I’ll be honest with you, when I was on “client-side”, I was not carefully calculating a marketing strategy and associated tactics to achieve our revenue goals. I would take the budget I had available and do as many things as possible in the hope that it would achieve our goals. The strategic part came in because I had to decide which tactic to prioritise over the next.
There may have been one thing that I was doing that was resulting in all the qualified leads, or there could have been one asset that was created for the sales team that was closing all the deals.
I had no way of knowing though. But now attribution modelling has matured, and systems like HubSpot allow you to manage your marketing, all the way through to sale with it’s CRM and then it has a host of attribution reports that allow you to pinpoint what is working and what is not.
You can easily switch between these reports, but here is an overview of each:
100% of deal value is attributed to the first interaction with the customer. Easily identify campaigns and tactics that are creating the solution awareness that you need.
All the value of the sales are attributed to the last action before the deal closed. Identify the collateral and assets that are helping close deals in the decision stage.
It equally splits all the values of deals closed through all the touch points. This allows you to identify the touch points that are most useful throughout the buying process.
This puts emphasis on the first interaction and then the interaction that resulted in the lead being generated (the person changing from an anonymous visitor to a known person). So you may have a page on your website that due to SEO is found regularly, and then someone browses your website and there may be a calculator that is then used to convert the visitor to a lead.
Similar to the U-Shaped model, but it goes further in that it also attributes that actions that resulted in the lead then making an initial product or service enquiry. In other words, importance is put on everything that got the person to the website and through to when an opportunity or deal is created.
This model looks at the important touch points of first interaction, lead creation, deal creation and then last interaction. But then it also includes a small attribution for the other things that happened between each of these. So that you can easily see the big important assets, campaigns and tactics, but not lose focus on the other things that impacted the decision of the customer.
Most companies still don’t even have the option to do proper attribution as they run through a myriad of unintegrated sales and marketing systems unfortunately.