Prove Your Marketing Impact: The Fundamentals of Marketing Attribution
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Every marketing team faces the challenge of proving direct impact to the bottom line, but it’s no longer enough to show email metrics or the number of leads generated. In order for marketing to earn its seat at the table, the C-suite needs to know how it translates to revenue for the business. You'll learn: -Why attribution is essential to modern marketing teams -How to establish marketing KPIs that align with business objectives -How to think like the C-suite in your marketing strategy and reporting
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Prove Your Marketing Impact: The Fundamentals of Marketing Attribution
- 1. ProveYour Marketing Impact: The Fundamentals of Attribution Tarah Speck Team Lead, StrategicValueAdvisor
- 2. © 2019 Adobe. All Rights Reserved. Adobe Confidential. Speaker Tarah Speck Team Lead, Strategic Value Advisor speck@adobe.com Linkedin.com/in/tarahspeck My Professional Background 11+ years marketing, 6+ martech industry Sales & marketing strategy, sales enablement, product marketing, content marketing, segment marketing, digital marketing, demand generation. Some Personal Background Began career in international agricultural policy in Washington DC I’m a glutton for chaos…live in a zoo of one dog, two cats, a husband, 2 year old, and 10 month old!
- 3. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Webinar Overview 1. TheWhy of Attribution 2. Fundamentals of Attribution 1. KnowYour Business Goals (not marketing goals) 2. DefineYour Marketing KPIs 3. Identify Stakeholders 3. SelectYour Framework GroundRules:
- 5. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Challenges to AttributionToday *Does not include Marketo attendees* 53.1% Perceived as cost centers 15% Effective at performance measurement 50% Aligned to business objectives ¹ Source: 2018 State of Pipeline Marketing Report
- 6. ©2020 Adobe. All Rights Reserved. Adobe Confidential. What Most Attribution Looks LikeToday MQL Deal / Revenue Anonymous FirstTouch Lead Creation Opportunity Creation Demo USUALLY 1 OFTHESE 3TOUCHES,AND OR CHANNEL CONTENT
- 7. ©2020 Adobe. All Rights Reserved. Adobe Confidential. The Potential of Better Attribution *Does not include Marketo attendees* Marketing orgs that map spend to revenue are 212% more likely to have YOY revenue growth greater than 20%¹ Marketing orgs that are perceived as revenue centers are 159% more likely to be aligned with sales¹ Marketing orgs with sophisticated attribution are 59% more likely to have a reputation as a revenue center, not a cost center¹ ¹ Source: 2018 State of Pipeline Marketing Report
- 8. ©2020 Adobe. All Rights Reserved. Adobe Confidential. ©2020 Adobe. All Rights Reserved. Adobe Confidential. A screen full of analytics data looks like a secret code, and in a way it is.That data has a lot of information in it, and it’s impossible to make sense of it without the key. Put another way, data can give answers, but only if you the right questions.” - Marli Mesibov, Content Marketing Institute
- 9. The Fundamentals of Attribution Step 1: KnowYour Business Goals
- 10. ©2020 Adobe. All Rights Reserved. Adobe Confidential. KnowYour Business Goals 10 Business goals can be summed up in two parts: Increase Revenue (Making More $$) Cost Savings (Spending Less $$) • New logo acquisition (new business) • Increase ASP (higher $ per deal) • Improve customer retention and/or loyalty • Eliminate resource duplication (tech, jobs) • Increased ROI from tech investments • Decreased time to market (process efficiency)
- 11. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Business goals can be summed up in two parts: KnowYour Business Goals 11 Increase Revenue (Making More $$) Cost Savings (Spending Less $$) • New logo acquisition (new business) • Increase ASP (higher $ per deal) • Improve customer retention and/or loyalty • Eliminate resource duplication (tech, jobs) • Increased ROI from tech investments • Decreased time to market (process efficiency) Not Business Goals (these are team/department goals) • Increase pipeline • Improved win rates • Faster sales cycle • Better lead quality • Increase web visitors • Improved event attendance
- 12. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Modern Marketers MustThink Like the C-Suite WhenYou Report on IncreasedWebTraffic CMO… “This is a vanity metric – prove to me that this website investment is worth the spend” CFO Thinks… “What does this have to do with how much revenue marketing brings to the company?”
