The Key to Ecommerce Brand Revenue Growth: Attribution Modelling
Ecommerce Strategy, Reporting, Data Solutions
The most important part of performance marketing is making sure that the changes you are implementing are working, so that your efforts aren’t being wasted. There are many ways that you can do this but by far the best way to see how affective your eCommerce strategy is through Attribution Modelling.
What is an attribution model?
An attribution model is the best way for performance marketers to observe the journey that the consumer makes on its way to completing a purchase. This journey can vary widely, with different touchpoints depending on how the consumer has discovered your brand. An attribution model allows us to analyse these touchpoints, seeing which actions led to a sale.
How can an attribution model be used?
This can be used by marketers to look at how the overall eCommerce strategy is contributing to each sale, seeing how different channels interact with each other and which produce the most leads. This becomes especially useful when you start to run multiple campaigns at the same time, as it can be difficult to pinpoint which campaign has brought a consumer to your site. By having these touchpoints, performance marketers like our team at RGA can see what is working for each campaign.
What type of attribution models are there?
When building out your eCommerce revenue growth strategy, you’ll have to decide which attribution model works best for your business. There are two main types of attribution models to consider, each with their own pros and cons, these are:
Single-touch models usually log either the first or last action a user has made when they interacted with your brand, which can be useful when wanting to pin a consumer’s journey down to one action.
Multi-touch models log multiple touchpoints throughout the consumer journey, assigning value to each one so that marketers are able to see which holds the most important. This has is now increasingly vital as the consumer journey is becoming more complex.
What information can we learn from attribution models?
There is so much to learn from attribution models, building a better understanding of the customer’s behaviour so that we can adjust the brand’s strategy to work towards a higher conversion rate. This includes the ability to see the Click-Through-Rate (CTR), bounce rate, the time the user spent on site, as well as the Cost-Per-Click (CPC). These, amongst other data, are brilliant ways to inform campaign strategy and see if certain approaches are getting you the results you want.
Using Attribution Modelling with Revenue Growth Agency.
At RGA, we can help you to understand your audience on a greater level, incorporating attribution modelling into your overall eCommerce strategy. Encouraging our clients to think big, our knowledge of the latest tools as your disposal is unmatched, with a team who can offer a bespoke service catered to your objectives.
Placing revenue and profitability at the centre of our methodology, we’ll work collaboratively to map out a plan of action that works for you and your business. Contact us today for a consultation and see how you can use attribution modelling with RGA.