Looking at the blogs, articles, and conferences, attribution is a hot topic for today’s marketers. A quick search for the topic on your favorite search engine delivers lots of content and technologies devoted to the subject. But is attribution actually a problem for you? Is it something that currently keeps you from your goals and should you be investing your analytics dollars in understanding?
The key to understanding if you might have an attribution problem is understanding the way that customers buy your products and services. Are the customer journeys simple, short and does your conversion event happen in that single visit? Or are they typically quite complex? If you look at the paths to purchase and you see that the journeys are quite short en “one touch” paths to purchase, i.e. customers either bought on their first visit or they didn’t, then you might not have an attribution problem at all. When the majority of conversions happen on a single visit then it doesn’t matter which model you use, their output will be the same!
However, be careful in looking at your current data set only, because it might be that you have data problems because you’re not tracking journeys across different devices and touch points, meaning that you are not getting a complete picture. In case you are currently using paid search and looking to deploy video campaigns, then this medium will probably not deliver the same results on the basis of the attribution model that worked well in the past for your paid search campaigns. From the data you might quickly conclude that ‘video does not work’, where in face your attribution model ‘is not longer appropriate’. In other words, you might develop an attribution model.
This is not to say that you need to cherry-pick attribution models based on the medium – it means that you select the attribution model that best fits the path to purchase and maximizes business results. Your attribution model is not ‘fixed’, and it should not be, as the path to purchase and the channel mix changes over time to drive more business.
When was the last time when you optimized your attribution model? We look forward to your comment!
Posted in Attribution in Online Advertising, Attribution Model, Conversion Tracking, Last Click Attribution, Marketing Attribution Tagged with: attribution model, attribution modeling, attribution problem, last click attribution