Web analytics is a very wide topic that covers quite a number of aspects that are related to online marketing. One of the interesting topics that are covered here must be attribution model. The reason we have labeled it as an interesting topic is due to the challenges that it poses to marketers. You have to be on toes every time so as to be able to comprehend the process and ensure that you are using the right model for marketing. There are various marketing channels in the industry and you would need to critically look at each one of them so as to understand the ones that are bringing a high return on volume and the ones that are not.
Ideally, attribution modeling is about assigning credit to the touch point or channel that is responsible for the conversions and sales. You would need to understand that different channels work together so as to ensure that more sales and conversions are realized. If you engage in this process without the proper knowledge, you will end up losing money since you may be using the wrong model.
Working with Google Analytics
We have narrowed down this huge topic about the various models available and how they work so as to help marketers understand how Google analytics comes into play. The target market or audience is very important when it comes to attribution modeling. When you understand the insights that developed by Google analytics in relation to your audience, you will be able to identify the specific channels that you will need to use. The various channels of marketing are the ones referred to as acquisition channels. These are defined as the sources that will generate traffic to your website. Some of the common ones include paid search marketing, social media marketing, email marketing, affiliate and referral marketing and so many more.
These channels are the ones that will be used in the attribution model so as to trace the journey that a consumer has taken before making a decision to buy from your website. Conversions, in this case, will refer to any specific goal that a marketing campaign is aimed at achieving.
Generally, the various analytic tools will provide varied data to use in online marketing. When you are using these tools, you should be very clear and keen as to what you want to track. There are some tools that will record visits to the home page or browsing through the product category as a conversion. While this might be your conversion goal, you should try to have goals that are beneficial to your business to count as a conversion. This is the only way that you can be able to measure the returns that you have on your investment. When you make the wrong assumptions or take up irrelevant data from the analytics, you will end up making the wrong marketing decisions.
Multi-channel Reports on Google Analytics
There are basically about five different types of reports that are availed by Google analytics for purposes of attribution model. These five are:
- Overview Report: This allows you to visualize how different marketing channels work together.
- Assisted Conversions Report: Ideally, this will analyze the number of interactions is channel is responsible for.
- Top Conversions Path Report: This will show the number of conversions from each touch point and their respective values.
- Time Lag Report: This will give you information, in terms of days, that it took to convert a visitor.
- Path Length Report: This will show you the number of interactions it took to convert a visitor.