This year at Spaces Summit, the bol.com annual internal IT conference, I presented a talk about the work our team, Team SmartAds, has been doing in creating a new marketing attribution truth for our platform.
About the talk
How do we verify that we are using our marketing budget effectively?
As bol.com, we are spending a considerable amount of our budget on digital marketing. Because of this, we need to be able to allocate this budget in the most effective, data-driven way possible. The four main methods for determining marketing efficiency are incrementality, media-mix modelling, lift studies and attribution. Here we focus on attribution, which provides a way of estimating how much revenue is being driven by marketing channels and comparing their effectiveness. Currently, we use basic marketing attribution models which are in general use and are based on simplified customer journeys.
Our new system is based on our internal measuring platform Measuring 2.0 . The wealth of data provided by this platform enables us to create much more comprehensive customer journeys. This will allow us not only to test basic attribution models such as last-click interaction, first click, linear etc, but also to use the most advanced ML models such as Markov chain attribution, Shapley value and many more.
This will guarantee our digital marketing budget is being used in the most efficient way possible, helping us stay ahead of the competition.
Check it out!
Or listen to our podcast on Using Data Science for Marketing Attribution.