Gone are the days of simple conversion tracking when it comes to your marketing mix. Now there are multiple, and often complex, ways to track leads and attribute conversions. But how do you decide which attribution model will work best for you?
Throughout any given day, consumers are reaching your travel brand through multiple touchpoints and channels. Knowing exactly which channels led to their final conversion, however, is when things start to get complex. Below we highlight each type of attribution model, and how they might be applicable to your marketing efforts.
Single Source Attribution
This model looks at one single touchpoint to attribute conversions—first touch attribution and last touch attribution. Single source attribution is among the simpler models, but it also can lead to inaccuracies.
There are several types of single source attribution. With first touch, for example, conversions are only attributed to the original channel that the traveler engaged with. On the other hand, last touch attribution only gives credit to the final touchpoint in their path to purchase. Because these models give 100% of the credit to one touchpoint, you may ignore interactions that travelers had with your other marketing channels.
So, when is a single source attribution model most useful? If you’re looking for which channel is giving you the most prospects and increasing brand awareness, the first touch model is a great way to investigate how a traveler found you. For last touch, this is a good method to be used when you want to know which channel does the best job in driving conversions.
When a customer journey is simple and straightforward, a single source model is the most beneficial, as well as the most cost efficient when working with a limited budget.
In comparison to single source attribution, the multi-touch model has a more complicated implementation, but will have higher long term accuracy. Within this attribution type, you can use U-shaped, linear, W-shaped, or the time decay models.
For example, the linear model attributes evenly across all touchpoints and is useful when you want to see how all channels are performing. The U-shaped model, however, gives heavier credit to the first and last touch, but also weighs everything in between. This is helpful when you want to see the entire path to purchase, but realize that the first and last touch carry the most weight in the buying process.
A multi-touch approach becomes important when your marketing portfolio is numerous and you’re working with large budgets, or several vendors or partners. Not only does it allow you to get a more granular look at what’s working, it also allows for more detailed reporting when you are looking to make optimizations.
Interested in learning about each model in more detail? Download our Guide to Selecting an Attribution Model here.