An Introduction to Marketing Attribution Models
What are Marketing Attribution Models?
Marketing Attribution refers to the process of “identifying user actions that contribute to a larger desired outcome and assigning value to these” (ClickZ).
Attribution models analyze the performance of different touchpoints or channels within an overall marketing strategy. Single-touch models assign all the credit to just one touchpoint, whereas a multi-touch model takes into account the effectiveness of multiple touchpoints.
Multi-touch models are typically superior as they are more reflective of genuine customer journeys. For example, most customers have interacted with your brand multiple times before buying your product: be it by visiting your website, reading your whitepaper, or following your company on social media.
However, what both models have in common is that they follow the same set of rules.
This table shows how the different models function, their use cases, and a short review of each type:
Replacing Assumptions with Data
The above models fall into one of two groups: either single-touch or multi-touch. We use a data-driven multi-touch attribution model. You might have heard this referred to as algorithmic attribution modelling.
Our models don’t rely on assumptions and instead of being built in a specific mould, can respond dynamically to ever-changing performances of different touchpoints within the customer journey. A great benefit to this model is that it allows you, the marketer, to experiment with different channels, receive quick feedback, and then reallocate resources to those channels performing disproportionately well.
For further reading on marketing attribution, data and measurement, you can read ClickZ’s whitepaper here.
With all the now available data, there is no longer an excuse for guesswork. At Fospha, we believe that most businesses already have the data they need to reach their full potential, it just needs unlocking. We have vast experience in determining the most impactful metrics to measure the performance of a company’s marketing strategy.
Interested in finding out more about our solution? Get in touch at firstname.lastname@example.org to find out how you could benefit from a complementary 30-day diagnostic.