I’m sorry the old attribution can’t come to the phone right now … Why? Cause it’s dead.
Ooh, look what the modern buyer’s journey has made us do. Long gone are the days when the C-Suite cared solely about vanity metrics like clicks, social media likes or even leads generated — what they really want to know is how much revenue was generated from your last marketing campaign and they want those numbers yesterday.
Since the B2B sales cycle is so complex, with multiple members of an organization making up your audience of prospective buyers, it’s become increasingly difficult to track how prospects are interacting and engaging with your brand on different channels. In a much similar fashion to how Taylor Swift doesn’t want to build out her new reputation with old cliches and adages, you shouldn’t want to build out your marketing reporting with traditional CRM or marketing automation platforms that only show where leads are sourced.
To move yourself and your business to the forefront of your category to become the progressive marketers of tomorrow, you’ll need to bring on a marketing attribution platform that gives you clear visibility into your marketing team’s impact and surface those results to your C-suite, stat. Because, no matter your company size or industry, progressive marketers understand that knowing how to use their data to drive results is now table stakes. Think about it — with a marketing attribution platform, you can budget plan for next quarter a whole lot better when you can see the ROI of your past campaigns and know where to double down and where to cut back.
But marketing attribution is a new software category, and to effectively use your marketing data to gain a seat at the revenue table, you’ll need a multi-touch attribution platform to help you crunch the numbers. That’s why our new ebook, Beware! The Risks of Choosing a First Generation Marketing Attribution Platform goes through what you should look for in a marketing attribution platform and what platform limitations you need to be aware of so you don’t put your marketing performance or business, at risk!
Check out a few of the highlights of our ebook below.
Beware of Attribution Platforms That Offer A One-Size-Fits-All Attribution Model
When it comes to measuring your marketing, one attribution model certainly won’t fit all. In fact, your business may actually need to use multiple models to look at a variety of scenarios and slice the data differently based on what you’re looking to analyze. By utilizing a platform that only offers very limited or one type of multi-touch attribution model out-of-the-box, you may be putting your business at risk. Additionally, you can quickly become handcuffed to a fixed set of data points if you choose a platform that doesn’t allow you to customize the weights of your marketing activities.
The best fix is to work with a cutting-edge, revenue intelligence platform that allows the use of multiple attribution models for different scenarios and use cases. Be on the lookout for both out-of-the-box and custom modeling options based on what’s important to your unique business. A great marketing attribution vendor should be able to provide models that can grow alongside your business needs. When evaluating marketing attribution platforms, look for the following types of attribution models:
- Single Touch Model: Gives credit to the marketing touch that sourced the lead and/or the last marketing touch before an account turns to an opportunity.
- Evenly Weighted Model: Gives an even amount of credit to every marketing touch— from first, to last, to everything in the middle. This is the easiest multi-touch model to start with, as it gives all marketing activities an equal playing field— which is especially important for benchmarking as you grow.
- 40-20-40 Model: Gives 40% of the credit to the first touch, 40% of the credit to the last touch, and 20% of the credit is distributed evenly across all the remaining middle touches. This model works for businesses who want to weight the first and last touch higher than all the influencing touches in the middle.
- Custom Weighted Model: Many businesses inherently know what activities should be given more credit than others. A custom model gives the marketer the ability to tell an attribution platform exactly how to weight each activity.
- Machine Learning Model: Looks at historical data on campaign performance to determine intelligent custom weights using advanced data science. This takes the guesswork out of determining your own weights through a custom weighted model and is more accurate due to advanced data algorithms.
Take a look at the example below to see how your reporting outcome changes when using different attribution models to analyze your data.
Beware of Attribution Platforms That Only Live Inside Your CRM
The primary issue with using an attribution platform that solely lives in your CRM is that your marketing team won’t have full ownership over its own data. In many businesses, sales, sales ops or business ops are the owners of your CRM, which means your marketing team may not even have direct access to their own data. You might as well consider it locked away in a CRM tower.
Let’s say your sales and marketing ops team is in complete lockstep with one another, it will still be incredibly challenging to implement a software solution that lives solely inside your CRM since you’ll likely have to go through lengthy approval processes and multiple RFP’s just to make it to the implementation phase. Then what? If you don’t have access to your CRM, you’ll still be stranded without a way to control the implementation phase, which will greatly delay your time to getting your platform up and running.
Limiting yourself to marketing reporting that’s only accessible via CRM will inhibit you and your team’s ability to the pull the reports you need to run your business. It’s critical that your data be accessible whenever you need it, on a platform that everyone on your team can easily use, which is why it’s critical for your marketing team to own their own data. In order to be successful with your reporting, you’ll need a marketing attribution platform that has a data transition layer — a stand-alone, best-of-breed platform that can bring data in from multiple places and live outside your CRM.
A revenue intelligence platform, like BrightFunnel, provides the whole marketing organization direct access to their data. Not only will it empower each marketer on your team to own their campaign ROI, from your social media manager to your demand gen programs manager, but it will also eliminate a lengthy time-to-value and give you true ownership over your reporting destiny.
Beware of Attribution Platforms That Don’t Enable Your Account-Based Marketing Efforts
As progressive marketers know, account-based marketing (ABM) is all the rage since your sales team speaks in the language of accounts. This strategy has caught fire since it gives sales and marketing teams a viable way to align on the full account journey. However, if you use a lead-only attribution platform to measure your ABM efforts, this could be a major setback to your alignment and account-based initiatives.
Unfortunately, many attribution platforms were born from lead-based methodologies and have been unable to keep up with the changing buyer journey. As a result, picking an attribution without account-based marketing capabilities could mean having to integrate with other vendors or piecing together a variety of custom reports in your CRM to tie together contacts, leads, and accounts in the same view, which anyone who reports in their CRM knows is an incredible challenge!
The first step to understanding marketing’s impact on target accounts is to make sure you have a lead-to-account (L2A) matching solution that ties all orphan leads and contacts to the account in question— regardless of whether or not a sales rep attaches those leads and contacts to an account in your actual CRM. You need to understand the full buyer journey of an account, and only by looking at each and every successful engagement across all contacts can you begin to understand it.
You can see how powerful lead-to-account matching is in this screenshot above. Take a look at the difference between the “Opportunity Contact Count” and the “Account Contact Count”. As you can see, the Account Contact Count is much higher since it includes all the orphan leads that were matched by BrightFunnel.
We know that deciding to purchase a marketing attribution is a huge step, but choosing the right vendor is critical for success. To learn more, download our new ebook, Beware! The Risks of Choosing A First-Generation Marketing Attribution Platform.