You’re ready to pick an attribution model to measure the success of your marketing tactics. How do you know which one is right for you? Here’s how to avoid common mistakes in the decision process.
It’s not surprising that there is an increasing prioritization for marketing attribution among marketers. As we spend more time on multiple channels, measurement becomes harder, which brings out the need for an attribution strategy that will make the performance analysis easier for every business.
Not all companies have the same objectives, but it’s still important to choose the right attribution model that suits your needs.
These are some common mistakes that marketers make while picking their attribution models.
There’s no one-size-fits-all approach in marketing attribution. Just because one strategy works for one company doesn’t mean that it matches your company’s marketing tactics. It’s common to play it safe and stick to the popular “Last Click” attribution model, but you may be missing important touchpoints.
For example, if your customer journey is more complicated and it takes longer to reach a conversion, this model may not reflect how other parts of the journey contribute to the actual conversions.
The first step to picking an attribution model is to confirm your business objectives. It’s good to bring together marketing and sales to finalize your targets before you pick the attribution model that will facilitate the measurement.
It’s easy to assume that one attribution model can be the best option for your business but you still need to test it towards your goals. For example, if your quarterly targets focus more on increasing sales, you may be looking at quick wins that have to do with the final touch points. However, if you’re at the stage of improving the customer experience you need to understand how each touchpoint contributes to showing progress.
A good way to ensure that you’re consistent with your marketing measurement is to optimize the way you’re analyzing the performance of your tactics. It’s useful to evaluate your methods from time to time to confirm that you’re still using the right model that fits your goals.
As your company grows, priorities may change. This means that these should be reflected in the way you’re measuring your marketing activities. Keep an eye on your attribution model and don’t be afraid to switch to another one if it’s not as beneficial as it used to be.
If you’re just starting with marketing attribution, it seems like a big decision to pick the right attribution model. The more options we have, the harder it gets. This brings us to the risk of picking the attribution that seems easy to implement and simple to understand. For example, single-touch models place the focus on one touchpoint to avoid getting the attribution too complicated.
As marketing strategies invest more in multi-channel campaigns though, single-touch models may not always be as accurate as we’d like them to be. Don’t be afraid to try out the models that seem more complicated. The results can be more rewarding than you think.
This is one of the biggest mistakes in the process of using an attribution model for the first time. All the available data that you get can provide you with numerous insights about your:
You can learn more about your audience and you can even evaluate your attribution model to change it if needed. A closer look at your data can help you optimize your campaign to use your budget in the best possible way.
It’s common to make mistakes when you’ve just started experimenting with marketing attribution. The choice of the right attribution model can seem like a big decision, but this shouldn’t keep you away from trying different options.
Start with an option that seems best for your business and keep a close eye to change it if needed. Focus on your data to get an understanding of your customers’ needs and be ready to adjust your strategy.
