With the goal of marketing attribution, businesses can better understand how marketing channels work. This is achieved by understanding the path to conversion and the role of attribution models in determining the customer journey. With these insights, companies can optimize marketing campaigns and allocate marketing spend more efficiently. Instead of looking at their marketing efforts in silos, marketers can look at them holistically and optimize their efforts accordingly. Ultimately, it will give you insights about each touchpoint in the customer journey attribution.
A marketing attribution model is a comprehensive analysis of the different marketing channels used in the customer journey. It’s applied to extract insights about which channels are most effective. Armed with these insights, marketers can then optimize their marketing campaigns and allocate more time and resources to certain channels. Marketing attribution is an excellent way to get marketers thinking about their marketing spend in new ways.
Marketing attribution is an unavoidable part of the marketing world. Attribution models are just mathematical formulas that help you understand the worth of different touchpoints in the customer’s journey. Within the online world all the traffic sources in your Google Analytics are a depiction of your online touchpoints. It’s crucial to find a model that best fits your business and customers. The important thing to know is that there isn’t just one model that can work. You should experiment with different ones to see which ones work best for you. For example, this might change when running a sale event. Attributing the value that touchpoints provide in customer journeys is essential to marketing attribution. There are many different attribution models, but the most important thing is to find one which suits your business and customers best. Using this concept, attribution models could change across time periods, say, when running a sale campaign. Different kinds of attribution models attribute credit to different touchpoints (or marketing campaigns) in the customer journey. Single-touch attribution models might only credit one point of contact, while multi-touch attribution models will credit multiple points. Below is a diagram of some of the most common attribution models.