Marketing attribution is the process of assigning credit for conversions and other desired outcomes to the various marketing touchpoints that a customer has interacted with along their journey. In other words, it’s a way to measure which marketing activities are most effective in driving results. Its importance is confirmed in many marketing surveys.
There are numerous attribution models that businesses can use to credit conversions, but the most common are last-click attribution and first-click attribution. Last-click attribution gives 100% credit to the last marketing touchpoint that a customer interacted with before converting, while first-click attribution gives 100% credit to the very first marketing touchpoint that a customer interacted with.
Businesses can also use a variety of other attribution models, such as linear attribution (which evenly distributes credit across all touchpoints), time decay attribution (which gives more credit to touchpoints that occur closer in time to a conversion), and position-based attribution (which gives 40% credit to both the first and last touchpoints and 20% credit to all other touchpoints).
The right attribution model for your business will depend on your specific goals and objectives. However, regardless of which model you choose, marketing attribution can be an incredibly valuable tool for understanding which marketing activities are driving results and which ones aren’t.
Why is Marketing Attribution Important?
There are two main reasons why it is so important. First, it allows businesses to understand which marketing activities are most effective in driving conversions and other desired outcomes. This information is critical for making informed decisions about where to allocate your marketing budget.
Second, it provides businesses with insights into the customer journey. This information can be used to improve your overall marketing strategy by identifying any potential pain points along the customer journey and finding ways to address them.
Overall, it can be an extremely valuable tool for understanding which marketing activities are driving results and improving your overall marketing strategy. If you’re not already using some form of marketing attribution, now is the time to start!
In conclusion, marketing attribution is a process of assigning credit for conversions and other desired outcomes to the various marketing touchpoints that a customer has interacted with along their journey. There are numerous benefits of using it, including gaining insights into which marketing activities are most effective in driving results and improving your overall marketing strategy. If you’re not already using some form of marketing attribution, now is the time to start!
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