Frequently Asked Questions by B2B Marketers
Q: How do I measure marketing ROI?
A: The best way to measure marketing ROI is with marketing attribution. The whole role of attribution in the marketing stack is to connect marketing efforts to revenue. Marketing attribution measures performance, often starting at the channel level, and tells you how much of the revenue should be attributed to each marketing channel. With that information, you can input your marketing spend, and calculate your marketing ROI.
Check out this blog post for a step-by-step guide to measuring marketing ROI.
Q: What metrics should I use to measure my marketing performance?
A: Revenue! In today’s data-driven era of marketing, it’s more important than ever for marketers to prove their value to the organization in terms of revenue-driven.
That said, it’s important to have visibility into your impact on the entire pipeline funnel. That means measuring how many leads you’ve driven, how many of those leads turned into opportunities, and then finally, how many of those opportunities turned into revenue.
Download the Definitive Guide to Pipeline Marketing to find out how to measure your marketing performance using revenue and become a revenue-driven marketer.
Or check out 5 Stages of a Pipeline Marketer on the Road to Marketing Heroism to learn more about the metrics B2B marketers use to measure performance.
Q: What is the best attribution model?
A: The "best" attribution model is different from company to company. If you're a small company with a short sales cycle, the best attribution model may be a single-touch model that is easy to implement and is relatively inexpensive or even free. But for most companies that have sales teams (e.g. B2B companies) and invest in multiple marketing channels, a W-shaped attribution model is recommended. It accounts for the whole customer journey, from the very first touch to opportunity creation, and puts extra emphasis on the key lead transitions.
Read more about the W-shaped attribution model here, or read about the pros and cons of different attribution models here.
Q: When should I switch from single-touch (first or last click) to multi-touch attribution?
A: Single-touch attribution is typically sufficient for companies that have short sales cycles (e.g. most B2C companies), companies that don’t use very many different marketing channels, or don’t spend very much on marketing.
However, when your marketing team is spending thousands of dollars every month on paid media or when you are using multiple marketing channels or have sales cycle that lasts weeks or longer, multi-touch attribution becomes really powerful and necessary.
If you want a refresher on marketing attribution, check out the B2B Marketing Attribution 101 guide.
Q: What is the “anonymous first touch” and why is it important?
A: The anonymous first touch is the visitors first ever time visiting your website. Often, these first visits do not conclude in the visitor filling out a form, and therefore, are not tracked by marketing automation software.
This first anonymous touch, however, is a big deal. The marketing effort that broke through the clutter and got the visitor to go to your website for the first time deserves credit. A good attribution solution will give the first anonymous touch the credit it deserves.
Read more about what makes a good attribution solution.
Q: Does attribution help me with forecasting, too?
A: Yes! Understanding the past with granularity is a great indicator of future performance. Take paid media, for example. If you know that campaigns targeted at X audience generated leads at X CPL, and campaigns targeted at Y audience generated leads at Y CPL, it’s much easier to accurately predict next quarter’s leads when you know how much you’re willing to spend on each type of campaign.
For a much deeper discussion of forecasting using attribution, check out this blog post on why you can’t do B2B marketing forecasting without attribution.
Q: No attribution model perfectly models the customer journey, so why should I use it at all?
A: It’s true that even the best, most advanced attribution solution can’t read the minds of our leads and customers and know which marketing engagements were the most influential. To be honest, the leads and customers probably don’t even know that themselves. But what does do a pretty good job of modelling the B2B customer journey and representing the impact of influential engagements is attribution that accounts for the big transitions in the customer journey: the marketing effort that got the person to visit your website for the first time, the effort that convinced them to give their contact information, and the effort that persuaded them to spend 20 or 30 minutes to demo the product.
While it may not be a perfect representation, we think that getting 95% of the way is a whole lot better than 0%.
Read more about the most advanced attribution models.
Q: What’s the difference between attribution data and conversion data?
A: Conversion data is a broad term, typically used by web analytics, to describe data around any visitor conversion. When it comes to B2C marketing, that’s not a problem because there’s really only one conversion: from visitor to customer. That’s what conversion data is built for.
In the B2B customer journey, there are many conversions, so simple conversion data can be unhelpful. Are you talking about the conversion from visitor to lead? Or the conversion from lead to qualified lead? Or the conversion from qualified lead to sales opportunity? Or the conversion from sales opportunity to customer?
Attribution data handles all of these conversions -- not just the first one -- and clearly defines the conversions that it’s tracking.
For a deeper explanation for why conversion data doesn’t cut it in B2B marketing, check out this blog post.
Q: How do I connect AdWords to Salesforce?
The best way is using Bizible’s attribution solution. It connects via AdWords’ API into Salesforce, making everything easy and automatic. And because it uses AdWords’ API, it can track down to the granularity of keyword data.
However, if you’re on a tight budget, you can manually track your AdWords campaigns via UTM parameters. If you want to track specific landing pages, you need more UTM parameters for that, and if you want to go down to the keyword level (which, if you’re spending a lot on AdWords, you do), you need more UTM parameters for every keyword and combination.
For the full guide on how to track your AdWords performance down to revenue, check out this guide.
Q: How can I track offline marketing?
A: It’s important to measure your offline marketing as similarly as you are measuring your online marketing. If you’re using two different methods or using two different metrics, it’s impossible to compare performance across all of your marketing channels.
If you're using Salesforce, the best way to track your offline marketing the same way you track your online marketing is using Bizible's omni-channel attribution. You can read about omni-channel attribution here.