I recently found a package ChannelAttribution which is pretty cool for attributing the marketing channels used during customer's journey (I exported data from Google Analytics). The package is super simple, and that is the problem.
I have a data set containing records in the following format:
Path: A > B > C > D > A > Z
The number of conversions: 12
The conversion value: 12,632 USD
See how it looks in Google Analytics
I would like to attribute the value to each channel using Markov model, however, more in detail so I can understand the whole process behind. Can you recommend any packages, scripts and steps I should take in order to achieve it?
Anderl, E., Becker, I., Wangenheim, F. V., & Schumann, J. H. (2014). Mapping the customer journey: A graph-based framework for online attribution modeling. Available at SSRN: http://ssrn.com/abstract=2343077 or http://dx.doi.org/10.2139/ssrn.2343077
This should help to understand how Markov models are being used to analyze multichannel customer path.
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