The Hierarchy of Attribution
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The document outlines a comprehensive approach to marketing attribution, emphasizing the need to analyze marketing efforts, audience engagement, and performance outcomes. It details the collection of data for effective attribution analysis, including first-touch, last-touch, and multi-touch attribution models, as well as the importance of clean data and reporting tools. Additionally, it highlights the significance of measuring ROI to understand the impact of marketing activities and make informed budget decisions.
The Hierarchy of Attribution
- 2. A bit about me Seasoned and passionate marketing professional with nearly 20 years of diverse experience, including six years of working with Marketo (four as a Marketo Certified Expert) 10+ years in-house as Director of Marketing or in Marketing Operations 2 years as Marketo Consultant linkedin.com/in/careypicklesimer/ 2 Carey Picklesimer Director of Consulting
- 3. Where am I going to spend my next marketing dollar? 3
- 4. The answer lies in Attribution Attribution helps you understand the past to better predict where you will be successful in the future All attribution systems essentially examine the intersection of three related datasets: ● Marketing Efforts: all the fantastic marketing campaigns you launched ● Audience Engagement: the people (prospects, customers, etc.) who engaged with your efforts ● Performance Outcomes: the results of your efforts. Usually, this is revenue or pipeline value but could also be a metric like MQLs. 4
- 5. But how do I do Attribution? 5 Report on Data Report on the data in a way that makes it easy to gain insights and actionable intelligence. Capture Data Put the systems and processes in place to gather all three datasets—your efforts, engagement and outcomes. Model Data Store the data you captured in such a way that you can easily access it for flexible and meaningful reporting.
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- 7. Everyone Can Do Attribution
- 8. Maslov’s Hierarchy of Needs 8 5 Self-Actualization 3 Love/Belonging 1 Physiological 4Esteem 2Safety
- 9. The Hierarchy of Attribution 9 Source Where did your leads come from? 1 Activity What did they do with your company on their purchase journey? 2 Revenue How did it impact your business? 3
- 10. The Hierarchy of Attribution 10 Clean data is the invisible foundation
- 11. Level 3 - Source 11 Source3 Where did your leads come from? Understanding where your leads are coming from is essential to first-touch attribution Anonymous First Touch - Many times the original source will happen while the lead is still anonymous (before the lead appears in your database) Lead Creation - When the lead fills out a form, registers for a webinar, visits you at a tradeshow, etc
- 12. Level 3 - Source 12 Source3 Data Points to collect Collected in cookie ● Original referrer ● Querystring (may contain UTM codes if you had them on the link) This information may be stored and accessible in the Marketo database, but will not be as easy to query as fields populated
- 13. Level 3 - Source 13 Source3 Data Points to collect ● Lead Source ● Lead Source Details ● UTM parameters (utm_source, utm_medium, etc) ● Acquisition Program Block updates from these fields so they don’t get overwritten Be sure to add Lead Source/Lead Source Details to all points of entry (Hidden form on fields, column on list upload, required field on records created by your CRM, etc) Consider adding a value such as “UTM not gathered” if a lead comes from a non-UTM source (ex. Direct or Organic)
- 14. Level 3 - Source 14 Source3 Reporting and Analysis tools Marketo Out of the Box ● Marketo Analytics - Leads by Source ● Marketo Lead Database/Excel - Smart list to review leads by source as well as other data points. Use a pivot table to summarize and visualize the data Marketo Add-on ● Revenue Explorer - Does the work of Excel pivot tables within Marketo
- 15. Single Point Attribution Models Available First Touch Attribution Model Applies 100% of attribution credit to the first tracked marketing interaction PROS ● Simple and easy ● Data analysis is less complicated CONS ● Actual first touch may be long before a person enters your database ● May not be a true indicator of what drives a purchase decision 15 First Touch Example: A lead comes in from Google Adwords with a Lead Source = Paid Search Opportunities (and future booking) will have source of Paid Search Lead Creation Last Touch Opty Creation
- 16. The Hierarchy of Attribution 16 Data Points to collect You need to track both the Channel and the Offer. Channels are the marketing tactics that drive engagement: paid search campaigns, SEO, paid and organic social, trade show booths—you get the idea. Offers are what people engage with: ebooks, white papers, videos, web forms, webinars—and the list goes on. O rganic SearchP aid Search R eferral Events (SD M U G )
