Marketing-to-CRM and Marketing Attribution Models
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We think it is important to know exactly when a customer decides to buy and what marketing efforts led to the purchase. We believe you need to measure marketing impact using the best metrics and analytics. By using the right tools and technologies, you can trace all of your sales back to the customer’s first digital contact with your business. The right tool lets you look at the entire journey of engagement points, assigns a quantifiable value to each element and then informs you about what to focus on to develop a great strategy to reach business goals.
Marketing attribution sheds light on the journey of your customers by revealing which touch points influenced more engagement and ultimately a purchase of your product or service. Less than a third of B2B companies (according to eConsultancy) use attribution models in their marketing campaigns. It isn’t surprising that more than 40% of these companies list “measuring ROI” as their top challenge.
There is very little correlation between a click-through rate on a website and actual sales. According to iProspect, using a marketing attribution model will increase your revenue by 15-35 percent because it tells you what influenced a prospective client to make the purchase. You get individual data points (social media channels, website keywords and traffic) that are weighted and can help you make more strategic day-to-day decisions. Knowing whether your Google ads or Facebook videos are driving traffic to your website or whether a potential customer searches for you via Google, where does the credit go?
Different Attribution Models –
First Touch – 100% of credit goes to the first engagement (touch) a customer has with your brand.
Last Touch – 100% of credit goes to the last engagement (touch) a customer has with your brand.
Linear – All engagement is equally weighted among interactions.
Time Decay – Engagements increase in weight to the point of sale.
Position Based –
U-shaped - First and last are weighted more and equally while engagement points in the middle are weighted equally with much less weight than the two end points.
W-shaped – Same as U – gives first and last engagement most weight but also weights the conversion point that made the sale.
Algorithmic – Custom model depending on buyer’s journey and most accurate because you assign weight to interactions you already know are important, not just already determined engagement points.