Credit is not wasted heavily on channels that bring in very low profits, and the time and effort invested in creating content for these channels are saved as well. While there are several tools that work very well in helping you run marketing attribution models and generate reports for the same, Google Analytics is by far the easiest to use and a straightforward tool.
Before we get into how to generate a marketing attribution report for first-click, last-click, and linear attribution models using Google Analytics, let us first look into detailed explanations of what these three models are, detailed explanations of more attribution models CMOs can use, and discuss which marketing attribution model works the best for your B2B marketing efforts.
The First-Click Marketing Attribution Model
Regardless of whether the B2B marketing campaign resulted in a successful conversion (customer purchased the product) or not, the first-click marketing attribution model gives credit to the first touchpoint, which brings the visitor to the website as a lead. It does not matter if the potential customer came back to make a purchase on account of organic Google search or some other B2B marketing campaign, the credit goes to the first touchpoint. This is a great model for when you are new in the business and are simply trying to get more new customers. Short cycled sales and such campaigns work the best when using the first-click marketing attribution model.
To generate a report for the first-click marketing attribution model using Google Analytics, go to the ‘Conversions’ tab in your Google Analytics account. Navigate to ‘Attribution’ and then to ‘Model Comparison Tool.’ Select the goal that you’re interested in measuring and adjust the time frame from the ‘Lookback Window’ option. Against the ‘Last Interaction’ tab, set a second model to compare against which is first-click here. You can also click on individual channels from the list that is generated and can get more insight into further channel breakouts.
The Last-Click Marketing Attribution Model
The last-click marketing attribution model gives credit to the last touchpoint right before the potential customer makes a purchase and then eventually becomes a paying customer. If you are looking to find out which B2B marketing channels are providing the most conversions, the last-click marketing attribution is a good option to try. The bottom of the funnel transitions is tracked effectively using the last-click marketing attribution model so that you can pay close attention to all those channels that are bringing direct conversions.
To generate a report for the last-click marketing attribution model using Google Analytics, go to the ‘Conversions’ tab in your Google Analytics account. Navigate to ‘Attribution’ and then to ‘Model Comparison Tool.’ Select the goal that you’re interested in measuring. The last interaction model is set by default, and you can look at a complete report for the same for your selected goal. To look into further breakouts, simply click on the channel you are interested in.
The Linear Marketing Attribution Model
Sometimes, it is not fair for one single B2B marketing channel to get all the credit since several other channels have contributed to the sale. A linear marketing attribution model comes to play in such scenarios where equal credit is distributed amongst all channels that a particular buyer clicked or visited. This is a more holistic approach to looking at the performance of all the B2B marketing channels since, after a while, clear numbers start showing as to which channel is bringing in more conversions. Then, you can focus on those channels specifically.
To generate a report for a linear marketing attribution model using Google Analytics, go to the ‘Conversions’ tab in your Google Analytics account. Navigate to ‘Attribution’ and then to ‘Model Comparison Tool.’ Select the goal that you’re interested in measuring and adjust the time frame from the ‘Lookback Window’ option. Against the ‘Last Interaction’ tab, set a second model to compare against which is linear here. You can also click on individual channels from the list that is generated and can get more insight into further channel breakouts.
For all three of these marketing attribution models and others that we will mention below, ROI Analysis and Model Explorer report can be prepared as well; however, these features are available only in a Google Analytics Premium account.
Other marketing attribution models you need to pay attention to
Last Adwords click marketing attribution model - Complete credit is given to the last click from an AdWords campaign. It helps you determine which Adwords campaign is performing well so that you can eliminate other money-eating Adwords campaigns.
Time decay marketing attribution model - Increasing credit is given to each channel that drives the customer closer to the actual conversion. This model is most effective for traffic and lead generation and customer acquisition during promotions or sales.
Position-based marketing attribution model - 40% credit is given to the first and last touch-points of the B2B marketing channel, and every other touchpoint in between (as many as they are) receives the remaining 20% credit distributed equally. This model is great for when you are looking for touch-points that are creating heavy awareness and those that are best at closing the sales.
How to choose the right marketing attribution model for your business?
Market conditions keep changing when you are running a business, and your B2B marketing plans will change accordingly as well. There is no single marketing attribution model that will always work the best for you. Each marketing attribution model is fit for the current business and market situation that you are in. Thus, you can only select the right marketing attribution model for the present situation and not to last you forever. For the same, here are a few tips that can help you with the choice.
- Create a customer journey map, track all the touch-points using KPIs (easily done using Google Analytics), and see which marketing attribution model will help you get better.
- B2B marketing is already complicated as it is. Make sure to keep your models simple and create only actionable questions for it to answer.
- Focus heavily on lead quality and invest well in channels that are bringing paying customers with a long Lifetime Value (LTV).
- Do not be afraid of changing your marketing attribution model. Testing and experimenting is the only way for you to ace B2B marketing.
Stop killing the channels driving the most of your ROI by harnessing B2B marketing attribution. Learn more in our upcoming ebook 'The B2B Marketing Attribution Handbook'.