On which attribute your Leads have touched and what did push them to convert?

Multi-Attribution Approach - A Marketer’s Guide to Success

Nowadays, businesses are implementing advanced methods to optimize their analytical models to track their conversion process. They follow every primary way to track the progress of different inbound marketing procedures through which they can get more benefits.

In this post, you will get to know the power of multi-channel attribution and its importance in marketing analysis.

First, let’s start with a small introduction:  

What is Multi-channel Attribution?

In general, multi-channel attribution is a set of procedures that decides when to assign credits for revenue generated or sales pitch for any lead. The credits are assigned based on touchpoints.

In simple words, touchpoints are the instances or the point of engagement that elaborates when, how, and where sales come, or revenue is generated.

If we explain touchpoints from a B2B marketer’s point of view, then it is an analytical table in which rows are touchpoints. Each column describes a different entity (person, business, opportunity, content, sales, etc.).

However, the multi-channel attribution is only relatable to ‘revenue’ in those touchpoints. Here, attribution denotes the procedures used to put a value for every touchpoint and channel or resource. For the B2B marketers’ table, revenue is the value assigned for every touchpoint.

Why focus on multi-channel attribution?

Businesses should know that different marketing channels and procedures have different impacts on revenues and conversions.

The critical role of attribution is to understand these impacts and analyze their influence on your marketing/revenue progress.

Without implementing attribution, businesses can not determine how much progress they are getting through marketing. It complexes the data tables and confuses the analytical reports of future outcomes. 

Another major factor that makes the understanding of attributions necessary is they help in knowing what’s valuable for you. Determining the assets that can help the business grow will create new opportunities for marketing optimization. Whether you prefer strategies to improvise or budgeting, these attributions can deliver the best outcomes possible.

There are two types of touchpoints attribution. Let’s talk about them:

Single-Touchpoint Attribution

Single-touch attribution helps in assigning the full credit to only one touchpoint. For instance, if a user watches 20 ads without any on-click conversion, then single touchpoint attribution will recognize only 1 out of 20 ads for assigning conversion credit.

Businesses will find this attribution easy to implement as the complexity is very low. Single touchpoint attribution is the most popular as they are combined by the tech giant Google through Google Ads.

There are two ways to approach single-touch attribution:

First touch — Assign 100% credit to the campaign responsible for interaction initiation.

Last touch — Assign 100% credit to the last interaction with your marketing/business process responsible for converting lead into paying customers.

MultiTouchpoint Attribution

Multi-touchpoint attribution is quite different from that of single touchpoint attribution. It assumes that every touchpoint has an equal role in generating the conversion. Taking the above example, users watched 20 ads, and every time they put up some contribution that is assigned some value to it.

This model enhances the tracking of revenue in a better way as each resource has equal opportunity. Most large businesses prefer this model as they have different touchpoints to measure for revenue opportunities.

Why choose Multi-Touchpoint Attribution over Single Touchpoint

96% of marketers believe that attribution is vital for making informed marketing decisions and optimizing funnels. Smart marketers use multi-touch attribution to track and analyze all potential touchpoints that allow them to boost their conversion.

Single touchpoint attribution is focused only on one touchpoint, whereas multi-touchpoint attribution assigns value to each touchpoint. If this is the case, businesses implement multi-touchpoint attribution for a higher value revenue through different resources.

For instance, a car company is implementing different marketing procedures to generate more revenue. And they want to know where and when the revenue is collected and how we can measure it.

Then a multi-touchpoint attribution method will be allocated to the marketing procedures.

This attribution will keep track of the marketing channels' entire journey, from weeks to months to quarters. It will track each marketing channel's progress and determine the opportunities for the scope of optimization in the methods.

This attribution will keep track of the marketing channels' entire journey, from weeks to months to quarters. It will track each marketing channel's progress and determine the opportunities for the scope of optimization in the methods.

How SharpSpring (Marketing Automation) enables marketers to unlock multi-attribution potential

Multi-channel attributions play a major role in determining the revenue along the journey of their marketing procedures. With consistent measures and secure methods, these attributions can help to optimize business progress and productivity with assured analytical reports.

SharpSpring provides a unique way of creating multi-attribution by combining multi-attribution, time-decay, and custom attribution. This creates an analytical model proving to be the most accurate way for marketing attribution. 

Using SharpSpring’s way of creating attribution, you can assign a different amount of credits to multiple touchpoints based on their importance to your sales and marketing funnel.

This whole idea helps marketers in two ways:

1. If they know which campaign/touchpoint drives a lot of conversions, they can assign an already qualified value to it.

2. If they don’t know, then they can analyze with SharpSpring’s reports, that allows you to include multiple sources in one report, and assign a data-driven qualified value to the touchpoint.

E-commerce Case Study

The Chalange:

• Increasing customer acquisition cost

• Inefficient ROI measurement across channels

• Only using the first-click and last-click attribution model

Solution:

• Multi-touchpoint attribution model using SharpSpring

• Marketing automation and Sales CRM integration from a single dashboard

Results:

• 25% of keyword optimization spend was going in vein

• 35% of keywords were undervalued and need more investment

• $150,000 savings in paid ads

• 35% increase in ROI

There is a general consensus among marketers that multi-attribution is only for advanced marketers as it requires careful assessment and assignment of credits to multiple touchpoints from different. That’s where SharpSpring comes in by making it so intuitive and insightful that even a beginner can start with a multi-attribution approach and excel at it. 

SharpSpring’s comprehensive reporting and analytics features help you decode ROI and focus on channels and content to further optimize various touchpoints.

You can tailor your sales pipelines and marketing content with a multi-attribution approach in SharpSpring to optimize end-to-end user journeys and drive qualified traffic to become paying customers. 

Kiefer Hazaz, Managing Director

THE RiCH.agecny

800-815-1522

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