Marketers shouldn’t assign full purchase behviours to a “last-touch” campaign
Lead attribution is a method to add value to every campaign that influences a lead to finally buy the company’s products. For instance, if the marketing team introduced a new product to a potential customer, and the customer comes across an article from a search engine talking about this new product, then, he/she may return back to the company’s website to complete the purchase. The client might download a brochure and then come back to buy the product. Which campaign or touch points should the marketer give the credit for the sale to? They shouldn’t assign the full-purchase to the last-touch channel only. Analytics should be used to look at the customers complete activity and history.
Various stages of a marketing campaign should be analysed in order to give the appropriate campaigns and touch-points full credit. We should not forget top-of-the-funnel campaigns that pushed the buyer to ultimately purchase a product. A marketer should assign certain aspects of the purchase process to every campaign the buyer experienced before completing their purchase.
Which campaign has the highest-value customers?
The ratios are up to the company. If a client purchases for USD 8,000 and touched four campaigns before purchasing, the marketer could choose to:
• Assign proportional credit to every campaign. It depends on how far away it was from the buy point: 10% (USD 800 credit) to the first-touch campaign, 20% (USD 1,600) to the second campaign, 30% (USD 2,400) to the third campaign and 40% (USD 3,200) to the last-touch campaign.
• Give similar credit to each campaign (20% or USD 1,600 of credit to each campaign).
• Give a full-credit to each campaign (100% or USD 8,000 of credit to each campaign), as this campaign resulted in USD 8,000 in bookings.
Finally, the issue is not solely about which campaigns pushed potential clients to purchase the company’s product, but it’s mainly about how much they purchased. A marketer could take five customers spending USD 10,000 each over 50 customers spending USD 300 each. Which campaign has the highest-value customers? Every lead is valuable, but marketers usually want to know which campaigns created the best leads, and the most significant point is: how much money the company earns of these customers’ purchases?