B2B Marketing Metrics and Attribution That Works
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BusinessOnline, Docusign, and Bizo address how Marketers everywhere are being challenged to assess ROI for each and every one of their marketing investments. They know last-click attribution doesn’t work: It doesn’t account for how display, email, search, social and other digital tactics all work together to drive prospects through the marketing funnel. So what is working?
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B2B Marketing Metrics and Attribution That Works
- 1. B2B Attribution and Metrics Richard Roberts SVP, BusinessOnline rich@businessol.com
- 2. Simple Definition What is Attribution? //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// The practice of allocating proportional credit to all marketing communications, across all channels, that ultimately lead to the desired customer action.
- 3. Remarkable ROI //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// “B2B companies are seeing an average of 15-18% lift in revenue as a result of implementing a closed-loop attribution system and then optimizing Marketing programs based on the more sophisticated analysis.” Tina Moffett, Forrester Research Accurate attribution makes you smarter.
- 4. Full Measurement Collecting & Connecting Data
- 6. Why It’s Worth It //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Why integrate web activity with line-of-business activity to get closed-loop attribution? It gives you a powerful, data-backed methodology for looking back on anonymous visitor activity and linking it to known leads or sales. This gives you a full picture – the ability to measure which activities, campaigns or even content assets are best leading to sales. You can then optimize programs based on revenue rather than front-end metrics like visits or leads.
- 7. Cross-Channel Integration Custom Development //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// • Cookie site visitors with a key and create a custom variable or hidden fields in your Web Analytics, Marketing Automation or CRM systems to pass this key into those systems. • Stitch these systems together by using ETL process to extract data out of these systems and into a data warehouse.
- 8. Aligning Metrics with the Goals of Activities
- 9. Measured Effectiveness Based on Marketing Goal Program Metric Display % 1st Visits (higher CPA) Paid Search Qualified Leads Marketing Automation Lead Scores
- 11. Primary Attribution Model Types Rules-Based Single Touch Type Assigns 100% credit to the last or first exposure Assigns credit to each interaction based on specific business rules Statistically Driven Assigns credit to each interaction based on a data driven model First/Last Touch Approach Basic E-Mail Display Search E-Mail Display Search 33% 100% 33% 33% 27% 49% 24% Even Weights Custom Weights Time Decay Positioned Based Advanced Regression Model Probabilistic Model
- 12. Pitfalls of Each Model Single Touch Type Rules-based Statistically Driven Pitfall Ignores the bulk of the customer journey, overvaluing the first or last touch Undervalues other influencers (and interactions), including sales efforts Basic E-Mail Display Search E-Mail Display Search 33% 100% 33% 33% 27% 49% 24% Assigns arbitrary values to each specific marketing tactic Subjective and lacks analytics rigor to determine weights Advanced Can be expensive to execute Some Marketers feel uncomfortable with an algorithmic, “black box” approach
- 13. Attribution Modeling Decision //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + Choice of model depends on your situation + Eg. short single touch vs. long-term multi-touch + Can use different models for different products or campaigns + Let data tell you which is correct model + Look at full data to see behavior patterns + Such as number of touchpoints + Apply different models and see if there is any difference
- 14. BusinessOnline’s “Validated Attribution” Model //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// +Look at historical data to find activities that correlate with driving highly qualified leads or sales +Assign proportional credit to each interaction based on this actual data
- 16. B2B Sales Funnel Stakeholders in Buying Process //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Engagement Score 1800 1600 1400 1200 Analysts 1000 Marketing 800 IT Team 600 C-Level 400 200 0 Month 1 Mo. 2 Mo. 3 Mo. 4 Mo. 5 Mo. 6 Most of these stakeholders were anonymous
- 17. Go from Unknown Visitors to Known Companies //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// ~5% of visitors were known Individual score of 130
- 18. Go from Unknown Visitors to Known Companies //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// ~5% of visitors were known Individual ‘factor’ of 130% 50% known via IP mapping
- 19. Go from Unknown Visitors to Known Companies //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// ~5% of visitors were known Individual ‘factor’ of 130% 50% known via IP mapping Learned that 8 people from certain company are engaged Company factor of 725%
- 20. Company Level Attribution Key Advantages //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// • Create success metrics based on Company status • Example: evaluate marketing on aligning with CRM opportunities • Perform “Look Back Analysis” • Analyze behavior of visitors from companies that bought or are deep in the pipeline • Develop company-level lead scoring
Editor's Notes
- Non-linear
- Challenges:Need to develop a new custom database schemaNeed to move all data into this locationScale & performance can be an issue (non-aggregated Web data)
- Different channels or campaigns have different roles so you should apply the appropriate metrics depending on those goals.
- Each attribution approach, in the end, wants to uncover that true value of the marketing interaction – an email open, search query, display clickthrough,etc. The first approach assigns 100% credit to the last or first exposure. It’s the most commonly used approach but we don’t even really categorize this as attribution. In fact, it can do more harm than good.The second approach assigns attribution weighting based on predetermined rules — examples of rules-based models include even-weighted, custom-weighted, time-decay or position-based. Theseallow you to assign fractional values to each interaction.We prefer thecustom weighted model that’s based on periodic look-backanalysis. The third approach assigns weights to each interaction based on statistical regression or probabilistic models. These advanced, data-driven models typically provide the most accurate picture of the customer journey.
- First, the Simplistic approach ignores the bulk of the customer journey. It assumes the customer’s primarily decision factor was that first OR last interaction, thus resulting in assigning all the credit to that interaction. Based on what we know, that’s not only false, but grossly irresponsible for a marketer to assume this. Additionally, the simplistic approach grossly undervalues the key influencers in the customer journey.Second, the rules based approach allows the marketer to assign values to each tactic based on business rules - what they know about behavior of channels, of the business, of their industry. However, their “business rules” is based on what they think is correct about the channel-based on last interaction. If they do assign via time decay model, well, that just assumes that every customer, every interaction-is influenced the same way, which is false. So, in the end, unless doing the custom weighted model based on periodic look-backanalysis,this approach lacks analytics rigor and may not be a better approach than simplistic measurement. Finally, the algorithmic approach makes some marketers feel uncomfortable. Uncomfortable wit the black box approach to attribution. Uncomfortable with knowing the truth, with giving up their data to a model they don’t understand. And not being able to add their “gut feeling” input on decisions. Given the different approaches and pitfalls, we at BusinessOnline feel that the algorithmic approach is ideal but the creative custom weighted approaches can get you 80% accuracy on a holistic view of customer interactions.
- Interaction SegmentsFlow AnalysisLatency AnalysisChannel “pathing” analysis
- B2B sales cycle: Many prospects from a single company research yet in different BUs, or departments
- identify which company anonymous visitors are likely from and combine them together to get an aggregate view of a company’s total activity and engagement
- identify which company anonymous visitors are likely from and combine them together to get an aggregate view of a company’s total activity and engagement
- identify which company anonymous visitors are likely from and combine them together to get an aggregate view of a company’s total activity and engagement