AIM:
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Developed a model for analyzing and predicting marketing channel that lead to better conversions.
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Delivered insights on which model is better for the company’s business.
PROCESS:
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Build a workflow and test the prototype on happay’s multi channel path data from google analytics.
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Worked on various approaches including First Touch, Last Touch, Linear and Markov Models. Suggested which and why among these?
Standard Attribution Models provided by Google:
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Last Touch : the attribution approach where any revenue generated is attributed to the marketing channel that a user last engaged with.
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FIRST TOUCH : The revenue generated by the purchase is attributed to the first marketing channel the user engaged with, on the journey towards the purchase.
(While these individual approaches have its advantage in their simplicity, we run the risk of oversimplifying our attribution, as the last touch isn’t necessarily the marketing activity that generates the purchase or so to say only the first touch.)
- LINEAR : In this approach, the attribution is divided evenly among all the marketing channels touched by the user on the journey leading to a purchase.
(It does not distinguish between the different channels.)
..............................Thus an advanced attribution model: Markov Chain ..................................