CGO / CMO
Growth Operating System
Blog

First-to-Last Step Attribution: Bridging Freemium and Leads to Revenue

Zan Bennett
November 24, 2025

The Industry Challenge

Most attribution models in the market today – including Media Mix Models (MMM) and Data-Driven Attribution (DDA) – focus solely on tracking leads and the incremental value of investment in bringing those leads. However, there's a critical disconnect: companies need to optimize for ROI, not CPL (Cost Per Lead). This fundamental gap has left marketers struggling to connect multi-touch lead generation to actual materialized revenue.

Our Pioneering Solution

As only the second company in the industry to develop this capability, our First-to-Last Step Attribution model represents a breakthrough that connects the entire customer journey from initial touch to revenue realization. 

The Competitive Edge

1. Beyond Lead Attribution to Revenue Materialization
Our model takes what MMM and DDA provide (first-step funnel attribution) and extends it to the critical final step – actual revenue. This complete picture enables true ROAS optimization instead of merely CPL improvement.

2. Channel-Specific Conversion Patterns
We've discovered that different channels convert leads to revenue at vastly different rates and timeframes. Using sophisticated survival curves, we capture these unique "conversion signatures" – revealing which channels truly drive business results.

3. Advanced Statistical Framework
Our model incorporates:

  • Statistical channel effects (γ_c) that measure each channel's effectiveness on a logit scale
  • Temporal decay patterns (β) showing how conversion probability evolves over time
  • Day-of-week conversion propensities, capturing when leads are most likely to convert
  • Differentiated analysis of paid vs. organic channel performance

4. From Multi-Touch to Multi-Stage
While competitors track multiple touches leading to lead generation, we track the complete multi-stage journey all the way to revenue realization, enabling true end-to-end attribution.

Transformational Business Impact

This model fundamentally changes marketing strategy and investment:

  • True ROAS Optimization: Move beyond CPL to genuine return on ad spend metrics
  • Discover Revenue Drivers: Identify which channels may generate fewer leads but produce higher-quality conversions to revenue
  • Accurate Marketing Mix Decisions: Allocate budget based on revenue contribution, not just lead volume
  • Connect Marketing to Business Outcomes: Demonstrate the direct revenue impact of marketing investments

Built on Data Science Excellence

Our model employs a mixed-effects statistical framework that accounts for multiple factors affecting conversion, including channel effects, temporal patterns, and cohort-specific conversion signatures. It seamlessly integrates with existing MMM and DDA systems, using their outputs as inputs for this next-generation model.

The Market Advantage

As only the second company in the industry with this capability, we're positioned at the cutting edge of marketing attribution. While others continue optimizing for leads, we're optimizing for what truly matters – revenue contribution and return on investment.

In a world where everyone tracks leads, we track what leads actually become.

Written by
Zan Bennett
VP Partnerships
Zan is the VP of Partnerships at Exactius, an investor and growth strategist with vast experience in growth marketing and leadership, as well as a seasoned entrepreneur.