Television attribution models are growing in popularity, yet their impact is anything but uniform. The value of attribution models lies in how they are used and the frequency at which they are used. A superficial analysis of a single model might backfire. However, an in-depth review of multiple attribution models has the potential to serve as the backbone of a marketing campaign.
Employ the TV attribution model best practices as described below, and you’ll make the most of these helpful marketing analytics tools.
Keep the Focus on the Data
When analyzing leads and conversions, many teams struggle to zero in on one or two informative television attribution models. The best models are rich in data, presenting an opportunity for analysis that facilitates meaningful connections and eventually leads to sales. Use data the right way, and you’ll have the information necessary to distribute limited advertising dollars with efficiency.
Often, TV attribution is used to optimize campaigns and improve targeting capabilities. TV attribution model data also helps marketers highlight segments of the viewing audience that respond to ads in the intended manner. Such precise analysis empowers businesses to better target audiences for conversion in future campaigns.
Defer to the Experts
Running and analyzing TV attribution models isn’t exactly the type of project most business owners and managers look forward to doing. Attribution modeling is inherently complicated. In some cases, an advanced understanding of statistics, algorithms, touchpoint mapping, and data analysis is necessary.
In other situations, deciding between attribution models presents challenges that the average business manager is unprepared for. Add in the complexity of attribution rules along with the potentially limited availability of data, and there is even more reason to lean on the modeling experts for guidance. Marketers, statisticians, and other experts are available to help businesses make the most of television attribution models.
Use Several Models for a Comprehensive Understanding of Conversions
No single TV attribution model will provide the entirety of the picture of customer progression from prospect to convert. At least two models are necessary to understand the customer journey.
Businesses that make the most of their marketing budget and genuinely desire to understand their audience analyze multiple attribution models, sometimes using half a dozen or more. It is in every business’s interest to reevaluate previously neglected attribution models once every couple of years or annually as business dynamics change over time.
The logic in using several television attribution models is that the vast majority of customers do not credit a single interaction with convincing them to fork over their hard-earned money for a product or service. In some cases, the transition from interested shopper to buyer takes weeks or longer. However, certain businesses and industries prioritize specific touchpoints such as the first and last point of contact as previous data indicates those interactions are most important in shaping buyer psychology.
Above all, recognize that attribution models are sets of rules that shape how sales and conversions credit is doled out, meaning each individual model is inherently limited. Review all available attribution models for a comprehensive picture, and you’ll enjoy a much more thorough understanding of what prompted prospects to convert into paying customers.
As an example, the first touch attribution model fully credits the first interaction or click that leads to conversion. At the opposite end of the spectrum is last touch attribution, which credits the final touchpoint or interaction a prospect experienced before conversion.
The TV attribution models extend all the way to time-decay and linear varieties. The linear attribution model credit for conversions is evenly distributed across the entirety of customer interactions. Time-decay attribution models are also considered “multi-touch” in that they credit conversions to marketing touchpoints on the customer journey.
The time-decay model emphasizes interactions that took place near the point of conversion. The assumption is these final interactions have a stronger causal relationship to the sale based on temporality. However, the time-decay approach does not fully discredit interactions that occurred early in the buyer’s journey. Some value is given to those early touchpoints, though not nearly as much as the last few interactions that led up to the sale.
Continue to Reevaluate Marketing Channels
Revisit each marketing channel, performing analysis based on attribution models across the months and years ahead. Make changes as necessary to maximize the efficiency of every marketing dollar. Continue to assess marketing platforms and avenues, using TV attribution models accordingly. Be patient, and you’ll obtain the insights necessary to make data-driven decisions that stoke interest and sales.Home Automation >> Blog >> Understanding Television Attribution Models: Best Practices