How To Choose The Right Attribution Model For Your Business
In today’s highly competitive world, it is crucial for businesses to utilize their finances wisely, in the most lucrative manner possible. If they fail to do so, chances are that they lose their customers and employees to competitors. Talking about the investments made towards marketing, it is even more important to analyze the impact of the strategies taken into action. Also, it becomes crucial for marketers to evaluate the impact of best-reciprocating channels and networks employed for promotions and marketing. These could be offline or online channels; analyzing the statistics is equally important for digital success of an organization.
Attribution modelling statistics are the best solution to the marketers’ need for collection of accurate marketing investment data. These statistics provide a deeper insight into the impact of marketing investments made towards different strategies, channels and networks, and also help to calculate and optimise the marketing ROI.
The need is grave; no matter what the business size and type. But finding the right model is a daunting task. There are so many models to choose from, and the pros and cons of each are hard to understand. So here’s a quick guide that will help you in choosing the right attribution model for your business:
First-Click for a Single Marketing Channel
This is the first step that a marketer can take towards digital success. If you have a single marketing channel and limited communications, First-click model of attribution is best-suited for your business. Although last-click model is most commonly used, it isn’t the best choice because the stats are less accurate and lack precision in the representation of figures for total ROI. Also, marketers face a lot of difficulty in comprehending the results shown by Last-click models, especially if there’s just one marketing channel.
Non-direct Click Model for Ad Campaigns
If you are running ad campaigns on a regular basis, and it’s a chief part of your marketing strategies, the most suitable attribution model for your business is Non-direct click model. It allows easier identification of touch-points that drove the customer into buying a product/service. This helps facilitate the ad-campaign process as attribution model Adword provides accurate results for impact of ads running on different platforms.
Time Decay To Assess The Impact of Product Exposure
If you’re focusing only on loyal customers who are likely to make future purchases as well and want to do away with impulsive buyers, Time decay model is your thing! It lets you assess the impact that constant product and brand exposure has on buyers spread across different platforms.
Linear Model To Evaluate Each Touch-point
If you run multiple campaigns across different channels, and are looking for a sustained campaign that runs for longer than usual, try linear model of attribution. It accounts for each and every touch point that a customer goes through until a purchase is made. It also demonstrates the value of communication if you have unlimited communications across different channels.
Basically, each model is suitable for specific conditions. Understand your condition first, and choose an attribution model accordingly for digital success and improved marketing ROI.