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Multi-Touch Attribution Reveals Broad Stroked Account-Based Visibility
Experts now agree that account-based marketing practices provide the highest-level of insight into balance-of-channel performance, and prospect-to-customer velocity increase opportunities. But how do you actually go about attributing your marketing performance? Do you really have complete visibility into your prospects’ entire behavior patterns?
Whenever your marketing presence is touched, be it a click on your content, a form submission, or a connection at a trade show for example, that touch is automatically tracked, and the prospect profiled. If touches occur from multiple prospects at the same company, that too is included in the analysis and revealed in your CRM. In addition, accurate historical performance metrics need to be analyzed alongside industry trends, to fine-tune and improve the rigor of ROI forecasting. These requirements necessitate the implementation of a multi-touch attribution model.
Multi-touch attribution provides a highly effective means for reviewing the balance and distribution of revenue performance across all media distribution channels. Employing this model empowers marketing professionals with the insight needed to make informed decisions when planning marketing development efforts and fine-tuning budget distribution strategies.
Historical performance metrics are reviewed by stages in the sales cycle, and revealed as trends over time. Key performance indicators include (1) the balance of performance across channels, (2) the flow of prospects from stage to stage of the sales cycle, (3) the whole conversion from prospect to customer, and (4) velocity, the speed at which everything took place.
Balance demonstrates the reach of each campaign, reviewing performance across all digital marketing channels, including webinars, trade shows, social media, web sites, email, paid search, etc. Leveraging the results of these analyses reveals an ongoing view of Lead to Opportunity metrics, providing visibility to the channels performing most successfully, as well as those that are average or underperformers.
Flow uncovers movement from stage to stage – how many prospects become leads, leads become sales leads, sales leads become opportunities, and so on. This demonstrates the percentage of prospects that enter each stage of the sales cycle in relation to those that move to the next stage, get stuck, or exit the funnel altogether.
Conversion metrics illustrate how many leads convert to actual customers, and can be viewed from the top of the funnel to the bottom, or as a constant for each stage of the sales cycle. This provides the data necessary to make a direct correlation between balance across channels and return on investment.
Velocity represents the speed at which prospects convert, from the beginning to the end of the sales cycle. Velocity metrics provide visibility into overall funnel performance, identify opportunities to accelerate conversion, and provide a significant improvement in revenue forecasting accuracy and oversight.
Using a content-driven, multi-touch attribution model engenders an earlier understanding of pipeline projections, and allows for more accurate conversion predictions from stage to stage. These metrics can be mined even further when filtered by program type, business unit, and other key demographics, providing a new, innovative account-based view of prospects, with far-reaching implications.