WA16 Multi Channel Attribution

WA16 Day21 WA16 TUE JSS -DM303 :

Web Analytics-BL02M01-Day21-01Dec20


Agenda

1. Multi Channel Attribution Model

2. Touchpoints in the Consumer behavior

3. Introduction to various models of attribution



pre class questions https://forms.gle/dpwcZ6zZbyM8vyM47




Multi-channel attribution is a set of rules that assigns credit for sales and revenue to touchpoints across the customer journey. What's a touchpoint? It's simply information on a point of engagement that describes who, what, when and where.

Multi-touch attribution is a marketing effectiveness measurement technique that takes all of the touchpoints on the consumer journey into consideration and assigns fractional credit to each so that a marketer can see how much influence each channel has on a sale.

An attribution model is the rule, or set of rules, that determines how credit for sales and conversions is assigned to touchpoints in conversion paths. For example, the Last Interaction model in Analytics assigns 100% credit to the final touchpoints (i.e., clicks) that immediately precede sales or conversions


WHAT IS MULTI-TOUCH ATTRIBUTION?

Multi-touch attribution is a marketing effectiveness measurement technique that takes all of the touchpoints on the consumer journey into consideration and assigns fractional credit to each so that a marketer can see how much influence each channel has on a sale.


Multi-touch attribution offers a more sophisticated alternative to traditional, rules-based attribution approaches, such as first- and last-touch, which give all of the credit to the first or last marketing touchpoint before the consumer converts through a purchase, download or any other event.


By leveraging individual, user-level data across addressable channels, such as direct mail, online display and paid search, multi-touch attribution calculates and assigns credit for a key performance indicator (KPI) event to the marketing touchpoints that influenced a desired business outcome.


What is multi channel funnel?

Multi-Channel Funnels reports are generated from conversion paths: the sequences of interactions (e.g. clicks/referrals from channels) that led up to each conversion and transaction. ... The Multi-Channel Funnels data combines the Google Analytics conversion data with the sequence of interactions captured in the cookie


Checklist To Make The Right Choice

  1. Establish Your Funnel Stages. Funnel stages are the essentially the backbone of any good marketing attribution strategy. ...

  2. Set Goals. ...

  3. Tag Your Marketing Campaigns. ...

  4. Check Your Cost Per Acquisition (CPA) ...

  5. Capture Data From Every Interaction. ...

  6. Value Every Engagement. ...

  7. Create Multiple Reports. ...

  8. Test.


RULES-BASED SINGLE-TOUCH ATTRIBUTION:

Last Touch: In a last-touch model, the last touchpoint in the consumer journey receives 100% of the credit for the KPI event. Due to its history as the default marketing measurement methodology, marketers often use this model as a baseline for comparing other multi-touch attribution models.



First Touch Attribution

The First Touch model gives 100% of the credit to the marketing effort that drove a visitor to your website for the first time. Because it gives all the credit on the basis of a single touchpoint, it will naturally overemphasize a single part of the funnel

resource

https://www.adroll.com/blog/marketing-analytics/first-last-touch-attribution-why-its-out-of-

style



Problem with Single-Touch Attribution

Single-touch attribution models assign 100% of conversion credit to only one marketing touchpoint. Single-touch attribution models include first-touch, first-click, last-touch, and last-click. Here is an example of single-touch attribution:


A customer completes an inbound form, attends a webinar, and replies to an email campaign where they accept a sales meeting. If you’re using the last touch attribution model, the email campaign will get 100% of the credit. While these models were undoubtedly popular in the past, they no longer make sense for the modern consumer. Today’s shopper is exposed to many different touchpoints across every device and platform — social media ads, email marketing, Google ads, and even billboards (not every touchpoint is digital). Single-touch attribution ignores these middle points and focuses on just the first or last interaction.


lead creation touch attribution model

Lead attribution decides where credit should be given in a conversion path. Think of it this way: Martha does an online search. It hits on SEO in some of your content – an article on your website. She clicks through, reads the article, and browses around.

Last Touch Attribution Model

The last-touch model is a rules-based single-touch attribution model. It gives 100% of the credit for a conversion to the last click or visit that happened in a conversion path. If there was no click or visit, then it will credit the last impression.


Last click attribution can measure which advertisement a customer last clicked on or engaged with before making a purchase. This early form of attribution was extremely useful to marketers - the idea being that this particular ad was what drove the conversion.


The last-touch model is a rules-based single-touch attribution model. It gives 100% of the credit for a conversion to the last click or visit that happened in a conversion path. If there was no click or visit, then it will credit the last impression.



Why last click attribution is bad?

