Marketing attribution and measurement is hot button topic for many marketers. In fact, according to a 2017 survey put out by DemandGen Report, 88% of marketers cite the ability to measure and analyze marketing impact as a top priority. But what exactly is marketing attribution and how do you make it part of your day-to-day marketing strategy?
Well, answering those burning questions are exactly what we set out to solve when we created our latest guide—Marketing Attribution: From Novice to Knowledgeable in Seven Minutes. So, if you want to jumpstart your attribution knowledge—be sure to check it out.
In the meantime, we wanted to give you a preview of our guide and provide you with some quick answers.
What is Marketing Attribution?
First things first—what is marketing attribution? Marketing attribution measures the impact that marketing campaigns, channels, or events have on revenue by assigning credit to all the successful marketing touches from lead acquisition to close. Understanding how your marketing activities move a prospect down the funnel is critical for today’s multi-faceted, multi-channel B2B buyer.
Think about all that goes into closing a deal! If you are just looking at what sources revenue, your marketing team is missing out on a big piece of the pie. And, if you are only focusing on vanity metrics like email opens, clicks, and social shares, you are missing a huge component of what makes a campaign successful—driving pipeline and revenue.
What marketers today really need to know is: what portion of our revenue and pipeline can I attribute to marketing campaigns? Without answering this question, we don’t really know the true performance of our marketing programs.
Why is Marketing Attribution Important?
Today’s buyer journey is never linear. Your prospects are multi-channel, multi-device, and they do their own research online before they ever even speak to a sales person. As a result, most of your buyers’ initial interactions with your company happen through marketing engagements. Plus, today’s B2B sales cycle includes a decision team of buyers—so you aren’t just interacting with one person, you are interacting a team of buyers.
If you are only tracking what marketing activities sourced a lead, you are missing out on tracking all the critical touches that happen in the middle of your funnel—after that first interaction. In order to ensure that all your marketing programs are accurately tracked—you need multi-touch attribution.
Marketing Attribution Models
One thing you might be wondering is: how much credit do we assign to each marketing campaign? This is where marketing attribution models come in.
Marketing attribution models are varying sets of rules for crediting revenue or pipeline dollars back to marketing campaigns. Depending on the model you use, credit will be attributed to different touch points along the buyer’s journey.
Here are the types of attribution models you might consider using:
- First-Touch Attribution: Where the lead first becomes known to you. In other words, the program that gets credit for sourcing the deal.
- Multi-Touch Attribution: The identified touches between the first and last touch-point. The middle touches, or multi-touch attribution, is where you give credit to all the lead’s interactions with your company over time. There are multiple types of multi-touch attribution modeling, like evenly weighted.
- Last-Touch: the last interaction a lead has before becoming an opportunity.
Implementing marketing attribution is the first step towards proving the value of all your marketing touches well beyond the first-touch interaction. Want to learn more about marketing attribution? Check out our guide Marketing Attribution: From Novice to Knowledgeable in Seven Minutes.