Use Attribution Modeling to Tune Your Online Marketing Budget
To help you allocate your online marketing dollars wisely, give Google Analytics’ Attribution Modeling Tool a spin. This tool is designed to give you a sense of which online channels customers used to interact with your business before they decided to make a purchase on your website. It also offers you different ways to model the profitability, or conversion value, of each channel depending on where and when those interactions occurred on the path to purchase.
You can access the tool via the left-hand navigation in your Google Analytics profile by clicking Conversions > Attribution > Model Comparison Tool.
To start, we recommend clicking through the different models and noting how the conversion values change for each channel depending on the model you have selected. As you learn more about the models, you may find that one is most relevant for your marketing strategy. Here are some of the models you can utilize:
- “Last Interaction,” which gives all the conversion value to the final channel the customer used before making a purchase.
- “First Interaction,” which gives all the conversion value to the first recorded encounter a customer had with your business online.
- “Linear,” which gives the same conversion value to each channel interaction on the conversion path.
For more information about the attribution models available in your Google Analytics account and their different uses, we’d recommend viewing Google’s article “About the default attribution models.”
To make informed decisions about your online marketing, it’s important to understand which channels are most profitable. The Attribution Modeling Tool helps you gauge this profitability in ways that best suit your business approach.
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