As marketing attribution becomes more important, marketers face the challenge of picking the best attribution model for their business. Multi-channel marketing strategies require a proper analysis of all the channels that have been involved. This is not always an easy task and that’s why it’s crucial to analyze the success of your strategy in the best possible way.
The right marketing attribution model can lead to useful insights that can shape your next tactics and bring even more successful results. The wrong marketing attribution model may not necessarily ruin your strategy, but it won’t help you understand which channels helped you achieve your goals.
This leads to wasting time and budget into a method that is not effective for your business.
Thus, before using a new attribution model to measure the success of your strategy, it’s useful to ask the right questions that will lead to the best answers.
If you’re still confused about the best option for your business, here are four questions to answer.
The most important question that you should answer before deciding on the best attribution model for your business has to do with the exact metrics that you want to focus on.
How can an attribution model help you make the most of your data? If you’re already measuring your tactics successfully, then how can you use attribution to learn even more details about your strategy?
If you haven’t managed to extract the right data from your tactics yet, then which attribution model can make it easier for you to focus more on data?
This question is crucial but it’s also subjective. It depends on your objectives, your campaign goals, and also the current expectations from your strategy.
It’s not a decision that should last forever, but rather a smart answer that will help you solve your current problems.
Marketing attribution is all about providing the answers to your current questions and that’s how the best model can help you focus more on the data that will bring you closer to your goals.
The second question has to do with the importance of knowing your business goals. This answer goes beyond your marketing objectives and it focuses on the company-wide goals that you’re all expected to achieve.
Marketing attribution can be a great investment, but it should also offer the ROI to justify your effort to understand it. Thus, before making a case for an investment in it, you need to be aware of how each model can help you achieve your business goals.
For example, if you want to focus on the conversions, is the last-interaction model enough for you? If not, should you consider a multi-touch model that involves all the touchpoints that led to the final conversion?
Your decision should be based on what your company wants to measure, your strongest but also your weakest points at this stage and what you can learn from the new model you will adapt.
