Digital marketers main target is “impulsive buyers” that is who just do not bother about information or details related to store and purchase what they see at first with in impulse (no time). The majority of marketers evaluate hard work of achievement through first and last click conversion of these impulsive buyers.
If there would be high number of impulsive buyers then marketing would be very easy for digital marketers. But enormous number of buyers will first get information about the store then browse the products, compare prices and then purchase products by becoming customer of that particular store.
Above steps can be viewed in analytics in the following way:
From the above table we can make a point that marketers rely highly on last-click conversion attribution when making decisions about budget and resources. This is because digital marketing and attribution marketing are too complex and also digital markets are under extreme stress to produce high ROI with less span of time. But in this present day everything is carried out in online world, sales are done with online ads. Online ads are carried out on optimization of campaigns and allocating budget quickly as the data arrives.
It is the best method to carry out attribution modeling rather than keeping our hopes on last click. Better to work on it as soon as possible. Here are three ways of attribution modeling that helps to work smarter and effectively.
From above table we can make out that for display ads, assisted conversions are higher than last click conversions while in search, last click conversions are high than assisted conversions. The channels that provide assisted conversions are that which appear at someplace in the path of consumers’ purchases but are not always the last exposure the consumer has to your brand prior to purchasing. Channels such as display are stronger in leading consumers down the purchase funnel while others are good in closing sales like search.
We can conclude that interaction of display ads and search ads will be more powerful for a site than individual.
To yield good results we need to focus our attention on optimization with help of attribution modeling and also helps in avoiding fixing things that are not broken. If we find any changes in performance then before we take any change it is important to consider interaction in broader digital marketing portfolio. Let us consider an example where ROI of search campaign has declined over past 4 weeks and also display budgets are very low at present.
So if we just rely on search data then we fail to revive campaigns performance because as there display budget has not been considered and had demand on lowering keywords. Below is the table that gives results of both search and display conversion combination.
By evaluating and analyzing combinations of various working channels in conversion path reports will help us to think various ways of optimization that leads to a privileged impact on overall performance. It is much important to spend time on search campaign before expending amount on display campaign and vice versa. This is the process where we can save time and boost performance.
If we provide consumers with the information they need at each step of their purchase decision, even though we take a narrow approach we will be able to see an increase in overall conversions.
So we can conclude that campaigns should not be optimized for impulsive shoppers but for vast majority of consumers who think before they purchase. To get new customers to our site, attribution models with path analysis and channel interaction are highly important for brands.
If there would be high number of impulsive buyers then marketing would be very easy for digital marketers. But enormous number of buyers will first get information about the store then browse the products, compare prices and then purchase products by becoming customer of that particular store.
Use of Attribution Modeling:
When the above scenario is applied to online world it can be illustrated as below. First time when a buyer views a display ad then he just does not blindly purchase the product. Because it is the first time he heard about this online store, but second time when he comes across your text ad or banner he will just consider your store in to list. But before his purchase starts he does searching as [your brand] + “reviews” and [your brand] + “return policy”. Then after analyzing site thoroughly he starts purchasing from the site and bookmarks it for future purchases.Above steps can be viewed in analytics in the following way:
From the above table we can make a point that marketers rely highly on last-click conversion attribution when making decisions about budget and resources. This is because digital marketing and attribution marketing are too complex and also digital markets are under extreme stress to produce high ROI with less span of time. But in this present day everything is carried out in online world, sales are done with online ads. Online ads are carried out on optimization of campaigns and allocating budget quickly as the data arrives.
It is the best method to carry out attribution modeling rather than keeping our hopes on last click. Better to work on it as soon as possible. Here are three ways of attribution modeling that helps to work smarter and effectively.
1. Real picture is shown to you:
As we know that a customer will never make decision in vacuum, so does the marketers never rely on one digital channel. Results will be limited if evaluation is solely based on last click conversion in all channels.
From above table we can make out that for display ads, assisted conversions are higher than last click conversions while in search, last click conversions are high than assisted conversions. The channels that provide assisted conversions are that which appear at someplace in the path of consumers’ purchases but are not always the last exposure the consumer has to your brand prior to purchasing. Channels such as display are stronger in leading consumers down the purchase funnel while others are good in closing sales like search.
We can conclude that interaction of display ads and search ads will be more powerful for a site than individual.
2. Making Higher Impact Campaign Optimizations
To yield good results we need to focus our attention on optimization with help of attribution modeling and also helps in avoiding fixing things that are not broken. If we find any changes in performance then before we take any change it is important to consider interaction in broader digital marketing portfolio. Let us consider an example where ROI of search campaign has declined over past 4 weeks and also display budgets are very low at present.
So if we just rely on search data then we fail to revive campaigns performance because as there display budget has not been considered and had demand on lowering keywords. Below is the table that gives results of both search and display conversion combination.
By evaluating and analyzing combinations of various working channels in conversion path reports will help us to think various ways of optimization that leads to a privileged impact on overall performance. It is much important to spend time on search campaign before expending amount on display campaign and vice versa. This is the process where we can save time and boost performance.
3. Achieving A more Unified Digital Strategy:
Above are the two examples that illustrate, digital channels work in combination even though how much importance we put on last click conversions. Once we gain the knowledge of incorporating this in to our daily routine then we can create campaigns that yield better results when unified. A precise estimation of first- and last-click conversions, as well as consumer paths to purchases, will give us more insight into the consumer experience.If we provide consumers with the information they need at each step of their purchase decision, even though we take a narrow approach we will be able to see an increase in overall conversions.
So we can conclude that campaigns should not be optimized for impulsive shoppers but for vast majority of consumers who think before they purchase. To get new customers to our site, attribution models with path analysis and channel interaction are highly important for brands.
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