Sep 04, 2018
The spending of online advertising is expected to grow from USD $266 billion in 2018 to nearly USD $376 billion in 2021, as per a report by eMarket...
May 10, 2014
by Prarthana Varma
What do we mean by attribution?
A marketing ROI calculation needs to have a method of assigning credit for a goal conversion (sale, conversion, form submit or any such goal) to one or more touch points in the user path. A user path usually has more than one touch point. It gets interesting as many of these touch points are supported by marketing dollars.
It is common for users to research and get information. During this research, the user might
In such situations, it is very important to attach credit correctly. An incorrect attribution would lead to loss in ROI. Common questions are:
As you might realize by now, it is important to understand the effects of each touchpoint on the user journey before deciding upon a model.
Attribution Modeling in Google Analytics helps you do just that. It helps you evaluate the effectiveness of your different online marketing channels and study the impact of various channels (and touchpoints) on conversion.
DIFFERENT ATTRIBUTION MODELS:
Last Interaction Model
Last Non Direct Click
Last Adword Clicked
First Interaction Model
Position Based Model
Time Decay Model
You can actually create a model specific to your business needs where you can decide how much credit you want to assign to a particular channel. Google Analytics allows you to apply multiple weighing rules based on site engagement metrics from your visits. You can also apply custom credit rules. But how much credit should we attribute to which marketing channel? This is what we call as attribution problem.
The best way to answer this problem is to run control experiments to build your own custom model. You can then apply multiple rules based on your experiments and assumptions.
Another solution is to ask your customers who complete the conversion process.You could ask them about how did they find you website? And how many times did they visit you website before making a purchase decision?
Learn more about Attribution Modeling-
Which Google Analytics attribution model works best for your business? Let us know in the comments below.