Marketing Attribution is one of those absurdly challenging problems that impacts many levels of a company. There are finance teams that will use it to set budgets, marketers who allocate those budgets, and analytical teams measuring the data and how effective the marketing spend is. Selecting a proper attribution methodology can be an intimidating project, but it’s worth the legwork and research to ensure you get it right. (more…)
One of the most well documented methods for customer level modeling and segmentation is the RFM (Recency Frequency Monetary) model. RFM is essentially a method for businesses to segment customers off of three attributes:
1. When their last purchase was (Recency)
2. How frequently they purchase from you, within a set timeframe (Frequency)
3. How much money they spend with you (Monetary)
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