What is Attribution Modelling?
Attribution modelling is the method used to determine which marketing channels are contributing to sales and conversions. It can help businesses better understand the different touchpoints a customer encounters on their journey to a conversion, how long the conversion timeline is and which channels have the greatest impact, whether that be Organic, Paid, Social, Email etc.
Why is this important?
A conversion typically happens after a relationship has developed between a consumer and brand, therefore it is rare that customers will click on your Facebook advert and convert immediately.
According to the Online Marketing Institute, it takes 7 to 13+ touches to deliver a qualified lead – which means that users may have visited your website by clicking on an ad, visited your Facebook page, signed up to your email newsletter, found your blog online, visited your website directly, and more, all prior to completing a sale or getting in touch with your business!
Conversion Timeline
Step 1 Sally is searching for ‘Trainers’ online and clicks on your free Google listing as well as several other competitors ranking on page 1
Step 2 Sally wants to find out more about your brand and browses your Instagram page
Step 3 As Sally has displayed interest in your brand, she is shown retargeting ads on Google for the specific product she was looking at. Sally clicks on the advert and buys the pair of shoes 💰!
So, which marketing channel gets the credit?
The answer to this is there is no ‘right’ answer. Each attribution model works well in different situations and the credit given will largely depend on the specific model you’re looking at.
Types of Attribution Models
Selecting a Model That Works for You
Choosing an attribution model that works for your business is unfortunately easier said than done.
As each model has its own pros and cons, you must first figure out which strategy is going to provide you with the most valuable data and allow you to optimise the account to increase return.
It’s important to have a great understanding of your typical customers conversion timeline and the touchpoints which you deem to be most influential.
We would recommend reviewing and comparing more than one model so that you can measure the effectiveness and determine which strategy is a best fit for your business and goals.
