Marketing for Lawyers with Attribution Modeling | Good2bSocial media

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[author: Vondrae McCoy]

A customer’s relationship with your business is more complex and multi-layered than ever. Chances are that before signing a contract with you, they had exposure to social media, website content, thought leadership, possibly campaigns such as email or paid promotions, and Moreover. There’s no doubt that in-app marketing is more effective than the traditional methods of the past, but it can also pose challenges. Which channel actually contributed to the prospect’s conversion? And how much did each channel help? Keep reading to learn more about solving marketing challenges for lawyers with marketing attribution.

What is marketing attribution?

Marketing attribution is a process designed to determine which marketing channels lead to customer conversion and then assign a specific percentage of attribution to each contributing touchpoint.

The real value of marketing attribution reports is that they help you understand trends and a person’s journey from their first visit to your website to becoming a customer. By understanding which campaigns and methods help prospects convert, marketers can optimize strategies and better allocate budgets and resources. The more channels you rely on when marketing for lawyers, the more important marketing attribution becomes.

Legal marketers can generate marketing attribution model reports in Google Analytics free or directly in HubSpot if you pay for a professional marketing plan.

Below, we look at the different types of one-touch and multi-touch attribution modeling and how they can be used to improve marketing for lawyers.

7 Effective Marketing Attribution Models

There are many different ways to track marketing attribution, and there’s really no right or wrong way — just what’s right for your business. According to some research, it is necessary between 6 and 8 touch points to even generate a lead in the first place – so you can see how things could get messy pretty quickly. Using the right template will help streamline things for your marketing team, but each template has its own positive features as well as shortcomings. Do some research and consider which model is best for your business.

One-Touch Assignment Models

These models attribute an entire conversion to a single channel. There are two main ways to do this: a first contact model and a last contact model.

  1. Attribution on first contact – A first touch attribution model gives all credit to the first touch point that leads a prospect to an eventual conversion. First contact attribution helps you identify the most effective marketing channels for locating and capturing the attention of prospects.
  2. Last Key Assignment – A last-touch attribution model gives all credit to the final touchpoint with whom the prospect interacted. This model doesn’t take into account the channels a prospect interacts with at the beginning and middle of their journey.

While these models are straightforward and provide a very clear indication of which top-of-funnel campaigns work best, as well as which bottom-of-funnel tactics help push a goal-line lead, they don’t brush certainly not a clear picture of a customer’s entire journey. They simply provide a snapshot of the unique part of the journey that leads to a conversion. Generally, these models are a good place to start if you’re just starting to track marketing attribution, but they don’t provide comprehensive insights.

Multi-touch attribution models

In these models, credit is given to any channel or content that a prospect comes into contact with before conversion. They have become more prevalent in today’s complex digital landscape as marketers understand the complex customer journey to becoming a prospect and building a relationship. For example, a customer may have read a few blog posts, downloaded a checklist, and attended a webinar before contacting you. If you want to better capture all the tactics that contributed to a conversion, try one of these templates:

  1. Linear allocation – This model gives equal credit to every touchpoint in a prospect’s journey to conversion. These models help marketers understand which channels were effective in reaching a prospect, but don’t account for which were the most influential.
  2. Time decay attribution – This model gives credit to all touchpoints but weighs the most recent touchpoints more heavily. It’s especially useful for businesses with longer sales cycles like the B2B market, where more up-to-date touchpoints can make more of a difference.
  3. U-shaped allocation – This model gives 40% of the credit to the first and last touchpoints that lead to a conversion. The remaining 20% ​​is split between the contact points. This model is great because it gives credit to those first and last key touchpoints, without ignoring the importance of other tactics along the way.
  4. W-shaped allocation – This model gives 30% of the credit to the first touchpoint, 30% to the interaction that created the contact, and 30% to the last touchpoint. Then, he evenly distributes the remaining 10% across all interactions between the first and last interaction before becoming a customer.
  5. Custom Assignment – The most sophisticated, but also probably the most realistic, templates are created to be unique to your business and the way it operates. tools like Google Analytics allow marketers to assign custom attribution to any touchpoint leading to a potential conversion. To take advantage of this model, you need a deeper understanding of your customers and their behavior. You can start by digging into historical data to determine trends and understand which channels tend to have the most effect on your conversions.

Important Notes About Marketing Attribution

As marketing attribution and technology continue to evolve, we will continue to see more sophisticated and intuitive ways to track marketing activities and their effects.

Keep in mind that most models need to account for cross-device attribution. The majority of content a prospect interacts with will be viewed on a phone or device as well as a laptop. How to identify and track users on different devices? You may need to turn to more sophisticated tools like a data management platform or work with an expert to set up your model in the first place.

Also, it helps early in the process to set realistic and achievable goals. Not only do you need to prioritize the use of your marketing attribution model, but you also need to take appropriate action based on insights from your statistics. Determine in advance the actions you will take for a variety of results.

Finally, although the name implies that the marketing attribution falls within a single department, it is essential that the entire company understands the marketing attribution and what it means. Along with standard sales and marketing alignment, everyone from executives to lawyers needs to be on board in order to properly set budgets, allocate resources, and more.

Carry:

Attribution modeling is a cost-effective measurement initiative thanks to the availability of free tools like Google Analytics. Once you’ve mastered attribution modeling, marketing for lawyers will become more effective because you’ll have a more complete perspective of your client’s conversion paths. In other words, you will have a better idea of ​​the most effective tactics and channels for attracting new business.

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