If you haven’t listened yet, Analytics Today is a marketing podcast focused on technology, big data, and digital marketing. It's hosted by Jeremy Roberts, Senior Director of Marketing at Claimatic, and Sameer Khan, Director of Marketing Operations & Analytics at Alert Logic. Combined they bring a diverse set of skills and experiences that make their podcast relevant to digital marketers who want to stay up to date on the latest trends.
Here’s what we learned:
Marketing Attribution Continues To Grow In Relevance Across Marketing Functions
Four years ago the conversations focused on explaining what marketing attribution is. Today marketers understand what marketing attribution is, and are instead talking about why and how it should be implemented.
The shift in the last four years, says Dave Rigotti, is the growing number of marketing functions using marketing attribution models to connect their actions to revenue. This makes sense because marketers can gain a bigger stake in the company when they adopt the same measurable goals used by the CRO, finance and sales.
Marketing and Sales Combining Marketing Tech Stacks
During the podcast, Dave described Bizible's marketing tech stack and the thinking behind it. In a nutshell, the tech stack is designed around the goal of having a single source of truth.
Bizible has an effective sales development team and it’s important to consider having every data source feeding into a single source to maximize the ability to do effective performance reporting.
So instead of using separate systems, Bizible uses sales automation technology, like Outreach.io, for nurturing and connecting that to the CRM. Marketing technologies are integrated with the CRM as well, making the CRM the focal point for reporting overall company performance.
Using the CRM as the system of record keeping for marketing and sales, the team can see the mailers sent, the content prospects engaged with, and the communications between the prospect and salesperson. This makes reporting complete and transparent, and creates a better experience for the prospect.
The key to success is ensuring that marketing technologies have good integration with CRMs like Salesforce.
The Marketing Technology Landscape Lacks Measurement and Planning Technology
The marketing technology landscape is a popular infographic of the rapidly growing number of marketing technology companies. The infographic organizes marketing technologies by themes according to types, and there are dozens of categories ranging from content experience to advertising technologies.
Under a different lens, the marketing technology landscape reveals a less obvious trend. Roughly 90 percent of marketing technologies help marketers execute campaigns. Very few focus on the other major components of the marketing workflow: measurement and planning.
This is a peculiar observation given that marketing encompasses more than content creation, content distribution, and promotion. Although these are core marketing functions, there’s the very important step of measuring what’s working and utilizing performance data to improve the program for next quarter or next year.
The Marketing Attribution Category Is Nearing A Change Of Identity
Marketing attribution has long been capable of showing marketers what happened in the past. Marketing reporting with attribution has helped marketers do a retrospective on their marketing campaign. Where marketing attribution has been lacking, is being able to inform marketers on what will happen in the future. The touchpoints data generated by marketing attribution holds a lot of useful information, and it is yet to be used for planning.
As the marketing attribution category matures, we’ll see a move towards utilizing customer and revenue data to create better marketing plans, with the help of predictive modeling. These marketing plans will start with a revenue goal, and work backwards with greater accuracy to show the investments needed to reach those goals.
It’s every marketer’s wish to understand what budgets they’ll need to hit their annual goals. They wish to avoid underspending on what works, and overspending on what doesn't work.
As we look forward to 2018, it will be an interesting year for data-driven marketers to continue developing their marketing measurement capabilities and anticipate the new technologies around marketing planning.
To learn more about marketing attribution, download the guide below.