Demystifying Marketing Attribution Models for Growth

There is a common misconception that marketing attribution models are inherently complex and difficult to understand. If you are an inventor, an inheritor of a business, or a manager, do not assume you are incapable of understanding marketing attribution. Invest a brief amount of time learning about the different marketing attribution models and you’ll pave a path toward growth. 

This is your inside look at how marketing attribution models are used to expand enterprises like yours.

The Systematic Approach to Marketing Analysis Your Business Needs

Some business owners refuse to take a step back from the day-to-day grind to assess the efficacy of their marketing efforts as work and life are hectic. Though analyzing marketing campaigns including their unique channels requires some time and effort, the resulting insights are invaluable. Attribution models consider all touchpoints along the buyer’s path toward conversion. 

The overarching aim of attribution models is to specify the channels that played a part in conversion including the degree to which they influenced prospects. Employ one or several such frameworks and you’ll have a better understanding of the advertising touchpoints that deserve credit for conversion. 

Attribution makes it easier to understand the specific channels that generated conversions. The analysis of marketing attribution models also empowers your business to better spend on ads for efficiency and impact. 

Recognize all Touchpoints That Contribute to Conversion

If you were to poll business owners and advertisers about the importance of marketing attribution models, most would testify that such models are essential for understanding the channels that spurred conversion. Though the initial point of contact and the final touchpoint often play the most important roles in tipping the scales toward conversion, everything that comes in between also matters. 

From email marketing to retargeting efforts, social media, paid ads, and more, most businesses have comprehensive sales funnels. The whole of marketing efforts is greater than the sum of the individual parts.

As an example, first interaction attribution is one of the most commonly used models as it emphasizes the importance of the initial touchpoint. The entirety of conversion credit is attributed to the initial marketing channel one interacts with. Consider a customer who finds the business through a blog post that appears on search engine results. The post receives the entirety of credit for ensuing sales.

Alternatively, last interaction attribution rewards the entirety of sales credit to the final touchpoint the client interacted with before conversion. As an example, consider a customer who clicks an ad on X (formerly Twitter) and is then redirected to the website for conversion. Such a conversion is attributed to the ad placed on X as that was the final point of contact before the sale.

Customizing Your Own Attribution Model

Custom attribution is perfect for clients who have specific touchpoint weighting or valuations. Some businesses also use custom attribution to analyze specific sales funnels. Take the custom approach and you’ll define the model by specific insights and aims. 

A tailored attribution model serves up valuable insights into advertising strategies using data relevant to the buying cycle. Setting customized benchmarks and obtaining a better understanding of marketing channel performance across posterity ultimately helps business owners better understand how the money spent on advertising makes an impact on the bottom line.

Be Patient When Reviewing Attribution Models

The best attribution model to fuel growth at your business might not be ideal for multiple financial quarters or other businesses in your industry. In short, there is no single “best” marketing attribution model for growth. 

Consult with a marketing professional, consider all available models and you’ll eventually find one or several models that are best suited for your business. It is always possible to pivot between models as the company evolves. Maintain an open mind, use marketing attribution models as necessary and you’ll maximize the use of their unique data.

Recognize the Value of Multi-touch Attribution

We live in an omnichannel world, meaning one that consists of multiple channels that businesses use to connect with new and existing customers. Most prospects do not immediately convert after viewing an ad on social media, TV, or elsewhere. Rather, the vast majority of customers embark on a buyer journey that includes several touchpoints. 

Choose multi-touch attribution modeling and you’ll collect data about the wide variety of touchpoints that shape the buyer journey. Such comprehensive attribution provides a comprehensive analysis of the journey, empowering your business to optimize marketing campaigns for maximum impact.