There are many multitouch attribution models for marketing. Multitouch attribution is a marketing measurement method. It determines the importance of each touchpoint in the conversion pipeline. Therefore, multitouch attribution evaluates the value of each specific touchpoint. Since the buyer’s purchase decisions span multiple devices and touchpoints before conversion, marketers need to determine which touchpoints impacted the decision. As a tech industry professional, divert funds more effectively to responsive touchpoints by evaluating their effectiveness. Read on to discover the best multitouch attribution models for marketing.
Linear Attribution Model
The linear attribution model equally credits each touchpoint with conversions or revenue across the consumer’s experience. Linear attribution helps understand the consumer experience and view the touchpoints in aggregate. However, linear attribution doesn’t show the influence level of each touchpoint, just their presence. Prevent data overload by using this model sparingly. Surely, linear attribution models enable knowledge of the consumer experience, media tracking, and engagement studies.
Last Interaction Attribution Model
Last interaction attribution models are often used in web analytics platforms in tandem with last non-direct models. This model fully attributes conversions to the last known referral, click, or other traffic source. For example, if the last action before conversion was a search, that search gets all the credit for the conversion. Exercise caution when interpreting data from these modes, since they completely ignore previous customer experience touchpoints. Absolutely, the last interaction attribution model provides simple insights useful in various analytics applications.
Data Driven Attribution Model
Data driven attribution models rely on tangible data instead of assumptions. These models harness data and marketing technology tools to understand consumer behavior as it relates to purchase decisions. Using this snapshot into consumer experiences, the models use algorithms to determine ROI values. This way, strategic data analysis is leveraged to maximize ROI. Certainly, data driven attribution models provide accurate insights into the consumer experience and accurate ROI values.
Position Based Attribution Model
Position based attribution models credit the first and last touchpoints in the conversion pipeline. These touchpoints are often called the “opener” and “closer” within the consumer conversion journey. Often, this model is used to favor the opener and closer touchpoints over the “supporter” touchpoints found in the middle. This way, the opening and closing touchpoints are more effectively evaluated for their conversion abilities. Definitely, position based attribution models enable the refinement of the strongest touchpoints in the conversion process.
Full Path Model
The full path attribution model tracks all the touchpoints found within the conversion pipeline. By providing this extensive touchpoint tracking, these models give users complete control over the consumer journey. This way, you track the touchpoints that work and the ones that don’t, throughout the entire pipeline at once. However, this kind of extensive tracking is typically costly in money and time. Of course, full path multitouch attribution models and technology solutions provide the most complete, extensive tracking of an entire conversion pipeline’s performance.
There is a myriad of multitouch attribution models for marketing. One model, the linear attribution model, enables engagement studies of a conversion pipeline. Another, the last interaction model, provides simple insights used in various applications and analytics. Third, data driven models provide greater insights into the consumer experience as well as accurate ROI values that maximize your investments. Position based models highlight the performance of the first and last touchpoints, which should be the strongest for consumer acquisition. Finally, full path models display the entire conversion pipeline, providing the most extensive tracking of marketing performances. When wondering about the best multitouch attribution models, consider the attribution models described above.