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Many online marketers think that the paths customers and clients take to purchase their goods or services are a straight line, but the truth is far from it. There are many ways customers discover your brand, interact with it and progress through the sales channels. Attribution models analyse these touch-points in the customers’ journey, and uses the data to improve your marketing campaigns.
Attribution Modelling is a rule or set of rules (marketing strategy) that determines how marketers analyze and assign credit to marketing touch-points on the customer’s journey (conversion paths). The marketing touch-points are specific steps in the customers’ journey: every action the customer can take between searching for a product online to making purchases. Hence, attribution modeling helps marketers to know the specific marketing effort that drives the most leads to the sales funnels.
Understanding the journey every customer makes before purchasing your product or service should be valuable to you as the sales itself. With a multi-touch attribution model, you can share credits across multiple touch-points to discover how marketing interactions affect the entire sales funnel.
If a customer sees your display ad, clicks on it, and bought your product immediately, it is easy for your sales team to attribute the entire sales to the display ad. If a customer clicks on a display ad on Google Search Engine, clicks the link to visit your website, downloaded the company app and eBook without making purchases immediately, then came back later after a week to make purchases, then the customer has taken a more complicated route to make a purchase. In this case the acquisition team would need an attribution model to know when and how various marketing channels contributed to the conversion success rate.
The analytical data gathered from the attribution model and information derived from it can then be used to optimize marketing efforts, reduce overhead expenses by closing non-performing channels, and optimizing and improving well-performing traffic channels.
Our complete guide on attribution modeling will help guide you to learn about all the types of attribution models, reasons behind the adoption of attribution models, benefits and limitations of attributions models, and our software solution for multi-touch attribution implementation.
Q1. Does attribution model work for offline conversions?
Yes. Some conversions start online but finish with phone call or offline shop purchases, and these offline conversion channels can be attributed if you upload the data online.
Q2. When should I adopt the attribution model?
Adopt attribution when you need to know the performance level of each marketing channel and how they promote your company sales.