Research has shown that the use of marketing attribution has been on the up and up since 2016. According to a study conducted by Econsultancy and AdRoll, ‘the number of companies that use attribution on ‘all or most’ of their marketing activities has risen from 31% in 2016 to 39% in 2017.’ However popular the trend may be, businesses still struggle to transform insights from attribution into meaningful actions.
Measuring the Return on investment of Marketing Programs
Measuring what a marketing program has contributed based on cost and revenue is the holy grail – it seems like an easy formula, right? Why is it then so difficult for marketers to answer the question, “Did this program deliver a Return on investment?”
Reasons Why Measuring Marketing Programs Can Be Difficult
It’s what all marketers want to know – what results can I get from this program? But providing these answers can be tough. A few challenges usually encountered are:
Most times, the factors outside Marketing’s control do affect program outcomes – from macro-economic trends to the quality of the sales representatives. If economic growth leads to an increased revenue, can marketers say their programs delivered better Returns on investment?
Knowing When To Measure.
The cash you invest today will definitely have an impact at some point in the future. The previous month’s trade show may deliver results the next month or maybe even a year later. However, marketers need to choose where to invest their budget today.
Most marketers know that it takes no less than 7 touches to convert cold leads into sales. Could be more, could be less, whichever way, the proverb conveys an atom of truth: marketers require multiple touches in order to convert leads into clients.
For this reason, it is often hard to allocate revenue to any specific touch.
In a medium sized organization, the average purchasing committee consists of a total of 6 people. In larger/bigger organizations, these committees can have up to 21 influencers. Marketing programs are different and they affect each person in a different manner, so it can be tricky to know which programs are the most impactful.
But Marketo can help with all of these and more
Marketers need not fear, all hope is not lost – there is Marketo, a Marketers knight in shining armour. Marketo is a robust marketing automation software that makes measuring and optimizing your Marketing efforts through Multi-Touch attribution possible. It provides an aggregated view of all marketing touches across campaigns by all the decision makers and influencers, reports on marketing influenced opportunities vs. sales influenced opportunities and also reports on entire campaigns and all assets associated with it – the exact thing every marketer with a sales cycle needs.
If you’re looking to deliver more ROI for your marketing campaigns with Marketo – contact us!
As Marketo experts, we’ve got you covered from start to finish. We’ll help you to implement, get trained up on the tool and the industry’s best practices, integrate with your current systems, build a successful strategy for digital maturity and more!