Understanding the effectiveness of your marketing touchpoints is essential for increasing engagement and drawing customers to your business. This can help you produce more expert strategies, increasing engagement, and consequently, your lead and sales generation.
Therefore, marketing attribution is a must! This detailed process helps identify and evaluate data from every aspect of your customers’ journeys. By analysing these touchpoints, you can see where to improve on engagement, and how to revitalise customer experiences.
Marketing attribution can be achieved using various attribution models, and the appropriate model will vary depending on your specific business. In this article, we’ll explore marketing attribution, what it is, and how you can find the right model for your business.
What is marketing attribution?
Marketing attribution is a process that collects data on every touchpoint in a customer’s journey. This can include the volumes of engagement, the number of touchpoints visited, and the outcome of every journey. The data collected will enable you to see how well or effective your marketing is engaging customers, and how you can improve these interactions.
The method of data collection will be different with each attribution model. Each model establishes certain values to different points in a customer journey, to provide data tailored to your specific business performance.
Which attribution model is right for your business?
Every business is different, and so are its customers. Therefore, there are different attribution models more suited to the specific nature of your business:
First touch and last touch attribution
First touch attribution focuses on engagement with the very first touchpoint in a journey. Last touch attribution focuses, naturally, on the very last. These models are ideal for businesses with a short sales cycle, since the very first, or last, touchpoints have more significance in the overall journey, and thus, the likelihood of a sale.
You might find that customers are often ending their journeys on a specific touchpoint without a sale, such as a phone call, for example. Using this information, you can refine the specific major touchpoint, which in this case, could involve investing in something like call tracking.
Call tracking will enable you to obtain detailed information on this major customer touchpoint, as well as others, and use keyword identification to help improve phone conversations.
This example reflects the benefits of using first and last touch attribution in your business’s short sales cycle, for optimal engagement and producing much better conversion rates.
There are plenty of resources online that provide more detail on call tracking. For example, you can find expert information here: https://www.mediahawk.co.uk/features/call-tracking/
Multi-touch attribution focuses on every single touchpoint in a customer journey, from the first through to the last. These models are more suited to businesses with long sales cycles, since the touchpoints in-between the first and the last become more crucial to the outcome of the journey.
Multi-touch attribution can be achieved using different models, each with different values placed on certain points in the customer journey:
Linear attribution – This model measures engagement at every touchpoint in the customer journey with equal consideration. It’s ideal for businesses who need an all-round picture of their customers’ behaviours. By assigning equal value to each touchpoint, you can identify patterns of behaviour that show where, and how, customers prefer to engage with your business.
U-shaped model – This model analyses the first and last touchpoints, with small values assigned to the middle ones. This works for businesses who want to greatly improve the way they hook customers, and how effectively they lock-in a sale. In many businesses, the introduction to the customer and the final sale, are seen as the two key factors for success. For perfecting these two areas, this model is great.
W-shaped model – This model focuses equally on the first, last, and very middle touchpoints in a journey (hence the ‘W’ shape), for businesses who need to improve their customer engagement, as they funnel down from a hook to a sale. You may find that many customers are engaged effectively to start, but then slowly lose interest as they journey forward. With this model, you can ensure every interaction is successfully leading them along to the sale.
Time decay attribution – This model gradually assigns more value to each touchpoint as the journey progresses, with the first touchpoint having the lowest value, and the last having the highest. This is great for businesses who want to improve the major touchpoints that are significant to a conversion. As the customer nears the end of their journey, each interaction becomes more vital in converting them to a sale. By improving these interactions, the sales generation can greatly increase.
Marketing attribution, with the right model, is an essential tool for your business, but choosing the right model can further magnify its benefits. The right model paired with the right business is the key to effective marketing.