This is probably the best, most reliable attribution model. But it is also the most difficult to implement and requires the most robust marketing software and tools.
This model is fully customizable based on your customers’ sales cycle and goals. It requires a deep understanding of historical trends overseas data to understand the effectiveness of marketing channels.
Using this model, you will get the best idea of the value of your marketing strategies. To implement this model, you just need to know what you are doing or work with the best experts in the field of marketing.
Pros
- Offers the most detailed and deep attribution for customer acquisition and conversion.
- Personalized marketing analytics based on your customers and their goals.
Cons
- Difficult to implement attribution model.
- Excellent data is required, both historically and on an ongoing basis.
Problem with first and last touch models
To understand the problems with first and last touch models, you first need to understand how they work.
The first-touch model attributes all lapel microphone or lavalier mic conversions to the first interaction with the customer. So if a customer finds you through Instagram, that channel gets all the credit for converting the customer. But in reality, it takes much more than one interaction to convert. You also need to nurture them with text messages and emails to show them why they should buy from you.
The first touch model ignores additional ads in Google search results that they interact with, downloading an ebook from your site, and personalized email recommendations that help them understand your products and how they relate to their needs.
The last touch model works similarly, except it gives all the credit for conversion to the last interaction with your business. You may also hear this model referred to as last-click or last-interaction. With this model, you don’t give weight to the different parts of the customer journey. Instead, all the credit goes to the last interaction.
Using last-touch attribution reduces the value of customer nurturing. It also doesn’t account for the high costs of building brand awareness and acquiring new customers.
Both models are short-sighted and do not take into account the process of acquiring a new customer. They do not recognize the value of building relationships and gradually learning about a potential customer in order to tailor your experience to them, which will ultimately lead to conversion.
While these attribution models are the easiest to implement, they do little to help guide your marketing efforts and hone your strategies to get the most out of each customer interaction because they ignore the value of so many customer interactions.
How to choose and implement an attribution model
The complexities of implementing canada email lead and managing a multi-source attribution model often force companies to use single-source models, and then wonder why their cost per lead isn’t going down or their conversion rate isn’t going up.
Measuring marketing effectiveness and gaining a deeper understanding of what needs to be done to support a customer on their path to purchase is a complex task.
Selecting an attribution model requires evaluating the following factors.
- Sales cycle length and number of touchpoints. Companies with longer sales cycles typically require more complex attribution models. This is because the typical number of touchpoints can be as many as a dozen. In these sectors, single-touch attribution models further distort results and measurement. And when sales cycles are longer than 90 days, first-touch attribution models fail to capture interactions at the top of the funnel.
- Online and offline channels. Companies with a lot of offline interactions may find gaps in tracking or need to create workarounds to include these touchpoints in their marketing. You may need to implement campaign-specific codes or get creative with tracking touchpoints outside of digital communications.
- The software used and its complexity. Some software is too simple to program to create your own attribution models. Interaction between all marketing channels is also necessary to track each touchpoint, and some software may not work with things like personal emails from the sales team. The better the software, the more information you can get about your marketing activities.
Ultimately, the marketing attribution model you choose should be multi-source and give appropriate weight to each marketing action within the limitations of your technology and skills. Working with a marketing expert can take the guesswork out of attribution modeling. New Light Digital understands the complexities that different types of businesses face when it comes to attribution. We’ll work with you to determine the optimal attribution model and help you build a customized analytics process to increase conversions and reduce conversion costs. Schedule your free consultation today.