It
is challenging to prove that marketing is a revenue generator. It is where
multi-touch attribution comes in, and multi-touch attribution provides the
information that we need to measure what truly matters so that we can prove the
impact of marketing on our businesses' bottom line.
Marketing often measures the metrics that are
no means to the sales team. It also measures customer actions, such as visits,
clicks, opens, and conversations. Focusing on marketing outcomes rather than
business outcomes won't earn marketing a seat at the revenue table. When
marketing teams are not effective as they could be in measuring the results of
marketing revenue, they are perceived by the organization as cost centers
rather than a revenue center.
The
explanation has given through the stats that 53.1% of marketing teams say that
they are perceived as cost centers, not revenue centers. 44% of the marketers
are unsure about the ROI for marketing. Only 15% of marketers say that they are
effective at measuring marketing performance; only 50% of marketers say that
their goals have aligned with broader business objectives.
Sophisticated marketing attribution is to plan
marketing budgets that result in better business performance and team
alignment. The stats explains that 212% of marketing organizations that map
spend to revenue are 212% or more likely to have YOY revenue growth higher than
20%. 159% of marketing organizations that are perceived as revenue centers are
more likely to be aligned with sales. 334% of the marketing organizations that
plan based on their 334% revenue are more likely to use sophisticated
attribution. 59% of marketing organizations with complicated attribution are
59% more likely to have a reputation as a revenue center, not a cost center.
The benefits of multi-touch attribution are
that it provides marketers with information and assign different revenue credit
weighs to a range of marketing activities. If an organization is doing any
marketing that has targeted at people who are already in sales funnel, then
they should consider using a full path model.
Multi-touch will most accurately attribute revenue across all marketing
channels to give credit where its due.