Under a last click attribution model, there is a bias towards direct visits, which can make marketers feel uncertain about how their branding and awareness efforts are impacting the campaign as a whole. ... In this case, final touch attribution would give marketers skewed insights that can lead to misguided optimization


In the Time Decay attribution model, the touchpoints closest in time to the sale or conversion get most of the credit. ... In the Position Based attribution model, 40% credit is assigned to each the first and last interaction, and the remaining 20% credit is distributed evenly to the middle interactions.


First Touch: In a first-touch model, the first touchpoint in the consumer journey receives 100% of the credit for the KPI event. Marketers often use this model to measure marketing efforts that are intended to drive awareness by reaching new consumers for the first time.


Class Question

1. What according to you (online web marketing), the customer who is willing to buy the product, drops the idea of buying and leaves the web.

2. How can we convince a casual browsing website visitor to buy in our website

3. Why do business lose their loyal customers?


Teacher' note :

The purpose of the note is to bring out the observations and thoughts on the marketing principles and get acquainted with various aspects of the Lead Generation process particularly in the Attribution Models.

** marked to be noted


RESPONSES FROM STUDENTS

1. What according to you (online web marketing), the customer who is willing to buy the product, drops the idea of buying and leaves the web.

  1. May be the customer has found better than this site better offer

  2. The customer who is willing to buy the product

  3. ** External factors, difficult to navigate the site, slow loading website, no proper responsive of website on various device, no proper landing page

  4. He must’ve found a better deal on another website**, looking at the reviews he changed his mind. The product might not be up to his expectations or isn’t a available in the size or the color that he wants.

  5. When he finds it difficult to make the transaction, he reads negative reviews about the product or when the user interface is so confusing, he doesn’t know where to go & what to do.

  6. Price, buffering

  7. The customer wouldn't have happy with the prices or the quality and policies of the company pr the website

  8. Because of rating and also because of lack of information

  9. slow response of the website, and more complex of website

  10. If the website is complicated.

  11. When customer finds hard to use the website.

  12. Reviews and cost

  13. Because of bounce rate, Slow navigation of pages ,because of user friendly issues, improper content management

  14. Consumer behavior

2. How can we convince a casual browsing website visitor to buy in our website


  1. You can offer the right product he is looking for by analyzing his search habits.

  2. By offering discount and offers even we can show the testimonial or review of previous purchase

  3. By giving him offers, showing how many people bought their products in past 1 hour, showing celebrity pics or videos that they use this product. Offering really good quality at the reasonable price.

  4. 1) Through affiliate marketing: By enabling user reviews & having influencers make AV content to persuade the casual visitors to buy the products. 2) Through Social Media: By effectively using Social Media to engage casual visitors to make conversions.

  5. Giving offers - FCFS

  6. You can attract customers will a good website and offers. You can include policies like 30 day return, cash on delivery, try and buy ( Myntra) and free delivery etc delivery

  7. When they don't get what they expect they will leave the website. Sometimes they may feel it's not genuine

  8. By pop advertising

  9. through sending links of the our website

  10. By giving attractive offers

  11. By giving discounts

  12. By promotional campaign, by giving good offers the user, by sending promotional and new updates

  13. By providing user friendly website and in-site browsing without jumping into new pages

  14. First 50 people will get 50% offer


3. Why do business lose their loyal customers?


  1. Due to ignorance, wrong marketing practices, reduction in quality of products and services they offer, businesses lose loyal customer

  2. Loss of trust among the seller, no proper response after the sale is made, no proper service

  3. Because hike in prices

  4. If the service they provide isn’t great they tend to lose their loyal customers due to and product or service or bad delivery

  5. When they start neglecting their existing customers for the new ones. When they stop innovating. When they stop adapting to changing market trends.

  6. Quality, adaptation to changes from other company

  7. When the dont keep up to their promises, consistency is not maintained.

  8. When the company ignore Consumer trends they will lose their loyalty.

  9. No proper service and also fake information

  10. Price, quality, quantity .

  11. When they change their quality in products

  12. By their competitors

  13. Because of lack of communication, trust issues, and Price difference, because of behavior

  14. For not checking on mails and reports. And no new upgrades or products

  15. If there is no proper follow up with customers


Resources

https://www.nielsen.com/us/en/insights/resource/2019/methods-models-a-guide-to-multi-touch-attribution/

https://www.bizible.com/blog/marketing-attribution-models-complete-list

https://www.searchlaboratory.com/us/2011/09/multi-channel-funnels-how-to-assign-value-using-conversion-attribution/

https://www.davidnaylor.co.uk/multi-channel-funnels-in-google-analytics-goes-live.html


Lakshminarasimman V Rao | 303 WEB Analytics |Digital Marketing| Study notes | Study Material | MBA | Corporate Neeti Consulting | Mysuru

corporateneeti.com

All data above is a combination of data from Internet, purpose of this doc is for research and education only and responses received from Class students and interaction.

https://g.page/corporateneeti?gm

https://fb.com/corporateneeti


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