What is Attribution?
Simply put, attribution is a way to assign credit for sales or leads back to the initial marketing activities that drove it. It’s one of the most important things you can do when determining your marketing budgets and reporting the effectiveness of campaigns, channels, and content.
Why is Attribution Important?
Back in 2012, Google conducted a study that analyzed 3,000 purchase journeys across the auto, CPG, finance, and tech industries. Their results found that no two journeys were the same! Combine that with other studies showing that it takes up to seven exposures of a brand before a user will buy, and you can see why crediting each of those exposures can be vital.
For example, imagine you’re being asked to give credit for a marketing result, such as a form fill, asset download, or even a purchase. How can you get a holistic picture of what drove that conversion, to better understand how all of your campaigns, channels, and efforts worked together to drive your customer through the funnel? Attribution.
Types of Attribution Models
There are six basic attribution models, each assigning credit to different parts of a user’s journey:
- Last Touch Attribution: credit goes to the last step in the journey
- Linear Attribution: credit is distributed equally across all touchpoints
- First Touch Attribution: credit goes to the first step in the journey
- U-Shaped Attribution: more credit goes to the first and last step than the middle
- Ramp Attribution: gives increasing credit as steps near conversion
- Custom Attribution: credit is distributed based on your specific business and customer journeys