Advanced Attribution Modeling

stir agency milwaukee

STIR Staff

Aug 1

An array of advertisements and messaging hit us across all of our electronic platforms and media daily. We as consumers see ads while watching TV, browsing online, searching social media, reading emails and even while driving our cars listening to the radio. For marketers, determining how to influence a consumer can be tricky – what type of ad, which medium and how to integrate with an overall marketing strategy to provide ROI.

Integrated Inbound Marketing is an aggregate of multiple marketing platforms that rely on content, both user-generated and brand-driven, around a cohesive digital strategy. The goal of Integrated Inbound Marketing is to attract consumers, give them useful information and influence their feelings to convert them from a visitor into a customer. Integrated Inbound Marketing uses many tactics such as blog posts, email marketing, social media and even traditional tactics like print and direct mail.

Understanding when and how to push each piece of content, in which order and through which medium is no small task. Advanced attribution modeling can help make planning easier by producing insights on your consumer’s conversion paths. The goal of attribution modeling is to determine which touchpoints are producing positive results, revealing an optimization of strategy to guide marketing tactics, strategy and messaging. In contemporary attribution modeling, credit is assigned proportionally to different touchpoints according to its influence on a customer’s purchase or conversion decision.

Early attribution models were flawed. “Last click” or “last touch” assigned all credit to the last touchpoint and ignored previous touchpoints on other platforms. The “first click” model does the opposite, giving all credit to the first touchpoint and ignoring those following. Neither model provides an accurate picture of the true conversion path.

In advanced attribution modeling, relationships among various touchpoints are well understood and modeled accordingly. Marketers can track and measure the order in which touchpoints happen, allowing for advanced messaging based on where a consumer is within the conversion funnel.

Many companies are still using the last or first click methods today. Adapting to better methods have been slow due to the time and expertise needed to implement change. Proper contemporary attribution requires a systematic change in how data is recorded as well as the methodology of recording, reports and optimizing. Attribution is not a downloaded program like Microsoft Office; companies need to do a complete overhaul on the way they track and view results, as well as change the mindset of employees using the information or managing the effort.

But for those who invest the time, they can observe all touchpoints leading to a conversion and make highly accurate predictions of which marketing tactic and interaction will produce positive results. We know this is true based on the results obtained by advertisers using these advanced and scientific attribution systems. This method is causing a revolution in marketing measurement that many companies are already leveraging to dramatically improve ROI.

Advanced attribution modeling is becoming an important part of every marketing strategy and should not be left out of yours.

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