Easier said than done. That pretty much sums up measuring marketing ROI using technology.
MarTec offers a set of tools to achieve attribution, so it is certainly easier now than ever before to determine ROI, but this answers the question “what can I use to measure ROI?” It doesn’t answer the question of “how.”
I think we can conclude two things. First, attribution is still subjective. Unless we’re roaming around the craniums of prospects and can pinpoint the exact time and place of the decision, it’s a guess. Educated, but a guess. Second, the labyrinth that is the buyer’s journey is a mystery as it is personal to each and every buyer. So even if you install a sophisticated tag management system, it’s still subjective.
However, there’s a technique that is often overlooked that can help gauge the degree of contribution, and that is the scoring model, a function already at your disposal within your marketing automation platform.
Now you’d think that scoring is going away, as Predictive eliminates the need to point out high value targets via the subjective lead scoring model. It’s not, and you can use it to your advantage so long as you keep tabs on the prospect all the way through to the sale.
Attribution Scoring relies upon placing a value on each and every touch of communication and content, and that value is brought back to the record in the form of the score. So as the prospect navigates his or her way through your analog and digital presentations (presentations used in the broadest sense), the scoring can be used to evaluate how Marketing keeps moving the prospect through their journey.
So what’s the difference between Lead Scoring and Attribution Scoring? Same process, same paradigm, but it’s a different timestamp. Whereas Lead Scoring ceases upon the flip to Sales, Attribution Scoring continues onward, either through till the conversion to client, or beyond should you need to keep tabs on influence, LTV, upselling, cross-selling, etc.
With this in mind, you’re still measuring contribution to the sale, not true attribution. A score can only tell you how much Marketing contributed to the process, but not that it made the sale.
"With great marketing technology spending comes great ROI responsibility."
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