Attribution models are not “set-it-and-forget-it” practice and take some effort to fine tune. Set-up a process to test and optimize your model to find what is best for your business since the digital ad environment, industry trends, and your business objectives will change over time.
One approach you can take immediately, is to compare different attribution models and see how they alter Channel values. For instance, you might see a shift in how much social media is valued if you compare a Last-Click model to a custom Position-Based model because in the latter, social will get more credit. Play around with this method a few times and get to know each model type.
The “Holy Grail” of models is the kind that is based off of your own data, AKA Custom. If you want to try your hand at this model, make meetings with your business leaders to understand historical performance, current marketing mix, and spend patterns. Here are a few questions to get you started:
What type of user behavior do you value?
- What does the repeat purchase behavior look like historically?
- Are there any micro-conversions defined with engagement type goals, tied to the economic value?