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Hitsearch

Social + Attribution Reporting = Conversions

No two brands are the same, they have different audiences, different USPs and as a result, require different marketing strategies.

But how do you know if your strategy is working? In order to make sure that you are getting the most from your work, it’s important that you choose the right channels to market your brand.

Attribution reporting is the best way to find out this kind of information. It helps you to know which campaigns have worked and which didn’t, as well as what channel was most effective in producing a greater number of conversions.

At Hitsearch, we utilise our unique Datalab to identify these factors, ensuring that client budget is spent in the most effective way. We can use the lab data to see how PPC, paid social and email marketing produce varying results, as well as to identify whether you get the most conversions from organic or direct search.

From our years of experience in the industry, we have created a list of attribution models that businesses can gain highly useful information from, including:

  • Last click (with two variations)
    Observing the last place visited on the site by a user before they ended their session.

  • Linear
    This model considers the customer journey, understanding where they start and finish

  • First click
    This shows the first place on a site that the user visits at the start of their session, telling us which pages a customer visits the site for.

  • Data-driven
    This takes several factors to work out what has been effective in producing a conversion, including - Time from conversion
    - Device type
    - Number of ad interactions
    - The order of ad exposure
    - The type of creative assets.

  • Time decay
    This model follows the customer journey and works out touchpoints closest to the time of conversion, in turn working out what channels have been the most effective.

  • Position-based
    Works out what has been most effective in producing a conversion by crediting the last interaction before the conversion took place.

We can also use attribution reporting to look at both paid and organic social media. Through attribution reporting, we can see that social media channels tend to be a driver for top of the funnel traffic and can lead to an increased chance of conversions if executed correctly.

As demonstrated by this model comparison by Lee (2013), social media changes the form of traditional marketing models. Consumers take a much longer and more complicated journey that needs to be considered when refining a new, better strategy.

 

Lee model of comparison

Using attribution reporting has allowed us to see key metrics used in the decision-making process and purchase intention of the average social media user. These include:

· Brand loyalty

· Electronic word of mouth

· Brand image

· Brand equity

· Attitude towards the ad

· The intrusiveness of the ad

· Ad persuasiveness

Each metric affects the funnel model at different stages and each social media platform presents user characteristics that might enhance some metrics more than others.

Brands must choose between different social media platforms to better place advertising campaigns effectively and efficiently as these are now considered the main source of information during the purchase decision-making process. It is important to understand which metric is enhanced by which platform so that we can optimise paid ads in line with a specific metric.

The effect that an ad will have on consumers and its ability to product conversions on different platforms is also mediated by the role of age and gender. For example, male and female millennials and non-millennials convert differently based on age-dependent characteristics, such as cognitive style and gender-role expectations.

By understanding expectations and decision-making factors, we produce extremely successful paid media campaigns for our clients on social platforms, meaning brands can exceed targets and outperform forecasts.

Key Takeaways

- Looking at what areas perform well helps to narrow down and specify ad campaigns, meaning less money is spent but higher rewards are achieved

- The use of social media in marketing has changed the form of the traditional marketing model, customers now take a much longer and more complicated journey from exposure to conversion

- Different attribution models will show different information about your customers, and a mix of all models is the best way to see the largest amount of information

Interested in learning how you can learn more about your target audience? Want to grow your brand’s market share and profit by 50% in a year? We’re offering a free copy of our latest CEO Report which features a strategy blueprint for achieving the success we’ve highlighted in this blog. Download our free report here.

If you have a business in the financial sector and would like to up your marketing game or receive some expert information about digital marketing for financial services, then get in touch with a member of our team!

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