Models for Multi-Touch Attribution
There are several touchpoints during the modern buyer’s journey. Organizations are communicating with prospects everywhere, from paid Google and Bing advertisements to social media ads and website pages. Marketing professionals really must know which of these touchpoints generates the most leads and conversions. You can precisely target your ad spend where you want it to be concentrated and reduce it by using multi touch attribution, which lets you see how each of your channels, advertisements, and keywords is doing.
Before converting, B2B buyers have approximately 27 interactions, according to a Forrester report. Marketers need this information on critical touchpoints as economic uncertainty persists so they can optimize the correct campaigns and make the most of their expenditures. Numerous pieces of this data are unlocked through multi touch attribution, which provides marketers with the knowledge they require to succeed—even in hard times financially.
Multi Touch Attribution: what is it?
Image in blue and white with three ads to demonstrate multi-touch attribution touchpoints: organic, Google retargeting, and paid social.
Multi touch attribution is a kind of marketing attribution that offers information on several customer touchpoints. Only one touchpoint is given credit in traditional attribution methods like first and last touches. However, multi touch attribution tracks and assigns a variety of customer journey touchpoints, as the name suggests. Credit is assigned differently to each of the touchpoints depending on the type of multi touch attribution model you utilize.
The customer journey of today is rarely straight. Customers and potential customers frequently engage with your brand in one location, return a week or two later on a different channel, disappear for a few weeks, and then visit your website. According to research, there are typically eight touchpoints between a visitor and a conversion.
You may gain insight into all of the customer touchpoints using multi touch attribution. This is beneficial in a number of ways:
- Make the most of your marketing and advertising budget where it counts.
- Sync up the marketing and sales teams.
- Offer remarkable customer experiences.
- Cut the sales cycle in half.
- Adjust messages to increase conversions.
Different attribution models for marketing exist. The first and final touch marketing attribution models are examples of classic models. The first touchpoint the consumer visited or, as the name implies, the final touchpoint before to the conversion receives 100% of the credit in these models, as was previously noted.
Other varieties of multi-touch attribution consider a number of customer touchpoints. It’s critical to comprehend each model so you can choose the one that works best for your business and your existing marketing objectives.
Additionally, you should have a basic understanding of each model because you could want to utilize one kind of attribution model in one circumstance and a different model when evaluating various factors. Let’s examine three methods for multi-touch attribution.
Three Different Multitouch Attribution Model Types
Marketing professionals can use multi touch attribution models to identify which of their advertising, campaigns, and even keywords are doing the best, the worst, and everything in between. How much importance or credit each model accords to the many touchpoints is what sets most of these models apart from one another.
- The linear model
The linear model is the most fundamental multi touch attribution model. Each touchpoint is given equal “credit” as it tracks the touchpoints from first to last.
Each of those touchpoints would receive equal credit for the conversion, for instance, if your consumer initially visited your website, then two days later clicked a Facebook ad, returned the following day, and clicked a Google ad a week later, leading to the purchase of your good or service.
This kind of attribution approach is suitable for individuals who are just learning about attribution and monitoring or who are launching a new, smaller firm.
- Model of time decay
The buyer’s journey is once again tracked by this model, but it prioritizes or gives greater weight to the touchpoints closest to the conversion. For B2B companies with a lot of lengthy sales cycles, the time decay model can be a viable option.
- Model positions
These models include U-shaped, W-shaped, and Z-shaped variations, and more specialized types are always being developed. According to the particular model, different amounts of credit are provided to each touchpoint using these multi-touch devices.
The first and last touchpoints in the U and W-shaped models receive equal credit (40 and 30 percent, respectively), and the remaining money is equally distributed among the touchpoints.
The initial touch, last touch, marketing-qualified lead, and sales-qualified lead points are awarded credit in the Z-shaped model. These touchpoints each receive an equal share of the credit, with any additional touchpoints, if any, receiving a smaller portion.
Utilization of Each Model
Because there are so many distinct multi touch attribution models, marketers can select a model to measure a certain marketing objective. You are not required to use one attribution approach exclusively. It’s crucial to select various models to track changing objectives. Using one type of model to assess one area and another to assess a different aspect may be beneficial.
What you are aiming to measure in detail will determine the marketing attribution model you use. The linear model might be appropriate if all you’re after is a broad overview of where your consumers are clicking and you’re only now beginning to use attribution.
A time-decay model with an emphasis on the touchpoints closest to the conversion may be the best option if you’re seeking for information on the kinds of ads and campaigns that close the highest-value conversions.
A position-based methodology, on the other hand, can be right for you if you want to see what is getting clients’ attention. You can choose the proportion of credit to be given to each touchpoint using some multi-touch attribution models. This will enable you to concentrate on strategic goals and analysis.
Interactions Offline Interaction Tracking and Attribution
It’s crucial to realize that all of these models, along with first-touch and last-touch models, will only track and attribute online behavior. Visits to websites, use of social media, and other activity. But if your visitor picks up the phone and disconnects, you’ll probably lose track of them. If this call results in a conversion, your data may have been skewed by an inappropriate source. It is crucial to understand each of these touchpoints, but marketers frequently overlook them.
If you don’t have reliable data and the lead disappears when a potential customer picks up the phone, you can be basing your marketing choices on false information. Problems with budgeting and decision-making may result from this. Success and job security depend on knowing and demonstrating your true return on investment for all of your marketing initiatives!
You can link phone calls to any online activity your consumer engages in by using a call tracking platform with dynamic number insertion (DNI). For instance, if a potential customer clicks on a Google Ad one day, then clicks on a different ad a week later, then calls you from a number on a landing page, you will be aware of every action they did before picking up the phone. Additionally, call monitoring provides you with more caller data so that agents may tailor calls and program follow-up procedures. The automation of follow-up includes:
- Automated callbacks.
- Follow-up texts.
- Routing incoming calls to the most appropriate agent.
- Call and lead scoring.
- Call and lead tagging.
Utilizing multi touch attribution models, marketers may examine how prospects and clients are interacting with each touchpoint. This is crucial, especially now when the economy is unpredictable, so that you can focus on what’s generating the most conversions and make the most of your marketing budget. Your organization will flourish no matter how the economy is performing if you use attribution to make wiser decisions that are supported by thorough facts.
Additionally, by using call tracking in conjunction with attribution, you’ll provide your sales and marketing teams additional knowledge about your prospect, enabling them to tailor the conversations they’re having.
As soon as the phone rings, sales teams and agents will have more information about the caller, and marketers will be aware of which ad channels, content, and visual elements are most effective. In order to keep customers and turn them into ardent fans of your business, teams may use this to create great customer experiences. With the knowledge gained via attribution, teams may do more while using less resources.
Сonclusion
Due to the intense competition in today’s market, marketers must be knowledgeable about the technologies they employ as well as their methods for monitoring and attributing both online and offline activity. To compete, you must use multi touch attribution models and a technology that allows you to track offline activities.