B2B Marketers are responsible for driving in new business, and how they acquire customers can vary significantly. By having a clearer understanding of how many touch points are required, how many contacts are involved, and how these prospects come together to make a purchase can help you better track marketing influence and build a more efficient marketing strategy.
Since B2B Sales tends to have longer sales cycles and involve many leads and contacts within an organization, it’s difficult to have a clear picture of how prospects can get together to make a purchase for a product or service.
Here are 4 examples that may arise in the process:
Not only do prospects vary in nature on how & when they choose to consider purchasing, so does the attribution methods in how B2B Marketers & Sales executives choose to perceive what vehicles get credit for the acquisition. This ranges from any of the following:
First Touch would receive 100% of the credit *
Last Touch would receive 100% of the credit *
Position Based attribution- campaign gets linear or time proportionate credit *
(*Icons from https://support.google.com/analytics/answer/1662518?hl=en)
CRM & Marketing Automation systems like Salesforce & Marketo can track marketing influence when properly configured. Here are some resourceful links that can help you configure it properly, however I’m going to explain further the most common nightmare for B2B Marketers.
A common situation that B2B Marketers face is when the Decision Maker comes into the picture only after his/her team has vetted out the product/service. The sales rep creates an opportunity from the Decision Maker contact which isn’t tied to any marketing vehicles, however his/her team were. In most CRM platforms, the first touch of that contact where the opportunity was created takes the credit. In this particular case, none of the marketing efforts from the personnel who contributed to getting the decision maker to purchase gets credit.
Evading the Nightmare with Metrics that Help You Understand Marketing Influence Impact
The steps to ensure that marketing influence metrics are configured correctly are two-fold. First, associate all leads & contacts within an account. Second, apply qualifying logic, noting whether those individuals have been touched by a campaign within a qualifying period before the opportunity was created. This will enable you to uncover the following metrics:
Opportunity Dollars created from Marketing Influence: Total Opportunity dollars created from all leads & contacts who have been touched with a marketing campaign within a certain qualifying window before the opportunity was created.
% of New Opportunities influenced from Marketing: The % of New Opportunities touched by at least 1 Marketing Campaign from any qualifying leads & contacts within the respective opportunities.
Average # of Qualified Contacts per Opportunity: Average # of leads & contacts that met the qualifying criteria of haven been created within a certain window before the opportunity was created.
Average # of Touch Points per Opportunity: Average # of Campaign Responses per Opportunity from all qualifying leads & contacts.
Conclusion & Sample Dashboards:
Through its Data Weld technology, BusinessOnline has helped clients audit & implement marketing influence for B2B Marketers to help realize the influence from their marketing efforts. Here are some dashboards that BOL has created. If your organization wants to learn more, connect with us at firstname.lastname@example.org.
Download our whitepaper, Smarter Marketing Attribution, to understand what you can do to effectively collect, analyze, and operationalize customer data—and take your marketing efforts to new heights and prove marketing ROI.