In order to meet prospects where they are, marketers are relying more and more on a multitude of channels. Of course, more channels also means more channels to measure and more sources of data.
For that data to be useful, every channel needs to be measured comprehensively and granularly—that’s how marketers best piece together and understand the complete buyer journey.
Whether for B2B industries or many B2C industries, buyer journeys are complicated and marketers are increasingly turning to marketing technology and integrations between marketing technologies to better understand them.
Often, marketing teams are able to effectively measure some channels, but not all. Gaps in measurement, while better than no measurement at all, can be dangerous because it means you’re overvaluing some channels while undervaluing others.
Hornblower, a cruise and event service, noticed they had gaps when it came to measuring the impact of inbound calls and folding that data into how they understand the rest of their marketing performance. What marketing efforts were driving those inbound calls?
Arto Altincatal, senior manager of marketing technology, explained that that was the driving force behind using the integration between CallTrackingMetrics and Bizible. His department is “very much focused on influencing revenue” and tries to get as granular as possible.
When it comes to tracking inbound calls, they “look for insights that show [them] where high quality calls come from rather than volume” and use indicators like what channels “drive the longest talk time.” To get this data, they use CallTrackingMetrics and then feed it into Bizible to measure the full-funnel impact of all of their marketing together.
Before Bizible, he says his data was siloed and they “lacked true insight into what was working. We were only really able to get lead level data and it was anonymized.” Essentially, they didn’t know marketing efforts actually led to revenue and were “optimizing for lead volume and that quickly creates inefficiencies.”
Let’s take a look at a sample buyer journey and see how measurement that optimizes for lead volume can be extremely misleading.
For this deal, worth $50,000, if you were to use a lead creation touch model where 100% of the credit goes to the channel that drove the lead, Paid Social would look extremely effective. However, it’s clear that Paid Social wasn’t the only channel responsible for the deal in the buyer journey. Even in this simplified example, there were nine different touchpoints involved.
With a more advanced model, we can see that other channels, Paid Search in particular, played a big role, generating $23,000 over two touches.
Since switching to Bizible, and through the integration with CallTrackingMetrics, the way Hornblower understands their marketing performance has changed quite a bit. “The way we plan budgets, campaigns, and sales orchestration is all based on [Bizible] data and our historical desired outcomes. We know what works and at what point in the buying journey.”
Specifically, with a multi-touch model they noticed a 23% increase in revenue attributed to paid search compared to using just the lead creation touchpoint. They were also able to attribute many more inbound calls to paid search campaigns because they were able to understand with granularity what was driving those calls.
And on the flipside, paid social saw a 25% decrease in revenue attribution. Hornblower likes to use social for high volume branding, which is impactful at the top of the funnel, but may not have as much impact beyond lead creation.
With this new knowledge, Hornblower’s marketing team was able to shift their budget around invest more effectively. Marketing teams are most effective when decisions are based on data, rather than certain affinities to channels. Arto’s team, with Bizible and CallTrackingMetrics, was able to achieve just that.