Zoho Marketing - Marketing Attribution

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Why You Need Zoho Marketing Attribution for Inbound Marketing Approach

Every business online or offline that owns any digital touchpoint should also have an appropriate market attribution model.

The reason is simple: market attribution helps you track the effectiveness of your business approach. It essentially exposes what part of your multiple digital touchpoints is responsible for your conversion rate. As a result, you can intensify whatever is working and exterminate what doesn’t.

But, not many businesses understand what market attribution is and how to utilize it rightly. Maybe you also belong to that category, and you are wondering if you even need market attribution, to begin with.

Well, let’s find out!

What Is Zoho Marketing Attribution?

It’s not strange that most companies use more than one marketing channel. Usually, these channels range from social media platforms like Facebook and Instagram to paid search engine ads and email marketing.

In the lump of these many advertising channels, it’s often impossible to manually determine which of these channels is responsible for driving customer conversion.

The inability to decide which marketing channel produces results is terrible for business because too often, it leads to wasting resources and revenues in marketing channels that are unyielding.

To produce better marketing results and increase marketing effectiveness, you’d have to understand which of your marketing approaches works and which doesn’t.

Let’s face it: there’s no way you could manually determine which of your marketing strategies are effective. But with the use of marketing attribution, it becomes a cakewalk.

By definition, market attribution is the statistical analysis that determines which channel is responsible for which number of leads.

Simply put: marketing attribution helps you give credit for a prospect’s buying decisions to the right sources. That way, you know what exactly is working. Here’s how you can measure it.

How Can You Measure Zoho Marketing Attribution?

It seems impossible to measure the effectiveness of a marketing strategy if we’re thinking about it literally. But with the help of analytics platforms like Google Analytics, it can be done. These platforms can provide insights into the marketing attributions of your lead conversion.

They’d also provide information on attribution models that hooked the prospect. There are many such models. Let’s talk about the top six.

Top 6 Zoho Marketing Attribution Models Your Business Should Use Right Away

First Touch Attribution

The first attribution model helps you determine the channels responsible for the first interaction with your business and brand.
This attribution model would only consider your marketing aspect that introduced leads to your business.

Last Touch Attribution

The last touch distribution model is the exact opposite of the first touch attribution. Unlike the first touch, the last touch attribution gives credit to the final platform engagement before conversion. Essentially, this approach is only concerned with the conversion bit of the engagement. Last touches are usually easy to track and implement.

Linear Attribution

A linear attribution is a multi-touchpoint attribution model. It gives credit to every engagement, touchpoint, or interaction customers had during their journey to conversion. All the interactions and engagement will receive the same amount of credit.
Linear attribution will credit sources like the social media ad, landing page, and webinar. This model provides a thorough and complete overview, helping you analyze all the elements of your marketing strategy.
Linear attribution works perfectly for marketing strategies that incorporate loads of engagements or processes requiring longer lead time.

Time Decay Attribution

The time decay attribution compares to the linear attribution model because it considers all the touchpoints that happened from the introduction of the business to the point where the conversion occurred. But unlike the linear attributions, the time decay attribution model focuses on the touchpoints closer to the time and date of conversion.
It allows you to assess the behavior, engagement, and style that got prospects to close the deal after getting familiar with your brand. These late touchpoints are believed to be responsible for getting prospects to make up their minds.

Position-Based Attribution

The position-based attribution model is also called the U-shaped attribution. That’s because the higher conversion credit is given at the first touchpoint and the latest touchpoint. The first and last touchpoints are given 40% credit while the middle point (anything that happened between the first and the last touchpoints) is offered a 20% credit.
The position-based attribution is effective because its focus is on the entire conversion journey. And regardless of its weighted value for the first and last touchpoints, the position-based attribution outlines the necessary conversion process of the entire conversion.
However, there’s always the tendency that it’d undermine whatever goes on between the first and last touchpoints. This makes it a less reliable attribution model for analyzing long-term campaigns.

Algorithm Attribution Model

The algorithm attribution uses advanced statistics and machine learning to determine the touchpoints that are of significance accurately. It’s a more objective approach than any known attribution model because you can always tweak it to favor touchpoints that you want. Unlike others, there’s no predetermined credit for a particular touchpoint.
As a result, the algorithm attribution model works well for big company data with multiple touchpoints and complicated sales procedures.

How To Choose The Most Suitable Zoho Attribution Model For Your Business

By now, you know how much of a difference marketing attribution can help you make in your inbound marketing efforts. Above everything else is its ability to help you determine which of your touchpoints is effective and why. With that information, you can choose which of your marketing touchpoints are efficient and which are not.

Although marketing attribution models are great aids and could significantly impact your conversion rate, it’s not easy to find a model that best suits your business models.

So, how can anyone do it right? How can you choose a suitable model for your business?

If you were expecting a simple answer, then this would be a disappointment for you because it’s not at all simple. All models we’ve mentioned above have advantages you can leverage on. But there are disadvantages too.

So, your best choice of attribution model would depend on your situation.

Here's how to find a model that fits your business:

Find Out Actionable Models

Before settling for a model, you’ve got to be confident it’s a usable model. This means you should provide answers to some questions. Questions like, “what will happen to your revenue if you stopped spending on advertisements?” “What happens when your team misses their quota?”
Being able to answer these questions would help you stay unbiased and rational in your choice of attribution model.

Know The Quality Of Your Leads

Before using a market attribution, you must have an ad policy in play. You need to understand the quality of leads generated by your touchpoint. This could generally be represented by the rate at which the leads turn into active users, or the rate at which they turn into paying clients.

Set Your Campaign Objectives

If you’re working with a branded campaign, then, a first-touch model is more appropriate for you. If you’re working with a big company with extensive campaign data, then the algorithm model will work best for you.

The list goes on and on. The bottom line is: understand your campaign objectives. There are several models to choose from, and each will tell a unique story.

So, what’s your story? If you’re still clueless on which marketing attribution is suitable for you or are unsure about your campaign objectives, reach out right now, we’ve got a checklist that can help you make the right choice.

Inbound Marketing Powered by Zoho MarTech

If you have experience with Zoho’s marketing software stack ( MarTech ) and understand this inbound marketing strategy foundations, you have a very powerful marketing starter pack ready to be configured and unleashed!

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