How can you measure the true path to conversion? Unless you have proper attribution, it is difficult to know which content converted prospects and push them over the edge to become consumers.
Attribution means that you must know how to track, measure, and allocate value. Without an understanding of the data, you cannot understand how each of your marketing channels contribute to your bottom line.
5 Benefits of Attribution Models
- Minimize conversion time
- Optimize media plans
- Eliminate wasted impressions
- Yield greater ad-spend returns
- Allocate resources
An excellent example of attribution noted in a post by Matthieu Betton, Head of Global Car and Strategic Accounts at Sojern, highlights when the “last click fails to capture a traveller’s journey as he moves towards a booking.
It doesn’t take into account the multiplicity of interactions and influences (both brand-led and outside of brand’s control) that lead to the traveller’s eventual conversion – and there could be as many as 18.2 touch points on average, according to Google, before a consumer makes a final purchase decision.”
Betton notes, “another downside of last click is that it equates clickers and bookers, lumping both into the same category when research shows that clickers are not always bookers and vice-versa. So, if you’re running a display campaign, consider other measurements, such as view-through conversions.” Betton describes that view-through conversion occurs when a person is impressed by an ad, does not click, but searches or visits the website later and converts.
Algorithmic Attribution Methodology
The algorithmic technique uses statistics for dynamic analysis of digital data touch points. Conversion tracking is the most common example.
Rules-Based Attribution Methodology
The rules-based methodology is much simpler to implement than algorithmic attribution. For example, touch-point weightings that determine how credit for sales and conversions is assigned in conversion paths.
If you’re just starting to sort out your attribution, begin with the rules-based approach. Betton shares three easy steps to start your rules-based attribution:
- Get all your data in the same place. Set clear KPIs that are aligned with business objectives.
- Then begin to dig deeper: based on the nature of your business, define individual touch-point weightings or use available models (i.e. Google analytics multi-touch). Now you can begin the thought process around attributing value to each action prior to conversion. For example the likes of Airbnb will require a very different attribution model to Hilton despite both being in the hospitality sector.
- Now you can test, optimize, measure success and repeat the process.
source: Matthieu Betton, Head of Global Car and Strategic Accounts, Sojern.