During last week’s webinar, Marketing Attribution Bootcamp: How to Set Up for Success, Josh Hill and our very own Alex Todorov spoke with viewers about why setting yourself up for attribution success is so darn important, then shared practical steps to help overwhelmed marketers — most of whom are donning several different hats — simplify the setup process by putting the right pieces in the right places. Once you’ve started asking the right questions and decide which reports you need, you can get started with an intelligent system that pulls your data together from your marketing automation system and CRM in a meaningful way.
We’ve rounded up 7 key takeaways from Josh’s bootcamp session to help get you started on the path to attribution success:
1. Funnel reporting is only part of the equation
This key building block may give you a basic understanding of your funnel, but you should be measuring the complexities of more specific aspects such as conversions and velocity. If you want to know which lead sources are working best, which offers are moving prospects through the funnel the fastest, and which channels are best for winning revenue, your Marketing team needs to go beyond basic funnel reporting.
2. Prep for attribution with Josh Hill’s checklist
You’ve got to start somewhere, right? Thankfully, a little professional guidance can go a long way when you’re setting up for attribution success. Among several other factors, you’ll want to consider which metrics are most important for the business, how different attribution models will affect your reporting, and who will be responsible for both data quality and the attribution project itself.
3. Flesh out your attribution plan after you’ve implemented a CRM/Automation system and collected some data
Marketing Technology Maturity Model, (c) Josh Hill. Courtesy of MarketingRockstarGuides.com
You’ll need to get your house in order before you can reap the benefits of successful attribution. Odds are you’re already sitting on a mountain of sales and marketing data via your CRM or MAS, which means you’re on the right track. While your data doesn’t need to be perfect (and nobody’s is), looking at your historical data can be a great starting point for developing your attribution plan. While systems like Salesforce and Marketo aren’t built for attribution, with some manual analysis they can help you start asking the right questions based on what you’re seeing — and what you want to see.
4. Move away from a single-touch attribution models and embrace multi-touch
Single touch is fine if all you want to know is what’s driving initial registrations (first touch) or what’s theoretically closing deals (last touch). But what about the rest of the story? To understand the full picture of how your offers and channels affect the sales cycle in its entirety, you need to adopt a multi-touch model. Whether you’re evenly weighting each touch or creating a customized model, multi-touch offers a more complete picture — and more insights — into where you’re succeeding and where you need to make some tweaks.
5. You should be able to go beyond lead source to report on your pipeline and revenue contributions
Ideally you want to put yourself in a position where you can answer questions such as: What’s working throughout the funnel? What are the channels and campaigns that are sourcing the most MQLs, pipeline, and deals? Which offers are helping to close deals, and which themes are helping to move prospects from Point A to Point Z? By adopting multi-touch attribution, you’re setting your team up for success by allowing them to report on how every touchpoint is impacting pipeline and revenue.
6. Create a dashboard and build reports that answer the best questions for your business
Not only do the right reports help you better plan for future campaigns, they also prove your team’s value to the Executive team by showing the payoff of your efforts throughout the funnel. By implementing an easy-to-use marketing attribution platform that lets you create customized dashboards based on your individual team and overarching company goals, you set your Marketing team up for success on a much bigger level.
Setting your Marketing team up for attribution success may seem a bit daunting at first, but trust us — it’s not rocket science. Once you have your marketing automation, CRM, and funnel reporting ducks in a row — and you’ve begun to ask the right questions to help accomplish your business’ needs — you’re already well on your way!
Watch our Marketing Attribution Bootcamp with martech expert and author Josh Hill to learn more about why attribution matters, get practical setup advice, and see how a marketing intelligence platform such as BrightFunnel can do a lot of the heavy lifting to help you succeed faster.
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