Street Digital Media, like other industry marketers has relied on decoding traditional attribution models like first-click or last-click, to give clients the clearest picture of what has driven intent. It has always been a part of this process to decode the accuracy and methodology behind each approach.
This dilemma has been left in the past, with data-driven attribution. Data-driven attribution is an advanced marketing attribution model that aims to allocate credit to various marketing channels based on data analysis and machine learning. This evolution is made possible with the advent of Google Analytics 4 and has allowed us to distribute credit more accurately.
Here's how it typically works:
Data Collection: Data-driven attribution starts by collecting extensive data on user interactions with your marketing channels and touchpoints. This includes data on clicks, impressions, conversions, and more.
Machine Learning: Advanced machine learning algorithms analyze this data to identify patterns and relationships between different touchpoints and conversions. It looks at the entire customer journey, not just the first or last interaction.
Credit Allocation: The model assigns appropriate credit to each touchpoint based on its contribution to conversions. This means that touchpoints that had a significant impact on driving conversions get more credit, while those with less influence receive less credit.
Optimization: Marketing teams use the insights from data-driven attribution to optimize future marketing strategies. This means that budgets can be allocated more effectively, focusing on the most impactful channels and making data-informed decisions to improve ROI.
Data-driven attribution, as a tool offered within GA4, is a meaningful step forward in the quest for valuable data. While this is a reason to celebrate, implementing data-driven attribution can be complex and requires access to robust data analytics tools and expertise in decoding data to make decisions.
Street Digital Media, a multifamily-specific digital marketing agency, will continue to provide helpful tips for multifamily marketers to get acquainted with Google Analytics 4, and the evolving marketing space it has contributed to. If you would like to schedule a one-on-one walk-through of GA4 or if you are interested in Street Digital providing a training session for your team, please email Donald Kleckner at dk@streetdigitalmedia.com to schedule a time.