John Wanamaker, a 19th century American Merchant and political figure once famously said: “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” Marketing attribution was a problem even then.
Now fast forward to the 21st century, and we see that marketing is so much more sophisticated, and most marketing decisions are data-driven. Given the access to mountains of aggregate and customer-level data, it would be reasonable to assume that we have solved the problem of attribution. Not really, attribution is more difficult today than during Wanamaker’s era, which was dominated by a few marketing channels, namely print, out of home and radio. (more…)