*** Posted on behalf of Marketo Champion Ajay Sarpal, Consultant - Martech and Sales Operations.***
In my 20+ years of professional experience with big brands, mid-tier and start-ups, just like each marketer I was also asked by my previous CMOs on:
• How to find out our best performing campaigns or channels?
• Which channels or programs are influencing top of the funnel, bottom of the funnel and middle of the funnel?
• What channels are driving the most leads?
• What channels are driving the most opportunities?
• What channels are ultimately driving the most revenue?
• Sales team keeps complaining that Marketing is not influencing the opportunities. Lead quality is questionable and lead volume is low. How to generate qualified leads? Which channel or marketing source is best in winning the opportunities? How to addresses the misalignment between sales and marketing teams?
• How much revenue is being generated from our offline channels/online channels/landing pages/content?
• Allocate marketing funds to top-performing channels
• How to forecast marketing goals in relation to revenue?
Bizible helps us in getting all the above stated questions answered. Although there are many Marketing Attribution tools available in the market but with my experience Bizible is one of the best attribution platform because you can automate many tasks by efficiently using UTM parameters and it helps in streamlining the process by avoiding creation of multiple campaigns for each and every channels for the same program. Bizible has an edge over competitors as not many attribution providers share the details of “First Touch” which is before lead creation touchpoint. It is scalable and builds meaningful and insightful reports for better aligning sales and marketing teams. Bizible helps in bringing transparency, finding out top or low performing channels or programs and in the end provides insights in generating more qualified leads for your organization. Bizible automatically tracks and reports on channel performance, providing visibility into which channels are driving the most customer engagement and allowing you to optimize your marketing spend accordingly.
Touchpoint Details: The structure of Bizible’s attribution models reflects the four major touchpoints that occur in the customer journey:
• First Touch (FT)
• Lead Creation (LC)
• Opportunity Creation (OC)
• Closed-Won deal (CW)
Single-touch Attribution Models which attributes 100% of the attribution Credit:
The First Touch model only focuses on the very first interaction a lead has with your organization. This model attributes 100% of the attribution credit to the first time the lead became aware of your company, the First Touch (FT).
The Lead Creation model attributes 100% of the attribution credit to the LC touchpoint, when a prospect provides their contact information and becomes a lead.
Multi-Touch Attribution Models – Position Based models are explained below:
U-Shaped Model: The U-Shaped model focuses on both the FT and LC touchpoints.
W-Shaped Model: Three of the milestone touchpoints are included in the W-Shaped model. In this model, the FT, LC, and OC touchpoints are each attributed 30% of the attribution credit. The remaining 10% is attributed proportionally to any intermediary touchpoints that occur between the three milestone touchpoints.
Full Path Model: The full path model includes all four milestone touchpoints. FT, LC, OC and CW are each given 22.5% of the revenue credit, and the remaining 10% is distributed equally among the intermediary touches.
Marketing Attribution Insights after implementing Bizible:
The above picture shows the complete Sales Cycle starting with FT, LC, OC and CW marketing touches. The picture explains:
• Anonymous First Touch is from Google Adwords.
• Lead Creation Touch is from LinkedIn Blog Post.
• Opportunity Creation Touch is from Pricing Page
• Closed-Won Deal Touch is from Sales Dinner.
Various ways to get the insights from Bizible:
• Bizible Dashboards (Discover)
- Bizible Boards:
- Overview provides the most comprehensive view of your marketing performance, helping marketing teams make the right decisions when growing your team, budget, or revenue.
- Growth displays a quick overview of all key marketing metrics in aggregate as well as a charted trend over time, allowing you to easily see the peaks and valleys in your performance.
- Account-Based Marketing is made for marketers who focus their efforts on a list of targeted accounts. See how well you're hitting those persons, opportunities, and accounts.
- Marketing Spend displays a thorough and aggregated view of your team's marketing spend across channels and campaigns, so you can use it to determine your upcoming budget.
- Role- Based Views:
- CMO targets the head of the Marketing team, displaying a comprehensive view of your team's marketing execution and can be used to determine which channels or teams are over or under performing.
- Marketing Ops
- Velocity can help both Marketing and Sales determine how long the overall sales cycle is taking or visually see which stages or channels are slowing down your pipeline to optimize velocity for future opportunities.
- Snapshot gives you a view that no other platform can provide. View the state of your CRM at any given point in time, with the distribution of records across Lead/Contact and Opportunity stages.
- Passport presents a view of all your Leads/Contacts and Opportunities that have gone through each pipeline stage within a given time frame.
- Engagement Path
The beauty of Bizible is that you can build custom reports within the CRM Systems. In Salesforce, we can build following reports and if needed, we can customize the reports by adding the fields from your CRM by creating or editing Custom Report types:
• Leads with Bizible Touchpoints (Custom)
• Bizible Person with Bizible Touchpoints (Custom)
• Opportunities with Bizible Attribution Touchpoint (Custom)
You can also create a few cool reports:
o Top 5 Keywords converting to Sales Opportunities
o Top 5 Channels for Closed Revenue
o Top 5 Landing pages by revenue won or opportunity created
o Top 5 Social campaigns
With Bizible set up, you can now unlock the power of Marketing Attribution!