Understanding Attribution Can Unlock Growth
Attribution modelling isn’t just about abstract data concepts or rewarding networks for their role in customer acquisition. Understanding and modelling attribution correctly can empower you to identify true sources of sales for your business and facilitate further growth. Here’s how: Consider a fictitious scenario where the maximum you can afford to pay per acquisition / sale is £10, the best user acquisition channel in the table below would seem to be Instagram, and you’d think you have to throttle Facebook to limit to a target CPA of £10.
You might then do a bit of audience tracking, and find that your typical customer journey looks like this:
If you rebalance your attribution model to give more credit to the point of discovery, / initial contact, for example, the best user acquisition channel turns out to be Facebook and you see that you can actually bid twice as high on Facebook.
When you loosen the reigns a bit, the network can show your ads to more people, and if all else is the same, you could get a lot more sales, for the same ad budget.
Talk to us if you’d like a bit of help understanding how to uncover potential growth for your brand.