New technology has expanded the marketing channels available for businesses. From social media marketing, Facebook Ads, AdWords, content marketing, search engine optimization (SEO), email, referral programs, video to influencer marketing, there’s no dearth of digital marketing tools. Each marketing strategy is unique, and for this reason, you have to choose the right analytics attribution model.
If you are a marketer in Singapore, you need to appreciate challenges ahead. A 2019 Digital recent report says almost 75% of the population shop online. You have to leverage multiple marketing channels to compete with local and global brands in your niche market. Assessing the effectiveness of each of these channels becomes crucial to keep your marketing campaigns running. The question that arises in this situation is; how do you know which marketing technique is working?
Attribution Modelling Comes into Play:
Proving the ROI of a marketing campaign is one of the top challenges for marketers today. This is where attribution modeling comes into play. Attribution modeling is the process of attributing conversions to specific marketing techniques. You have to understand the acquisition channels you use and assign credit to each. It is the only way of maintaining the momentum of your marketing campaigns.
If you have good results coming in, it is crucial to learn which marketing channels are responsible. If you choose a reliable digital marketing agency in Singapore, they will recommend a raft of attribution models to keep track of your campaigns. Each marketing strategy is unique, and for this reason, you have to choose the right analytics attribution model. By so doing, you can determine which campaign deserves credit for specific conversions and use it more.
Through an attribution model, it is possible to strengthen your marketing campaign. You know what’s working and what’s not.
Different Attribution Models:
The following are the common attribution models you can leverage to measure the success of your marketing strategies:
1. First-Click Attribution Model
This model gives credit to the first touchpoint whether the marketing channel influenced the purchase decision or not. The idea behind this model is that without that first click, the conversion would not have happened.
2. Last-Click Attribution Model
In this model, direct traffic gets credit for the conversion. It allows you to quantify the source of your bottom-of-the-funnel transitions. It is an ideal tool when trying to discover techniques bringing the largest number of customers.
3. Data-driven Attribution Model
Data-driven marketing is now popular as marketers seek more results. When you don’t want to use assumptions, the data-driven attribution model is the one to use. You select the end goals and weight marketing channels based on the performance data.
4. Time-Decay Attribution Model
The primary goal of your marketing campaign is to generate cash. The marketing channel that takes a customer closer to conversion gets most of the credit in the time-decay attribution model.
The last touchpoint earns more credit while the first one gets the least credit. This model helps you determine your top-of-funnel channels and those regularly driving conversions in your campaigns.
5. Last Non-Direct Click Attribution Model
Here, conversion credit goes to the channels a shopper clicked on last, but that wasn’t direct traffic. If an internet user sees your display ad but doesn’t convert and later visits your website to buy the product, the ad still gets the credit. It is a great way to learn the effectiveness of your marketing channels.
6. Last AdWords-click Attribution Model
It is an attribution model that helps determine which AdWords campaign brings in the best results. It works by awarding most credit to the last click from an AdWords campaign. It is an ideal tool for assessing the performance of your AdWords keywords in terms of revenue generation.
7. Linear Attribution Model
This model works when you don’t want to give conversion credits to one channel. When marketing products or services in Singapore, you use multiple channels, and each helps in the conversion process. Each marketing channel that a shopper uses gets equal credit in this model.
It is a great idea when you want to evaluate the performance of the entire campaign. With time, you will notice the channels that bring in more revenue.
8. Position-Based Attribution Model
When using multiple marketing channels, the first and last click matter most and get more credit for a conversion. If a customer searches for a product on Google, they will most likely visit your landing page and browse around and subscribe. Your team will send an email that the potential lead might or might not open. A targeted display ad might later pop up when the same user is
online, and they might click and convert. In this case, the organic search and the display ad get most of the credit. The best advertising agencies in Singapore have prerequisite tools to help you track the customer’s journey for effective attribution.
Attribution models are essential if you want to track the success of your marketing campaign. They help you identify the best performing channels, thus strengthening your campaigns. Each of these models has pros and cons and they meet different objectives. You should choose a model that suits your marketing objectives. Partnering with a digital agency in Singapore will help you identify the best model to assess your marketing channels.
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