Analysts can estimate the attribution model using all customer journeys, regardless of conversion, and validate it through field experiments.
The model captures consumers’ channel consideration, visits, and actual purchases. Li and Kannan (2014) offer a three-stage Bayesian statistical model measuring the marginal contribution of six online marketing channels-display, email, referral, direct, organic search, and paid search-to purchases. The availability of granular customer journey data has also led to academic interest in customer journey models with more rigor and generalizability. Many variations of weighted attribution models have evolved, with some using sophisticated algorithms based on machine learning. Rule-based attribution models focus only on customer journeys ending in successful conversion events and ignore the others. Weighted attribution models assign a fraction of each conversion credit to multiple or all customer touchpoints using defined rules, such as equal weight, exponential weight, etc. But they are easier and less expensive to implement than other models. Single-touch models, such as last-touch attribution and first-touch attribution, do not account for all events leading to conversion. Multitouch attribution (MTA) models provide estimates to allocate conversion credit to some or all of the media/channel touchpoints customers encounter in their purchase journey. Researchers and practitioners have therefore developed and implemented various multitouch attribution models ( Salesforce 2019). Managers must correctly measure advertisement medium and channel touchpoint contributions to conversions to determine their marketing efforts’ return on investment. When do heuristics fail, and when do we need more sophisticated methods?įor example, when a conversion event occurs on a website or at a store, should marketing managers give credit to the first media/channel touchpoint on the customer journey, the touchpoint that successfully closed the journey, or all touchpoints evenly? And how should credit assignment vary from one customer to another or across segments?.Are heuristic credit allocation methods sufficient for most contexts?.What factors should influence credit assignment?.How should a purchase be allocated to various marketing channels when digital touchpoints reveal a complex customer journey?.
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