Attribution is the methodology of assigning credit for conversions across a multitude of customer touchpoints. These touchpoints include all of your digital channels including: paid search, organic search, display, social media and referrals. So what is attribution modeling? Attribution models were developed as a way to assign credit to touchpoints that lead to conversions in an algorithmic way.
Most analytics tools in the market today utilize a Last-Click attribution model, meaning that the last touchpoint before the conversion is rewarded with 100% of the conversion. This used to be an acceptable way of measuring the value of a particular digital marketing channel; however, this has become a less reliable way of interpreting marketing data because the advertising market has become more complex and customer journeys often take a winding path before conversions occur.
While attribution modeling can be as much art as it is science, there are a number of different standard attribution models that can provide great insight into your digital marketing efforts. You can find an in-depth look at the standard attribution models here. These models include last click, last non-direct click, first touch, linear, positional, and time decay. Each model has a specific purpose and is more or less accurate depending on how you interact with your customers or how your lead funnels work.
At oobyMetrics we understand that not all businesses are alike. If you're wondering which attribution model is the best fit for your business, oobyMetrics' team of Business Intelligence Analysts can help you determine the appropriate standard model to implement or they can devise a custom attribution model tailored to your unique business needs.
To find out how more about how oobyMetrics can help you with your attribution modeling needs, please reach out to our team here.