People inexperienced in online adversities often think that they can pay for conversions. That is not the case. You’re paying to get your message out. Very very few people will immediately act because of an ad. But if you hit them enough, they may later convert. Tracking those late conversions is imprecise. This does not mean advertising is useless. But it is not generally a game for those with a tiny budget or a sho…
There actually are ways like market mix models and multi touch attribution models to account for impact of those "late conversions" across multiple channels but requires fairly sophisticated data integration and modeling and is generally worth it only if you are optimizing millions of dollars in ad spend. The tools Google/Facebook currently provide are not really sophisticated enough for such work. Source: I work on…
A first step I thought of was to build some multiple variable models / apply multiple linear regression to try to measure the relative influence of our marketing campaigns and touches to a sale.
With your experience in this area - are there are particular models you recommend trying to build as a first step for someone who's more of a beginner in modeling and predictive analytics? Or business questions you find go the furthest within this specific domain of sales and marketing?