It is challenging to prove that marketing is a revenue generator. It is where multi-touch attribution comes in, and multi-touch attribution provides the information that we need to measure what truly matters so that we can prove the impact of marketing on our businesses' bottom line.
Marketing often measures the metrics that are no means
to the sales team. It also measures customer actions, such as visits,
clicks, opens, and conversations. Focusing on marketing outcomes rather than
business outcomes won't earn marketing a seat at the revenue table. When
marketing teams are not effective as they could be in measuring the results of
marketing revenue, they are perceived by the organization as cost centers
rather than a revenue center.
The explanation has given through the stats that 53.1% of marketing teams say that they are perceived as cost centers, not revenue centers. 44% of the marketers are unsure about the ROI for marketing. Only 15% of marketers say that they are effective at measuring marketing performance; only 50% of marketers say that their goals have aligned with broader business objectives.
Sophisticated marketing attribution is to plan marketing budgets that result in better business performance and team alignment. The stats
explains that 212% of marketing organizations that map
spend to revenue are 212% or more likely to have YOY revenue growth higher than
20%. 159% of marketing organizations that are perceived as revenue centers are
more likely to be aligned with sales. 334% of the marketing organizations that
plan based on their 334% revenue are more likely to use sophisticated
attribution. 59% of marketing organizations with complicated attribution are
59% more likely to have a reputation as a revenue center, not a cost center.
The benefits of multi-touch attribution are that it provides marketers with information and assign different revenue credit weighs to a range of marketing activities. If an organization is doing any marketing that has targeted at people who are already in
sales funnel, then
they should consider using a full path model.
Multi-touch will most accurately attribute revenue across all marketing
channels to give credit where its due.