also be of help. A good way to keep performance high is by ensuring that the touchpoint you attribute value to will continually be supported and budgeted for. Marketers can effectively present value across all worthwhile channels via multi-channel attribution techniques. This can be done by encouraging the budget keeper to ensure that more funds are being allocated.
When searching for a suitable marketing attribution model for your business, there are certain dos and don’ts, tips and mistakes, you will need to learn about and avoid so as to ensure a smooth and seamless campaign. Basically, these models have their own pros and cons. To reach your goal, you need to able to test, predict and measure these results regularly.
Here are some important tips to consider before opting for an attribution model.
Be willing to optimize
When searching for an effective marketing attribution model for your business, you should be prepared to pivot (optimize). Sometimes, you may even be required to make a complete change to your attribution models. But most importantly, ensure to test and iterate your models regularly.
Set meaningful campaign objectives
For a limited-time promotion, it is best to select a time-decay model while a branding campaign should go with a first-touch model. Basically, let your campaign objectives be your key driver.
Take note of the lead quality
The rate at which leads transform to active users should not be overlooked, as well as how they become paying customers. Ensure to pay close attention at these rates. Try as much as possible to understand the real impact of this on every campaign and channel across the customers’ lifecycle.
No such thing as the “right attribution model”
It is important to note that every model has its own particular logic. Based on actual simple assumptions, you will find position-based, time decay or last-click model to be the most simple and easy model to understand. Though more advanced models may be regarded as too complex, they could prove very effective if the logic behind them is explained in a simple manner.
Ensure to compare results
It’s always important to keep an eye on the results obtained. Avoid the mistake of comparing different model results with each other. Try as much as possible to calculate whether there is any real difference between revenue distributions among several marketing channels before making a move from one model to another. Remember, it all depends on the tools you are using for calculations.
Find a unique model suitable for your business
Based on their buying cycle and advertising strategy, it is important to know that the most suitable attribution model you are choosing is going to be unique for each business. To find the best attribution model for your multi-channel marketing, search for a tool that allows you to assign credit to all your digital marketing channels.
Stick to one approach
There is no need to switch your approach from quarter to quarter or campaign to campaign when you can go with a marketing attribution model that aligns well with your broader business goals. Rather than select a model that makes your campaign look less impactful, why not choose one that helps your team aim at the same business results.
It is much better to start simple than setting out to capture a bunch of data. Along with your line of business, it is imperative to know that choosing a marketing attribution model actually depends on what you’ll do with the obtained data. At this point, it is really important to back out the high-level goals of your strategy, team, and organization.
Track for ROI
For bottleneck optimizations, it is important to consider clicks, email opens and impressions, to mention but a few. Basically, you are seeking to track for ROI. You can determine those marketing experiments that are yielding positive ROI by running multi-variant testing on the entire matrix after tracking all the way to the opportunity level. This will help you stock up on strong, positive ROI experiments, minimize resources for a breakeven, and eliminate negative ROI.
Invest in a multi-touch attribution model
Marketer’s dependence on the Last Touch attribution model is just one of the larger challenges with digital marketing today. Most systems start out with it as their default model because it is typically the easiest to set up. Unfortunately, it can undervalue a brand’s key awareness programs, particularly those relied upon by demand generation programs. When it’s used to figure out the ideal marketing mix, it makes it harder to justify a business’ investment. You can achieve a stronger view of your current marketing impact by investing in a multi-touch attribution model.
Adhere to the principles of marketing
It will be a big mistake to ignore the principles of marketing when choosing a marketing attribution model. As a matter of fact, these principles are still the same; they have not changed. Due to the increasing growth in advertising channels and online marketing, marketers are now left with many choices. In order to enable continual adjustment to improve results, marketers must be able to measure metrics that they can control.
Consider user journey
Along with the campaign you’re running, it is also critical to consider its user journey. You must avoid the mistake of treating all businesses and campaigns as the same. You can create interest in the user by employing the first interaction and then motivate users to take action or convert by utilizing the last interaction.
It all depends on your business
In terms of your attribution, there are several marketing campaigns that can be employed to enhance your brand. However, it all depends on your business type and the industry you are in. When talking about new sales, add the final step of customer close to enhance the setup of your sales and marketing teams.
Define the right conversion
Probably, you’ve already thought about how consumers can be guided to specific actions on your website particularly if you’re doing a site optimization. Whether it is a lead form submission, a content download, or a sale, ensure to define what digital conversions you will “attribute” towards.
Identify best and worst performing ads
There is no better way to ensure that the best placements, targeting, sequencing, and messaging are in the media plan without identifying how the best and worst ads are performing.
Build a model that meets your company’s needs
If you need to focus on making your database bigger than it is then you should choose a model that makes sense for your business. The first touch model may be a better choice for you than the last touch attribution to give credit to programs to enhance your business goals. Let your database be updated.
Connect marketing metrics
When it comes to driving business success with an attribution program, it is important to consider valuable business outcomes.