Two models for attribution success: customer conversion and customer acquisition 

In today’s digital marketing landscape, understanding how to both effectively target new customers and convert customers you already have in your marketing funnel, is more important than ever. Businesses often struggle to get the right balance of broader strokes needed for customer acquisition with the precision required for successful customer conversion, and without accurate attribution, this task can become impossible.

To address these challenges, Corvidae has worked to create two models to help optimise advertising efforts for both acquisition and conversion. Broad which focuses on customer acquisition, and our LSTM (Long Short-Term Memory) model, which is geared towards customer conversion.  

By leveraging these models together, marketers can create a more effective and balanced strategy that both captures a wide audience and then also works to convert them into loyal customers. 

These so-called broad and LSTM models serve different but complementary purposes in a marketing strategy. The broad model is designed to cast a wide net, bringing in a large pool of potential customers, whilst the LSTM model hones in on individuals who are most likely to make a purchase.  

Understanding how to use these models together can be the key to unlocking greater success in your marketing efforts.  

An LSTM Model for Customer Conversion 

When it comes to customer conversion, precision and accuracy is paramount. This is where the LSTM model shines. LSTM is a type of neural network model that is particularly adept at identifying patterns in data over time.  

In terms of how we deploy LSTM within Corvidae, we use it to assess customer behaviour throughout their journey, focusing on those who have shown strong signs of purchase intent. By comparing this data to historical data which shows which paths convert, and which ones don’t, the model can predict which customers are most likely to make a purchase. With this information, you can then target consumers with the right adverts, which will encourage them to convert, often sooner than if you can’t assess their likelihood of conversion.  

The strength of the LSTM model lies in its ability to pick up nuances in huge streams of data, picking out tiny inflexions and signs that a consumer is likely to convert. This makes it an incredibly effective tool for driving conversions. By targeting customers who are already primed to make a purchase, the LSTM model ensures that marketing efforts are concentrated where they’re most likely to succeed, leading to higher conversion rates and more efficient use of marketing resources, this is how we drive down CPA’s, and increase ROAS in organisations that deploy Corvidae.

A Broad Model for Customer Acquisition 

On the other side of the spectrum is the broad model, which plays another important role in your marketing mix, customer acquisition. Unlike the LSTM model, which zeroes in on specific individuals, the broad model is all about casting a wide net.  

Broad is designed to reach a large and diverse audience. It does this by identifying potential customers who have maybe seen an ad once, clicked it and never returned to your website again. The broad model deliberately gives equal weight to touchpoints with your organisation, regardless of whether they are or are not likely to convert at that stage. This model is particularly effective in the early stages of the customer journey, where the goal is to generate awareness and attract as many potential prospects as possible, not to simply sift through and pull out the most promising ones.  

While the broad model may not always deliver immediate conversions, its value lies in its ability to create a substantial audience base. This large pool of potential customers can then be fed into more targeted models like LSTM for conversion if they appear like they might be likely to convert down the line. 

The broad model’s approach to customer acquisition is essential for building a strong foundation for any marketing campaign. It helps ensure there is a steady stream of new leads entering the funnel, instead of just closing out leads towards the bottom. By generating a broad audience, businesses can increase their chances of finding and converting the right customers in the long run. 

Harness the power of both for optimal performance

Balancing customer acquisition and customer conversion is a vital challenge for marketers. With Corvidae’s broad model and LSTM models, we can serve attribution and measurement solutions that, when used together, can create a more comprehensive and effective marketing strategy.  

By combining the power of the broad model’s wide-reaching approach with the LSTM model’s precision in identifying and converting high-potential customers, you can be confident your marketing is setting you up for success.   

The key to marketing success lies in balancing acquisition and conversion, and by leveraging Corvidae’s LSTM and Broad models, businesses can create a balanced approach that maximises both reach and effectiveness. Corvidae helps attract a wide range of potential customers but also ensures that the most promising leads are successfully converted into loyal buyers. 

If you’re interested in seeing what Corvidae can do for your organisation, get in touch with our attribution experts today, who can answer your questions and take you through our attribution and measurement solution!  

Corvidae Data Rebuilding and Attribution Modelling: Technical Overview