The B2B sales funnel is a long and increasingly entangled path. Prospects today require more touches, and prefer to research on their own terms prior to reaching out to a salesperson. At best, CMOs know something about the first touch (lead source) or last, but the majority are blind when it comes to 80% of their funnel.
For B2B, single-touch attribution is simply not enough. If a webinar generated 300 leads, and 10 of those leads ultimately closed, it’s irresponsible to assume that rate of success will repeat. The same is true for the bottom of the funnel. First/last touch attribution is the equivalent of enjoying a life-changing burger, and accrediting its deliciousness to only the top or bottom bun. What about the meat, cheese, vegetables, sauce, bacon, onion rings, etc.!? I hungrily digress, but there’s simply too much activity between first touch and last for marketers to ignore—yet most still do.
The opportunity for B2B marketers lies in the meaty middle of the funnel.
Understanding The Ingredients
So, what’s happening in this mid-funnel black hole? Lots. This post-generation period is so crucial because leads depreciate in value every minute that they go unattended. An astounding 79% of leads get stuck mid-funnel—never converting—creating a gap that costs marketers time and money.
B2B marketers address the problem of mid-funnel decay through complex, automated nurturing programs, designed to further educate and strengthen relationships with prospects. This is achieved through a series of high value touches—roughly 10, on average—comprised of a blend inbound and outbound marketing tactics. But how do you determine the right mix to cost-effectively move leads through the funnel? Which of your campaigns are most effective and which are actually impacting the bottom line?
To answer these questions, marketers need full visibility into the complete range of interactions across the funnel. Despite an ever-growing marketing stack, most tools’ attribution models are flawed. CRMs (Salesforce, SAP, Oracle), marketing automation (Marketo, Eloqua), and top-of-funnel advertising/web technologies (Bizo, Optimizely, etc.) still rely on out-of-the-box, single-touch attribution models.
Multi-touch Attribution Success: The Recipe
CMOs need to get the total picture of marketing’s impact on sales—understanding the influence of each and every touchpoint—not just first or last. By understanding the value of various interactions, you’ll be able to more intelligently craft nurturing campaigns that translate to revenue. A well-designed nurture track offers a range of benefits and, according to Forrester, companies that excel at lead nurturing generate 50% more sales leads at 33% lower cost. To understand the meaty middle and realize these benefits for yourself, the recipe is fairly straightforward:
- 1 part CRM (e.g. Salesforce)
- 1 part Marketing Automation (e.g. Marketo)
- 1 part BrightFunnel
- Add other marketing technologies to taste
- A dash of creativity
Stir to blend and earn the trust of your colleagues, increase your budget, and realize exceptional marketing ROI through more educated planning and forecasting.
Multi-touch attribution is difficult, but not impossible, and too many marketers take it upon themselves to try and untangle messy data and derive mid-funnel insights. Solutions like BrightFunnel streamline the attribution process—through machine-learning and intelligent modeling—and make it easy to demystify your data and get a grip on mid-funnel performance. Get in touch today to learn more about our B2B attribution and forecasting solutions, and never again find yourself asking, “Where’s the beef?”