To understand their consumer journey better and optimize ROI of their ads, businesses have adopted attribution models to gain better insight of their campaigns. The most common types of attribution models are first-touch attribution, last-touch attribution, and multi-touch attribution.
The first-touch attribution model gives all the credit to the first campaign that triggered a response from the buyer whereas the last-touch attribution model assigns credit to the last campaign before the conversion took place. Finally, the multi-touch attribution model – unlike the other two – considers all the touchpoints that were involved in the conversion path and credits each participating channel.
Traditionally, businesses used first-touch and last-touch attribution models. This worked back when there weren’t many platforms and devices involved in the consumer journey. However, they are no longer applicable in the present day when people jump among gadgets and platforms before making a purchase. Google’s insight into shopper’s top-of-funnel search behavior revealed that consumers could go through as many as 600 touchpoints before a conversion happened.
Nowadays, there are technologies available to track all the channels customers go through between the first channel and the last channel. If a shopper noticed an ad on Google, then Facebook, and finally in his email before deciding to buy the product, the brand would miss out the value of Facebook’s role by not practicing the multi-touch attribution.
OmniChannel Marketing is about tracking all the channels that influenced the customer to buy. Optikal knows the importance of valuing every channel interaction as part of mapping the modern consumer journey. In practicing the multi-touch attribution model, brands not only gain insight of channel efficiency, but also learn the best ways to reach out to their audience.