Attribution models help identify what’s working and what isn’t.
Marketing attribution lets brands measure the success of their marketing efforts and gain insights into the customer journey. Attribution itself is of two types, single touch and multi-touch. Where single touch only counts the first or the last touchpoint before a conversion action, multi-touch factors in multiple touchpoints.
In single touch, two types of attribution models exist, namely first click and last click, whereas linear, time decay, data driven and position-based are types of multi-touch attribution models. Multi-touch attribution lets advertisers assign real financial value to various marketing efforts.
Despite these benefits, multi-touch lags in popularity. As per a cited study, 58% of marketers rely on single touch attribution and only 34% use multi-touch attribution. Which multi-touch attribution model to use must depend on the goals a brand needs to meet.
[8 minute read]