Attribution models are one of the most important aspects of modern-day online marketing.
So what is an attribution model?
Well, according to an expert associated with Hesk Digital, it is the way you choose to give credit to online marketing channels that helped you convert a lead into a customer.
Why is it important?
Online marketing doesn’t involve the usage of a single platform, tool, or medium. Multiple platforms work together in a typical digital marketing setup as it is the only way the message is sent quickly and received by the TA in no time.
Attribution modelling allows your in-house team to figure out the platforms that suit the needs of a particular online marketing campaign. Since every campaign is unique, it is evident that the mediums, channels and even the tools used to initialize the campaign will be different as well.
Without attribution modelling, online marketers will not be able to improve the efficiency factor of their work as they will be wasting their energy, time, and resources on their clients on the wrong platforms.
Types of attribution models
There are four types of attribution models.
They are as follows –
- First/Last click attribution model – Here 100 percent of the credit is assigned to the active touchpoints just before a lead is turned into a customer. It is one of the simplest attribution models but the overall accuracy factor of the same is a bit low compared to the rest of the attribution model types.
- Linear attribution model – Here the attribution is evenly split between all the active touchpoints that helped in the conversion of a lead into a customer.
- Time Decay attribution model – Here only those touchpoints are credited that are close to converting a lead into a customer.
- Position Based attribution model – Here, more or less, forty percent of the credit is awarded to the first and last touchpoints that assisted in the conversion of a lead into a customer. After this, the remaining credit is then distributed to the touchpoints that played an active role in the conversion process, in-between.
How to choose the right one?
It is pretty easy to choose the right attribution model given you keep the following things in mind –
- You should choose an attribution model after you have mapped your client’s journey by figuring out the touchpoints where they interacted with a certain marketing message.
- You should choose an attribution model only after you have a clear understanding of the responses of your customers, especially to the marketing content they interacted with.
- Always choose a model that suits your fundamental objective. It could be anything between branding or limited-time promotion. So be sure about your goals before choosing an attribution model. It is the only way to keep your resources from getting wasted.
It is always a good idea to start with a simple attribution model such as the First-click/last-click model, learn from it, and then take it from there. This will keep you motivated enough to keep working on it. For the best results, business-owners should seek professional assistance from a digital marketing company that specializes in attribution modeling.