In order to stay on task, B2B marketers need to know the key metrics of understanding how to measure and track ROI efforts.
There is value in every marketing effort and content piece that you create, so there will always be different levels of complexity. To make an impact on your business, you must know how to make a dollar out of fifteen cents.
Attribution modeling is the process of understanding and assigning credit to the acquisition channels which eventually leads to conversions. Having knowledge of your inbound strategy with clear attribution of each effort will benefit your company’s pipeline and though it won’t be easy, it will be worth it once you get the hang of it.
The Levels of Attribution Models
The last-touch attribution model gives revenue credit to the LAST program that touched a lead before converting on a landing page and becoming an engaged lead. For social media, this model is most beneficial for looking at campaigns that drive direct conversions, such as a sweepstakes or other promotion. However, it’s difficult to measure the ROI on social engagements like a Tweet or a follow.
When it comes to the last-touch model, 100 percent of revenue is attributed to it. This will display what’s helping you convert visitors into leads.
For example: If a lead becomes a customer immediately after clicking on an interesting tweet of yours, Twitter would receive the credit, even though an employee of yours was the one that tweeted the content out and nurtured the lead.
The first-touch attribution model gives credit to your marketing tactics and allocates all value to the FIRST channel that touched the lead. Creating a blog for your business is one effective way to drive traffic from organic search, referrals and social media, which can easily be applied to this specific attribution.
Even though this attribution may be one of the simpler methods to implement, the first-touch model doesn’t show the whole picture or what is valuable in the content that your prospect is engaging with. First-touch attribution is mainly focused on the traffic channels that bring you qualified leads.
To leverage the first-touch model, you must identify who is visiting your website by using a marketing automation platform such as Marketo, Hubspot or Salesforce. Even Google Analytics can provide a simplified view. By using this model, 100 percent of the revenue will be attributed to the traffic channel that generated this first interaction, which can then help with recording monthly numbers of generated leads coming from places like organic or paid search, word-of-mouth, or your blog.
For example: If your company tweeted a link to a blog post that generated a lead and converted a year later, the revenue credit would be given to Twitter. Sometimes this can be identified using URL tags, but you will miss leads who don’t click on a direct link. Monitoring when leads being engaging with you on social media can open up true first-touch attribution for this channel.
Sometimes it takes more than one touch to close a deal and convert a lead. Occasionally, you might have multiple touch points and need to measure the contribution of each touch. Because there are so many different social channels, blogs, whitepapers and other areas that drive traffic, marketing teams have turned to more complex models that can track each and every marketing effort.
To begin, you must analyze each conversion and work backwards to identify every specific touch that affected each particular lead. Only focus on the touches that occurred before the action was taken.
Once you’ve made a list of what touched each lead, then you must allocate the revenue or pipeline created across each touch. With the multi-touch model, the distribution is evenly divided. If there were five touches, each touch gets 1/5 of the revenue.
While this can be easily tracked on your owned channels, such as email and website, multi-touch attribution is virtually impossible for social media, unless you have a social monitoring solution. There are many social listening tools that can help identify each prospect’s actions, but you still need to apply these actions into your lead database. Socedo’s Social Lead Monitoring bridges the gap between social media management and marketing operations.
You can also dig deeper if you want to get more detailed. Some marketing teams decide strategies that focus on time, role and program type, and they may apply weighted attribution depending on the sequence of actions.
Be Open to Each Model
Proving ROI is a complex part of analyzing the buying process. If you want to take your reporting to the next level, using one of these attribution models will help answer most questions about your content and what your business needs to be successful in converting leads.
What’s amazing is that back in the days, social media attribution was only possible for first and last touch attributions. But since there’s now a way to monitor your leads’ social actions, you can open up multi-touches to give social the real credit it deserves. So why not learn what parts of your marketing is effective and what you can improve on?
If you put in the time and effort, you’ll get to where you want to be and you’ll be a pro when it comes to calculating your ROI!