Marketing attribution is an essential piece of your marketing pie. We've learned that basic analytics are great, but ultimately, they just aren't going to cut it. You're going to need to step up your game. And why wouldn't you? Knowledge is power (and money in your pocket)!
Digital marketing attribution modeling is a fabulous way for companies to get an overall understanding of which digital marketing campaigns are giving them the highest return on their investment throughout the customer journey.
Imagine you're using a series of ad campaigns: Facebook, Google, Instagram, and an email campaign. Your customer sees your ad on Facebook, then a link on Google, followed by a photo on Instagram, and finally your promo code via email. The customer makes a purchase online, using the promo code they received through the email promotion.
Most readers will agree, each of these campaigns played a role in the customer's conversion. As it stands, the vast majority of companies are not currently accounting for this disbursement of credit, but instead only assigning credit to the final customer touchpoint in the conversion process, in this case, the email campaign. This is known as last-touch attribution.
Though there is much discussion as to whether or not last-touch attribution is relevant, this model is suitably structured to meet the needs of businesses who rely heavily on personal interaction when closing a sale. In last touch attribution, when a conversion is made, all credit for the conversion would go into the last bucket - the email campaign - even though other channels ultimately contributed to the customer's decision to purchase.
Another example of attribution modeling is the linear model. In this model, each touchpoint receives an equal portion of the credit for the conversion. Dividing the credit, in this case, seems to be a far more reasonable approach, as each channel had a similar level of impact in the buyer's decision-making process. There isn't a one-size fits all solution in attribution modeling. At oobyMetrics, we make it a priority to help our clients understand which attribution model is best given their customer acquisition strategies.
Sometimes, reading your attribution data can take a bit of finesse, but don't worry - we have a solution in case you get stuck! Our Business Intelligence Analysts are all experienced marketing professionals who are eager to teach everyone all about attribution modeling on the oobyMetrics platform and how to translate attribution data. Nothing is worse than paying for data you don't know how to use and we totally get that. It's our goal to ensure our clients know how to use our product, so they can make their data a primary resource in developing marketing plans that achieve higher rates of conversion using oobyMetrics.
If you have any questions, get in touch! If you want to learn more, book a demo!