Keep it Simple: Getting Started With a Multi-Touch Attribution Model
Data measurement is the only way to ensure your business succeeds now and in the future. But as companies start to integrate more involved social media marketing strategies, the number of digital touch points increases, complicating the once simple customer journey and creating more data to analyze and understand.
Consequently, communicators should reassess which model they’re using to measure PR, especially if they consider defending their budget a top priority.
Multi-touch attribution provides PR professionals with the opportunity to measure each step in the lifecycle, including those “murky middle” touch points. By measuring multiple touch points in a singular model, multi-touch attribution brings many benefits to the PR measurement table. For example, multi-touch attribution also helps:
- Make campaign changes in real time
- Measure the impact of one channel on another
- Improve consumer personalization
- Increase your overall budget
Our latest white paper “How to Measure PR in a Multi-Touch Attribution Mode” explores seven types of attribution models and provides readers with nine tips to get started with multi-touch attribution.
Before you can reap the benefits and impress executives with your PR measurement program, you must understand what you’ll be discussing in those meetings. Want some advice? Don’t overcomplicate it! Get started with these four tips:
1. Data is money
Think of what data can do for you and what you can do with it. How can you turn your data into a moneymaker? What data will you need to measure to back up existing funds or push for an increase in your department’s budget?
2. Clean up
Like a dinner party, you can’t expect success if you don’t prepare and tidy up ahead of time. First, compile all your data. Then, clean it. Afterwards, you’ll feel confident and ready to start modeling.
3. Set up data processes
With a strong infrastructure, you’ll be able to maintain the data processes you set into place. Get your IT team involved so they know what’s needed and can help develop the best management practices.
4. Start small
If you’re an attribution newcomer, start with the rules-based model. It’s simple. This model focuses on a specific program or campaign all while providing you with an opportunity to start thinking critically about data. Only after you get the basics down can you begin to move onto more complicated models.
Once you’ve surpassed a certain revenue or size, then you should consider moving onto a new approach. Algorithm-based models deal with vast amounts of data to provide in-depth insights on your PR efforts and their effects on other departments.
They also deal with independent variables like pricing, competitor activity and weather. But without understanding how the basic dependent variables work in a rules-based model, you can’t properly measure the independent variables, too.
Now that you’ve read a few tips on how to get started with multi-touch attribution, you’ll want to learn more about rules-based models to determine which one you should start with for your PR measurement program!
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