There are several complex machine-learning-based methods that firms can use for media attribution. But developing an attribution model is a gradual process. You can't get there all at once
Identifying the contribution of different media channels to the acquisition and retention of customers very challenging
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Media attribution is a critical issue for marketers. Consumers use the internet and social media to search for information about products, consult product reviews and engage in word of mouth about products on social media platforms. Marketers have access to data from these activities, which allows them to track individuals’ various interactions with a brand before they make a purchase, and to better understand what role each interaction — and individual preferences — played in the eventual sale. Digital media thus provides marketers access to fine-grained data about consumer interactions with brands.
But it also makes identifying the contribution of different media channels to the acquisition and retention of customers very challenging.
[This article has been reproduced with permission from University Of Virginia's Darden School Of Business. This piece originally appeared on Darden Ideas to Action.]