How does marketing influence your bottom line?
Marketing analytics are often looked at as enhancements, “nice-to-have”, or unnecessary to business operations. In reality, marketing analytics should be thought of as a crucial tool that enables the marketing team to work smarter and faster.
One way to get support for analytics is to show how your marketing efforts affect the bottom line.
Multi-Touch Attribution models assign your company’s revenue dollars back to specific actions, taken by sales and marketing, that influence the sale. It allows you to understand which campaigns are most effective in closing business, rather than showing standard engagement metrics. It clearly defines ROI of campaigns with an actual dollar number.
Look at your business. How long are your prospects interested in your services or products before the sale is made? How many times does your customer engage with your company before a sale is made? Do you know which activities are key drivers of the sale? Once interested, how likely are your prospects converting to customers?
Understanding your pipeline and sales cycle is the first step toward attributing closed business back to your marketing campaigns and activities. Multi-Touch Attribution offers different types of models that fit your business:
- Even: this model evenly distributes revenue dollars to all stages of the sales cycle: from marketing’s introduction to sales’ closed-won opportunity. It is ideal for sales cycles where each touch impacts the buying decision of the customer.
- Time Decay: this model distributes the majority of revenue dollars to the later stages in the sales cycle, and a smaller portion to marketing. This is designed for longer sales cycles, where teams spend significant time qualifying and working opportunities before the sale is made.
- First Touch: this model gives most, if not all, of the revenue dollars to marketing, where the first touch is the most important and primary driver of the sale. A smaller revenue amount or zero dollars is attributed to the later stages of the sales cycle.
- Custom: this model lets you choose the breakdown of revenue you attribute to each stage of the sales cycle. Custom allocations work best for sales cycles that don’t fit a traditional model.
Our CopperHill AIR for Marketers solution brings together all of your company’s marketing data – from web activity, marketing automation and emails, digital ads, event registrations, social media, and more – into one platform so marketers can use their data to take action, get better insights, and provide clear ROI.