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#61 Choosing the Right Attribution Model for Your Ecommerce Store
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Choosing the Right Attribution Model for Your Ecommerce Store
Attribution Models are becoming an increasingly popular way to track the customer journey and conversion rates. Due to the upcoming changes in data privacy, it’s crucial to understand and implement every tool in your digital marketing arsenal.
We’re delighted to welcome Sofía Vargas Sandoval onto The Ecom Show podcast to tell us all about Attribution Models and how to use them.
With over 7 years of experience as a Digital Marketing Consultant, Sofía has managed digital marketing strategies for teams all over Latin America, the US, and Australia. We’re very happy to say that Sofía is also Budai Media’s Senior Account Manager!
Join Sofía and our CEO, Daniel Budai, for episode 61 of The Ecom Show for a discussion on:
✔️Attribution Models
✔️Google Analytics
✔️ Understanding Email Marketing and Conversion
✔️ Facebook Messenger Marketing
So What Exactly is an Attribution Model?
An Attribution Model is a rule or set of rules that determine the customer touchpoint for conversion.
For example, if you’re using Klaviyo and a customer arrives at your store within 5 days of opening an email campaign or flow, their conversion is credited to Klaviyo. Every Attribution Model is of course adaptable; some businesses will attribute conversion to Klaviyo when a customer arrives at their store up to 60 after opening their email.
Sofía advises that narrowing attribution windows does not make your conversion data more accurate. It’s unusual for a customer to convert as soon as they see one form of advertisement. It’s likely that they’ve seen your product or brand across several different channels before arriving at your store.
Daniel and Sofía agree that choosing the right attribution model for your ecommerce store is an ‘art’. Unfortunately, we can’t always attribute conversion to your customer’s ‘last click’, nor can you simply choose a random model and stick with it.
Take a deep dive into your data and analytics across your marketing channels before trying out different Attribution Models. It’s a long process, but it’s worth it.
Talking of analytics…
Tracking Omnichannel Marketing on Google Analytics
Google Analytics supports most ecommerce apps and cross-channel data tracking, making them a fantastic resource for understanding assisted conversions.
Sofía observes that when people monitor conversions on Google Analytics they go to their Conversion Tab without noticing that there’s an option called ‘Assisted Conversion’, where you can set up and test different Attribution Models.
Here you can play with different scenarios, compare your customer’s first click with their last click, evaluate time decay, and more. There are tonnes of options available for tracking customer data and analyzing their journey.
Understanding Email Marketing and Conversion
Now, it’s been made very clear that we can’t get enough of email marketing and Klaviyo at Budai Media. But that doesn’t mean that we don’t take a holistic approach to digital marketing.
If you only use Klaviyo analytics, you’re not going to get a full picture of your customer journey which won’t help you select the right attribution model. Still use Klaviyo analytics - they’re great! But take a look at your other traffic sources too.
Sofía observes that a few years ago the conversation around marketing revolved around inbound vs outbound marketing. Now, the conversation is about how you merge and sync outbound traffic strategies and sources for a holistic retention marketing strategy.
Facebook Messenger Marketing
With the upcoming iOS 15 update and data protection changes, Sofía highly recommends Facebook Messenger Marketing and ReCart.
Sofía says that the open rates for Facebook Marketing Messages are “amazing”. It’s easy for customers to subscribe with a simple click, and what’s more, Instagram will start allowing sponsored messages this year. If you want to maximize your conversion rates, keep your finger on the pulse for this one.
And the best part is? ReCart integrates with SMSBump and Klaviyo for that all-important holistic approach.
Connect with Sofía on LinkedIn or visit her website to find out more about Attribution Models and understanding conversion rates.
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