Attribution in marketing consists of evaluating and assigning value to the marketing touchpoints (exposures to marketing channels) a consumer encounters on their process of purchase (along the customer journey).
It gives a perspective to marketing specialists: It can help them determine if they are effectively spending their budget to optimize revenue, based on the value of each channel or touchpoint during the purchase or conversion process.
There is a large variety of models, but they can be split between single-touch (first touch, qualified lead, last touch model, etc.) or multi-touch (U-shaped, W-shaped, Z-shaped, etc.), depending on the amount of touchpoints they assign credit to during the customer journey.
Advanced attribution is a type of multi-touch attribution that integrates machine learning. It is constantly evolving and adapting, this makes easier to improve the strategy and detect inefficiencies in order to correct them. One example of advanced attribution is IHC Attribution, a data-driven multi-touch model that evaluates each session’s respective impacts within the individual customer journey. The IHC model provides cross-channel and cross-device results, a state-of-the-art interaction-based attribution model and real cost effects of campaigns.