B2B Marketing Blog

5 Reasons Mastering Marketing Attribution Helps You Become A Better Business Leader

By Andrew Nguyen
Aug 16, 2016
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What was a bestseller, reaching 10,000 copies sold per year, in colonial America? Answer: Ben Franklin’s “Poor Richard’s Almanac.” This publication was essentially a variety show filled with poetry, weather forecasts, household hints, and historical tidbits.

The readers enjoyed proverbs Benjamin Franklin created from Native American tradition and common legends of his day. These proverbs rock, but none of them have an explicit marketing connection.

And we’ve yet to read a business maxim that includes mention of marketing attribution. So let’s change that.

Business maxims and proverbs are memorable because they are short and, sometimes, profound. So we found five “Harvard Business Review” worthy business maxims about becoming a better leader.

Beware, we made some modifications to add some marketing attribution flavor.

The Worst Wheel of the Cart Makes the Most Noise, So Should Your Worst Performing Campaigns 

Great marketing leaders can spot opportunities. They can solve a problem or fill a need before people realize it exists.

If you’re tracking your campaigns with advanced web tracking and connecting that to your CRM, you've got a source of problem solving opportunities. 

You'll find opportunities to axe campaigns that aren't driving revenue, and opportunities to improve the profitability of marketing programs. 

Benjamin Franklin hit the nail on the head with this quote. But if you aren't tracking first click to closed-won, you'll miss out on the noise that points you in the direction of cost-saving opportunities. 

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Give Only As Much Information As Needed, Like Contribution To Revenue

Quantity and quality of information is important when communicating to the board or CEO. So how do you decide what's necessary information and what's not? 

As a marketer, today's communications need to be about marketing's business value. 

Giving as much information as needed means being as informative as possible and not delivering more than is needed. It also means focusing on the quality of the information, e.g. is it supported by evidence? 

Furthermore, is the information being communicated as effectively as possible? Think of this as data visualization where an analyst must find the most clear and consise way to communicate a specific point in a chart. 

To improve communications skills as a marketer, always keep in mind these four questions pertaining to good communications: 

  • Is this the right quantity of information?

  • Is this high quality information?

  • Is it relevant?

  • Is it communicated as clearly as possible? 

What does this have to do with marketing attribution? Simply use your attribution solution to get high quality and highly concise KPI's to communicate in your next meeting or proposal.

If You Don’t Know Where You Are Going, You’ll End Up Someplace Else, So Use Predictive Models To Forecast and Plan

We can thank baseball legend Yogi Berra for this proverb.

Planning skills are essential for business leaders. And it starts with the destination. With a clear vision for the destination and the goal, you can create a great plan. 

Forecasting and predictive modeling using touchpoints data informs marketers whether their plans are achievable -- or at least it can provide a probability for achieving success.

Forecasts and predictive models help marketers with project planning because they help to set achievable goals, whether your goal is to hit a certain MRR, MQL count, or customer count. 

Great Things Are Done By A Series Of Small Things Brought Together, So Track Everything

A penchant for action is a trait business leaders need. But action involves taking some form of risk and not all actions end up being the best ones.

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So, how do you balance a habit of taking action with a habit of minimizing mistakes?

It starts by doing the small things right, because a big marketing campaign is made of small moving parts that require detail work.

Before investing in a million dollar campaign a marketer must prove they can put every small process in place, and know how everything works in tandem in order to troubleshoot problems along the way.

The mantra of tracking everything is insurance for when mistakes happen (you can troubleshoot and find what's problematic) or to show proof of concept.

The only difference between small campaigns and large campaigns is that there are more small steps in a large campaign, more touchpoints and engagements to track. That’s why doing the small things well is so important. It’s training for doing all the small things required for a big campaign.

Lost Time Is Never Found Again, So Save Some With Auto-Tagging

Time management is another essential skill for marketing leaders. 

Another great proverb from Benjamin Franklin.

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Time saved on the operational side of marketing means more time to generate more demand and engage target accounts.

What are some ways to do this?

On the performance and attribution side of you marketing stack, you can use auto-tagging features that tag destination URLs for paid media ads, or stop creating separate landing pages to track form fills. 

Careful attention to the best use of your team's time will help boost your organization's output and efficiency. This is a clear sign of a good leader. 

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Topics: marketing attribution

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