Today, customers interact with your brand via a large number of channels. In other words, they interact with multiple touchpoints in a non-linear, non-predictable way before they make a purchase. This unpredictability can make it difficult for your business to pinpoint what interactions influence purchase decisions. However, in order to avoid wasting precious resources, it’s important to determine what these touchpoints are. A tool that makes this easy to do is HubSpot multi-touch attribution.
Marketing attribution is a reporting strategy that helps sales and marketing teams see how marketing efforts impact a specific goal your business has set. These goals can include purchases or sales. Marketing attribution makes it possible to see how a blog post or social media strategy affects sales, for example.
HubSpot’s marketing attribution takes and analyzes all of the appropriate buyer’s journey interactions. Using pre-built models, marketing attribution reports put all the information together to help you determine which of your marketing efforts are impacting your marketing goals.
Using pre-built models, marketing attribution reports put all the information together to help you determine which of your marketing efforts are impacting your marketing goals. Share on XHubSpot’s multi-touch attribution works by measuring and assigning value to every one of a contact’s interactions up to a significant moment in the customer journey. This helps your company identify the exact marketing or sales effort that resulted in a conversion.
With HubSpot, two multi-touch attribution report types are supported: contact create attribution and revenue attribution.
Revenue attribution reports measure the journey up to the moment they became customers, giving you a better understanding of what marketing efforts bring in more revenue for your business. To be included in the revenue attribution report, the following conditions must be met:
Contact create attribution measures the journey of contacts in your CRM up to the moment they were created. The multi-touch contact creates attribution shows specifically which marketing efforts deserve credit for earning your business a new contact. With this information, your company can identify what works in regards to creating new contacts and optimize your marketing efforts in the future to gain a larger number of contacts.
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Lead attribution is another type of marketing attribution that gives data on how your marketing efforts affect the number of leads you generate per campaign. Even though leads do not directly contribute to your business’s sales or revenue, focusing on lead attribution can give valuable insights into what specific campaigns are being interacted with most. These interactions can potentially turn into sales for your company.
When it comes to marketing attribution models, there are seven different attribution models that interpret the data differently, splitting the revenue credits to interactions in different ways. The seven different attribution models include:
The truth is, there is no one correct or incorrect multi-touch attribution model to choose for your B2B business. The model you choose depends on the strategy you want to pursue.
For example, if you want insights on how potential customers are being introduced to your brand, a first interaction attribution model is the best option to choose. If you have a longer sale cycle and wish to see the media and messaging combinations that impact conversion, a u-shaped attribution model is an effective choice.
To create a custom multi-touch attribution report in HubSpot, follow the steps below:
Multi-touch attribution is very beneficial for all B2B businesses. By using multi-touch attribution, your marketing and sales team can make educated decisions on what resources to invest more in, as well as what efforts to decrease or stop completely. This will decrease costs for your company and improve productivity by allowing your company to avoid wasting valuable resources. What’s more, tracking and measuring conversions will increase ROI for each conversion.
Additionally, as customers use different channels to research your business’s products or services, digital footprints are left behind. These digital footprints make it easier for companies to reach consumers in a more impactful way through a personalized customer journey and user experience.
If your company wants to save on costs and optimize their ROI, setting multi-touch attribution is a crucial factor. Interested in setting up HubSpot multi-touch attribution and want help doing so? Contact our marketing experts at OneIMS. As a Diamond Agency Partner, our team has extensive expertise using HubSpot.