Are you interested in doing multi-channel analytics and need some guidance? Here are a few ideas and dimensions to get you started.
How to get started with Marketing Channel Attribution
- First, agree on a unified measurement for what constitutes a conversion. “A sale” , “A download” or “A signup”. Agree on a unified value unit, for example EURO.
- A majority of transactions will involve another channel than the last click. Use Conversion Paths (Google Analytics) or Channel Stacking (SiteCatalyst) tools to track from first click to the final conversion across your most relevant traffic channels.
- Start small and aim to optimise each channel individually before you analyze how they relate to eachanother.
- For example: What other websites are typically involved in a sale that originated from a Social Media link?
- Look at what Search Keywords (longtail, organic, brand, generic) assisted the sale which was later made through PPC or Natural Search.
- For a selection of last-touch affiliates, which other publishers were involved before conversion? What is the share of affiliates who consistently are the only ones involved in a sale? 70-80%?
- What is the consideration cycle for your product? Look at the time frames between clicks and conversion.
- Does conversion rate increase or decrease when there are more than two touchpoints involved on the way to your website?
Adjust media investments based on channel analysis
- Create a model for how you wish to allocate media spend. If you want to deliver more last click sales, where do you need to throw more prospects into the bucket?
- How will you need to adapt your marketing messages to fit each individual touchpoint?
- The higher up the funnel, the more likely that a customer will respond better to a “warmup message” than stone-cold-conversion-callouts.
- Lastly, adjust business models to maximise perfomance based on the above. Should your advertising spend be based on bids, Impressions, Clicks or Per Order?
The screenshot below is from a Google presentation I attended last year, and it shows examples of relevant attribution models depending on your marketing objectives:
If you thought this was a piece of cake? The next challenge is to attribute increases in offline sales to online marketing efforts. Have you tried it and succeeded? Please share your best practices in the comments!