A user’s journey from knowing about your business to subscribing to its products or services involves many stages. Depending upon the nature of your industry, each of these stages holds a different value in the sales cycle. It is not just the last touchpoint before purchase that influences consumer behavior, but all the stages before acting to nurture a lead from a cold case to a high-paying user. To assess the value that every touchpoint adds to your conversion funnel, you need an extensive tool like the Trackier Mobile Marketing Platform which will help you track user responses in real-time, thereby giving you a bird’s eye view of the effectiveness of your marketing campaigns. Each touchpoint involved in sales is interconnected and works together to attain a common goal. So, we must analyze every touchpoint to understand the gaps in our advertising and identify which strategies are working the best in turning a potential customer into an active one. Before we move ahead to learn about marketing attribution models, let us jot down the basics of attribution marketing first.

What is Attribution Marketing?

Attribution Marketing is a qualitative measurement model that involves evaluating different touchpoints in the journey of the customer. It helps in understanding which touchpoints are highly effective in driving conversions, and where the users are struggling with a bottleneck. There are different types of marketing attribution models to choose from, and the decision ultimately depends on the business objective, length of the sales cycle, customer journeys, and marketing approach. 

Now let us learn about some of the types of attribution models.

Types Of Marketing Attribution Models 

1. First Touch Model – As the name suggests, this is a single-touch model that gives credit to the first touchpoint from where your customer gained awareness about the brand. It helps us in knowing which touchpoints are able to catch the new customers’ attention. It would be the right choice if you are focusing on demand and lead generation. 
2. Last Touch Model – This is the opposite of the first touch model and gives credit to the last touchpoint before the customer makes the purchase. It is also known as the last interaction model. If you are more concerned with driving conversions this would be the right choice. 
3. Linear Touch Model – This is a multi-touch model, unlike the previous two categories. It considers each and every touchpoint included in the journey of the customer. Every touchpoint receives equal weightage, thereby giving you a detailed overview of the conversion funnel.
4. Position-Based Model/U-Shaped Model – In this marketing attribution model, the initial touchpoint and the final touchpoint before conversion receive 40% of the credit and the remaining credit is distributed between the other touchpoints in between. It scores the engagement rate for each touchpoint separately, which in turn helps in understanding their impact and optimizing the campaign.

Benefits Of Marketing Attribution Modeling

When it comes to marketing, knowledge is power. Having a clear understanding of your previous campaigns and their results will give you an edge over other brands. There is a wide range of benefits that a business can avail of from attribution marketing. Some of them are: 

1. Increased ROI – It will help you to reach the right customer at the right time, thus giving you an upper hand over other businesses.
2. Improved Personalization – Marketers can use the attribution data to understand the messaging formats and channels preferred by the customer, which in turn can improve the targeting. It will eventually increase personal outreach in the business-to-customer marketing setup.
3. Simplification and Identification – It helps in deciphering the evaluation processes involved in marketing. Identification of the best marketing channel, strategy, type of campaign, referral programs, and media type becomes easier with attribution models. 
4. Save Time and Resources – By analyzing the marketing attribution models you can efficiently manage the resources by increasing their investments in high-performing channels and limiting the time spent on optimizing channels with poor ROI. 
5. Boosting Creativity – By understanding what the customers want, we can improve the techniques of marketing and improve your campaign designs for higher personalization. This promotes positive word of mouth, ultimately increasing brand outreach.

As mentioned earlier, with attribution marketing a brand can get a bird’s view on the conversion path of the customer. We must also keep in mind that it is not only the modeling that makes a change but it is also the tool that we use. A tool like Trackier Mobile Marketing Platform is essential to ensure that your data collection, analysis, and derivation methods abide by the latest regulations in the industry. It is a platform with robust attribution features that can assist you in assessing real-time campaign performance, all the while maintaining an eye on the macro goals that you are chasing. After all, the goal of marketing attribution is to empower you to act, and not just overwhelm with data.