In today’s world it is becoming easier than ever to purchase products and services online with the click of a button. Close your eyes. Now take a moment to stop and think about your latest online purchase. Did you do your research on the product first? Maybe you reviewed your options on Google shopping? Did you see a re-targeting ad on Facebook? More likely than not, you were exposed to the product various times before you decided to go ahead with making the purchase. According to a recent study, 67% of all shoppers regularly use more than one channel to make purchases. In digital marketing, determining which channels should get rewarded when a user clicks through to buy something is known as multi-channel attribution. This set of rules assigns credit for sales and revenue to touchpoints (information on points of engagement) across the customer journey.
Marketing attribution is becoming ever more important to marketing success. In fact, marketing attribution allows businesses to:
- Provide insights about ‘conversions’
- Quantify the influence advertising impressions have on conversion
- Identify touchpoints that contribute to a desired conversion
- Highlight ways to optimize spend across marketing channels
- Assign credit or allocate dollars from a sale to marketing touchpoints
Who Gets the Credit?
So now you may ask, which channel gets the credit for a purchase? Well, it depends which way you look at it. The results of who gets the credit can be drastically different depending on attribution methods.
There are various methods of attribution in the digital marketing industry. One being last click or last touch which is when full credit for a conversion is given to the last touchpoint the user clicked on before “converting”. Another attribution model called time decay gives the most weight to the more recent touchpoints. And another common attribution method, linear or equal weighting, assigns equal weight to each channel the consumer “touched”.
Get the “Click”
Have you sat down to make a list of your multi-channel marketing attribution needs? A whopping (yes, we are being sarcastic) 22% of survey respondents believe that they are using the right attribution model. That number definitely has room for improvement. In order for businesses to improve this statistic and keep pace with the digital, modern customer, they need to outpace the competition. This is done by bringing all of a customer’s interactions, preferences, and behaviors shown across multiple channels together in a successful way to get a complete, up-to-date, buyer profile.
At fyndyou®, our programs include Google search engine ads which help your business’ services and products be seen by your potential customers. Our paid ads are another crucial touchpoint leading these customers to a purchase. Give us a call today and we’ll help you get on the right path to converting your customers!