Final answer:
The conversion attribution model described is a linear model, which equally weighs each touchpoint in the conversion process. This model simplifies the complex nature of customer interactions and is appropriate for a multichannel marketing strategy.
Step-by-step explanation:
The type of conversion attribution model described in the question is commonly known as linear attribution. In this scenario, a customer hears about products through their social media network, visits the company's website, and then makes a purchase.
All touchpoints in the customer journey are considered to have contributed equally to the final conversion. This differs from models that give all credit to either the first touchpoint (first-click attribution) or the last touchpoint before conversion (last-click attribution).
The linear model is more holistic, acknowledging that multiple marketing efforts contribute to a customer's decision to purchase. However, it is essential to note that this model might not accurately reflect the impact of every touchpoint, as not all interactions with the brand may contribute equally to the conversion process.
The linear model fails to account for variances in customer behavior, such as multiple customer arrivals at the same time or fluctuating customer traffic throughout the day. It is not always the most precise way to understand or value each touchpoint's contribution to the conversion, but it can be valuable for businesses with multi-faceted marketing strategies, where each interaction is designed to move the customer down the sales funnel.
When we consider the central route to persuasion in advertising, which focuses on the quality and detailed features of a product like a computer, this can be very effective for an audience that is analytical and willing to engage in the information, such as small business owners.
Understanding the pathways through which potential customers come into contact with a product or service, whether through social media or direct advertising, is critical for businesses in optimizing their marketing strategies. Moreover, the impact of social media on consumer choices highlights the need to integrate these platforms into the marketing and attribution models.