How do we assign credit to a conversion when dealing with multiple touch points? To make this simple to understand lets look at an example:
“A user visits your site after clicking a link on facebook, then they click somewhere on your site and eventually purchase something.”
What should get the most credit? The Facebook link? The first place the user landed on your site?
This is what data attrition looks at, the conversion path and asks, “What part of the path gets credit for the sale?”
We’ll look at how Google attributes data and types of attribution models.
Types of Data Attribution
Google Analytics maintains a guide detailing the types of ways to attribute a conversion. I’ve gone through and summarized each model.
Last Interaction – The last point before conversion gets 100%.
Last Non-Direct Click – 100% of the credit for the sale goes to the last channel that the customer clicked through from before converting.
Last Google Ads Click – Google Ads click first and only click to the Paid Search channel gets 100% of the credit.
First Interaction – the first touchpoint gets 100% of the credit for the sale.
Linear – each touchpoint in the conversion path shares equal credit.
Time Decay – the touchpoints closest in time to the sale or conversion get most of the credit.
Position Based 40% credit is assigned to each the first and last interaction, and the remaining 20% credit is distributed evenly to the middle interactions.
Full Path – tracks every marketing effort that a person experiences, including the customer close touchpoint. This lets marketers see precisely what works and what doesn’t for any particular consumer.
Custom – Rather than using one model exclusively, combining features of each model. Companies create their own model to suite what makes sense for their marketing strategy.
Benefits and Challenges of Attributing Touch Points
When using these models, there are benefits and challenges to each. Many marketers tend to use a mixed strategy, determining through trial and error the best strategy for attribution.
Benefits
- Gives you additional insights into your marketing funnel and what is influencing your customers to make a purchase.
- It can help you get a higher ROI in your marketing efforts.
- A single touch model doesn’t give you the entire picture and may mean attributing success to a process that isn’t the main reason for the purchase.
Challenges
- There are a lot of expenses that go into the process of tracking all touch points.
- It is hard to track offline touch points to consider into your attribution.
- Other factors can influence your attribution such as pricing, seasonal, competition, all which are hard to reflect in an attribution model.
When To Implement Multi Attribution Strategies?
It is also important to think about exactly when you should use a multi attribution strategy. Some of the following are examples of reasons for using this strategy.
- If you use a combination of different ad networks, and outreach methods it would be good to consider using a multi attribution strategy.
- When you want a more advanced look into your strategy and come up with advanced ways to attribute the different stages of your marketing process.
- When you want to attribute a combination of offline and online ad techniques.
- When you’re looking to improve your overall funnel process combined with paid marketing activities.
How to Implement a Multi Touch Model
Collect Data – You need to make sure you understand the overall funnel flow of your customers. This means where they land and where they go so you can understand how to record the data.
- Collecting With UTMs – These snippets help track where users landed and from where.
- Utilizing APIs – Plenty of tools offer elaborate APIs to track and identify your customers.