Every industry encounters different trends in their customer journeys. Typically, the most vital conversion target at the end of a customer journey is a sale. For a fashion company, this would be the purchase of an item. For a travel portal, this would be the booking of a holiday, be it a hotel, flight or car rental.
But this isn’t always the case. For a credit card company, the registration for a credit card could be the most vital conversion target, even if it doesn’t cost a cent; it will be used to generate purchases later. For a telecommunication provider, the registration for a mobile phone contract could be most vital, even if the registration may not equal revenue; this is generated in the subsequent month.
In order to cater to these customer behaviour slightly different from the simple browse-and-buy, progressive attribution comes into place.
What on earth is progressive attribution?
Progressive attribution is designed for those who need to establish lifetime customer commitment due to the nature of their products. As mentioned, these could be credit card companies and telecommunication suppliers. For these industries, they often have a registration before recurring transactions take place.
When progressive attribution is applied, marketers can determine the registration as the most important conversion target of the customer journey. This means the touchpoints before the registration are taken into consideration when determining the winning touchpoint(s) or ad space(s).
Progressive attribution works with Customer ID, so that any future sale is attributed to the same winning touchpoint(s) or ad space(s).
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Why is it important?
Due to the nature of the products, it is common for customers to generate more touchpoints after registration, before making revenue-involved transactions. However, these touchpoints may not necessarily be considered the key touchpoints that led to the sale. Therefore, with progressive attribution, marketers can more accurately determine the influence of their marketing activities on their most vital conversion target in the customer journey.
Upon identifying the key influential touchpoints that led to their most vital conversion target, marketers can tweak their activities to maximize the results of their marketing strategy.
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