◾Attribution value
Multi-channel attribution model with time decay
The Attribution Model is the brains behind effective marketing automation, helping to drive innovation and efficiency in your marketing strategy. The model cleverly determines where campaign content should be distributed such as which channels and at what time.
Using Smartico’s automation tools, you can build marketing journeys lasting up to 30 days. The communications can include emails, SMS messaging, and pop-up messages. With all these different forms of communication, it can be hard to properly analyze your data. This is what underpins Smartico’s Attribution Model, which provides a greater purpose and clearer direction to your marketing efforts.
How does it work?
Smartico’s Attribution Model uses a statistical model to determine how credit for a conversion is distributed among different marketing channels and campaigns, allowing you to have more targeted, focused marketing in your campaign delivery. The CRM module offers a new and innovative attribution model called “multi-channel attribution with time decay”.
The model identifies the campaigns users have interacted with previously, picking up on patterns such as when communications were sent, and how long the user engaged for. Equally, it informs on campaigns that have not been interacted with to ensure that credit is given to the right areas.
The Time Decay feature calculates the time in between engagement and placing a deposit. For example, it will inform you that a particular email was opened and then acted upon one hour later. Meanwhile, another campaign might involve sending a promotional text message and the time decay feature will reveal that conversion took longer, indicating that this campaign is not as engaging.
With these insights, the model builds a clear picture of the user’s journey, including where they gained or lost interest.
Let's take an example of a player who made a 100$ deposit and was part of two marketing campaigns.
Campaign A sent an email promotion. The player opened the mail and clicked on the promotional link in this mail.
Campaign B was using online web engagements to send promotions using the Popups communication channel when the player was online. It sent 2 popups and in the first one the player had a positive reaction, and in the second he had a negative reaction (closing the popup or clicking cancel).
Both campaigns were active at the time of deposit and both were converted.
The attribution model will exclude negative reactions (in our case Web Popup 2) and take into account only player-originated actions — Open mail 1, click the link in mail 1 and click in Web Popup 1.
After that, the attribution model is putting these actions on the logarithmic time scale that reflects the time distance from the deposit to the action.
The final deposit amount is distributed among all the actions and counted towards campaigns, communication channels, and specific resources.
How can it help you?
The model allows you to use genuine, data-driven insights to enrich your marketing campaigns. Understandably, when outputting different marketing campaigns it’s inevitable that some will perform better than others. The secret is in what you do with this information, and the Attribution Model gives you insight into what is working the most effectively so you can make faster, smarter decisions.
This gives you space to improve on the areas that are performing less well and expand on the successful campaigns. The insights will also highlight which communication channels are providing the highest levels of engagement, giving you a clearer idea of how to distribute content.
Smartico’s Attribution Model can help you excel in a variety of ways:
Improved CRM through a better understanding of the customer journey
Stronger engagement with campaigns
Data-driven insights to strengthen your marketing strategy
New leads and marketing opportunities
Greater conversion rate
What makes it different?
The multi-channel model goes over and above, telling you more than just if users have been converted or not, but rather when and where this has taken place.
Simple stats around where deposits have been placed are not truly insightful, but understanding the time spent engaging with campaigns and at what exact point the deposits happen is what gives you a competitive edge in driving your marketing strategy to the next level.
With unified reporting, you can enjoy having a holistic view of your marketing campaigns and their success. Smartico’s Data Studio will present you with everything you need to know about your customer’s journey so you can analyze the key touchpoints. Here, you can determine where and how the deposit weights are distributed across different channels — and where to take it from here.
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