Last touch and multi-touch attribution are common methods in the industry for proving value; however, both of these methods can be flawed - with neither distinguishing revenue that would have occurred anyways. Retailers and brands can look to revenue lift to understand that impact of our software without having to worry about whether vendors are taking credit for the marketer's work, double counting, or even understating the results. On average, clients are seeing a 20%+ lift in revenue from Windsor Circle powered campaigns.How it Works Compare it to Other Attribution Models
Revenue Lift is a measure of incremental revenue generated by running Windsor Circle powered campaigns, i.e. revenue that would not have been realized otherwise. Using randomized control trials (RCTs), also known as split testing, Windsor Circle data scientists estimate revenue lift and associated 95% confidence intervals on a campaign by campaign basis and overall.
RCTs allow us to ignore all of the confounding factors and focus on the value that Windsor Circle provides for retailers and brands. RCTs go beyond last touch attribution and even multi-touch attribution to truly help retailers isolate the impact of the money they're spending. All Windsor Circle driven campaigns automatically default to a 90/10 split, meaning 10% of all eligible customers will not receive predictive marketing campaigns (this split can be altered by the retailer or brand to achieve statistical significance more quickly or to expand the population of customers receiveing predictive messages). Once a campaign reaches statistical significance with a 95% confidence interval, the results are readily available within the Windsor Circle app.
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With all of the different types of attribution models, it can be difficult to understand how each one works. Here's a comparison of Last Touch Attribution, Multi-Touch Attribution, and Revenue Lift.
Last Touch attribution is a simplified way of allocating ROI. It looks at the last channel a customer came through and gives 100% of the credit for the sale to that channel. In fact, up to 98% of visitors to your site will not buy on their first visit, meaning that on any given sale, the chances that a visitor has interacted with your brand through various channels is high. Last touch gives you insight into the very last channel a customer used before converting, but it doesn't tell the story of every touch point that drove a customer to purchase.
Multi-touch attribution is a more complex method of assigning percentages of the total conversion to the different channels that customers touched on their path to making a purchase. It can be created manually or using predictive software. Multi-touch gives you an idea of the journey that a customer took to get to the sale; however, the percent attributed to each channel can be biased and it can still leave out a wide swath of "channels" such as offline sources.
The most effective method for truly understanding the value that a certain tool and marketing initiative may be driving for you. Revenue Lift with RCTs treats a certain percent of customers and measures lift in revenue from that subset as compared to your non-treated (control) group. This process is done automatically within the Windsor Circle Platform, allowing clients to truly understand the lift they're seeing from the campaigns they're running.