Conversion and Conversion Path
Conversion rate is the proportion of users who perform a target action such as purchasing something, subscribing to newsletter etc.
Customer journey is usually a matrix of interactions across channels, spanning periods ranging from days, to months, to years.
Conversion Attribution Models
Exhibit 20.8 Conversion attribution models. Source: Aditon
Knowing which channels and which elements of the marketing mix drive conversion empowers marketers to align resources for the growth of their business. Marketing budgets and resources are allocated more to the better performing channels.
Attribution models are used to assess the importance of each channel in driving conversion. The ones most widely used models, depicted in Exhibit 20.8, are based on heuristic or thumb rule. The allocation criteria for these models is as follows:
- Last Touch Attribution: Recognizes solely the marketing channel directly preceding the conversion.
- First Touch Attribution: Credits only the first marketing channel in the customer’s journey.
- Linear (evenly weighted) Attribution: All channels get equal credit.
- Position Based Attribution: First and last channels get greater credit than the rest.
- Time Decay: Attribution decays exponentially from last to first touch.
- Customized: Attribution is based on some thumb rules.
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