How can you be sure your advertising dollars are hard at work? Easy - by tracking your Return on Advertising Spending (ROAS). Through monitoring these figures, companies are able to gain a better understanding of the correlation between advertising campaigns and sales. Various Attribution models may be explored and analyzed throughout this process.
Let's take a look at last click attribution. Imagine someone comes to your website through a Facebook ad and purchases a pair of shoes. In a last click attribution model, this is how the individual's purchase would be tracked - their final touchpoint with the company before purchasing a product would be the Facebook ad. Unfortunately, this metric is flawed. We don't know how this buyer came to learn of the product. Was the product in a Google Ad? Have they been to the website before? How many times have they eyed this pair of shoes before purchasing? By only tracking the "last click" of the buyer, we don't know where the buyer came from, where they were before landing on the company's website or if additional information was collected that could have indicated outside attributions (online or offline). This information would be helpful to know, to best analyze how your marketing dollars impacted your sale. For this reason, many companies are relying less on last click attribution models in determining their overall marketing strategy.
Some competitors' solutions operate using tracking pixels. Tracking pixels are incredibly tiny 1x1 pixels that track various points of data about the end user. Nearly invisible, these pixels may collect information about the user, browser, and device used to visit the website. oobyMetrics' solution operates using a blend of different strategies to effectively collect accurate data. Cookies are frequently blocked by the modern user, but even when they are, oobyMetrics is still able to anonymously track customers. This can be incredibly helpful information for marketers to have, especially when determining which campaigns have been most effective.
Ultimately, every company is unique and will find different attribution models serve their needs better than others. At oobyMetrics, we offer a wide variety of attribution models for our clients to reference, but we are always working on custom projects to meet the demands of specialized markets. Interested in learning how attribution modeling can help bring your ROAS into clear view? Get in touch with our team and together, we'll find the perfect solution - just for you!