Despite the industry widely acknowledging the shortcomings of single-click attribution for measuring conversion points in a customer journey, a recent survey showed that 67.7% of UK and US marketers are still using either last-click or first-click models. Its time marketers stopped relying on the last-click status quo to embrace all-encompassing multi-touch attribution measurement techniques.
Last-Click – A Rudimentary Option
Last-click models assign 100% of the credit to the final touchpoint in the customer journey but by failing to recognize the value in all other channels, these models present a highly inaccurate picture of the truth, skewing results and ultimately throwing marketing budgets out of the window – basing campaign decisions on this model can lead businesses to drive investment into channels that don’t provide optimum performance.
While last-click models are typically inexpensive and easy to integrate, their impact can be negative in the long term. Bad data in results in bad data out and strategies built on data that’s misleading.
MTA – Measuring from Start to Finish
In contrast, dynamic data-driven models like multi-touch attribution (MTA) assign credit to all touchpoints that positively impact the customer journey and which lead to a sale or conversion.With MTA, you receive exact feedback on which touchpoints are contributing to the success of your campaigns, both current and historic ones. With these insights, you can then adapt your strategies, confident that your efforts are driven by facts and data, rather than assumptions.
The writing is on the wall, yet as of September 2018, 59% of B2B marketers are still not using multi-channel attribution.
Applying MTA in Practice
AVADO, an e-learning platform, were struggling to understand their customer journeys using a last-click model – insights and performance were not adding up. Fospha partnered with AVADO to move their measurement model into MTA and in doing so, the client experienced a 30% increase in their ROI.
“Fospha’s MTA solution helps us make sense of our marketing data and to make better allocations with spend.” – Ben Austen, Head of Marketing at AVADO
As the number of channels used in a campaign increases, models like MTA proportionately improve in their effectiveness. For a company like AVADO who makes use of a wide and growing range of channels, last-click attribution was not giving a genuine picture of the truth.
A recent survey highlighted that 43% of marketers found applying attribution technology challenging and 38% also struggled to analyse their campaigns by the channels used. By using MTA models, marketers can make better sense of their customer journeys and improve the effectiveness of their campaigns by allocating budget to the better performing channels.
“Clients suspect they are wasting resources on ineffective touchpoints, yet don’t know what to do. When we integrate our MTA product, we are able to shine a light on what is working and what is not. The data-driven insights give our clients the confidence to finetune their marketing strategies.” – Marie Elms Lester, Head of Customer Success
Take the Next Step
Advances in data science now mean that there is no good reason for using legacy attribution models. Business’s wishing to gain competitive advantage should be looking at nothing less than a data-driven approach that delivers accurate and precise insights to drive an increase in conversions and sales.
For many marketing teams that means running MTA alongside last touch models to get a better understanding of how out the metrics are, identifying the cost and time efficiencies to build business case for MTA.
Whether you are taking your first steps towards MTA or you are using a standard MTA model and you want to find out more about data driven MTA then get in touch with us and find out how you could benefit from a complimentary 30-day diagnostic.