Almost every marketer needs attribution model in place, however, it's quite tricky to choose the best suited Marketing Attribution model. In this blog we'll start from very beginning, right from the definition and application of Attribution Model.
What is attribution? Attribution is how Marketng Automation System (e.g. Marketo) gives credit to the programs that help influence sales and opportunities. If you use the Marketo modeler, attribution can also give credit for moving someone forward in your business model.
These days we use a number of channels of Marketing e.g. email, social, blogging, newsletter and events etc. There is always a series of touch points through the funnel so it becomes quite tedious task to determine which touchpoint contributes the most.
Through Multi-touch attribution we can allocate credit towards marketing touchpoints that preceded a conversion within a customer journey.
Majorly, marketers rely on either first or last touch points throughout the journey, however, that seems to be wrong practice. If we have technology in our hands to record all touch points then at least we should three to four touch-points to make justice with the marketing efforts.
Here we’ll discuss major 3 attribution models: First Touch, Last Touch and Multi Touch Attribution.
First Touch Attribution:
First-touch is referred as the first interaction of a lead before conversion. It is also known as first-click and first-interaction.
For example, a lead fills out a form on an ad that was showing on Facebook. So, the touch point would be recorded as Social (facebook).
If an organization which does not want to give credit to everybody apart from deal closer then this is the best fit attribution model.
If an organization gives equal credit then consider creating Multi touch attribution model.
Last Touch Attribution:
It's the last touchpoint before the final sale, identifying where to give credit is relatively easy using the last touch point model.
Suppose a person filled out “Contact me” form on the website then Last touch point would be recorded as “Web Lead”, however, that lead has filled out a form earlier as well. That could be preserved forever according to the best practice.
So, now we know how this lead entered into our system and when did it convert. And credit can be given in justice.
Multi Touch Attribution:
As its name implies, this model will allow you to record almost all touch points. And if we are creating a full proof attribution model then we would be able to know how many touches a lead has got before conversion.
This is quite tricky to create in MA systems like Marketo. But thanks to the great functionalities of Marketo, we are able to leverage UTM parameters to save all touch points.
There are few initial setups which would take time if you have a lot of lead entry points otherwise it's quite easy and fun to set up.
We'll be sharing the detailed blog on how to set up attribution for the first time, so stay tuned.
For more information, feel free to contact us @ firstname.lastname@example.org