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Like every other sector, even marketing has to face many challenges, and one of the most common challenges for marketers is performing in-depth analytics.
Fremont, CA: All the companies are marketing their product or service via various channels, so it is essential to know which channels are performing well and which ones are not. Therefore, companies will only look at vanity metrics like the number of link shares or comments on social media in the absence of proper attribution. To understand the success of a marketing campaign, one needs to delve deeper and look at how a lead first came in contact with the content, what convinced them to make a purchase, and so on.
With the help of marketing attribution, one can study the complete journey of how a person went from lead to paying customers, which aids in recognizing what’s working. Without marketing attribution to help companies see which touchpoints contribute to their business growth, they will keep wasting time on things that aren’t bringing any positive ROI.
Here are three standard attribution models.
First-Touch Attribution Model
With the first-touch attribution model, companies can see which channel first directed their product or drove a visitor to the website. To visualize this, suppose a leader was first introduced to their website via a Facebook ad. Then they clicked a link on their site that directed them to a webinar. They subscribed to the email newsletter and later converted from their email outreach at the end of the webinar. The credit for that conversion would be given to the first touchpoint, the Facebook ad, not email outreach.
Last-Touch Attribution Model
The last-touch attribution model is very similar to the first-touch model. Rather than measuring where the lead first came in contact with the business, it attributes the whole sales process to the last touch, the end of the marketing funnel. The last communication is usually the default setting in most of the attribution models. Google Analytics also leverages it as the default attribution model. This model focuses on what drove a lead to convert and disregards everything that came before the conversion.
Linear (Even-Weighted) Attribution Model
The linear model attributes credit similarly to all of the touchpoints that led to a lead converting. Everything starting from the first touch, opportunity creation, lead creation, and customer closing are all treated equally.
The main problem with marketing attribution is determining which touchpoints are most important in a customer conversion journey. Linear attribution has a simple answer: Give all of the touchpoints the same level of importance.