There has been a major announcement in the analytics world with the release of Google Analytics Attribution Model Comparison Tool being made available to all analytics profiles with goals and/or ecommerce tracking active. Attribution modelling allows you to better understand how your marketing channels work together at different points in the consumer buying cycle and ultimately enable the advertiser to make better marketing decisions.
Attribution models within Google Analytics were previously only available to a limited set of profiles or premium analytics subscribers; Google’s functionality allows comparison of different attribution models (5 are provided as standard) and also the ability to create custom models.
There were a few ‘work arounds‘ available to obtain a similar output, but they were a little more laborious than the few clicks it takes to provide some really insightful findings using Google’s new tool. Attribution modelling is available for both Goals and Ecommerce data.
First signs of the quick analysis we’ve done across a few of our clients, comparing last touch (which is the standard method of measurement) to a linear (each interaction is equal) we can see some channels are under-weighted (missing out on last touch credit) by up to 20% whilst others are over-weighted by a similar margin. These type of findings can have a big impact on effective budget allocation and ultimately your ROI.
Understanding the search funnel
While in its default configuration the tool allows you to track the attribution across mediums, however the real power of the tool arrives with custom configurations. At FirstClick we’ve always emphasised the importance of optimising keywords across the buying cycle and segmenting keywords by type, e.g. information, comparison, navigation, brand. Many advertisers are hesitant to bid on key terms early in the search funnel that often don’t result in last click conversions. By creating different segments identifying top, mid and lower funnel keywords, we can now effectively attribute the value add of those top funnel keywords and understand their influence on ROI.
This long awaited capability brings attribution analysis to the masses and ultimately will result in more effective marketing across all digital channels.
Read more about Google Analytics attribution models and how they can be used add value to your marketing activity.
P.S. Google also announced another report to enable advertisers to understand the value of unclicked display ads. This report seeks to assign a value to the branding aspect of display beyond just the ad click and is available only via whitelist at this stage.