In 2017, the global advertising industry is projected to reach $510 billion in spend, and digital advertising is poised to account for $202 billion in market share. With investments at this scale, it’s incredibly important that brands and agencies are accurately managing and measuring attribution effectively across all channels. Social media is one of the fastest growing categories of digital, yet it’s reported that nearly 50% of social referrals occur outside of a social network, subsequently becoming unmeasurable.
For this installment of our monthly webinar series, Katana’s Executive Chairman, Andreas Roell, partnered with Colin Zalewski, the Product Marketing Manager at social media analytics platform, Simply Measured, Inc.
7. WHAT IS SOCIAL ATTRIBUTION?
Social attribution is the process of assigning credit for business outcomes to
social marketing channels and campaigns. There are unique challenges that we're
presented with - which goes beyond just the ads that we place as brands on
social media and how they're driving traffic and conversions on our websites.
Brands should also be interested in what people are doing independent of our
advertising on social and how that is leading to incremental traffic.
Source: Simply Measured
14. Social AYribuOon IntegraOons
AribuAon is paramount to measuring and
increasing the impact of your social programs.
Type of aribuAon models:
1. Single touch: Single source aribuDon models assign all of
the credit to a single touchpoint, and thus a specific source.
These models are the most common, the easiest to use,
and, unfortunately, also the least accurate.
Last touch: This model applies all of the credit for a
conversion to the source of traffic for the session on
which the conversion happened. This is the most
commonly used aribuDon model, but also one that is
deeply flawed.
First touch: This model applies all of the credit for a
conversion to the source traffic for the first visit a
consumer ever has to the site.
2. MulA touch
Equal weight or linear: This model divides credit for a
conversion evenly across every touchpoint a visitor has before
converDng.
PosiAon-based or starter/player/closer: This model improves
upon the Equal Weight or Linear model by giving a fixed amount
of credit to the first touchpoint and the last touchpoint for a
visitor, and dividing the remaining credit evenly among the other
touchpoints.
Most commonly, 40% credit is given to the first and last
touchpoints, and the remaining 20% is given to the other
touchpoints, but many organizaDons will use custom values
for each of these touchpoints.
Time decay: This model recognizes that later touchpoints
typically are lower in the funnel and are more likely to drive
conversions. Thus, it divides credit across mulDple touchpoints
based on how recently they happened prior to the conversion.
Custom: This model is used by organizaDons who have deep
insight into their customer journey. In this model, custom values
are assigned to each touchpoint based on what the brand
knows about the efficacy of different channels and journey
stages.
Source: Simply Measured
16. 16
Tips to Get Started With Social AYribuOon
Get off the bench and START with social aribuAon.
Find a soluAon that can start looking at aribuAon beyond just
immediate acAons, and instead considers how content is being
distributed by website visitors among each other.
Track the dark side of social media.
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