In the world of campaigns and conversions, nothing makes a manager’s day like a comprehensive report at the end of a marketing campaign. If you are a B2B business, and you use Pardot, you will probably have heard of – or even be a user of – B2B marketing Analytics. B2B Marketing Analytics gives businesses a full-funnel view of its pipeline, revenue, lead sources, campaigns and more.
Measuring marketing’s impact on the bottom line empowers you to adapt and improve your campaigns according to what works – and what doesn’t. B2B Marketing Analytics provides an enormous amount of value with its third-party data integrations, custom views across multiple data sets and ability to share results directly to team members. It’s reporting on attribution has always been great at measuring how campaigns are at getting leads across the line to becoming clients, however, that is where many businesses can quickly fall into the trap of placing disproportionate importance on the campaigns which convert, without looking at the numerous touchpoints across the customer journey which help set up a lead for that conversion.
Campaigns are part of a rich environment of marketing and advertising efforts which all play a role in getting a lead from being unknown to being a client. While some campaigns are great at converting and closing, others offer value by nurturing, creating awareness and re-engaging. Recognising and defining the value of other campaigns in the success of the converting campaign is what in the world of marketing is referred to as ‘attribution modelling’.
Savvy marketers spend a lot of time creating and tweaking their attribution models to measure how much campaigns really contribute to a successful conversion. There are 3 common types of attribution models which businesses use to evaluate the success of their campaigns:
Last touch attribution focuses on the last campaign a lead has engaged with before converting. This is the most common type of attribution, and whether you realise it or not, it’s most likely what you have been using by default to evaluate your campaigns to date. Last touch attribution is a great model to figure out which campaigns are most successful at closing a client.
First touch attribution helps shed light on which campaigns are most successful at creating awareness and educating leads.
Even distribution assigns part of a successful conversion to each campaign a lead has engaged with before converting. This model is helpful to figure out which campaigns work consistently across all stages of the customer journey to drive a lead towards conversion.
Luckily, if spending whole weekends figuring out the attribution models which work best for your business does not sound like an enjoyable prospect, Pardot has added multi-touch attribution modelling as an out-of-the-box feature with its latest update to B2B Marketing Analytics. Not only does multi-touch attribution come with first touch, last touch and even distribution, it also allows you to create your own custom models.
So, what does this mean for you?
If you are already a user of B2B Marketing Analytics, your go-to reporting platform has just gotten a whole lot more powerful. If you are not a user of B2B Marketing Analytics, Pardot has just added another huge incentive to get stuck into making your campaign data work for your business.