The Best Marketing Attribution Solutions in 2024

Finding marketing attribution solutions that give you an accurate and full picture of where your conversions are coming from has always been a challenge, but it isn’t impossible.

We all know the pitfalls of Google Analytics, and even GA4 has its limitations. So how can we get a better understanding of our marketing efforts and their impact on conversions?

The answer lies in choosing the right marketing attribution vendor.

In this Article:

What is Marketing Attribution?

Marketing attribution is the process of identifying which marketing channels and touchpoints contribute to a conversion or sale. It helps marketers understand the customer journey and allocate credit to each touchpoint that influenced a purchase decision.

With this knowledge, marketers can make data-driven decisions and optimise their marketing budget for maximum ROI. In turn, this can lead to improved customer acquisition, retention and overall business growth.

Why Do You Need a Marketing Attribution System?

Without a marketing attribution system in place, it’s challenging (or nearly impossible) to accurately measure the performance of each channel and understand their impact on conversions.

For example, if you’re running a Facebook ad campaign and see an increase in sales (or conversions), it’s natural to assume the Facebook ads were successful.

But what if those same customers had also been exposed to your email marketing campaign or saw a display ad before converting?

Without attribution, you may be missing out on crucial insights into which channels are driving the most conversions and where to allocate your budget for maximum impact.

Benefits of Marketing Attribution Software

Accurate Measurement Marketing attribution software uses advanced algorithms and data models to accurately track and attribute conversions to specific touchpoints.
Multi-Touch Attribution Many marketing attribution solutions (like us at UniFida) offer multi-touch attribution, which means they can track and give credit to multiple touchpoints along the customer journey.
Data Consolidation By integrating data from various sources, marketing attribution software creates a holistic view of your customer’s journey, providing insights that individual platforms can’t offer.
Improved ROI With a better understanding of your marketing performance, you can optimise your budget and efforts for maximum ROI.

What are the Different Types of Marketing Attribution Solutions?

Marketing attribution can be measured in various ways, depending on your business goals and the complexity of your customer journey.

Here at UniFida, we use a bespoke methodology that combines Multi-Touch Attribution (MTA) and Econometrics (or MMM, as it’s more commonly known).

By using and marrying these two methodologies, we can provide our clients with the most comprehensive and accurate marketing attribution insights, which you won’t get with traditional MTA or MMM alone.

But what are these different types of marketing attribution solutions? Let’s take a look:

Multi-Touch Attribution

  • Assigns credit to all touchpoints in the customer journey, not just the last one
  • Gives a more accurate and complete picture of how different marketing channels and tactics are contributing to conversions
  • Takes into account the entire customer journey, from the first touchpoint to the conversion
  • Can be customised based on specific business goals and objectives

Multi-Touch Attribution – or MTA – is a data-driven attribution model that assigns credit to multiple touchpoints along the customer journey.

Rather than giving all the credit to the last touchpoint before conversion, MTA recognises that there are usually several touchpoints that contribute to a sale.

It’s well known that Google Analytics frequently uses the last click across all channels to attribute a conversion. But in today’s multi-channel, multi-device world, this approach is limiting and often doesn’t give an accurate representation of the customer journey.

MTA aims to provide a more comprehensive understanding of each channel’s impact on conversions, giving marketers the insights needed to optimise their efforts.

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UniFida’s Econometrics (or MMM)

  • Marketing Mix Modelling (MMM) takes a more holistic approach to attribution by analysing historical data and identifying the impact of each marketing channel on overall sales.
  • It considers all touchpoints along the customer journey, including offline channels such as TV, radio, and print.
  • MMM also takes into account external factors like seasonality, economic conditions, and competitive activities.

UniFida’s Econometrics, or Marketing Mix Modelling (MMM), is a statistical model that measures the impact of each marketing channel and touchpoint on overall sales. It also considers other external factors such as the economy, competition and seasonality, which, as we know, all have an impact on sales.

Unlike MTA, MMM looks at the entire marketing mix and not just direct or digital channels. It provides a holistic view of your overall marketing performance and helps identify which channels are driving the most significant return on investment.

This requires a significant amount of data and analytics expertise, but the insights gained can prove invaluable for businesses looking to make data-driven decisions.

