[Aberdeen Report] Does Your Marketing Team Need a Revenue Attribution Reality Check?

[Aberdeen Report] Does Your Marketing Team Need a Revenue Attribution Reality Check?

Talk about an alarming statistic about revenue attribution…

According to research conducted by the analyst firm Aberdeen Group, 51% of marketers aren’t sure how their efforts objectively connect to revenue. Eek.

Additionally, 17% of the marketers Aberdeen surveyed aren’t even sure if they have any kind of revenue attribution model in place. If over half of marketers don’t how their work connects back to the bottom line, and about a quarter of them aren’t even measuring their impact in the first place, then there’s a serious problem.

As Aberdeen’s report says, “Revenue attribution models are explanations for how marketing efforts translate to business value.” Without revenue attribution, marketers can’t understand what they’re actually accomplishing for the organization. And if marketers can’t understand what they’re accomplishing, they can’t drive smarter business decisions and earn their seat at the decision-making table.

But it’s not all bad news for B2B marketers.

In addition to pointing out how far behind the majority of B2B marketers are when it comes to measurement, Aberdeen’s knowledge brief also talks about the various attribution models that are available to marketers who want to connect their efforts to revenue. And to shine some light at the end of the tunnel, the report also shows us how best-in-class marketers (defined as the largest subset of top performers) are using attribution to measure their activities.

One interesting tidbit that the report points out is that best-in-class marketers are 2.8X more likely to use a weighted revenue attribution model, which equates touch points with different weights depending on definitions that are customized for (and unique to) specific businesses. This is the most sophisticated level of revenue attribution, and can be derived from insights gleaned by using the other three models (first-touch, last-touch, and evenly-weighted) together.

What did we ultimately take away?

One—that marketers who want to be taken seriously need revenue attribution in order to measure their impact on the business. And two—that the best way to measure that impact is by using all of the different attribution models together. This allows marketers to see the full picture, and then use what they learn to make more intelligent, business-driving decisions down the line.

Does your CMO or overall marketing team need an attribution reality check? Download the full report to read all about Aberdeen’s findings.

[Podcast] Funnelside Chats Presents: B2B Thought Leader Ardath Albee

[Podcast] Funnelside Chats Presents: B2B Thought Leader Ardath Albee

As BrightFunnel’s Content Marketing Manager, this week’s Funnelside Chat podcast is especially exciting for me because our featured guest is one of the industry’s most respected thought leaders and queen of content, Ardath Albee.

Throughout her episode, Ardath walks the audience through her background as a B2B marketing strategist, the importance of storytelling, and how she thinks Account-Based Marketing fits into modern martech. And as a fellow writer, content marketer, and former lit student, I was hooked on every word.

Here are a few of the biggest B2B content marketing lessons we took away from this week’s episode:

Strategically Develop Persona-Based Content

If you’re not fully fleshing out your buyer personas, you’re not doing the work you need to do in order to really connect with your prospects. If you want to create content that will interest your buyers, speak to their challenges, and earn their trust, you have to do the appropriate research to find out exactly who those buyers are, what their biggest challenges are, and what they need from you in order to solve those challenges.

Focus on Telling the Right Stories

According to Ardath, a lot of marketers take the idea of storytelling too literally. If you want to tell the kinds of stories that will really resonate with your audience, you need to recognize how your characters—your buyers, customers, and product(s)—interact with each other, and then orchestrate that information in a conversational way. She also points out that your buyer should always be the hero in your stories, so be sure you’re putting them at the center of every piece of content you produce.

Shift Your Culture to Better Align Marketing and Sales

During her podcast interview, Ardath references a company she’s been working with whose sales team has been having a hard time relinquishing control over the accounts who’ve begun their journey down the funnel. She suggests businesses focus on shifting their sales culture so that the team is encouraged to learn how to effectively share with marketing, and marketing can in turn help sales by creating content that will better orchestrate the buyer’s journey and move leads through the funnel faster.

Get to Know Your Customer’s Perspective

At the very end of the podcast episode—when Nadim asks Ardath what she thinks the audience should be reading—her response is truly that of a content marketer: always be learning more about the industry you’re marketing to and familiarizing yourself with your audience’s specific needs and challenges so that you can tell stories that will engage them.

You can listen to Ardath’s full eposide along with our others by checking out our Funnelside Chats podcast on SoundCloud. And be sure to follow us to get updates as we release new episodes!

5 Reasons We’re Pumped for Marketo Summit 2017

5 Reasons We’re Pumped for Marketo Summit 2017

Marketing’s biggest and most exciting event of the year—Marketo Summit—is fast approaching, and we, at BrightFunnel, are getting ready to rock n’ roll at this year’s conference. Our swag bags are packed and ready, our session schedules are planned, and we’re ready to drop some serious multi-touch attribution knowledge at the show.

What are we most excited about at this year’s Summit? Below, we’ve listed five reasons why we’re especially pumped for the event:

1. Summit is Back in SF, Baby!

While we enjoyed spending a week in sunny Las Vegas for last year’s conference, there’s no place like home—and for us, home is beautiful San Francisco. The bridges! The Victorians! The food! The wine! We love our fair city and are happy to share our favorite sights around the Moscone Center, like Union Square, the Bay Bridge, and the Ferry Building, with everyone else who’s attending.

