Marketing has different dynamics that usually come to play and one would need to be very keen, so as to make informed decisions in relation to online marketing. One of the most important processes in inbound marketing is attribution modeling. This is the process that seeks to reward the marketing channels that have delivered the defined objectives. The main goals for marketing are either in the form of conversions or sales that are made. There are two broad categories of marketing channels namely:
- Digital Marketing which refers to online marketing that includes options like organic search, paid search, direct marketing, affiliate marketing, email marketing, social media and so many more.
- Offline Marketing which includes billboards, TVs, radio, magazines, newspapers and so many others.
The main objective of this process of attribution model is to help the marketer to fully understand the behavior of their target audience in relation to the various online campaigns that are run. When you have the right models in place, you will be able to identify the type of products that visitors buy, the path that they take before buying, how long they take before making the purchase and so on.
Types of Attribution Models
There are four main forms of attributions, namely:
- Online-offline attribution
- Multi device attribution
- Multi channel attribution
- Real world attribution
In this form of attribution modeling, the main task is usually to determine the influence that digital marketing has over the offline marketing channels and the vice versa. Ideally, this is an attribution that will measure how the offline and online marketing channels work together so as to bring the much required conversions and sales. The universal analytics indicates that Google Analytics recommends this model of attribution, but only to a certain extent.
Multi Device Attribution
This is a unique model of attribution, which acknowledges that the target market could be using different devices. This model will analyze or try to measure the impact of the different devices on the conversion path. Some of the common devices include smart TVs, smartphones, tablets, desktops and laptops among others. The model will also factor in how the different devices work together to generate conversions and sales. The credit is assigned to all the devices that have contributed to the sales and conversion.
Multi Channel Attribution
For most marketers, this is the preferred model of attribution. As a matter of fact, when most people are talking about attribution models, they refer to this form of attribution. Ideally, this model will evaluate the impact of the various marketing channels used to achieve the conversions. This mainly focuses on the digital marketing channels like email marketing, search engine optimization, PPC marketing, social media marketing and so many more. This model will look at how these channels have worked together so as to achieve the conversions and sales. There are different touch attributions used in this model like last and first touch, time decay, linear and position based models.
Real World Attribution
This is the model that is focused on the reality on the ground and how consumers behave before making a purchase. Consumers are not concerned about the other three types of attributions and can keep going back and forth from one channel to another, one device to another and so on. In summary, this form of attribution modeling is defined as a combination of the three other types of attributions namely online-offline, multi device and multi channel attribution. This is the only way to assign credit and factor the complex buying behavior displayed by consumers.