How UniFida Combines MTA & MMM Marketing Attribution Solutions

As mentioned earlier, at UniFida, we combine the best of both worlds by using a bespoke methodology that marries Multi-Touch Attribution (MTA) and UniFida Econometrics (MMM), giving an omnichannel marketing attribution solution.

The UniFida Multi-Touch Marketing Attribution takes into account all direct channels where a one-to-one relationship between your business and the consumer exists – this could be through…

  • Organic search
  • Email
  • PPC
  • Branded search
  • SMS

…and more.

By placing a piece of code on your website, we can uncover the complete, unbiased customer journey from the past 90 days, from the initial touchpoint to the final sale.

We then combine this data with our Econometrics analysis to bring in all the indirect channels, such as TV, Radio, and Print campaigns. This gives our clients a full view of their entire marketing mix and how it contributed to each sale.

We also calculate the ROMI for each channel, so you can see exactly which ones are driving the most significant return on investment and use this data to inform future marketing decisions or present to stakeholders.

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How We Use Machine Learning in Our Custom Attribution Model

We take our UniFida Marketing Attribution solution a step further by using machine learning to automatically attribute a ‘weight’ to each event along the customer journey. We use a time-based attribution model, where the closer an event is to the next step in the journey or the sale the more weight it’s given.

This approach allows us to provide more accurate and timely insights, as well as adapt to changes in consumer behaviour and the marketing landscape.

Why Google Attribution Systems May Not Be Enough

Google offers various attribution models, including ‘last-click’, ‘first-touch’ and even a data-driven model that uses machine learning. While these may work for some businesses, they have their limitations.

Limited Data: Google’s attribution models only consider data within the Google ecosystem, leaving out crucial touchpoints from other channels.

Lack of Customisation: Google’s models cannot be customised to fit your unique business goals and customer journey.

No Econometrics: Google’s models do not take into account external factors that may impact sales, such as the economy or seasonality.

Black box: Google is scoring its owned media and not telling you how

In order to gain the deepest and most accurate insights into your marketing performance, it’s essential to use a vendor that offers bespoke solutions tailored to your business – like us at UniFida.

Choose UniFida as Your Marketing Attribution Partner

We’ve worked with numerous clients from various industries from cruise lines to wine retailers and have helped them gain valuable insights into their marketing efforts. Our combination of MTA and MMM allows us to provide comprehensive and accurate attribution insights that traditional methods cannot match.

Don’t settle for incomplete or inaccurate data partner with UniFida and gain a clear understanding of your marketing performance.

Contact us today to learn more about our marketing attribution solutions and how we can help your business grow.

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FAQs

What is An Example of Marketing Attribution?

An example of marketing attribution would be a customer seeing an ad on Facebook, clicking through to your website, and then making a purchase. In this case, the Facebook ad would receive credit for the sale in the marketing attribution model.

What is a Marketing Attribution Tool?

A marketing attribution tool’s job is to track and attribute conversions to specific marketing channels and touchpoints. It helps marketers understand the customer journey and how each channel contributes to a sale.

What is the Goal of Marketing Attribution?

Marketing attribution aims to provide a better understanding of which marketing channels and touchpoints are driving conversions, allowing marketers to make data-driven decisions and optimise their efforts for maximum marketing ROI.

What is the Marketing Attribution Theory?

Marketing attribution theory is the concept of assigning credit to different marketing channels and touchpoints along the customer journey. It recognises that multiple touchpoints can contribute to a sale and aims to accurately measure their impact on conversions.

How Do You Choose the Right Attribution Model?

The right marketing attribution model depends on your business goals and the complexity of your customer journey. It’s essential to partner with a vendor that offers customisable solutions and has expertise in both MTA and MMM methodologies, like UniFida.

By combining Multi-Touch Attribution and Econometrics, we can provide the most accurate and comprehensive insights into your marketing performance. Contact us today to learn more about our bespoke marketing attribution solutions.


UniFida logo

UniFida is the trading name of Marketing Planning Services Ltd, a London based technology and data science company set up in 2014. Our overall aim is to help organisations build more customer value at less marketing cost.

Our technology focus has been to develop UniFida. Data science business comes both from existing users of UniFida, and from clients looking to us to solve their more complex data related marketing questions.

Marketing is changing at an explosive speed. Our ambition is to help our clients stay empowered and ahead in this challenging environment.