How do you slice up which of your marketing channels get what slice of the attribution pie?
Hopefully we have moved beyond simply assigning everything to last click. And hopefully we’re well beyond first click.
So which direction do you take?
Well, let’s take what Google Analytics has to offer. If you haven’t explored, you can find it in “Conversions” > “Attribution” > “Model Comparison Tool”.
I’ve already talked about last click. It’s just plain wrong.
And first click. It’s just wrong too.
Linear attribution is less wrong that first and last, but frankly there’s gold, silver and bronze and someone deserves the gold. It’s a little mean not to give last click the gold, right?
The time decay model says the more recent the click, the higher up the leaderboard (the gold medal!). You just need a half-life. 7 days, 30 days? 90? And that depends on your product.
What about a position based model? 40% to the last, 40% to the first and the rest distributed to all the other channels? Well, we’re getting there!
So what about a more motive based attribution model? Taking into account a little bit of research before purchase, this would be a position based model, giving a last click the gold medal (say 40%), and first click a runner’s up prize (say 10%) because without that first click you wouldn’t even have had the first date. And then giving the rest to the channels in between.
But then how do you distribute among the other channels? What about an engagement metric? How deep into your site did they get? How long did they spend. Maybe adding extra weighting to social if you were running a big social campaign, and correlating any timings of your offline campaigns with online activity.
The upshot is, you can have an attribution model like the one I suggest above, but the metrics that make up that model may well have to change with every campaign you run.
There are certainly logarithmic models that have been developed and continue to be developed (ask your agency!). But be wary that a one size fits all might not be suitable.