Types of marketing attribution
There are many lenses to observe the way prospects move through your marketing funnel and these depend on your strategic objectives. For a deeper dive, see the link at the end of this section.
- Single-touch attribution modeling
Last Non-Direct Touch
- Multi-touch attribution modeling/Rule-based attribution
Linear Time Decay
Custom Rule Based
3. Algorithmic attribution
Custom Algorithmic Attribution
Learn more about the different types of marketing attribution and the relative benefits of each type.
The need for advanced analytics for marketing attribution
Marketers are facing uncertain market conditions, as their budgets and activity are under increased scrutiny. In Deloitte’s quarterly Chief Financial Officer (CFO) study, over half of CFO’s are tilting towards defensive strategies, with cost reduction and cash control listed as their top priorities. Marketers’ budgets are often the first casualty of cost reduction as sales start to drop.
But it is not all doom and gloom. Accurately measuring marketing attribution unlocks a whole host of new opportunities for marketing teams. According to Zoom info, marketing teams that successfully implement attribution see efficiency gains of 15-30% with increased return on investment (ROI) and return on ad spend (ROAS).
Take a deep dive into the technical details of marketing attribution with advanced analytics.
The challenges of effective marketing attribution
Advanced analytics and AI are allowing certain companies to get an exceptionally accurate picture of the effectiveness of their campaigns. However, these companies have to overcome significant challenges along the way.
The number one challenge for teams building attribution models is capturing every marketing touchpoint and being able to assign each of them to a specific user. Central to this is the impact of limitations around identity resolution, which is the process of unifying sessions or events to a specific user.
Each business has a unique context that informs its strategy. Customization of your attribution means taking charge of your data in order to define your own attribution logic to match this strategy. Creating attribution logic that reflects your customers’ journeys (and their touchpoints) is a challenge for many companies, meaning they cannot fully understand their ROI.
Compliance and Data Ownership
One of the most important considerations when extracting data from packaged analytics to build attribution models is compliance. Being able to record the basis for how events are captured, obfuscating some Personal Identifiable Information (PII), and respecting local data processing laws is essential, but again, this poses a huge challenge for many companies.
Learn more about the challenges of marketing attribution as well as how to overcome them.