- 13. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Modern Marketers MUSTThink Like the C-Suite Instead of Reporting WebTraffic, Report on… CMO… % conversion of web traffic to sales qualified leads CFO… New business revenue from website
- 14. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Full Circle: KnowYour Business Goals 14 Business goals can be summed up in two parts: Increase Revenue (Making More $$) Cost Savings (Spending Less $$) • New logo acquisition (new business) • Increase ASP (higher $ per deal) • Improve customer retention and/or loyalty • Eliminate resource duplication (tech, jobs) • Increased ROI from tech investments • Decreased time to market (process efficiency) Acme Co.
- 15. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Business goals can be summed up in two parts: Full Circle: KnowYour Business Goals 15 Increase Revenue (Making More $$) Cost Savings (Spending Less $$) • New logo acquisition (new business) • Increase ASP (higher $ per deal) • Improve customer retention and/or loyalty • Eliminate resource duplication (tech, jobs) • Increased ROI from tech investments • Decreased time to market (process efficiency) Acme Co.
- 16. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Business goals can be summed up in two parts: Full Circle: KnowYour Business Goals 16 Increase Revenue (Making More $$) Cost Savings (Spending Less $$) • New logo acquisition (new business) • Increase ASP (higher $ per deal) • Improve customer retention and/or loyalty • Eliminate resource duplication (tech, jobs) • Increased ROI from tech investments • Decreased time to market (process efficiency) Acme Co. Now we know our business goal, now let’s map our marketing KPIs to it!
- 17. The Fundamentals of Attribution Step 2: DefineYour Marketing KPIs
- 18. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Marketing data: siloed in channels Optimize Optimize Optimize WEB PAID MEDIA EVENTS EMAIL SALES DEV Badge scans / registrations Open rate, click rate CPM, CPC, CPL Pageviews, bounce rate Calls, emails sent Optimize Optimize MEASURE PLAN REVENUE Every channel has different success metrics
- 19. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Marketing data: siloed in channels MEASURE PLAN REVENUE Align channels to revenue Optimize Optimize Optimize WEB PAID MEDIA EVENTS EMAIL SALES DEV Optimize Optimize
- 20. ©2020 Adobe. All Rights Reserved. Adobe Confidential. UnderstandYour Marketing Org Events Digital Team Demand Gen Acme Co.
- 21. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Understand Key Metrics PerTeam Web traffic Cost per click Impressions Digital Team Cost per lead Time for conversion Attendee follow up Demand Gen Events # qualified leads Attendance Rates Registrations Acme Co.
- 22. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Web traffic Cost per click Impressions Digital Team Stitch Cross Functional Metrics to Follow a Lead Cost per lead Time for conversion Attendee follow up Demand Gen Events # qualified leads Attendance Rates Registrations Acme Co.
- 23. ©2020 Adobe. All Rights Reserved. Adobe Confidential. This tells a great story for the marketing team – but what about the C-Suite and other stakeholders? Web traffic Cost per click Impressions Digital Team Stitch Cross Functional Metrics to Follow a Lead Cost per lead Time for conversion Attendee follow up Demand Gen Events # qualified leads Attendance Rates Registrations Acme Co.
- 24. The Fundamentals of Attribution Step 3: KnowYour Stakeholders (and their KPIs)
- 25. ©2020 Adobe. All Rights Reserved. Adobe Confidential. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Sales Your Stakeholders –Their KPIs IT C-Suite Customer Success Finance Acme Co.
- 26. ©2020 Adobe. All Rights Reserved. Adobe Confidential. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Sales Your Stakeholders –Their KPIs IT Pipeline Revenue Growth ClosedWon Revenue Win Rate Budget adherence ROI Profit & Loss Product Use Product ROI Productivity Gains Operational Efficiency Customer Retention Customer Satisfaction Upsell/X-Sell Shareholder Value New Customers Customer LifetimeValue C-Suite Customer Success Finance Acme Co.
