*Learn more about Carusele at https://carusele.com*
I'm Jim Tobin with Carusele, and today we know we have attribution model problems with influencers. So I'm going to suggest what you might be able to do about that. Two solutions.
Number one is creating a formula for attribution where you give a percentage of value to various equations, where the first touch gets some value, the last touch gets some value, the influencer exposures on social get some value. Some of our clients have those formulas and they're a good apples-to-apples way to measure the value of certain programs.
The problem with that is that somebody who sees content on Facebook but doesn't click on it will not automatically go into your Google Analytics, your Omniture, whatever analytics program you're using because they didn't click through.
The other option to deal with that is to do a sort of snapshot-in-time analysis, where you look at the view rate to the conversion rate using the Facebook Pixel for these influencer exposures, and the view rate to conversion rate for other marketing you might be doing, like banner ads and other sorts of marketing. So the benefit of that is you'll be able to see those people who were exposed to the content but didn't click.
Now our experience with our clients shows that that's a huge number. For one client, we did a program and we found that 70% of the sales that we could track occurred within 24 hours of exposure to influencer content but without a click. And only 3% of those sales within 24 hours occurred with a click. So if you're only counting last touch click attribution, you're under-counting by a factor of 25-ish, right?
So it's a big mistake to only use last touch attribution. This has always been true in auto, you know, search always gets the value of, "They search "for our brand, they came in and they scheduled "a test drive." It doesn't factor in what made them search, the TV ads, the sports sponsorships, and all those reasons you've got on a consideration list in the first place. Same sort of problem with influencer.
Now Facebook's solution is "Hey, use the Facebook Pixel, we'll tell you who was exposed, we'll tell you who converts." That works except that Facebook's going to take 100% credit for all those sales. The challenge with that is they're not counting, "Okay, this person first saw a blog post, they saw an email, they saw our banner ads, then they saw the influencer and they bought.
Now, there are two reasons Facebook does this. One, they have an incentive to show you your return on ad spend was fantastic because these exposed people bought, so they're going to take 100% of the credit 'cause why would they not? The second issue is more tactical. They can't actually see the other exposures. They can't see who got an email and who read a blog post 'cause that's over in your analytics platform. So because of that technical reason and because they want to, they're gonna take 100% of the credit. So those are some challenges.
If your team is using last touch attribution or first touch attribution, you're likely missing a huge percentage of the impact of your influencer marketing campaigns. So go ahead and create a formula or do that snapshot-in-time analysis.
I know this is a complicated topic, so you have any questions, email me [email protected].
Until next time on the spin, I'm Jim Tobin with Carusele.
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