Hi Marketing Community!
Does anyone have a good resource or document prepared that explains the difference between closed loop reporting, attribution, and ROI? I have noticed that people who aren't as familiar with marketing analytics try to use these words interchangeably. I'm looking for something fairly high-level that I can distribute widely (it would be great if it was visually appealing as well). Any ideas? Thanks in advance!
I don't have any pretty visuals but here are the definitions that I use.
closed loop reporting - any metric that marketing is looking at (i.e. lead sources, channels, specific trade shows, etc) and tying it to the outcome on the sales side i.e. meetings, pipeline, closed revenue
attribution - (i.e. First touch and multi touch) How do you attribute pipeline and revenue back to marketing programs and initiatives i.e. distribution of credit or proportion of credit. This is more specific to opportunities.
ROI - return on investment - Revenue obtained from program/cost of program - this would be a number like 10X or 5X on a specific marketing program or channel.