Digital marketing attribution helps you evaluate the value of each of your marketing channels.
Analysing where your clicks and conversions are being recorded let you know which areas to focus on, whether it be SEO, PPC or maybe redesigning your website!
Marketing attribution refers to which channels and sources gets the most credit. An attribution model assigns value to each touch point a customer makes with your company through the sales funnel.
Read on to see a list of some of the most popular attribution models and see which is right for you.
Last-Click Attribution Model
100% of the click or conversion credit goes to the last touchpoint channel.
Pros: This is the current default for Google Adwords management. Its simple to set up and understand.
Cons: It doesn’t accurately reflect the whole customer journey. A customer might have found your product from your pay per click advertising but visited later through organic search to buy.
First Click Attribution model is the opposite of last click attribution: 100% of the credit goes to the very first touchpoint.
Pros: This can be a well-suited option for new-start companies or brands who want to boost brand awareness or gain new customers.
Cons: Ignores which other channels contribute to conversions.
Each touchpoint receives equal amount of credit. If a customer engaged with 4 of your marketing channels, each touchpoint is worth 25%.
Pros: A fair way of assigning credit to each channel.
Cons: Hard to determine which channel results in the most conversions. Some channels maybe more valuable than others.
Position-Based Attribution Model
This model assigns 40% to both the first and last touchpoint each. The remaining 20% is equally distributed to any other touchpoint in between.
Pros: This model prioritises the first and last touchpoints. It assumes that the most important factors are how customers found your brand/company and what channel resulted in a conversion.
Cons: This method may underestimate the importance of the in-between touchpoints.
Deciding which attribution method is best for you can be tricky.
But by properly assigning worth to each touchpoint, you can gain a wealth of accurate insights to achieve your company goals and objectives.