Multi-Touch Attribution Models
Attribution models are pivotal in enhancing marketing performance by allocating traffic and sales to specific marketing channels. These models offer valuable insights that enable businesses to gauge the impact of various marketing efforts accurately.
In the past, Chord exclusively supported first-touch attribution at the visitor level, which helped clients identify the channels responsible for attracting visitors and generating initial website visits and purchases.
However, Chord has now introduced a groundbreaking feature - multi-touch attribution models. This advancement includes three new types of attribution methodologies, allowing businesses to better understand their marketing strategies' effectiveness. With these enhanced models, marketers can make more informed decisions and optimize their marketing campaigns for better results.
Multi-Touch Attribution Models are essential because they provide a more comprehensive and accurate understanding of the customer journey and the contribution of each marketing touchpoint to conversions and sales. They enable your business to gain deeper insights into your customer behavior, optimize marketing efforts, and make informed decisions, leading to improved overall performance and higher ROI.
- Realistic representation of customer behavior: Multi-touch attribution considers all touchpoints, reflecting how customers interact with multiple channels before making a purchase.
- Better credit allocation: Multi-touch attribution models distribute credit across touchpoints, identifying critical channels influencing conversions and sales.
- Optimization of marketing spend: Identifying influential touchpoints helps allocate resources efficiently, maximizing ROI.
- Insights into customer behavior: Multi-touch attribution provides valuable insights into customer interactions at different journey stages, enabling targeted campaigns and improved conversions.
- Enhanced decision-making: A holistic view empowers data-driven decisions, comparing marketing strategies and refining approaches.
- Improved team collaboration: Multi-touch attribution aligns departments, highlighting contributions to the overall customer experience and encouraging a customer-centric approach.
Only sessions before a user's first purchase are counted toward attribution.
User stitching refers to associating a single user ID with all recorded events related to a particular user. While this may seem straightforward, it becomes challenging in a digital landscape where users interact with websites using different devices and across multiple sessions before and after making a purchase.
Although user stitching is not mandatory for marketing attribution, it offers distinct advantages. While sessions can be partitioned using anonymous IDs, attributing events to specific user IDs provides more precise and accurate attribution. As a result, user stitching is preferred to ensure a more comprehensive understanding of user behavior and improve marketing attribution efforts' accuracy.
In channel mapping, we assigned a referring channel category to each session. This involved extracting sources and mediums from UTM tags attached to the sessions. In cases where sessions lacked UTM tags, we inferred the source and medium from the referring URL when possible.
By mapping source-medium pairs with specific channels, we successfully allocated all sessions into distinct categories, including:
- Paid search
- Organic search
- Paid social
- Organic social
These high-level categories provide an overview of session attribution. However, we can delve deeper into attribution analysis using UTM source and UTM medium for a more granular understanding to uncover more detailed insights.
Our current Attribution Rules:
- SEM: Campaign source contains a search engine domain name and campaign medium equals cpc or cpm.
- Paid Social: Campaign source equals a social domain, and campaign medium equals cpm.
- SEO: The campaign source is empty, and the referrer contains a search engine domain name.
- Affiliate: Campaign source equals pre-defined affiliate campaign names.
- Organic Social: Campaign source is empty, and the referrer contains a social domain.
- Employee: Referrer contains ‘staging.’ or unique_id contains (‘%chord.co’)
- Influencer: Campaign medium equals ‘influencer.’
- Ambassador: Campaign source equals ambassador.
- Referral: Search contains ‘?ref=’
- Organic: Referrer is empty: All other visitors that don’t fit into the above-described categories. So with these definitions, direct traffic currently falls in Organic.
From within the Chord Platform, navigate to Explores and click on Marketing Attribution.
Click on Sessions and expand the Session folder. Select the Session Attribution Channel you want to report on.
A Session Attribution Channel is the marketing channel or source that gets credit for influencing a user's actions in a single visit.
Now click on Attribution Measure and let's select our multi-touch attribution points
A touchpoint refers to any interaction between a customer or user and a brand through various channels, such as website visits, social media engagement, email interactions, or advertisement clicks.
Here you can see four touchpoints
- Completed Order Count Attribution First Touch
- The first session gets 100% of the attribution points.
- Completed Order Count Attribution Forty Twenty Forty
- The first and last sessions each get assigned 40% of the attribution points, and the sessions in-between get an equal portion of the remaining 20%.
- Completed Order Count Attribution Last Touch
- The last session gets 100% of the attribution points.
- Completed Order Count Attribution Linear
- All sessions get assigned an equal portion of the attribution points.
This video will help you build a multi-touch Attribution Model report to help you gaining more visibility into your marketing performance.
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