Correct Attribution
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Correct attribution is a tricky problem in digital advertising. Using the most common attribution method, that is ‘last click’, only the latest channel that the user clicked get attributed for conversion. This is an inefficient as it penalises the other channels that contributed to the purchase and over-awards the last clicked channel.
ML algorithms have the capability to interrelate all the times a consumer has been exposed to your marketing and determine the exact contribution of each channel in bringing the customer to conversion.
Benefits for the company
While attribution isn’t new for marketing teams that have dealt with it in the past, ML-based attribution is more accurate than the old methods when dealing with the digital world and its vast number of channels.
Feasability
Medium
Type of expertise/ AI domain
Classification, Statistics, Clustering, Text Minin
Internal data required
Click Data, Conversion Data, Device Data
An algorithmic approach to assign weights to different channels based on where they appear in the purchase cycle and how the user interacts with them and attribute them with a weighted conversion.