When it comes to the adoption of new technology, top marketing organizations find advantages by being ahead of the curve. By making smart bets on new martech and processes, they’re able to expand their capabilities, improve efficiency, and outperform the competition. By the time the majority and the laggards — their competition — catches on, they are continuing to progress and stay ahead.
[Source: Jurgen Appelo]
When it comes to the adoption of revenue attribution, we took a look at how our customer base uses attribution in search of patterns or trends. Could we identify accounts who were ahead of the curve? And if so, what did their “advanced” behavior look like?
Here are four trends that we discovered in our analysis of the top 15% of users:
1. They look at attribution data daily
On average, top marketing teams look at attribution data—dashboards, reports, or both—32 times per month.
Attribution data isn’t something that should only be used by a marketing team on a weekly or monthly or quarterly basis. While that may be true for directors, VPs, or the CMO, the data is useful on a day-to-day basis for practitioners, like paid media managers, content marketers, event and field marketers, etc.
At Bizible, even when calculating top of the funnel metrics like CPL, we use our attribution data to define lead volume on a U-shaped attribution model basis. When we look at the success of events or specific campaigns or whitepapers, we’re looking at opportunities, pipeline, deals closed, and revenue, which are all found in our attribution data. Attribution reporting is an everyday thing.
2. Multiple personas look at attribution data
The next pattern we noticed is that for these top marketing teams, it’s not just one or two people using attribution data, it’s a good portion of the team. On average, 4.7 different team members are looking at the attribution data (and this does not count people that the data is then shared with).
For attribution data to be most effective, it should be seen as the single source of truth for the marketing team and beyond. And that means that a significant portion of the marketing team relies on it for performance data.
3. They are using advanced multi-touch attribution models
Third, these attribution innovators and early adopters are using sophisticated attribution models.
The most frequently used model is Full Path, followed by the W-Shaped attribution model. Both of these models track multiple parts of the funnel and give credit to significant stage changes; the difference is that Full Path also gives credit to the final closed-won touch, whereas the W-shaped model ends at the opportunity creation touch.
In order to understand the complete buyer journey and attribute appropriate amounts of credit, the full journey must be tracked. And rather than simply giving even amounts of credit to every touchpoint along the way (like a Linear model), an advanced model accounts for the nuances of the journey and emphasizes the marketing efforts that propelled the prospect through the buying stages.
4. The most frequent metric that they look at is revenue
On a related note, the most frequent metric that they look at with their advanced multi-touch attribution models is revenue. The second most looked at metric, unsurprisingly, is pipeline.
While it is important to measure and report on key metrics throughout the funnel (e.g. leads, opps, and pipeline), advanced marketers know that what really matters to business success is how well they are generating revenue.
So what does it take to be an advanced marketing team when it comes to revenue attribution? You must look at your attribution daily, have multiple team members and marketing functions using your attribution data, use an advanced multi-touch attribution model, and measure revenue.