- 27. ©2020 Adobe. All Rights Reserved. Adobe Confidential. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Sales Your Stakeholders –Their KPIs IT Pipeline Revenue Growth ClosedWon Revenue Win Rate Budget adherence ROI Profit & Loss Product Use Product ROI Productivity Gains Operational Efficiency Customer Retention Customer Satisfaction Upsell/X-Sell Shareholder Value New Customers Customer LifetimeValue C-Suite Customer Success Finance Acme Co. HOW DO YOU ALIGN MARKETING ACTIVITY TO STAKEHOLDER KPIS?
- 28. ©2020 Adobe. All Rights Reserved. Adobe Confidential. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Sales Your Stakeholders –Their KPIs IT Pipeline Revenue Growth ClosedWon Revenue Win Rate Budget adherence ROI Profit & Loss Product Use Product ROI Productivity Gains Operational Efficiency Customer Retention Customer Satisfaction Upsell/X-Sell Shareholder Value New Customers Customer LifetimeValue C-Suite Customer Success Finance Acme Co. HOW DO YOU ALIGN MARKETING ACTIVITY TO STAKEHOLDER KPIS?
- 29. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Sales Pipeline ClosedWon Revenue Win Rate Web traffic Cost per click Impressions Digital Team MapYour KPIs to a Broader, Integrated Strategy Cost per lead Time for conversion Attendee follow up Demand Gen Events # qualified leads Attendance Rates Registrations Acme marketing sourced $X in new revenue for sales from it’s digital XYZ event Acme Co.
- 30. ©2020 Adobe. All Rights Reserved. Adobe Confidential. ROI Profit & Loss Budget Adherence Finance Web traffic Cost per click Impressions Digital Team MapYour KPIs to a Broader, Integrated Strategy Cost per lead Time for conversion Attendee follow up Demand Gen Events # qualified leads Attendance Rates Registrations The digital XYZ event saw a 60% ROI (costing $X and generating $X in new revenue for Acme) Acme Co.
- 31. Section 3 Define Buyer’s Journey & Select Your Framework
- 32. ©2020 Adobe. All Rights Reserved. Adobe Confidential. DefineYour Buyer’s Journey Make Sense of the Noise
- 33. ©2020 Adobe. All Rights Reserved. Adobe Confidential. DefineYour Buyer’s Journey Make Sense of the Noise
- 34. ©2020 Adobe. All Rights Reserved. Adobe Confidential. DefineYour Buyer’s Journey Marketing activity isn’t one size fits all – deserves credit across the funnel • Not just weighted as first touch, but has merit along the funnel • Not all channels are just for top funnel
- 36. ©2020 Adobe. All Rights Reserved. Adobe Confidential. 100% first anonymous touch MQL Deal / Revenue Anonymous FirstTouch Lead Creation Opportunity Creation Demo 100%
- 37. ©2020 Adobe. All Rights Reserved. Adobe Confidential. 100% lead creation Anonymous FirstTouch Lead Creation Opportunity Creation Demo 100% MQL Deal / Revenue
- 38. ©2020 Adobe. All Rights Reserved. Adobe Confidential. U-shaped model Lead Creation Opportunity Creation Demo 40% 40% 20% Anonymous FirstTouch MQL Deal / Revenue
- 39. ©2020 Adobe. All Rights Reserved. Adobe Confidential. W-shaped model Lead Creation Opportunity Creation Demo 30% 30% Anonymous FirstTouch 30% Total 10% MQL Deal / Revenue
- 40. ©2020 Adobe. All Rights Reserved. Adobe Confidential. Full path model Lead Creation Opportunity Creation Demo Anonymous FirstTouch 22.5% 22.5% 22.5% 22.5% Total 10% MQL Deal / Revenue
- 41. ©2020 Adobe. All Rights Reserved. Adobe Confidential. ©2020 Adobe. All Rights Reserved. Adobe Confidential. NowWhat? Develop your buyer’s journey with stakeholders • Use agreed upon KPIs to inform your internal marketing reporting strategy • E.g. digital team still cares about web traffic, but needs to partner with demand gen to determine % conversion of web traffic to leads Keep a regular cadence with your cross-functional stakeholders • Promote accountability and buy-in • Discover opportunities for improved cross-functional programming/offers
- 42. Questions?