- 17. Level 2 - Activity What did they do with your company on their purchase journey? First-touch attribution only tells the beginning of story. The next step is last touch attribution. Last touch can sometimes be considered the tipping point for purchase. The last touch requires you to track every touch along the way. The ultimate goal is multi-touch attribution which requires first and last touches, as well as the activity in between. 17 Activity2
- 18. Level 2 - Activity Data Points to collect Channel ● Lead Source Most Recent ● Lead Source Details Most Recent ● UTM parameter Most Recent (utm_source, utm_medium, etc) ● SFDC Campaign membership - By channel (such as paid search, organic, etc) The ‘Most Recent’ version of the fields should be able to be overwritten with each new activity 18 Activity2
- 19. Level 2 - Activity Data Points to collect Offer ● Marketo Program Statuses - Use the appropriate channel (ex. Webinar, Tradeshow, Web) and make sure all members have the appropriate ● SFDC Campaign membership - By offer (such as specific whitepaper) Most advanced multi-touch options will require the Program Status to be considered a touch 19 Activity2
- 20. Level 2 - Activity Reporting and Analysis tools Marketo Out of the Box ● Marketo Analytics - Program Performance Reports Marketo Add-on ● Revenue Explorer ○ Program Analyzers ○ Opportunity Analyzers 20 Activity2
- 21. Level 1 - Revenue 21 Revenue1 How does the marketing activity impact your business? The only truly valuable marketing metrics are those that relate to revenue. Although Marketo can track revenue, it is a best practice for the CRM to be the system of truth for revenue activities (which may be tied to an ERP system or other systems as well.)
- 22. Level 1 - Revenue 22 Revenue1 Data Points to collect - All within CRM ● CRM Opportunity Source - Can come from Lead Source or Lead Source Most Recent ● Contact Roles on Opportunities ● Opportunity stage (Open, Negotiation, Won, Lost, etc) Marketo read the Opportunity Object but it cannot write to it. This means that Opportunity data can be used in some smart lists and automations.
- 23. Level 1 - Revenue - Advanced 23 Revenue1 Reporting and Analysis tools Marketo Out of the Box ● Analytics reports - Opportunity Columns* ● Smart lists filtered by Opportunity data* *Requires Opportunities to have contacts attached to them as Contact Roles in SFDC Marketo Add-on ● Revenue Explorer - Program Opportunity Analysis Salesforce ● Campaign Revenue Report ● The Campaign ROI Analysis Report
- 24. Single Point Attribution Models Available Last Touch Attribution Model Applies 100% of attribution credit to the most recent (last) marketing interaction PROS ● Simple and easy ● Data analysis is less complicated CONS ● Last touch may not have been the tipping point ● Wrong person’s interaction 24 First Touch Example: A lead comes in from Google Adwords with a Lead Source = Paid Search Opportunities (and future booking) will have source of Paid Search Lead Creation Last Touch Example: A lead comes in from Google Adwords with a Lead Source = Paid Search Over the course of the year, lead attends webinars, download content, and reads email. The last touch was a webinar so Lead Source Most Recent = Webinar Opportunities (and future booking) will have source of Webinar Opty Creation
- 25. Additional Attribution Models Available More advanced modeling can be done using lead source and lead source most recent, but may be challenging using out of the box functionality. 25
- 26. Level 1 - Revenue - Advanced 26 Revenue1 Reporting and Analysis tools Attribution Software - Bizible, BrightFunnel ● Advanced Models that calculate the weight of interactions based on your company’s business needs ○ First Touch ○ Lead Creation ○ Evenly-Split/Linear ○ U-Shaped ○ W-Shaped ○ Full Path ○ Custom Model
- 27. Level 1 - Revenue - Advanced 27 ROI* ROI = How much money did your marketing investment generate? You cannot understand ROI without measuring expenses
- 28. Level 1 - Revenue - Advanced 28 ROI* Data Points to collect - Investment Expenses by channel ● Paid search - (CPM, Agency fees) ● Advertising ● Promotion ● Content development ● Marketing overhead? Labor costs, etc It’s up to you to determine how much or how little you factor in.
- 29. Level 1 - Revenue - Advanced 29 ROI* This is where 3rd party platforms shine
- 30. Get the full story Gain practical skills (with screenshots) in this free e-Book that walks you through how to use Marketo and Bizible to truly understand the answer to marketing’s hardest question: Where am I going to spend my next marketing dollar? perkuto.com/MUG-attribution-ebook 30