WHAT ARE THE 7 ATTRIBUTION MODELS?
An attribution model is an approach that helps determine how engagements between prospects and a brand are weighted in relation to which of the engagements contributed to the sale. LeadsRx offers a 2020 marketing attribution guide to marketing pros intent on learning all there is to know about attribution. For the purposes of this piece, we cover seven different types of marketing attribution:
This attribution model assigns all the credit for a sale to a customer’s last engagement before the buying decision. For example, a user sees an ad on Facebook and clicks on it to learn more but doesn’t buy. Several days later, the user comes across the same ad, but this time, it’s on Twitter. During this engagement, the person decides to purchase. The Twitter ad receives full credit for the sale.
This approach gives all of the credit to the first interaction that introduced the product or service. Using the previous case described, this model will assign all the conversion credit to Facebook.
LAST NON-DIRECT CLICK
As with the previous two models, this model awards the credit to one interaction. In this model, the last interaction is credited for the sale, but only if it’s not a case where the buyer types the URL directly into the browser in order to make the purchase. An example of this would be someone clicking a Facebook ad and then visiting the website the next day. Under this model, the Facebook ad receives the credit for the conversion.
This model evenly divides the credit across every engagement a customer had before the conversion. If there were four interactions, each interaction would receive 25% of the credit for the conversion.
TIME DECAY ATTRIBUTION
Going a step further than the linear attribution approach, this model adds greater weight to engagements that occur closest to the conversion.
This model gives 40% to the first interaction, 40% to the last interaction, and 20% is divided evenly across all remaining interactions.
The data-driven approach includes components indicative of other models, but the weight assigned to each interaction can be different, as they are determined based on the company’s unique situation and sales model. There is no standard configuration for this model, as it could be different from company to company and from campaign to campaign.
The use of marketing attribution, and the models associated with it, deliver keen insight to marketers and the brand they work for. To see everything you need to know about multi-touch attribution, there are a number of online resources that shed light on the practice.