Attributing sales and/or conversions to the relevant marketing channel is essential for understanding and getting insights in to your return on investment (ROI). Henry has the basics to get you going.
“Attribution is the process, or rule(s), of assigning credit to certain channel, or channels, for a conversion on your site – whether that be a sign-up, reading of an article, or sale etc. While “offline” channels such as tv, radio, print advertising etc, can also be included in more complex attribution models, generally most sites will only need to factor in, monitor and analyse online channels.
Attribution can be data driven and determined by algorithms, but the usual, and simpler, way of determining attribution is by a rule based system.
Taking in to account the business and marketing models, each goal or conversion should be assigned an attribution rule, which will determine the credit given to each channel that a user has clicked-through during their journey to conversion. The most common attribution models include:
- First click. The first click-through will receive 100% of the credit for the conversion.
- Last click. The last click-through will receive 100% of the credit for the conversion.
- Even split. Every click-through involved in the conversion journey will receive an equal % value for its involvement in the conversions. e.g. if the user four touches, each in a different channel, during a purchase journey, each will receive 25% credit.
- Weighted split. Each different channel/type of click-through is assigned its’ own specific weighting value. e.g. You could set it so that your first click-through always gets 40%, the last 25%, and the remaining 35% split between any other clicks in between (this would all vary depending on your own specific goals, conversions points, and marketing model).
Some other points to bear in mind when getting started with attribution are to ensure campaigns and posts are tagged and tracked so that you have a granular level of detail in your analytics tool(s). Test different attribution models to find which best suits your business and to ensure the level of credit given accurately reflects the spend and importance you and your marketing team feel it should. Remember that once you have an attribution model running and being reported on, it can still be tweaked and changed – just ensure this is reflected accurately in your tools and reporting.
While attribution can seem confusing, most analytics tools such as Google Analytics and Adobe Analytics/Site Catalyst, will help you assign certain channels/rules/values with relative ease.”