Implementing marketing attribution is not an overnight process. It's a journey that doesn't need to turn into a change management nightmare.
In this post we discuss the nuts and bolts of implementing an organization-wide attribution model. It's all based on Sameer Khan's presentation at the 2018 MarTech Conference.
Here are the takeaways.
Align With And Map Requirements To Your Company's Objectives
Hit revenue goals, hit cross-selling goals, or beat forecast, while these sound obvious, how an investment in marketing attribution technology maps to the current and future objectives of the organization can be less obvious.
As a result, the first step in implementing attribution is to map corporate goals to key attribution and data requirements.
And this requires alignment across the functions because different functions have different ways of contributing to the overall corporate goal, and they see the world differently than marketing.
For example, finance cares about keeping budgets in check, and that reporting is done accurately. Sales leaders care that SDRs perform well and hit quarterly goals. Marketing wants to improve conversion rates from MQL to SQL.
Across these functions, Sameer looked at the people, process and technology gaps which marketing attribution could fill, aligning the attribution implementation to the core goals of each function.
Partner With Finance Early
Sameer discovered that finance was initially interested in sales data, but came on board after realizing they could learn about the customer journey and all touchpoints.
Partnering with finance helped moved the process along more smoothly than if marketing were moving forward alone.
The executive team was excited about connecting finance, marketing and sales data together.
Here's what the timeline looked like, notice how finance on boarding happens relatively early on.
List The Questions You Want Answered
Marketing attribution tells you more than the amount of revenue being generated. Marketers can learn a lot from conversion tracking, pageviews and session data, and combining data in a data warehouse for further analysis.
Here are some insights Alert Logic discovered:
You don't need multiple models to be successful. Prior to rolling out a single model for the entire organization, Alert Logic had three attribution models in place. A first-touch attribution model used by marketing, a revenue model based on the lead source used by finance, and one based on lead owners used by sales. With an advanced attribution model, Alert Logic is able to use one model across functions for consistency in reporting.
Customers don't take a specific journey. Sameer's team investigated the customer journey and found out it's a myth that there's a typical path or journey. This was made possible by an attribution provider that can track every session and every pageview.
Marketing is effective at different stages, not just the top of the funnel. With an advanced company-wide attribution model the team at Alert Logic can see digital marketing's impact on every stage of the journey. The image below shows digital marketing interaction types that are typical for each stage of the buyer journey. Sameer's team could understand marketing's influence and role post lead creation, and post opportunity conversion.
The proportion of offline and online touchpoints may surprise you. Sameer discovered that 30% of touches are offline touchpoints. With this information they understand how important it is to invest in creating great experiences both online and offline.
Understand sales velocity. With the implementation of Bizible, Alert Logic could also study the velocity between stages. Broadly, they discovered the average number of days between first-touch and sales-closed is 135 days.
You can watch the entire presentation below:
It's always nice to learn how peers solved a problem. Implementing marketing attribution takes time and agreement from multiple stakeholders. Sameer's experience is a great testament to the importance of cross-functional collaboration and implementing a marketing technology that benefits the entire organization, not just marketing.