The advancement of technology has led to the development of different models of attribution in business. Single-touch attribution is one of the main models developed. Knowing single-touch and multi-touch attribution and the differences between them is essential for properly analyzing the marketing strategy and revenue generated through marketing. Attribution models properly assign sales or conversion credits for one or more touchpoints from the beginning to the end of the customer’s journey. By effectively understanding the impact of each touchpoint, we can optimize the marketing strategy accordingly and invest more in touchpoints that work very well. A mobile measurement partner can help a brand work on these single and multi-touch points and analyze the efficiency. Now let us delve deep into the single-touch attribution model.
Single Touch Attribution Model
In attribution models there are mainly two models, they are single-touch attribution model and the multi-touch attribution model. In the single-touch model, all the credits are given to a single touchpoint. It can be the initial or final touchpoint in the customer’s journey. There are both advantages and disadvantages to this method. The multi-model attribution model recognizes the importance of multiple touchpoints and spreads the credit. Picking up the right model of attribution is necessary for proper budget allocation and marketing success of a business. One should analyze the model, understand the nature of the brand, and choose accordingly. There are also other attribution models but choosing a complex model may result in undesirable consequences. The right model will help us in decision-making and long-term optimization. Now let us look into the benefits of single-touch attribution.
Benefits Of The Single Touch Attribution Model
The single-touch attribution model offers a wide range of benefits for our brand. Some of them are:
Easy to Use - This model is simple and easy to use compared to other models. It offers a straightforward understanding of a single touchpoint. Thus measurement is made easy. It is easy to explain to those who have less clarity about attribution models. This can be set up quickly which adds to the advantage.
Easy Data Management - There is less amount of data and the data is pretty straightforward. So it is easy to analyse and handle data compared to multi-touchpoint attribution. The smaller amount of data can also keep the privacy of the users and avoid the mismanagement of data.
Cost Efficiency - Implementing and management of the single-touchpoint attribution model is comparatively less expensive. Since other models of attribution require advanced software and data science expertise, this is very cost-efficient.
Standardization - Single-touch attribution offers a standard way of tracking performance and trends by consistently using a set of metrics. Multi-touch attribution often lacks this feature of using simple and efficient metrics. This is an apt model for mostly short and straightforward businesses. It also offers clear insights.
Good for Specific Goals - This model is good for attaining specific goals like understanding the effectiveness of a specific touchpoint like an initial click. It is also beneficial for various marketing campaigns like email marketing, social media marketing, etc.
Drawback of Single Touch Attribution
We know every coin has two sides. Similarly, this model of attribution also possesses some drawbacks. It is essential to know the drawbacks and work on them properly for the development of our brand. Before choosing this model, we must first understand the benefits and drawbacks of this model, now let us move into the drawbacks:
Focus on one touchpoint - As the name suggests this model only focuses on one attribute. It does not track the entire journey of a user. User acquisition is never based on a single touchpoint, it will always be based on various factors, thus analyzing a single touchpoint may not be a good idea.
Lagging Indicator - This model is a lagging indicator. This method is effective for understanding every detail about past campaigns. It does not provide adequate data about the current or upcoming campaigns. This is a major drawback of this model.
Cannot be long-term - This method is suitable for short-term goals. In the long run, a single touch may not prove to be a beneficial method. Neglecting long-term customer journeys can negatively impact your brand.
Rigidity - This model is very rigid compared to the multi-touchpoint attribution model. The lack of flexibility can affect your brand in the fastly moving, complex business environment.
In conclusion, this method, like every other method, has both benefits and drawbacks. Before choosing the right method we must closely analyze the method and check if it suits our brand’s purpose and mode of operation. We must also take into account that the right tracking platform like Apptrove will help your brand grow and establish a strong position in the market. Apptrove will be an edge over other competitors in the market in various business processes with its unique features and dashboard.