It is extremely tough to identify marketing channels where you can put more efforts for getting desired results and stop working on those channels that are killing your marketing budget.
But, with the help of attribution modeling, you can discover all those hidden marketing campaigns and touch-points that can effectively boost the revenue of the business.
Expert marketers realize the benefit of using multi-touch attribution modeling. They know that it is quite helpful for them to find ways to increase their customer engagement by tracking and measuring the performance of different touch points, which is almost impossible without using multi-touch attribution.
To get the maximum benefit from multi-touch attribution, here are 13 best practices for getting the best out of Multi-Touch Attribution Modelling.
1 – Assign an Attribution Leader
Multi-touch attribution models give the advantage by showing detailed analysis of all the marketing channels.
This is very effective in designing or redesigning a marketing strategy that is geared at increasing revenue, getting more sales, and boosting marketing ROI of any business.
Assigning a specific person who is responsible for taking all those key decisions, can make the process organized because he/she can take all the decisions and prioritize actions based on the actual marketing performance data.
2 – Provide Adequate Knowledge to Stakeholders
Educating your stakeholders on the multi-touch attribution is essential to make them realize its benefits.
These stakeholders can range from C-level Marketing & Management Executives to Middle Management.
The use of attribution modeling is still not fully adopted in most of the organizations, and they still rely on traditional and inaccurate ways of gauging marketing performance.
For example, a lot of marketers use the last click attribution model to analyze conversion statistics even though it provides a wrong assessment in most of the cases.
That’s why it is quite significant to brief them on the power of attribution modeling and how it can bring in the true performance of each marketing campaign and channel.
3 – Utilize a Central Performance Tracking Solution
Normally, a specific budget is allocated to every marketing channel, and its performance is tracked using different metrics for each, which consumes a lot of time, and it is also not the most accurate way to track the results.
By using multi-touch attribution solution, this problem can be easily tackled because it allows marketers to keep an eye on all the marketing channels using a single platform.
Additionally, it aligns the team to work together by showing the performance of all the touch points in a central performance tracking platform instead of using different software for all.
4 – Gather Entire statistics of Conversions and Ad Campaigns
Having complete data of conversions and ad campaigns is extremely important for B2B marketers to discover the information required to perform their jobs. It provides a clear overview of customers’ touch points across your ads and how they drive conversions.
The best way to track them is to integrate this data into your marketing attribution software.
By doing this, your entire team will get rid of multiple reports and silo systems. It also enables them to view all the critical marketing performance data within a single platform.
It will also ensure that you can assign a budget to those marketing channels or ad campaigns that play a major role in closing sales.
5 – Link Your Touch Points with Buyers Journey
Attribution Modelling when done right, is capable of linking your touch points and mapping them with complete customer journey.
Attribution model can help you in ensuring that you allocate the right credit among the entire touch points of your customer’s journey.
This gives marketers the trusted data and insight which are necessary to understand the actual marketing performance and utilize the budget on revenue-generating touch points in a better and more informed way.
6 – Utilize a Cohort Strategy to Define ROI
The capability of measuring the impact of every touch point on customer’s journey helps marketers to know about their marketing revenues accurately. This strategy is perfect for bigger B2B businesses where finding an accurate ROI is not less than a challenge.
It will provide them a clear picture of their ad campaigns like the starting day of their campaign, tracking the conversions, keeping an eye on the variety of traffic, identifying sources by channels, and analyzing the overall performance of their ads.
With this, they can easily allocate their assigned budget to get the maximum outcome from the campaigns and overall marketing efforts. It will also provide accurate insight regarding the best performing campaigns so that the marketers have the perfect control over the spending.
7 – Combine Offline Attribution
Offline marketing channels have a major influence on many B2B businesses, and it should not be ignored. These marketing activities like field events, conferences, in-store sales, etc. are normally not considered in the finalization of the ROI.
This ignorance has a negative impact on budget allocation because you did not include the efforts of all the offline channels that have a specific role in the success of your business.
Sometimes, the users visit your website after attending any field event. The efforts of organizing and executing the field event to grab people’s attention make them the visitors of your website.
Considering this, if you ignore the offline channels, you cannot come up with a perfect strategy to calculate the accurate ROI of your marketing efforts for the business.
The best practice, in that case, is to merge your offline campaigns along with online channels with the help of a single multi-touch attribution. It will track the offline conversions automatically and equally allocate the ROI credit between the online and offline touch points.
8 – Trace Account-Based Attribution for B2B
In B2B, it is quite complex to track the customer journey accurately because there are different entities involved in the think tank of these businesses, who give their opinions before finalizing a purchase.
They will surely get to your website using different ways including your marketing ads, emails, typing your URL, SERPs, etc. In that case, account-based multi-touch attribution is the key for you.
If you do not use the account-based multi-touch attribution, then it is most likely that you will count them as separate visitors who can lead you towards the wrong conclusion.
This attribution will make things clear for you. You will easily recognize the account-based customer journey and ensure that you are investing your marketing budget in the right places.
9 – Ensure Everything is Included Accurately
It gets tough for B2B marketers to handle various marketing channels and massive marketing budgets at times. It is mainly because of the limited time and a large number of clients that they fail to utilize the marketing channels and budget effectively.
This additional pressure often results in making the marketer utilize the budget in the wrong touch points which increases the cost and gives less ROI. It can raise many questions on the credibility of the marketer.
To solve this, multi-touch attribution can play a positive role for the marketer as well as the business. It will help marketers to avoid assigning credit to the incorrect touch points and help them perform an in-depth audit by drilling down all the marketing channels.
10 – Utilize metrics that track Results Instead of Channels
Companies that use only channel-specific KPIs such as open rate, clicks, impressions, and page views tend to remain locked in their silos. They allocate budget and optimize spend within those silos only.
With that strategy, it is very common to make the wrong decisions because you are looking at a single channel only, rather than having a holistic view.
Moving to multi-channel metrics such as brand engagement or sales to get a better look at the results can be challenging, but it is necessary. Measuring meaningful markers reveals information about where your customers and prospects are on their journey and reveal how each touch point contributes to a conversion.
The bottom line is that most companies are trying to learn whether their tactics support their strategy. If you’re among them, a multi-channel attribution practice can help you move towards a holistic measurement approach. You’ll be in good company.
11 – Using Integration Feature for Gathering Entire Data
Data gathering is a major concern in B2B businesses because clients have their data on multiple data sources. It consumes a lot of time to get all the data from different sources.
With the help of multi-touch attribution, all these key data can be seen on a single platform because these attribution solutions can integrate a wide range of data sources with them.
12 – Starting with a Single Channel
Marketers should start with a specific channel and then proceed further with other channels. It will give them enough time, and they can concentrate better to see which channel is most productive for them.
This step by step approach will enable them to test all the channels in detail and help them create a successful marketing campaign.
Get Ready To Adopt Changes
Right adjustments are necessary to make sure your business is going in a positive direction. Sometimes, it’s better to move on with other marketing channels than working on the same channels to find more opportunities.
Multi-touch attribution will ensure that the performances of all marketing channels are visible to you so that you can invest in a more effective marketing channel for your business.
These are the best practices for winning at B2B multi-touch attribution. They are not only effective to recognize the performance of your B2B business, but also important to make sure that you can get the best possible outcome of using multi-touch attribution.
If you want to truly win at attribution modeling, book a free demo today of Windsor’s Marketing Attribution Software, to see how it helps you get the best out of your marketing activities.