In order for marketers to improve the effectiveness of their campaigns and programs they must be able to tell the difference between a good campaign and a bad campaigns.
Performance measurement is the bedrock for managing a marketing department. If performance measurement doesn’t work then organizations don’t move forward.
So how do B2B companies measure performance accurately? They use an attribution solution inside their Salesforce CRM.
Why Revenue Attribution Matters To Marketers Who Use Salesforce
There are numerous metrics marketers can use, and even more kinds of tests marketers can use to understand how to improve their operations. Whether it’s analyzing campaign performance or comparing performance between different marketing teams, we believe everything comes back to one metric. That metric is revenue.
Revenue is the best metric because it is measurable, actionable and ordinal. Revenue is easy to understand as a form of measurement, one can easily distinguish $100K in MRR and $1M in MRR.
We believe all marketing spend should be tied back to revenue because it is the basis for measuring performance in the long term, and making improvements in the short term.
But a lot of marketers miss out on the above because their marketing platforms are not connected to their organization’s CRM.
Without this important connection marketers miss out on a very important piece of the managing their team and growing their stake in the organization.
Without this connection to the CRM marketers also cannot compare marketing campaigns and channels along a single metric. This is why revenue is such an important unit of measure. It is consistent across channels and dollars means the same thing across diverse campaigns and channels.
Influence, pageviews, and leads are different units of measure. Different platforms calculate and define “leads” and “lead conversion” differently. This makes comparison difficult and miscounting prevalent.
Revenue however is the same when calculated in a single platform, the CRM, which is why it’s so important to connect marketing data to the CRM.
How To Set Up Marketing Attribution In Salesforce
To set up attribution there are a few first steps. You must first create a taxonomy, i.e. codify your marketing channels using UTM parameters. You must then make sure that marketing tools like marketing automation and AdWords are communicating with your website and your CRM. You often do this through the creation of custom fields inside the CRM.
Attribution itself is becoming more accessible to marketers. Where once it took complex data management and complex calculations, it is now possible to see revenue attribution inside Salesforce. See the example below which shows what Bizible looks like.
What Attribution Models Are Best?
We advise B2B marketers or marketers with long sales cycles to use a multi-touch attribution model. A multi-touch model means that revenue is distributed to multiple touchpoints. Touchpoints are engagements, the moment and point of customer engagement with marketing.
Multi-touch attribution gives revenue credit to the most important touchpoints, which you define based on your marketing tactics and strategy.
Multi-touch attribution models are best for marketers with long sales cycles because there are so many touchpoints in the customer journey. A single touch attribution model credits a single engagement point with all the revenue credit for the deal. For example, this would give all the credit to the paid social team (if you use a first touch model), and no credit to the email team for nurturing the lead.
Marketing attribution is an essential solution for marketers using Salesforce. It’s the connection between marketing activities and performance measurement.
In order for marketing leaders to move their organizations forward they need the data and analytics that support their decision making. These marketers use attribution data.