Whether a company does business online or not, the Internet is still an integral part of the marketing and sales process. Even for those who don’t have an online store, the Internet is where a large number of their customers find them. These days, having a website and investing in SEO and online marketing is an integral part of any company’s marketing strategy.
Both SEO and online marketing can help bring potential customers to your website, but how can you convert them from visitors into customers?
What Is Multi-Touch Attribution?
Multi-touch attribution is an analytical model that examines every step of a customer’s experience. It touches on each factor that goes into making up a customer’s experience in order to measure which steps are most valuable in turning a visitor to your website into a customer. Some analyses just look at either the first or last point in a customer’s journey, but multi-touch attribution looks at every touchpoint or segment of the conversion process.
Why Is Multi-Touch Attribution Important?
Multi-touch attribution is extremely useful in determining which parts of a marketing campaign provide the greatest ROI. The parts of a marketing strategy that end up converting the most visitors and prospects into actual customers are the most valuable parts of a marketing campaign. It’s usually not only the first or last touchpoint in the conversion process that brings in the customers. Multi-touch attribution looks at the whole picture, not just the beginning or the end.
Without understanding which pieces of the visitor’s journey to becoming a customer are the ones most responsible for conversion, it could be easy for a company to inadvertently make a change that decreased the conversion rate.
Choosing the Right Multi-Touch Attribution Model
There is no right way to do a multi-touch attribution model. Every company is different and its marketing needs are therefore also different. It’s important to make sure that all teams, especially marketing and sales, are on the right page when it comes to aligning goals before getting started, however.
If, for example, you use multiple sources for online ads, such as Facebook, Google, and Bing, you would want to track how many conversions occurred from each online ad source. That way, you can put more money and effort into the one that generated the most conversions (and, by extension, the most profits). You would then need to track each step a prospective customer took along the path towards becoming an actual customer, including ad clicks, form submissions, and calls.
Using Multi-Touch Attribution to Optimize for ROI
It’s easiest if you track all of your chosen touchpoints in one platform so that you can see all of the data in one place. Then you can calculate based on your ad budget for each type of ad which resulted in the most conversions. If your company is putting more money into a type of ad that is underperforming in comparison to the others, then you can optimize your paid ads accordingly.