What is Multi-Touch Attribution?
Multi-touch attribution is process of tracking and assigning fractional credit to touchpoints along the path to a conversion. Multi-touch metrics include channel data (source, medium, campaign, etc.) and content data (landing page, interaction metrics, etc.)
Marketing and sales teams use multi-touch attribution data to better understand both the chronology and the type of interactions that influence conversions. They then use what they learn to optimize the conversion paths of prospects.
What is the Difference between Multi-Touch and Multi-Channel Attribution?
They’re quite similar; however, multi-touch attribution is touchpoint based (and much more comprehensive). Multi-channel attribution is channel based. While many people refer to them interchangeably, there are important distinctions in terms of reporting and assigning credit.
In a strictly multi-channel attribution model, channels like Paid Search, Social, Organic Search, Referral, etc. get fractional (or weighted) credit for the conversion–regardless of the chronology, content, or types of interactions that preceded the conversion. A multi-touch attribution model would still incorporate channel data for each touchpoint but it would include much more data on those individual touchpoints.
It’s important to realize that while most multi-touch attribution models involve multiple channels, some may only incorporate one channel. A good example of this is when outbound sales teams want to understand how outbound phone calls (touchpoints from a single channel) influence sales conversions. A multi-touch attribution model would assign fractional credit to each outbound phone call for a sales conversion. Data collected from those phone calls (salesperson, timestamp, duration, keywords mentioned, etc.) would be used to optimize the outbound phone call channel.
How Can Marketers Use Multi-Touch Attribution Data?
Let’s assume you’re using multi-touch attribution methods to understand the types of content on your website prospects interact with before a conversion event. You begin noticing that there is a relationship between the chronology of content interactions and types of content. You determine that the chronology and content interactions break down into three stages of the prospective customer’s journey.
Using Google AdWords as an example, you could very well have three different campaigns for the same product that represent different stages of the prospective customer’s journey. The first is general research, the second is competitor/specific market research and the third is purchasing intent.
While a single touch attribution model (first touch/click or last touch/click) would only give credit to one stage of the customer journey (the research stage or purchasing intent stage), your multi-touch attribution model would then assign fractional credit to each AdWords campaign.
This kind of information gives you clearer insight into how your keywords are working for you in your account. Using the default last-click model you’d think that money spent on clicks in the prior two campaigns were wasted, while using a multi-touch model you realize that they were crucial in contributing to the final conversion.
How To Track Multi-Touch Attribution
In our blog on multi-channel attribution, we discussed the different attribution models, each of which track the different touchpoints on the customer journey differently.
The time decay model in AdWords, for example, increasingly gives more credit to touchpoints that happen closer to the final conversion event, based on a predetermined “half-life.” If for example you set your half-life at 14 days, interactions that happened 14 days prior to the final conversion event, would receive half credit.
As competition steadily increases it becomes more and more important to track each interaction along the customer journey as they contribute to conversions. As you become more scientific about touchpoint data analysis, you can extract insights from all the deep metrics that are trackable on each touchpoint.
Whether it’s a form filled out on your website, an app download, a call to your business, or even a customer purchase, knowing which interactions, as well as the order they happened, actually preceded the conversion event will transform the way you market and help prove your ROI.
Learn more about incorporating call attribution into your multi-touch tracking strategy, request your no obligation demo of CallRail, or go ahead and start your 14 Day Free Trial, no credit card needed.