This is an article “The Top Benefits Of Attribution Software To B2B Marketing” by Marc Primo
Every venture in marketing requires strategic planning, analysis, production, and follow-through. What it shouldn’t be are darts thrown on a board while you’re blindfolded. Thanks to marketing attribution software and its ability to determine what channels, content, and campaigns work correctly, businesses can ensure that the stray arrowheads of failure won’t hit them.
Enumerating the benefits that marketing attribution software gives business-to-business (B2B) companies is similar to how all aspects of digital marketing works. It allows marketers to discover relevant insights from analytics and improve their conversion strategies. Although there are three different marketing attribution models, each can boost a business’s bottom line by filtering out efforts that don’t work.
Undoubtedly, investing in such tactics today when digital ad spending is at an all-time high of $705 billion is poised to create handsome returns.
In short, B2B marketing attribution gives businesses a peek at vital touch points throughout a successful customer journey to create similar experiences for lookalike targets. From the moment customers first encounter your brand to how their interactions led to conversions, the insights that B2B marketing attribution delivers are unparalleled in creating personalized customer experiences.
The benefits of B2B multi-attribution marketing software
The best way to illustrate how multi-attribution software benefits businesses is by comparing such B2B strategies to a ‘Shape and Sort It Out’ toy. Square pegs fit the square hole the same way specific campaigns fit a particular market.
Modern marketers are getting better at foreshadowing consumers’ behavioral patterns and preferences. Today, the only way to edge out the competition is by getting unique insights that lead to optimized impact and engagement. Multi-attribution software can then tune that engagement towards maximum ROI, while helping you place your dollars on the right ball pockets of the marketing roulette.
B2B marketing attribution models targeted on revenue should allow businesses to maximize marketing spend across the board. Simultaneously, they should also scale your efforts and direct your budget to touch points and channels that generate the best engagements.
Another significant benefit that B2B attribution software delivers is how it utilizes data-driven information to help you connect with ideal customers and lookalike audiences. Knowing such information lets you determine which campaigns you should shut down and which ones you can customize towards improved ROI.
And that’s one of the main objectives of each marketing attribution model: to create a personalized experience for ideal customers and gain trust and higher customer lifetime value. Attribution software makes it easier to target buyer personas and produce relatable content that puts everything in perfect perspective.
When they see that you are both on the same page, you get to build trust for stronger brand awareness. Most of all, you empower your brand into one that can address its customers’ pain points in a way that no other primary advertising collateral can.
From increasing your online presence to better product development, B2B attribution programs are well-rounded tools that lead you closer to the ‘bullseye’ the longer you use them.
KPIs to track in B2B marketing attribution
Key performance indicators (KPIs) tell you what direction your marketing strategies are heading. In B2B campaigns, it’s not enough to put the pedal to the metal once you complete all your metrics. You’ll still need to review individual pipelines, specifically those that lead to revenue.
Single-touch attribution via customer relationship management channels, for example, just won’t cut it. Covering limited events and touch points such as product purchases alone won’t carve out the path of efficient customer journeys. You’ll need to assess your performing channels, content, strategies, and every other touchpoint that matters.
For most businesses, the common KPIs that matter would include marketing ROI, customer acquisition cost, customer lifetime value, traffic-to-lead ratio, lead-to-conversion ratio, click-through rate, cost-per-action, and cost-per-click.
Fortunately, today’s B2B attribution software can optimize and automate your marketing mix, so you get a clearer picture of every unique customer journey. Tools such as Google Analytics, Hubspot, or Dreamdata can cut off your workload significantly via user-friendly platforms and help you gain valuable insights via multiple metrics.
The three major B2B marketing attribution models
To identify which B2B marketing attribution software would work best for your business, you must first familiarize yourself with its different types. As discussed earlier, most single-attribution software may not be enough to paint you a clear picture of your customers’ journey if you run a big company. However, they do help in determining your primary campaign touchpoint.
First-touch attribution model
This type of single-attribution model picks one touchpoint in your customer’s journey, mainly the first time they engaged with your brand online. It works if your only goals are to identify lookalike audiences worth retargeting for campaigns.
Multi-touch attribution model
On the other hand, this model deals with various customer touch points, including on and offline events. Such models cover social media engagements, pay-per-click events, different channels that align with your campaigns, such as conversion APIs, as well as your email marketing and print ad efforts, to name a few.
Last-click attribution model
Like first-touch models, last-click attribution may not be enough to cover all the bases you need to develop comprehensive customer insights. Registering conversions as the last customer engagement touchpoint before purchasing a product, this model can only show you on which step during the customer journey most of your revenue accumulates.
Determining which attribution model is right for your business depends on its scale, how massive your campaigns are, and the end goals you are trying to achieve in the long term. Once you figure out these factors, only then can you pinpoint which metrics you need and what model can deliver them to you.
However, if you are gunning for a full-scale marketing campaign, it’s best to use a multi-touch attribution model. Doing so will give you insights that can help create content that appeals to your target customers, help you determine which touch points influence their purchasing decisions, and paint their overall perception of your brand.
If you think about it, these insights are more than what you need to improve your connection with customers, lead them to make a purchase, and stay loyal to your brand for the long haul.