Data-driven attribution in Google products boosting revenue
A number of years ago, a major scandal dubbed the “Cambridge Analytica Scandal” exposed the ugly reality that each online interaction you perform forms a digital trail. This trail enables businesses – particularly, social media companies – to identify which advertising methods are most likely to succeed with specific customers. As a result of the revelations that followed, companies have become increasingly more obsessed with owning their data – and it’s why you see those annoying 3rd party cookie banners everywhere you go.
Companies gain insights into what factors cause consumers to make purchasing decisions by continuously improving their understanding of their customers’ digital activities. Having insights into where else they’ve browsed and what else they bought (and how long ago) can dramatically move the needle for a company. Data-driven attribution technology provides concrete insights into customer behavior, replacing guesswork with evidence-based understanding of your target market.
What’s Data Driven Attribution
Let’s define the term: ‘Data-Driven Attribution‘ combines data from prior interactions to inform future decisions by connecting customer touchpoints to outcomes. The technology behind data-driven attribution goes beyond conventional analysis; rather than performing rudimentary computation, it leverages complex algorithms to more deeply analyze the entirety of your customer journey.
Think of it like a theme park map that highlights every concession stand where a shopper might visit before getting in line for a ride. Here’s how that works with respect to a brand: any consumer will typically begin their journey someplace online (common channels will include mobile phones, tablets and desktop computers) which lead the person to an app, a website or a phone call or a text message.
Why should organizations care? Because attribution determines which promotional actions led customers to make a single purchase or a series of purchases. For instance, it could reveal that a social media ad, or an email newsletter, or a recent press release, was what sparked mass curiosity about a new idea that you’re promoting – even if the sale happens much later.
This sort of an analysis is easy to measure in a digital environment where people move between devices and applications quite noticeably, and are silently providing you with an understanding of their decision-making triggers. Companies can analyze these digital signals to understand customer decision-making patterns and preferences.
Google Analytics Data Driven Attribution Model
Customer journeys resemble a ‘choose-your-own-adventure’ book, with multiple possible paths leading to conversions. Similar to that “roadmap,” a detailed map exists that displays all conceivable user paths leading to (and from) your site.
The various paths to reach relevant content consist of natural search activity for targeted terms and paid advertisement clicks, intermingling together with external website links on social media and blogs. Through automated machine learning, Google Analytics evaluates every possible user journey to establish the pathways that inspire customers to convert via purchases or form submissions.
Google’s extensive data collection capabilities make their attribution model among the most comprehensive and reliable available. When users tend to find your site through platforms other than Google searches (like Twitter and Instagram) the attribution model adjusts autonomously to correctly distribute ‘credit’ for bringing that user to that content.
This system enables Google to identify real-time trends across global markets and adjust attribution accordingly. Google Analytics presents complete details about the impact that all your different promotional avenues (such as paid search, organic search, direct traffic and social media) play in your actual conversion rate.
An ongoing analysis of promotion channels allows you to make improvements to your marketing plan as you re-evaluate ways of arriving at the most optimal promo channel mix.
Google Ads Data Driven Attribution
As the manager of a school fundraiser advertising campaign, you need to oversee the promotional materials. Your advertising strategy includes three different types of ads which appear as search results for ‘local events,’ display as banners on websites and show as video ads before YouTube videos.
This mix of ad types will allow your message to reach potential buyers, donors, investors, or whoever else you’re targeting – wherever they spend their time online. Your campaign needs to identify which specific ads contribute to actual donation revenue. Data-driven attribution serves as the solution for this situation.
First, attribution lets you evaluate all ad interactions (like views, clicks, and time spent looking at an ad before clicking) to determine how each contact point impacts – and was impacted by – user behavior.
For example, it might reveal that a single click from a banner ad sparks interest, even if the action happens later. Insight into actual campaign performance may reveal that video ads are the primary driver of conversions, while search ads consume most of your resources without producing any results. Data-driven attribution will better enable you to use performance statistics for directing your advertising cost to specific formats that bring the best outcomes.
inSegment is a Data Attribution Reporting Company
inSegment has established itself as a reliable, award-winning provider in the dynamic field of data-driven attribution reporting. Their expertise turns overwhelming data into clear, actionable steps for businesses of all sizes. Focusing on complete data attribution solutions, inSegment is enabling companies to make formidable decisions based on useful, real-time information.
This Boston-based digital marketing team has driven solutions-focused results across a wide range of sectors, platforms, and channels. Grasping how individuals make decisions – be it online shopping or participating in events – is vital for success. With expert support from a time-tested provider like inSegment, you have a proven partner by your side who can help to navigate data complexities.
Beyond conventional models, data-driven attribution reporting will provide you with a detailed view of all the various touchpoints that lead to conversions. Businesses can better grasp the true impact of their marketing efforts with the assistance of inSegment’s superior analytics and reporting. Curious about cutting-edge tools and clear data attribution reports? inSegment has you covered.
Contact inSegment today.
