The tech-driven world has gifted us with numerous gadgets and digital channels/platforms.
So, marketers, as well as consumers, are using these digital touchpoints to sell and buy.
Indeed, it’s challenging for marketers to trace the consumers’ journey. Or even identify which channels/platforms are useful for conversions.
Hence, multi-touch attribution models come into the scene!
What is Multi-Touch Attribution?
Multi-touch attribution consists of various approaches to trace the customer’s journey through multiple digital touchpoints.
Touchpoints are those where a customer interacts with the brand/responds to a brand. Customers reach these touchpoints through different channels. Such as:
SMS & More
Attribution modeling helps you analyze which channels are driving your customers towards a buying decision (conversion). So, there is not one but many attribution models.
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Multi-Touch Attribution Models
Attribution models are visual representations of consumers’ journey. Each type of model has its pattern to assign value to different channels that have contributed to conversions.
Types of Multi-Touch Attribution Models You Should Know!
Linear Multi-Touch Attribution Model
In this model, all channels/touchpoints get an equal share of credit in the sale of a product.
Time-Decay Multi-Touch Attribution Model
Here, the revenue credit is applied in ascending order, i.e., channels that are closer to purchase are given more value.
U-Shaped Multi-Touch Attribution Model
In this approach, the first and last touchpoints or channels that the customer reached for purchase are given more points.
W-Shaped Multi-Touch Attribution Model
Equal credit will be shared between 3 touchpoints whereas the other 2 share the remaining value, which leads a customer towards a buying decision.
Custom Multi-Touch Attribution Model
As the name suggests, there is no particular pattern here. You, as a marketer, get to decide which channel has been more effective and is driving customers to purchase.
Full-Path Multi-Touch Attribution Model
In this sophisticated model, the pattern of credit works like a W-Shaped Attribution model. However, along with remaining touchpoints, additional channels are also given a minor credit for driving the conversions.
Multi-Touch Attribution is most integral to multi-channel marketing as it helps in measuring the value of touchpoints in the customer buying journey.
It displays the customer’s response to your brand. Hence, understanding which channels/touchpoints are triggering the sale/conversions becomes more critical for any marketer to succeed.
Multi-touch attribution displays the customer’s response to your brand. Hence, understanding which channels/touchpoints are triggering the sale/conversions becomes more critical for any marketer to succeed.