Revenue attribution is a tool that will allow you to monitor the revenue attributed from sales and marketing channels. You can determine what kind of model is needed for your business, set it up correctly, track the benefits over time, and improve upon strategies in order to achieve better results.
In this article:
- Determining and taking control of your customer touchpoints will generate more engagements and increase your chances of revenue growth.
- You may experience several trials and errors before determining a revenue attribution model that works for you.
- Knowing when exactly your clients decided to convert or abandon your product is a crucial aspect of your sales process.
Know Where Your Sales Opportunities Are
When you’re appealing to a B2B market, you need to understand that your target market tends to research a lot before actually settling on a deal. his makes connecting on various platforms very advantageous when trying to gain conversions.
However, launching lead marketing campaigns on all platforms without being backed up by accurate data can be financially exhausting. It would be better to prioritize the areas that are generating more engagement or have been proven to convert clients.
Taking control of your revenue attribution touchpoints will help you influence the key people of your target B2B leads. This will generate more engagements and increase your chances of revenue growth.
N.Rich built an attribution dashboard by accounts into the ABM platform so you can easily identify where your revenue is coming from. With it, you can correctly monitor pre and post opportunity influences, essentially contributing to sales and marketing improvements and revenue growth.
Building an Effective Revenue Attribution Model
Before we get into the specifics, you first need to understand that there is no perfect revenue attribution model. The efficacy of the method you use depends on your business’ uniqueness and how many trials it will take before arriving at one that works for your company’s needs.
However, analyzing and parsing data from buyers will help you understand your market better. It helps to make decisions that are in line with what the people want.
There are two kinds of attribution models: single-touch and multi-touch. Single-touch models are advised for small or new businesses.
These single-touch revenue attribution models include:
- First Click – monitors the very first piece of content a converted lead encounters.
- Last Click – takes note of the very last content a prospect encounters before converting.
Meanwhile, larger enterprises that integrate social media, lead generation, PPC, and other marketing campaigns with more complex data find the muti-touch models more useful. These include:
- Linear – revenue is equally distributed amongst different touchpoints in a single linear timeline.
- Time Decay – credits revenue amongst all the touchpoints but puts a heavier emphasis on the most recent sales connection.
- Weighted – customized logic to monitor customer data and the most common in enterprises with a unique setup and logic for their business plans and goals.
- U-Shaped – attribution breakdown includes 40% on first contact, 40% actual conversion, and 20% in between.
- W-Shaped – attribution breakdown is equally divided into the mentioned areas at 30% each.
- Full Path – similar to the W-shaped attribution model but monitoring the sales closure and post-closure activities.
- Custom – you create your own attribution metrics based on your business needs.
Now that you have a good understanding of the revenue attribution model. Here’s what to do next.
Determine Your Existing Touchpoints
Go through your marketing channels and determine how many customer touchpoints you already have throughout your sales funnel. This audit will also help you see which potential marketing channels you still haven’t explored yet.
This audit will also show new opportunities for growth and expansion via various attribution models.
Set Your Metrics and Goals
Have you decided what revenue attribution model works for your business? If so, then set the goals and metrics that will guide this process.
You should establish a clear and specific goal of what you want to achieve to help you narrow down the metrics you have to monitor. From there, you can set the benchmark for your metric goals to establish whether you’re doing things right or not.
Most businesses choose to go the custom route because it offers more flexibility to the metrics they can monitor, especially if you have multiple touchpoints with your leads.
Create a Buyer Journey Roadmap
Know which tactics work by mapping out your existing customer’s buyer journey. Identify the touchpoints throughout the process that created a huge impact in convincing your leads to buy from you.
Then, you can start focusing on these touchpoints to maximize and boost.
Create a Lead Scoring System
Sales and marketing people use a lead scoring system to pinpoint which accounts are “hot” leads. These prospects are the most likely to convert into paying clients. From there, determine the most common touchpoints of these accounts then create a marketing campaign focusing on that channel or platform.
Automate Your Data Collection
Manually tracking down your buyer intent data creates problems for both you and your team. Not only will it be risky and prone to devastating mistakes, but it will also take up a huge chunk of your people’s time. Time they could be spending convincing prospects to convert instead.
Invest in a tool that will simplify your data collection. A platform like N.Rich’s will make your life so much easier by integrating with the tools you already use, such as Salesforce and Marketo.
The system integrates seamlessly into your existing workflow to ensure that all of the data is collected in one place without having to manually copy information from each system separately or leaving a trail of breadcrumbs behind for others who may need access later on down the road.
Set Up Your Report
Once your automation tools are installed and ready to use, set up the reports you want to read so they will be available when it’s time for revenue contribution monitoring.
With N.Rich, you can customize your reports and when you want them, whether daily, weekly, or monthly. You’ll be well on your way to reaching your revenue goals before you know it.
Knowing when exactly your clients decided to convert or abandon your product is a crucial aspect of your sales process. Your target lead’s buying behavior will help you create more compelling display ad content focusing on the touchpoints with the most conversions. N.Rich can properly equip you with the right data to nudge your target market towards the direction you want.