Attribution has long been informing digital marketers (and knowledgeable business owners) of where their sales are coming from.
Traditionally, Google Analytics has been your go-to platform. But when you’re running numerous digital marketing initiatives and a user is interacting with different touch points before converting or buying, your attribution can get swampy. Wouldn’t you like to know the value each digital marketing touchpoint brings to your business? It’s critical information for optimizing your ad spend and strategizing for the future.
To do this, you’re going to need to be ready to look at Google Analytics differently. You will also need to consider other sources of data and learn more about how to leverage different attribution models.
First, let’s define the most common attribution models out there.
The following example shows who gets credit for the conversion in each model:
In this example there were 5 digital touchpoints before the purchase was made:
So, how do you know which ad drove the conversion and should get credit — and a possible boost to its marketing budget? Each attribution model will tell you something valuable about your consumer. Finding out which is right for you starts with understanding what they each bring to the table:
Now you might be wondering which model is best for you. The answer is, there’s no right answer. If you have enough data to make data driven work, then this is likely the best option as it considers what your consumers have done before. But if you’re new to attribution models or you’re just starting out, you may not have enough of an online presence to jump into data driven.
Your next best option is to try to understand your customer’s journey to conversion. Put yourselves in their shoes and consider what they might be thinking at each point in the conversion path. Once you understand what your end customers are thinking at different stages in their buying journey, you’ll start to gain insight on where the most value of your marketing initiatives lies. This will let you pick the right attribution model. Don’t be afraid to try different ones that you think might work for your customers and, of course, learn from your findings. As they say, you learn best from your own mistakes.
Experience has taught us a few things. We know that businesses that are trying to reach new audiences, build awareness, and lead users down the funnel to eventually convert, find success with Position Based. For Data Driven, quality and volume of data is key. Even if a business has been around for a number of years, if they don’t have clean data or the necessary amount of data, Data Driven attribution won’t work.
For clients who have a short conversion cycle — who aren’t as focused on bringing users down the funnel — Time Decay typically works well. Again, there’s no right or wrong. You’re going to get most of your valuable insights from learning what works for your consumers.
Within Google Analytics, you can update or view performance-based data on the different attribution models. While within Google ads, we recommend that you update your conversion attribution model as that directly impacts Google’s ability to optimize your campaigns. It’s important to update the systems you use in order to leverage these models.
Making these changes allows you to analyze your campaign’s performance differently. You can also better understand the value of your upper funnel tactics and initiatives.
Unfortunately Facebook doesn’t allow you to switch the attribution model within your Ads Manager, but that doesn’t mean you can’t look at the performance through Facebook’s Attribution tool. Then, you can factor in additional insights to inform your business decisions.
You may be asking yourself, “what else can I do?” Consider the following tools to up your attribution game:
Positive features:
It’s easy to set up and gives you the ability to toggle between different lookback windows (up to 90 days) as well as attribution models. While we don’t recommend replacing Google Analytics with Facebook Attribution, we do love to use this as a second lens for insights before making business decisions.
Attribution models can give you valuable insight into where your marketing dollars are most effective. If you’re looking for further strategic insight or you would like to chat about digital marketing in any capacity, contact us today. We’re here to help.