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Marketing attribution: finding the perfect model

Implementing marketing attribution into your business can be a complex task for many reasons. The most significant, being that you’ve got to first choose the right attribution model – and there are many.

However, with a wider knowledge on what these models are and what they can bring to your business, you’ll be well on your way to choosing the perfect attribution model to boost your marketing efforts.

Read on to learn more about marketing attribution and what models you can incorporate.

What is marketing attribution?

Marketing attribution is an essential process where businesses track and analyse  their entire marketing performance.

There are many different components involved in marketing, such as various campaigns, marketing channels, content, etc., so it’s important to have an effective way of monitoring and evaluating it all.

The attribution process involves analysing the levels of engagement across all areas of your marketing, to see how customers engage with you,  and how they are funnelled through your business.

An excellent software that often goes hand in hand with marketing attribution, is call tracking.

Incorporating the right software – such as call tracking from Mediahawk, for instance – will not only give you detailed analytics on customer calls, but also provide insights and reports which can help you establish customer journey maps.

These maps are perfect for your attribution process, as you’ll be able to see every touchpoint a customer visited before, during, and after they called.

This will reveal the main areas of your marketing which generate the highest number of leads and sales, and thus remain a valuable component in your marketing efforts.

Having this in-depth overview of your marketing is crucial for maximising customer engagement, and this is why attribution is so beneficial.

But first, it’s important to choose the right model.

Which attribution model is right for you?

There are a range of attribution models for you to choose from, each offering a unique analysis of your marketing engagement:

  • First touch / last touch attribution

First and last touch attribution are two models which share a similar style of analysis, just at opposite ends.

First touch attribution measures the engagement at the first touchpoint in the customer journey only, without paying attention to any further touchpoints.

Last touch attribution follows the same pattern, except it measures engagement at the last touchpoint in a customer journey alone.

These models are for businesses who value one touchpoint above others in the customer journey, viewing them as the most significant role in generating a lead or sale.

This could be first touch, where they focus on the touchpoint that hooks in a customer, or last touch, where a customer comes to their final point of potentially converting.

Businesses with shorter sales cycles will benefit most from these models, as there is less significance in the middle touchpoints of a journey.

  • Multi-touch attribution

Multi-touch attribution is unlike the first two models in that it measures multiple different touchpoints at once.

These models are ideal for longer sales cycles, as these leave more room for the middle touchpoints to be crucial factors in customer engagement, as well as the first and last.

There are different variations of this model type:

Linear model – This model takes a liner approach to analysing engagement, and measures every touchpoint in a customer journey equally. This will give your business the most all-round view of customer engagement throughout their entire journey.

U-shaped model – This model gives the highest values to the first and last touchpoints, whilst giving the remaining small amounts to the touchpoints in-between. This follows the idea that the hook and final interaction are most important in a customer journey, but it doesn’t completely neglect other touchpoints.

W-shaped model – This model gives an equal value to the first, middle, and last touchpoints in a customer’s journey (like that of a ‘W’ shape). This is great for businesses to see not only how customers are hooked and converted, but how they’re funnelled through the sales cycle with the middle touchpoints.

Time decay model – This model gives the lowest value to the first touchpoint, and increases the value with each touchpoint along the journey, giving the last touchpoint the highest. This is ideal for businesses who believe touchpoints become more vital for generating leads and sales as the customer funnels down the cycle, with the final point of conversion being the most essential.

Marketing attribution can be tricky to get right, but with this expert guide to finding the right model for your business, you can soon begin to see the improvements in your marketing efforts, and overall business development.

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