Companies are searching different ways to engage with their customers. A customer journey can be complex with each new potential channel, increasing the difficulty level with its touch point for assigning the value. Here attribution modeling comes to play its role.
Marketing attribution helps marketers to evaluate various marketing channels' performance and success. Therefore it is very much important that one should understand the differences and their impact on performance.
As there are many options, how can you select the best attribution model? How to know which attribution is right for your campaign? All these queries are obvious when you don't know in detail about marketing attribution models. Below you will find a detailed explanation with pros and cons of the marketing attribution model.
It is a process of identifying a customer's touch point journey that contributes to a desired outcome. The result can be a sale or conversion. You can track and analyse these touch points to determine which marketing channels and campaigns are most effective in driving results.
Your marketing strategies are definitely going to take your time, money and resources to achieve your marketing goals. Therefore you will never wish to be putting all of that effort in without any return. Here marketing attribution helps you to avoid this condition by tracking what works and what not for your marketing.
It not only helps to analyse marketing efforts' success but also gives you insights into the customer journey. You need to understand your business to move ahead with success. You need to understand your past and make peace with it to proceed in future and marketing attribution can help you in achieving this.
When you struggle to make informed decisions on finding out which marketing strategies to prioritise or to find the beneficial channels to drive better results, their attribution models can help. They provide clear and data driven insights into your customer's journey. You can track which touchpoints connect best with your target audience. So you can use that information to consider which resource is best for you to invest in.
In marketing every penny counts and attribution models provide valuable insights to improve your finances. The insights include best strategies and channels that offer best ROI.
When joined together, attribution models help in providing the performance of each touch point. This data helps in finding succeeding strategies and those are falling short. It will help to save your overspending.
Attribution models will highlight the emerging patterns at the evolving time of trends and customer behaviour. The patterns will guide your campaigns' optimization in real-time by ensuring you remain relevant as per your audiences' preferences.
When you are a marketer, you need to understand how curious your customers are about a product in taking action. Attribution models help to see customers' clear picture journey to lead them into conversion. The insights help to enter into their specific touch points where they are engaged with.
The attribution model gives you a clear picture of your marketing efforts ,which are paying off. The model helps to link different marketing activities with each other so that you can relate. See different campaigns , strategies and channels to drive the most impact, enabling you to adjust your approach and invest your resources, where they make the most differences.
Most commonly used model provides all the credit for conversion for last-clicked ad and to its corresponding keywords.
Pros: If you are looking for a simple model then it is the right attribution.
Cons: This model ignores every marketing engagement before the last click prior to conversion. It means a low keyword of a brand can get all the credit after more expensive searching keywords won the initial engagement. The marketing automation campaign nurtured the prospect carefully before they searched for the brand by name with buying intention.
It gives all credit to the first touch point in the customer journey. This model is very much useful for understanding the acquisition channels of initial customers.
Pro: It is also a simple attribution model which is advantageous in comparison to the last -click model. Because it highlights how your organisation is discovered originally by your clients.
Con: This model ignores customers' journey and results in critical marketing strategies underinvestment.
This model distributes credit evenly for all touchpoints in the customer journey. It maintains a balanced customer journey view for all.
Pro: This model rewards every marketing engagement on your customer's journey. This highlights marketing channels' importance thay may have previously lost out to more prominent channels.
Con: It is a fact that all steps in customer journey are not the same. A prospective client can visit multiple brands before making a buying decision in this competitive edge. There you can argue that the first and final click of delivered marketing campaigns are more important than the linear attribution model.
Through this model, touchpoints closure gets more credit to the conversion. Most marketers use it for longer sales cycles in businesses.
Pro: This model is ideal for those marketers who are interested in promoting a quick turnaround from discovery to conversion. It suits those marketers who are Fast Moving Consumer Goods or consumable items for business customers
Con: This model downplays earlier touchpoints' importance, those that initiate customers' interest in your products and services.
It is similar to linear attribution, but it gives credit in favour of the first and last lick. When the first and final click receives 40% credit each for the conversion, the clicks in the middle journey take a share of the remaining 20% credit.
Pro: This model not only recognises the first and final click as the significant steps for customer journey but also gives importance to other marketing strategy steps. In this model marketers can judge their campaign strategy impact. Even marketers can potentially optimise the journey by shortening the first and final clicks between time.
Con: One needs to make considered purchases here. The engagement between the first and final click may be more valued than position-based attribution.
This attribution model assigns credit for engagements, those determined on the basis of data. Here the campaigns provide a significant impact on conversions.
Pro: This attribution model uses Google Analytics to check on website visits from YouTube, Shopping, Search. It displays the ads to give accurate understanding on how customer journey led to conversion. This model is considered as the most precise attribution model by crunching so much data.
Con: This model is not easy to set up and needs a significant investment in the process and training implementation. it is also not considered as a marketing activity that happens outside of the digital realm.
The more information you will gain for your customer engagements through your marketing campaigns, the more you can optimise the experience. The attribution data helps you to tune your marketing automation strategies. It will equally let you understand how you can win and lose customers. It is not only beneficial for building workflows and content creation, but also utilised for informing strategies like lead scoring. Lead scoring helps you in delivering more appropriate messages as per your prospect's position in the sales funnel. Even it indicates to your sales team about the hottest leads.
The process of reporting becomes more manageable for various stakeholders when in your CRM system you make available your attribution data. As a result this will improve cross-departmental communication and display your marketing team about the important further valuable investments.
As a leading marketing attribution platform, Teldrip can help businesses by simplifying the tracking and analysing process of customer touchpoints. Here is how the team can assist you:
Advanced Analytics: Teldrip's advanced analytics tools offer tracking and analysing across multiple channels for customer touchpoints. It provides valuable insights on customer behaviour for better campaign performance.
Flexible Attribution Models: Team supports various models, so that you can choose the best one that suits your business requirements the most.
Data Accuracy: Teldrip's data validation and cleansing tools, can ensure your attribution data's reliability and accuracy.
Customizable Reports: Get the customizable reporting features, those help in creating customised reports to align your business as per your KPIs and objectives.
Expert Support: The expert team at Teldrip provide support and guidance to make the most of your attribution modeling efforts.
Learn more on how the marketing experts at Teldrip can help you identify and deploy the most suitable attribution model for your business. Start mapping your customer journey by contacting Teldrip experts.
Final Thought
Ultimately, selecting the right attribution for your organisation involves alignment of your strategic objects such as marketing tactics, active channel mix, and your customer journey context. You need to take all these factors into consideration to make the best choice to gather more insights into your audience and report marketing success to the rest of your organisation. By choosing the right attribution model and leveraging tools in Teldrip, businesses can overcome the challenges and gain the power of attribution modeling to drive growth and success simultaneously.
Are you ready to start evaluating your current attribution model? If not, then reach out to Teldrip's expert team to start making optimizations that can move the needle for your customers today.
Brian Harris is a leading expert in artificial intelligence and machine learning, with a focus on natural language processing and sentiment analysis. With a background in computer science, she has dedicated her career to exploring innovative ways to improve human-computer interaction. As a thought leader in the field, Brian shares her expertise through engaging blog posts and industry insights, providing valuable guidance to readers to use Teldrip’s innovative solutions effectively.
Comments (0)
Post a Comment