What happens when the marketing team hits all their marketing goals, but revenue still falls short? Marketing blames the sales team and the sales team points the finger back, claiming that the leads weren’t good enough. In the meantime, money is wasted and growth is sacrificed.
Without sophisticated attribution, purpose-built for B2B companies, this is a huge problem for CMOs.
Taking a look at the data, most CMOs believe they aren’t using marketing attribution correctly. Only 4 in 10 CMOs believe they are using the right attribution model, about 43% use their current attribution system primarily because it’s easy, and a further 18% don’t even know why they are using their current attribution model. Perhaps it’s time for an attribution audit.
Good B2B marketing attribution, at its simplest, is about connecting marketing and sales data. By connecting marketing to sales data -- where deals close and revenue metrics are held -- the marketing team no longer has to guess their revenue impact. Every deal can be tied back to specific marketing actions.
Without it, marketers are forced to use marketing metrics that serve as proxies for revenue (visitors, leads, conversions, etc.). They can then guess that some percentage of visitors turn into leads and another percentage of leads turn into warm leads, and on and on to make a guess at how much revenue the marketing team is driving. More than just lacking precision with these estimates, not all leads are of equal quality -- attracting a few high quality leads is more valuable than attracting many low quality leads.
The higher in the funnel the metrics are, the less they tell you about quality, which makes using proxy metrics for revenue not very actionable.
Only when marketers have full-funnel transparency and can see their impact through to revenue, can they deliver more effective and more efficient marketing content, audience targeting, channel decisions, budget allocation, and more.
To learn how CMOs can optimize based on actual full-funnel performance data, download The CMOs Guide to B2B Marketing Attribution. In the guide, you’ll discover the answers to the following questions:
- What is B2B marketing attribution for CMOs?
- How is marketing attribution different than web analytics, marketing automation, and other marketing tools?
- What are the specific benefits?
- How does it fit in the marketing stack?
- How do you sell it to the C-suite?