As a marketer, you know how many opportunities there are for your prospects and customers to interact with you throughout the buyer’s journey. These possibilities relate to channels (e.g. PPC, your website, email campaigns, social media) and touchpoints (e.g. certain ads, blog posts, social media posts, emails). Marketing attribution modeling can help you determine the impact of all of these marketing efforts.
Attribution modeling
In this blog post, we’re going to talk about what attribution modeling is, why it is important, what types of attribution modeling there are, and what tools can help with this. Let’s begin.
What is attribution modeling?
Marketing attribution modeling allows you to credit the marketing channels and touchpoints throughout the buyer’s journey that performed a lead convert.
What is the purpose of attribution modeling?
By allocating credits to your marketing channels and touchpoints, you can increase your chances of attracting more prospects by 1) identifying areas of the buyer’s journey that you can improve, 2) determining the ROI for each channel or touchpoint, 3) the most effective ways to spend your marketing budget and 4) tailoring your marketing campaigns and content to your individual personas.
Types of attribution modeling
There are a handful of common types of attribution modeling. Although all attribution models look at the channels and touchpoints that are involved in a customer’s decision to convert, each of them weighs those channels and touchpoints differently.
1. Multi-touch attribution modeling
Multi-touch attribution modeling is powerful because it takes into account everyone Channel and point of contact that a customer interacted with throughout the buyer’s journey until they decided to convert. Here’s a look at which of these channels and touchpoints have been most influential, as well as insight into working together to influence a customer.
2. Cross-channel attribution modeling
Cross-channel attribution modeling is often used interchangeably with multi-touch attribution. However, their definitions differ slightly. Cross-channel assignment denotes the value for each marketing channel (e.g. paid, organic, or social media), but does not look at the specific touchpoints in those channels in the same way as multi-touch assignment.
3. Modeling the linear attribution
Linear attribution modeling is a type of multi-touch attribution that equally takes into account all of the channels and touchpoints a customer has interacted with throughout the buyer’s journey.
4. First-touch attribution modeling
First-touch attribution modeling gives all credit for conversion to the first channel or touchpoint that the customer has interacted with.
5. Last-touch attribution modeling
Last-touch attribution modeling is the opposite of first-touch attribution modeling. It pays homage to the last touchpoint a lead interacted with prior to conversion.
6. Time-decay attribution modeling
The time-decay attribution modeling takes into account all touchpoints that contributed to a conversion and also takes into account the time at which each touchpoint occurred. The touchpoints closest to the time of conversion are weighted the most.
7. U-shaped attribution modeling
The U-shaped modeling, also known as position-based attribution modeling, divides the credit for a conversion between the first and the last point of contact.
8. W-shaped attribution modeling
In W-shaped attribution modeling, the first point of contact, the last point of contact, and the point of contact in the center of the funnel are best appreciated prior to conversion. The other points of contact are then equally appreciated.
Attribution modeling tools
There are a number of tools that can help with modeling marketing attribution. Here are three options to get you started.
1. CallRail
CallRail is a call tracking and marketing analysis platform. The tool has a number of reports that you can use to analyze your call data in different ways. One of them is attribution modeling, a report that falls within the cost-per-lead reporting category.
Why do you need attribution modeling for your calls? It provides an understanding of each marketing touchpoint that led to a phone conversation with a prospect. Here’s a look at which sources drive the most phone calls, and therefore those most likely to become paying customers.
Integrate your all-in-one HubSpot CRM platform with CallRail.
2. Bad reports
Wicked Reports is multi-channel attribution software for e-commerce marketers. The tool calculates the ROI and LTV for each channel, campaign, and ad so you can understand the impact of each marketing touchpoint. Wicked Reports maps your attribution models to your unique campaign goals. That way, you can determine the impact of your campaigns throughout the buyer’s journey.
The tool provides detailed and accurate data for all of your business platforms – including Google, CRMs like HubSpot, marketing software, e-commerce platforms, and Facebook – so you can easily combine and access your attribution data.
Integrate your all-in-one HubSpot CRM platform with Wicked Reports.
3. Attribution
Attribution is a multi-touch corporate attribution tool that helps you clearly understand the impact of each marketing touchpoint. It automates data collection using its numerous integrations with ad software, CRM platforms, marketing tools, and more. It also takes into account your offline marketing touchpoints as well as your budget.
The attribution modeling process is automated for you too, and you can segment your attribution results and reports by channel, marketing campaign, touchpoint, and more.
Integrate your all-in-one HubSpot CRM platform with Attribution.
Grow better with attribution modeling
Using attribution modeling, you can more closely track the buyer’s journey and understand which parts of it are best for your customers and which need improvement. It also provides insights into how your marketing channels and touchpoints are working together to convert your target audience.
Determine which models will provide the information you are most interested in, identify the right tool for you, and begin attribution modeling.
