The internet offers untold opportunities for businesses to reach and track consumers. Your custom website design is only the beginning, allowing you a platform with which to virtually interact with customers.
From there, you’ll hire premium SEO services to optimize your site.These efforts will increase your online presence and raise your page rank for relevant searches on sites like Google and Bing. Then marketing services will come into play, promoting your brand across a variety of channels.
The next step is to start tracking your efforts so that you know how consumers are finding you, the paths they take to reach you, and which efforts are delivering the best results. With this information you can begin to hone your efforts in order to get the most bang for your online spend.
This is where marketing attribution models come into play. They help you break down your conversion paths into smaller touchpoints, allowing you to assign significance to specific elements of the process that brings customers to your door and results in sales.
How do marketing attribution models work and what can they do for you? Here’s what you need to know.
What are Conversion Paths?
Conversions constitute the completion of specific actions by customers. A conversion could be click-through on an ad, it could be signing up for membership with your website, or it could be completing a purchase, just for example. Conversion paths are the way in which consumers get from point A (your ad, a link on your social media account, a Google search, etc.) to point B (a specific conversion).
What are Touchpoints?
Touchpoints are important elements in the conversion process. Suppose the conversion you’re examining is a purchase. Touchstones along the conversion path could include clicking an ad to reach your site, perusing a landing page, putting products in a cart, and completing the purchase. It could be more complex, though.Consumers may visit several times before converting.
Within a marketing attribution model, you will assign levels of importance to the touchstones in a given conversion path or across several paths. You can then use this information to determine which pathways and touchstones are the most important when it comes to driving conversions.
Model Comparison Tools
Whether you’re interested in lead generation, sales, or reviews, marketing attribution models can help.With these tools you can figure out which efforts are seeing the most success when it comes to targeted conversions. In order to compare different attribution models, however, you’ll probably want to use an appropriate model comparison tool that can help you to assign relevant values to different attribution models.