2. Tracking Marketing Metrics in “The Funnel Forest”

This year, we decided to have a little more fun with our booth by turning it into an interactive experience. Visitors who stop by will get the chance to color, sign, or add a message to our “Funnel Forest”, featuring our Funnel Fox and friends. We’ll even have Funnel Forest coloring books that you can take home for yourself or your kids! Come say hi at Booth S447, grab a Sharpie and some swag, and learn how to track important marketing metrics through the Funnel Forest.

3. Chillin’ at Jillian’s

If you need to find a comfortable spot to rest your feet during the show—away from the hustle and bustle at Moscone—come join our team across the street! We’re sponsoring an exciting ABM Central event, hosted at Jillian’s on the corner of 4th and Howard Street, on Monday the 24th and Tuesday the 25th from 8 a.m.-5 p.m. Stop by and you’ll get the chance to learn how to step up your ABM game, recharge with a latte, and network with like-minded marketers.

4. Hearing from Our Favorite Revenue Rockstars

From James Corden’s keynote (Marketo Summit karaoke, anyone??) to Jill Rowley’s Social Selling presentation on Monday the 24th @ 11:30 a.m., our calendars have been filling up quickly as we plan for all the great sessions we want to attend. We’re expecting to learn a lot about what’s happening in content, customer marketing, AI, digital, and much more, from a lot of intelligent, well-respected thoughts leaders. And we can’t wait.

5. Pre-Party Primping at Novela

What’s a big blowout bash without an epic pre-party? We’re hosting our Barbers & Blowouts Pre-Party event at Novela, one of the city’s most happening downtown bars (and it’s right across the street from Moscone!). And trust us—you do not want to miss it. We’ll be bringing in a trusted team of hairstylists armed with curling irons and straighteners, talented makeup artists ready to paint a sharp cat-eye or bold red lip, and experienced barbers to treat fellas to a relaxing hot shave. Join us before Marketo’s official party to get all done up, and enjoy unique cocktails (including punch on tap!) and delicious apps. We’ll be there on Tuesday, April 25th from 5:30-8:30 p.m., making sure all of our guests are primped and primed for the big event!

As you can see, we have plenty of reasons to be excited about the upcoming Marketo Summit. From the event location to the expo floor to the parties, this year’s conference is shaping up to be one of the best yet!

Will you be there? Be sure to visit us at Booth S447, register for our pre-party, or schedule a meeting with one of our revenue intelligence experts!

The Number One Report You Need to Assess the Health of Your Funnel

The Number One Report You Need to Assess the Health of Your Funnel

Learn about all the reports you should rely on as a data-driven B2B marketer by downloading our latest ebook.

What should you be reporting on as a data-driven marketer? Which metrics do you pull if you want to accurately report on marketing’s performance and improve your buyer’s journey in the future? Hard questions to answer. Luckily, here at BrightFunnel, we can shed some light on this topic.

If you’re looking to better understand the impact of your work throughout the funnel, intelligently plan for future campaigns at every stage, and prove how your work is helping grow the business as a whole, one report that you need to start looking at is your revenue funnel analysis.

Revenue funnel analysis reports give you a consistent look into how leads are flowing through your sales funnel. This type of report lets you understand the percentage of leads that become MQLs, meetings, pipeline, and closed-won deals. By understanding what percentage of opportunities turn into deals, what percentage of SQLs turn into opportunities, and so on, as a marketer, you can plan better. If you know that you need X amount of deals at the bottom of your funnel, you can work your way up to understand how many leads you need at the top!

Cohorted Revenue Waterfall and Stage Snapshot

There are a couple of different ways for you to look at this type of report. First, you can look at your funnel through a cohorted waterfall view. This shows how all leads generated during a certain period of time flow through your funnel. In other words, out of the 1000 leads you have created so far this quarter, how many of those leads have made it to MQL, SQL, or opportunities.

cohorted-waterfall

Second, you can look at this data as a stage snapshot, which shows you where everything is in your funnel at any given time, regardless of when the initial lead was generated. It is essentially a “snapshot” or a moment in time.

stage-snapshot

Why Does It Matter?

Funnel analysis reports give you a glimpse into how you’re moving leads through your sales funnel to closed-won. By looking at each stage in detail, you can determine where leads are getting stuck. Are leads getting stuck at the top of your funnel in the open lead stage? Maybe it’s time to rethink your nurture programs. Are they becoming MQLs but then falling off? You might want to redefine your stages with that disconnect in mind. Are SDRs booking meetings that aren’t converting into opportunities? Marketing and sales should come together to figure out what they can change in order to push those leads through.

Additionally, by understanding how leads convert through each stage, you and your sales leadership can better plan for how you are going to get to the number you need quarter-over-quarter.

What Do I Track?

To understand your sales funnel, you need to look at your leads, MQLs, SALs, SQLs, Opportunities, and Closed deals—or your own equivalent lead and sales stages. You can track this in your CRM, but it requires manual calculations around how leads are converting through each. However, this can be time consuming and difficult, and most marketers lack the resources to do this easily.

You can also use tools, such as BrightFunnel, that pull the conversion data in from your CRM and offer.

Revenue funnel analysis is just one of the top five reports that we recommend for every B2B marketer. To get the lowdown on even more helpful reports, download our latest ebook.

CLOSE
CLOSE