Getting Attribution Right for Your Bottom Line
P.K. Kannan, University of Maryland
Many marketers use attribution today, but how many are getting it right? In this Marketing Science Intensive, P.K. Kannan presents the fundamentals of model-based attribution and how to implement this approach to increase sales volume conversion and efficiently allocate marketing resources.
- Why model-based attribution is a powerful tool for understanding today’s multi-touch customer journey
- Why using simple heuristics like last click and first click can overestimate their impact—and how model-based methods offer better solutions
- How incorporating baseline propensities and estimating elasticities can tease out the true incrementality of touchpoints along the customer journey
- How MMM based on aggregate data can be combined with Multitouch Point Attribution (MTA) based on individual-level data to improve attribution and ROI
P.K.offers examples from work with a major hotel chain and Adobe, and engages participants in polls and a marketing mix mini-case for a hands-on experience. He addresses the challenges in implementing attribution and ways to deal with data sparcity, merging online/offline, and cross-device attribution.
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