Marketing professionals use attribution models to determine their marketing ROIs. As a marketing professional yourself, your main focus is to create campaigns that drive revenue. To understand which campaigns are gaining your brand customers, you need effective marketing attribution models. While blogging is important, much models provide data on how customers go about purchasing your products. They allow you to recognize which campaigns work so that you can recreate similar ones. As a result, your ROI improves. Read on to discover the best types of attribution models for digital marketing.
With the first-click attribution model, you can determine your best digital campaigns. This model focuses on customers’ first clicks. It provides marketers with insight into how consumers begin their journey to purchasing a product. When a customer is scrolling through their Instagram page, they discover advertisements for various companies. If a consumer clicks on one of the ads and ends up buying a product from the business, that social media advertisement receives credit for the conversion. You can grasp a better understanding of what initially persuades customers with the first-click model. Then, you can use the data from the model to continue persuading customers and increasing sales, making it one of the best types of attribution models.
Another attribution model that enhances digital marketing is the linear model. The linear attribution model gives each interaction made by a customer in the sales journey credit. If you continuously track the data from the linear attribution model, you can improve sales through repetition. When one interaction is made throughout all of your recent sales, it is driving revenue. Therefore, it should be included in your digital media marketing strategy until proven not advantageous. Use the linear model to better observe your campaign features. Since it allows you to easily see what is and is not working, it is one of the best types of attribution models.
Like the linear model, the position-based model is one of the best multi-channel attribution models. As the name suggests, this model focuses on the positioning of interactions. It primarily examines the first and the last touch-points. However, it also considers the interactions customers made in between. The interactions that occur in the middle of a consumer’s journey are given the same amount of credit as one another because they all played a part in driving the customer to make a purchase. The position-based model takes the whole journey into account, which allows marketing teams to understand the entirety of a sale.
Time Decay Model
Additionally, marketers also use the time-decay model because it is one of the best types of attribution models. The time decay model primarily credits the touch-point nearest the conversion. The amount of credit given decreases as you move further away from the point of sale. Since it does take every occurrence into account, it does provide some insight into the entire customer journey. However, it does not give the same amount of credit to each touch point. This can be beneficial for certain businesses like retail companies. If a consumer is on a website and comes across an interstitial ad during their search that promotes a limited-time sale, they are persuaded to view the product. If they then buy the product, that ad will receive the most credit. It was the customer’s decision-maker and was the tool that led to a sale. Thus, the model can be very accurate if used under the right circumstances.
The custom attribution model also provides precise and useful data for digital marketers such as yourself. Although this model is more advanced than the previously mentioned models, it comes with many perks. For instance, you can create a process that is unique to your business and campaigns with this model. You can assign different amounts of credit to touch-points depending on the marketing campaign. In doing so, you can get optimal data on a project-to-project basis. Understand that you must undergo a trial and error process to ensure the reliability of your custom attribution model.
The best types of attribution models for marketers provide you with the most meticulous data on touch-point credibility and overall marketing ROI. Use the first-click model to recognize the starting touch-point of a customer’s journey to purchasing a product. Consider the linear model to determine the most effective features within your campaigns. Understand that the position-based model examines all interactions, but focuses mainly on the starting and ending touch-points. The time decay model also considers every interaction, but gives the last interaction the most credit. Finally, decide if you can manage a custom attribution model for results that are specific to your brand’s digital campaigns. Now, you can utilize the best types of attribution models for digital marketing.