This could be the next best step for you to take for your multi-channel attribution game (whew...that’s a mouthful)
How do you feel your DTC brand is doing when it comes to multi-channel attribution modeling? Well, if you’re like most, the answer is probably something along the lines of ‘not very good.’
You’re not alone, of course. Just about every company in the world has an attribution problem.
(Btw, if this sounds like jargon to you 👉 multi-channel attribution is giving each marketing channel credit where it’s due for the sales you make.)
It’s no wonder most brands can’t figure it out -- considering events like the weather or a hockey game can affect conversions -- attribution is a complex problem.
Avinash Kaushik has words of solace:
“Don't be disheartened that all this complexity exists. Take things one step at a time. Standard Time Decay model first. Then your own Mindblowing Custom Model. Then Experimentation. [...] With every step, you are making your company smarter. Less wrong every day.”
Avinash recommends this next best step to improve your attribution game:
- In Google Analytics, go to Assisted Conversions report and look at the last column: Assisted/Last Click or Direct Conversions
- If the value in this column is less than 1, then it has a tendency to drive last click conversions -- a healthy sign.
- If the value is over 1, then that channel likely appears early in the customer journey, and doesn’t drive last click conversions.
THE TAKEAWAY FROM THIS REPORT ⏭Channels that have a value over 1 are undervalued by your brand!
“You can even use that column to adjust some of the budget allocation right now, without any attribution modeling, and measure the outcome. It is imperfect, but it is such a simple first step.”
Oh and what about that pesky ‘direct’ source?
A great way to think of the ‘direct’ source is that it’s brand value and brand recognition.
Avinash says, “Why give credit to a campaign if it took me another visit where I remembered your URL and typed it in and came to your site? Why should the visit where, say, I saw a great promo or you recommended something based on my prior visit not get some credit for the conversion?”
If you’d like to dive deeper into multi-channel attribution modeling with Avinash Kaushik, check out the article Multi-Channel Attribution Modeling: The Good, Bad and Ugly Models
(BTW, If you feel you ARE doing a good job with attribution, please reach out to us...We’d like to have you on the podcast 😁)