As a marketing professional, you understand the importance of making informed decisions based on accurate data. Marketing attribution helps you understand which channels and campaigns are driving the most value for your business, allowing you to optimise your marketing budget and improve your return on investment (ROI). In this blog post, we'll explore the advantages of using multi-touch marketing attribution (sometimes called data driven marketing attribution) over other types of attribution models and discuss how it can help you get more out of your marketing budget in these challenging times.
Why use marketing attribution?
Marketing attribution allows you to understand the impact of your marketing efforts across different touchpoints and channels. By assigning credit to each touchpoint in the customer journey, you can determine which channels are most effective at driving conversions and optimise your marketing budget accordingly.
Without marketing attribution, it's difficult to determine the true ROI of your marketing campaigns and make data-driven decisions.
What are different marketing attribution models?
There are several different standard marketing attribution models. Some of the most used are first-touch attribution, last-touch attribution, linear attribution and U-shaped or “smile” attribution.
Different attribution models
First-touch attribution gives all the credit to the first touchpoint a customer interacts with, last-touch attribution gives all the credit to the last touchpoint before conversion, Linear applies equal weight to all and U-shaped focuses on first and last equally. While these models are easy to understand, they fail to take into account the extent to which other touch points have influenced the customer along the way which may have been more important in driving the conversion.
Actual relative importance of touch points in a given journey
By comparison, Multi-touch attribution assigns credit to all the touch points a customer interacts with, and explicitly weights higher the touch points which were more important to the conversion, providing a more accurate view of how your spend impacted the customer journey.
What is Multi Touch Marketing attribution and why is it better?
Multi-touch marketing attribution assigns credit to all the touchpoints a customer interacts with, including channels like social media, email, display ads, and more. It uses advanced techniques to determine which touchpoints were critical to changing customer behaviour and contributing to the eventual conversion.
Calculated journey differential taking into account all touchpoints
This allows you to see how different channels work together to drive conversions and make more informed decisions about your marketing budget. By understanding the true impact of each touchpoint, you can optimise your marketing campaigns to maximise ROI and improve overall performance. Savvy marketers can repurpose their budgets to intelligently target discovery, research and conversion instead of just pouring money into their channels ineffectively
What return on investment can you expect from implementing Multi Touch marketing attribution?
Implementing multi-touch marketing attribution can help you get more out of your marketing budget by identifying which channels and campaigns are driving the most value for your business.
Extract from example Kleene dashboard comparing attribution models. Note in particular the difference in Paid Search - often the most costly touchpoint.
By optimising your marketing budget based on data-driven insights, you can improve your ROI and achieve better business results. According to a study by Forrester, companies that use multi-touch attribution achieve a 15% increase in marketing ROI on average.
In conclusion, using multi-touch marketing attribution can help you get more out of your marketing budget in these challenging times. By understanding the impact of each touchpoint in the customer journey, you can optimise your marketing campaigns to improve ROI and achieve better business results. So, if you're not already using multi-touch marketing attribution, now is the time to start.
How to start with Multi-Touch Marketing attribution?
With Kleene implementing advanced attribution techniques to your marketing efforts is as easy as connecting all your different marketing channels to the Kleene platform, and then our team of experts will take care of the complex data modelling and deliver to you:
-
An Intuitive online dashboard for you to digest the result of our model
-
An advanced view of your customer journeys. Not just where customers interact, but how and in what order.
-
Automatically update your Google Ads campaigns based on the recommendations
-
Pre-post evaluation of the results
Learn how we helpedSpoke - the retail brand implement this solution
