You have a website, and your products/services or whatever it is that you want to generate awareness/campaign for are on the website. But as a marketer, you surely want to understand what and why people buy or take away from your website. You would also want to know what has occurred before people buy, what has prompted them to complete a goal that you have predetermined. How do you do that? Enter attribution modelling.
What is attribution modelling all about?
It is the process that helps you assign credit and understand the marketing channels that led to conversions. For instance, you have an ad on Google. Users click on it, browse and exit your website. Then they enter your site via Facebook or Instagram. Yet another time, they might have gotten into the site via Twitter. But the one time it leads to conversion matters. Let’s assume they converted when they entered your site via Twitter. So, which is the one marketing channel that you could credit for the conversion? You could argue that all of them need to be credited because of the brand association, trust and awareness created by each of the channel. But as a marketer, you would want to associate with the channel that gives you the best results because that’s where you want your moolah to go! What do you do then? Seek recourse in attribution models.
Google Analytics attribution modelling is one of the best ways to do that. However you should choose an attribution model in Google depending on what your business objectives and model is. The model you opt for has immense impact on the value and volume of conversions. So, before you opt for one of the models, decide what is important for you as a brand. Get your goals right.
• So, if you are entering the market for the first time and have a new product, then brand awareness is your primary goal. In such a scenario, you would need to use the first touch attribution model. You would need to give credit (of conversions) to interactions that led to the conversion. You could also use this model if you were to reach out to new prospects and want to understand what channels will produce new leads.
• Use the last touch attribution model in scenarios where you are not required to assign any conversion credit to the first and subsequent middle interactions that lead to conversions.
• You would use a time decay conversion model if you have a campaign ready for promotions for a specific season and want to understand the purchasing behaviour of customers during that campaign.
• You should use the linear attribution model in situations where every interaction is important for conversions. Credit for conversions is distributed evenly across all clicks on the conversion path.
• The last non-direct click model assigns full conversion value to the last channel that a customer clicked through just before converting. You can use this if your direct traffic has come from customers who you have already won over to your side via a different channel. You can then filter out the direct traffic and just concentrate on what marketing activity occurred just before the conversion.
• You could use position based model if you have objectives where there is greater value on the initial and final interactions — 40 per cent credit is assigned to the first and last clicked ads and correlated keywords. The remaining 20 per cent is distributed across other clicks
• What role has Google Adwords played in leading users to conversion paths? If this is question you want answered, use the Last Adwords click model.
• The data driven model can analyse data from all Google and non-Google accounts that are linked to your Google account, and is thus comprehensive. It uses your account data to tell you which keywords, ads and campaigns have the most impact on your goals.
Google Analytics offers the Model Comparison Tool to let you compare how all the above models impact the marketing channel valuation. You can also use this tool to create a custom attribution model apart from the default ones available.
Using Analytics smartly goes a long way in allocating budgets to marketing channels, so ensure that you get a good hang of attribution models for top conversions.
To know about Google Analytics: KPI’s to Measure Success read our blog here.