Marketers have to dig deeper when it comes to attribution. According to Marketing Land, only one in four marketers is confident they can quantify ROI.
While it’s fun to bandy about terms like omnichannel and digital transformation, the truth is that most marketers just plain haven’t made the time to get good at marketing analytics or the, dare I say, luxury to think about attribution for a few reasons:
- Marketing groups have an average of 59 different martech point solutions, many of which don’t integrate seamlessly or at all
- Understanding not only the metrics that these tools track but how they track them is more than a full-time job
- Even when the technology does work, that pesky consumer figures out ways to interact with our brands outside of our control and tracking scripts
A 20-Second Crash Course In Attribution Models
If you’re one of the many marketers who hasn’t given a lot of thought to attribution, then get ready to live. Let’s take 20 seconds to run through the 8 attribution models available in every Google Analytics account:
- Last Click: This is when you give all the credit for a sale to the marketing channel that brought the customer in the door. This is the default and how most businesses calculate ROI but is horrible because it gives all the credit to one tactic.
- First Click: Just as bad as last click but the other way around
- Last Non-Direct Click: Last click but not including people who typed in the website
- Last Google Ads Click: Last click but in a way that convinces you to spend even more money on Google Ads
- Linear: This is where every touchpoint prior to a conversion gets an equal share of the credit. This is better, but assumes that every interaction has the same weight, which definitely isn’t the case.
- Time Decay: This method gives credit to touchpoints based on recency and don’t quote me on this, was created only to troll brand marketers
- Custom Models: This is where marketers make up their own rules, which should at least come with a warning label
- Position Based: This is where the first and last channel get a big chunk of the credit and the rest of the touchpoints split the rest. This is our favorite because it acknowledges both the importance of awareness and conversion in marketing and it doesn’t over-complicate an already imperfect system.
So there you go… you know attribution Kung Fu now.
We wanted to know what to do with this new-found attribution knowledge so we reached out to Chris Aburime, most recently the EVP and a co-founder of digital Marketing agency, Augurian, to ask him a few questions about how marketers should think about attribution.
Watch the episode to hear Chris answer these questions:
- How often do your clients approach you with questions about attribution and what are they asking?
- How are marketing attribution and building a brand related?
- How should marketers think about marketing attribution if they want to be successful?
How often does attribution come up in your day-to-day conversations? Is it a vital part of your ROI calculations or is it basically just hipster analytics in your organization?
Share your thoughts in the comments might just win yourself some new Brandish Insights gear.