One will have a number of direct and indirect interactions with your brand before turning into a paying customer. But what’s the value of these interactions and which of your brand’s touchpoints drive buying decisions? Do your convert clients with the TV ads showcasing your products, blog posts explaining their benefits or perhaps the reassuring social media reviews that build trust? How do you identify the touchpoints you should be investing in?
What is Attribution Modelling?
You implement an attribution model to calculate the value of the touchpoints in your conversion funnel and determine which should receive credit for successful business transactions. Your circumstances will dictate if a simple rule-based single-touch attribution is appropriate or a more complex algorithm-driven multi-touch model is needed. The goal of attribution modelling is to optimise the performance of your marketing channels.
Why should I care about Attribution Modelling?
How can you get a return on your investment if you can’t identify the touchpoints worth investing in? Sure, you can take a guess but remember it’s a roulette and you may end up wasting the money you spent and losing the profits you could have made. It all adds up! To gain customers and generate revenue you need to be impact-focused and for that you need a solid attribution model as a driver of your marketing strategy.
How can I improve my Attribution Model?
Build a full touchpoint map to start with and make sure your website is tagged and campaigns tracked so that every interaction of the conversion funnel is attributable. Pick an attribution model that’s right for you, implementing a multi-touch cross-channel attribution model will be an expensive overkill if your customer journey has a couple of steps only. Test various models to see which one is appropriate for your business.