What you need to know about attribution modelling in Google Analytics and how to apply it to your business.
Let’s think about the customer journey for a second – it can actually be far more complex than you think.
Let’s say a potential customer sees one of your sponsored posts on Facebook and clicks through to your site to have a brief look around. After they leave, they are met with a retargeting campaign that takes them back to the site where they sign up for your email updates – they haven’t purchased anything yet though.
A few days later, you send them an email about an upcoming sale that you’re having, which entices them to make a purchase but they don’t do it immediately because they need to run to a meeting. Later that day, they type your website’s URL directly into a browser and they purchase one of your products.
Looking at this customer journey, it’s hard to decide how that revenue was really created – this is where attribution models come in.
Think of attribution models as sets of rules that help you determine which touchpoint in your customer journey is responsible for the revenue that was generated.
Essentially, businesses use attribution models to determine which of their campaigns and marketing efforts are resulting in sales. Several models can be used at once to discover how they’re impacting different marketing channels but ultimately it depends on your goals.
Big data is the driving force behind attribution modelling and it can be gathered from your advertising campaigns, content, email marketing campaigns, social media posts and your URLs to name but a few.
Depending on the process that a customer went through to finally make a purchase and the attribution model that was used, Google Analytics will credit the sale accordingly.
Let’s look at the attribution models that you could apply to your customer journey.
When you know exactly which marketing channels and campaigns are generating the most sales, it becomes easier to allocate your budget in a way that generates the best ROI. Attribution modelling provides marketers and business owners with essential information about what hooked the customer, how they chose to interact with the brand online and how long it took them to complete a purchase. Attribution modelling is one way to spend marketing budgets more efficiently.
It’s clear that attribution modelling provides businesses with deeper insights into the behaviour of their customers. From knowing which channels they spend the most time on to understanding what drives their purchases, attribution modelling is a tool that can help businesses develop in-depth customer personas that can be used company-wide. You may even discover brand new audiences and marketing opportunities that you may not have considered until now. Stronger customer personas mean stronger revenue streams!
Attribution modelling offers key insights into how your different marketing channels are working together to expand your business – this includes channels such as your website, emails, social media and your content. When all of these channels are being tracked, it becomes easier to understand how they work together and whether some channels are no longer worthwhile. Attribution modelling will tell you which social media channels are driving the most interest in your brand, which keywords are driving traffic to your website and what time you should be sending out email campaigns to generate the best response. Once you understand where your best results are coming from, you’ll know exactly where you should be focusing your efforts.
Attribution modelling can be slightly intimidating if you’ve never used it before but it is one tactic that is definitely worth looking into in 2019.