Creating an Attribution Infrastructure
I’ve talked a lot in the past about the importance of using a multi-touch attribution model with data weighted and reported by an unbiased third party. In this blog, I wanted to take this conversation to the next level by explaining the infrastructure you’ll need in order to accurately measure and track your customer’s journey towards a purchase so you can identify which of your vendors are performing – or underperforming.
Don’t misunderstand me. This takes a lot of work. If it were easy, everyone would be doing it already. With that being said, here are 12 key things you need to set-up and the data points you need to truly get accurate multi-touch attribution results. If you are missing any of these, your multi-touch attribution model is flawed.
1. Advanced Tracking Code beyond Google Analytics – If you want to be able to attribute to sales, you need to use a third-party provider that has their own proprietary tracking code that can de-anonymize website traffic and link to sales.
Study Reveals Holistic View of Marketing Performance
Auto dealers using Google Analytics are now able to accurately attribute the value of third-party sites such as Cars.com, according to the initial findings from a trial use of Clarivoy’s Multi-Touch Attribution solution.
In an April trial with Cars.com, more than 100 Cars.com dealer customers upgraded their Google Analytics platform with Clarivoy’s Multi-Touch Attribution solution. The Clarivoy solution is designed to help dealers understand how all their digital marketing investment efforts -- not just the last click or interaction -- influence the car buying journey.
The initial use of Clarivoy’s solution revealed that Google Analytics misses the cost-effective conversion value of sites such as Cars.com. For instance, on average, dealers who implemented the multi-touch attribution solution saw conversions on their sites attributed to Cars.com increase by 37 percent with a 20 percent decrease in cost after two months in the trial.