QuBit's new Behavioural Attribution package uses an advanced algorithmic approach to attribution modelling. It supersedes traditional first- and last-click attribution approaches by algorithmically assigning weightings to different stages of the purchase cycle.
Whereas traditional attribution models attempt to assign the value of a purchase to a single marketing channel, QuBit’s Behavioural Attribution has been developed in recognition of the fact that a consumer is likely to make multiple visits to a site on their path to purchase. Each of these visits may be driven by different channels and each can be credited with a part of the value of the eventual sale. Using advanced probabilistic algorithms, QuBit Behavioural Attribution assigns weighted values to each channel dependent on their overall contribution to a sale.
Recently developed ‘multi-touch’ attribution models do take into account multiple sources of attribution. However, they rely on arbitrarily valuing site visits, whilst QuBit’s technology assigns value based on an algorithmic understanding of its impact on an eventual sale.
Using QuBit Behavioural Attribution, website owners can now gain a much more nuanced and in-depth understanding of the value of their marketing channels. Whilst a specific channel may not contribute directly to a sale as a first- or last- click action, its role as part of the purchase cycle may be vital and would be missed by traditional attribution models.
Research undertaken by QuBit suggests that the divergence between first- and last- click attribution models and the more nuanced approach of QuBit Behavioural Attribution may be as much as 1.28% on average, equivalent to more than £1.05 billion of wasted marketing spend and lost sales.
Graham Cooke, CEO of QuBit, said: “Attribution has been a major issue for web marketers for some time. We all know that first and last click models are broken but, until now, there’s been nothing to replace them with. Using QuBit Behavioural Attribution, marketers can now get a much clearer insight into the online channels that are driving them value, whether or not it’s the first or last piece of the customer journey.
“We apply some cutting edge algorithms to analyse consumer behaviour throughout the purchase cycle. This enables us to gain an understanding of how different actions contribute to a sale and to what extent an action on a site increases propensity to purchase. We use this insight to measure what value a particular channel is contributing towards sales, rather than whether or not they’re the first or last click in a sales journey.”
For more information, please contact: Harry Hurst firstname.lastname@example.org 020 3551 3997 www.qubitproducts.com
Founded by four ex-Google product, engineering and marketing executives, QuBit is creating a new type of data-driven website optimisation product.
The company’s products use advanced data collection, processing and analytics techniques to optimise website conversions, increasing sales and profitability. QuBit’s products bring a new level of insight to the analytics space – they offer true interpretation of website data as well as solutions to conversion issues rather than just analysis of numbers
QuBit works with some of the UK’s largest ecommerce businesses and publishers to increase conversions, sales and profitability from their web operations.