Notes de l'éditeur
- Know and audit your data and your data gaps Know your stakeholders, get alignment, build a committee Choose your solution based on needs, marketing readiness, budget Build a revenue-driven culture
- Every marketer faces the challenge of proving marketing’s direct impact on the bottom line. It’s no longer enough to show email metrics or the number of leads generated. Businesses want to know what marketing is contributing to revenue and how to make the most of each dollar spent.Join Tarah Speck, Strategic Value Advisor at Adobe, for her webinar, Prove Your Marketing Impact: The Fundamentals of Marketing Attribution, on Wednesday, March 24th at 10am PT | 1pm ET.You’ll learn: Why marketing attribution is essential Different ways to measure marketing impact How improved attribution will increase your cost efficiency
- Section 1: what data does your CMO/C Suite really need - Section 2: what data do you currently have
- What is attribution and why is it important? Marketing orgs that map spend to revenue are 212% more likely to have YOY revenue growth greater than 20%¹ Marketing orgs that are perceived as revenue centers are 159% more likely to be aligned with sales¹ 334% Marketing orgs that plan based on revenue are 334% more likely to use sophisticated aribution¹ Marketing orgs with sophisticated aribution are 59% more likely to have a reputation as a revenue center, not a cost center¹ ¹ Source: 2018 State of Pipeline Marketing Report
- What is attribution and why is it important? Marketing orgs that map spend to revenue are 212% more likely to have YOY revenue growth greater than 20%¹ Marketing orgs that are perceived as revenue centers are 159% more likely to be aligned with sales¹ 334% Marketing orgs that plan based on revenue are 334% more likely to use sophisticated aribution¹ Marketing orgs with sophisticated aribution are 59% more likely to have a reputation as a revenue center, not a cost center¹ ¹ Source: 2018 State of Pipeline Marketing Report
- Section 1: what data does your CMO/C Suite really need - Section 2: what data do you currently have
- Section 1: what data does your CMO/C Suite really need - Section 2: what data do you currently have
- If your marketing and sales reporting strategy isn’t aligning to business goals, you only stay relevant to the stakeholders in your own department.
- Whatever attribution model you choose, you still have to come to an agreement internally about what will be reported on to marketing leadership vs. C level leadership. Their interests are different.
- Whatever attribution model you choose, you still have to come to an agreement internally about what will be reported on to marketing leadership vs. C level leadership. Their interests are different.
- Section 1: what data does your CMO/C Suite really need - Section 2: what data do you currently have
- Add a sticky about running a digital event
- Section 1: what data does your CMO/C Suite really need - Section 2: what data do you currently have
- It’s not just about your KPIs – you have to reach across the table to other parts of the org in order to get a truly integrated reporting and attribution strategy that resonates with the C Suite and validates your marketing impact. How do you work together to align, create mutual accountability, and tell a cohesive story of success to the C Suite?
- It’s not just about your KPIs – you have to reach across the table to other parts of the org in order to get a truly integrated reporting and attribution strategy that resonates with the C Suite and validates your marketing impact. How do you work together to align, create mutual accountability, and tell a cohesive story of success to the C Suite?
- It’s not just about your KPIs – you have to reach across the table to other parts of the org in order to get a truly integrated reporting and attribution strategy that resonates with the C Suite and validates your marketing impact. How do you work together to align, create mutual accountability, and tell a cohesive story of success to the C Suite?
- It’s not just about your KPIs – you have to reach across the table to other parts of the org in order to get a truly integrated reporting and attribution strategy that resonates with the C Suite and validates your marketing impact. How do you work together to align, create mutual accountability, and tell a cohesive story of success to the C Suite?
- Section 1: what data does your CMO/C Suite really need - Section 2: what data do you currently have
- All these channels and content owned by different marketing functions – Map out the buyers journey to begin making sense of the noise
- All these channels and content owned by different marketing functions – Map out the buyers journey to begin making sense of the noise
- Operating costs is the cost you would incur to run the software
- Top three competitors based on maturity framework, budget, etc