Adopting attribution modeling can be a powerful tool in predicting where you should be assigning your marketing dollars. With the right attribution model, you can break down customer interactions with your brand and help you assign credit to different marketing touchpoints that are actually driving prospective customer behavior. Objectively determining the most accurate attribution model for your business is challenging because accuracy in this context is less about precision and more about which model aligns best with the business’s understanding of its customers’ behaviors and its marketing objectives. However, there are several steps a company can take to make a more informed decision.
Qualitative Feedback
Collect qualitative feedback from customers about their customer journey. Surveys or interviews can provide insights into which touchpoints they recall or felt were influential in their decision-making processes. This is one of the most effective ways to validate that you have selected the appropriate attribution model.
A/B Testing
Run controlled experiments where different attribution models are used to inform the marketing spend, then compare the outcomes. If increasing the spend of a touchpoint that you thought was a major contributor to conversion doesn’t move the needle, then you know your attribution model is flawed.
These experiments involve segmenting your audience into comparable groups, allocating marketing budgets based on different attribution models, closely measuring key performance indicators, and comparing results. When you allocate your marketing budget based on differing attribution models, you would distribute your budget differently for each group:
- For the group testing first-touch attribution, you’d allocate more budget to the initial touchpoint that introduces customers to your brand.
- In the last-touch attribution group, you’d allocate more budget to the touchpoint just before conversion, like retargeting campaigns.
By conducting these structured experiments, you can gain powerful insights into your ideal attribution model.
Qualitative feedback from customers about their journey and A/B testing are two of the most effective ways to validate your attribution model selection.
Historical Data Analysis
Examine past campaigns with the different models applied. Which model’s results make the most sense when compared to known customer behaviors and outcomes?
Predictive Validation
Use the models to predict the outcome of future marketing efforts based on historical data, then measure the actual outcomes against those predictions to see which model was closer to reality.
Correlation with Sales Data
Cross reference the attribution data with sales and CRM data. Does one model correlate better with the sales funnel progression or customer lifetime value? This process allows you to see if the touchpoints deemed important by their chosen attribution model genuinely lead to higher sales or improved customer loyalty. For instance, if a model emphasizes the importance of a particular digital ad in driving conversions, correlating this with sales data can validate whether customers who interacted with that ad indeed made purchases at a higher rate. Similarly, examining customer lifetime value in relation to the touchpoints identified can reveal if those interactions are associated with more valuable, long-term customers.
Expert Consultation
Work with data analysts or marketing attribution experts to review the models’ outcomes. Their experience can help identify which model seems most reasonable.
Consistency with Industry Standards
Consider which models are being used by peer groups in the industry and whether those models are reported to work well for them.
Customer Journey Complexity
Consider the length and complexity of the customer journey. More complex journeys may require more sophisticated multi-touch models. For instance, in a B2B software industry where the decision-making process involves multiple stakeholders and a lengthy evaluation period, a linear attribution model that evenly distributes credit to all touchpoints may provide a more accurate representation of how each interaction contributes to the final conversion. In contrast, a simple, short consumer journey for a low-cost online product might be adequately captured by a first-touch or last-touch attribution model.
Ultimately, the most accurate model is one that reliably informs strategy and improves marketing performance. It’s important to recognize that attribution modeling is not an exact science but a tool to guide strategic decisions, and one attribution model may need to be customized or combined with other models to fit the unique aspects of a business based on your industry, sales cycle, and customer behavior. Keep in mind that the ideal attribution model may evolve as a B2B company’s marketing strategy, customer behavior, and industry landscape change. Regularly reviewing and adjusting the chosen model to align with business goals is a best practice.
By Lori Turner-Wilson, RedRover CEO/Founder, Internationally Best-Selling Author of The B2B Marketing RevolutionTM: A Battle Plan for Guaranteed Outcomes
Taking Action
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