4 questions to answer before picking the right attribution model for your business
As marketing attribution becomes more important, marketers face the challenge of picking the best attribution model for their business. Multi-channel marketing strategies require a proper analysis of all the channels that have been involved. This is not always an easy task and that’s why it’s crucial to analyze the success of your strategy in the best possible way.
The right marketing attribution model can lead to useful insights that can shape your next tactics and bring even more successful results. The wrong marketing attribution model may not necessarily ruin your strategy, but it won’t help you understand which channels helped you achieve your goals.
This leads to wasting time and budget into a method that is not effective for your business.
Thus, before using a new attribution model to measure the success of your strategy, it’s useful to ask the right questions that will lead to the best answers.
If you’re still confused about the best option for your business, here are four questions to answer.
What do I want to measure?
The most important question that you should answer before deciding on the best attribution model for your business has to do with the exact metrics that you want to focus on.
How can an attribution model help you make the most of your data? If you’re already measuring your tactics successfully, then how can you use attribution to learn even more details about your strategy?
If you haven’t managed to extract the right data from your tactics yet, then which attribution model can make it easier for you to focus more on data?
This question is crucial but it’s also subjective. It depends on your objectives, your campaign goals, and also the current expectations from your strategy.
It’s not a decision that should last forever, but rather a smart answer that will help you solve your current problems.
Marketing attribution is all about providing the answers to your current questions and that’s how the best model can help you focus more on the data that will bring you closer to your goals.
How is attribution helping my business goals?
The second question has to do with the importance of knowing your business goals. This answer goes beyond your marketing objectives and it focuses on the company-wide goals that you’re all expected to achieve.
Marketing attribution can be a great investment, but it should also offer the ROI to justify your effort to understand it. Thus, before making a case for an investment in it, you need to be aware of how each model can help you achieve your business goals.
For example, if you want to focus on the conversions, is the last-interaction model enough for you? If not, should you consider a multi-touch model that involves all the touchpoints that led to the final conversion?
Your decision should be based on what your company wants to measure, your strongest but also your weakest points at this stage and what you can learn from the new model you will adapt.
What will my team find more useful?
As with the company-wide objectives, you should pick the model that makes more sense both for your business but also your actual team members.
If you already focus on a data-driven marketing strategy, would a data-driven multi-touch attribution model seem like a reasonable choice?
Similarly, if you’ve been focusing on the last interaction up to now, is this the right time to explore a multi-touch linear attribution model?
There is no right or wrong answer, but your decision for the best attribution strategy should be based on:
- The available time you have to try a new model
- Your team’s skills in testing a different model
- Your budget and interest in testing new tools and tactics
- The expectations of what you can achieve from a different model
Start by communicating your thoughts with your team and build a list of the benefits and the challenges that each model may present your goals and expectations.
What is attribution’s role in my customer journey?
Another important question that can make your decision easier in picking the right attribution model has to do with knowing what you want to improve your customer journey.
What’s your biggest challenge and where do you see an emerging opportunity in your customer journey? How is your current customer experience and how can a marketing attribution model help you learn more about your customers?
If you haven’t invested much in attribution models yet, then you may be surprised by the results of how your customers interact with you. It’s not always easy to discover the best performing channels or the highest converting ones.
The best marketing attribution model should help you in untangling your current confusion around the tactics that will lead to improved success.
For example, if you’re already successful in lead generation, is it time to explore all the touchpoints that can bring even more leads?
There’s no need to ignore your current customer journey when planning your next steps with attribution.
In fact, your existing customer journey should be your guide to your decision in picking the right attribution model. The objectives that have to do with an improved customer experience can be combined with an attribution model that will bring the perfect insights to create an even better journey for your customers.
There’s no one-size-fits-all strategy when it comes to picking the best attribution model for your business. Your objectives will help you understand what you’re looking for in an attribution strategy and this will make the decision easier.
Be open to new ideas and new models and keep experimentation as an integral part of your next plans. After all, you can always switch attribution models if your priorities change or if the model doesn’t make sense for your business.
Use the time before the decision to learn more about your business, your objectives and what you’d like to improve through attribution.
You may be surprised by the confidence you can gain at this stage on how to improve your next steps towards your key objectives.