Visibility is key when it comes to understanding how campaigns affect your pipeline and revenue. Unfortunately, many marketers rely on the “single touch” attribution method – that is, where only a single interaction at the first or last stage of a campaign is measured for revenue generation and calculating ROI.
More Accurate Performance Metrics
This type of attribution makes sense when you consider that it’s the most common default attribution model in CRM systems. However, the customer journey is not that simple. Usually a customer interacts with a company or brand numerous times before making a purchase. Because of this behaviour, marketers need to implement a multi-touch even-spread model to accurately reflect (and measure) this journey.
Measuring Your Campaigns
So how do you accurately measure the influence of campaigns on revenue? Not all marketing efforts are worth the same (i.e. an opened but unread newsletter EDM is worth less than an engaged seminar attendee). That is why you need to establish set values for each marketing effort (also known as “weighted campaign influence”). By setting weighted campaign influence you can accurately measure and assess your marketing efforts to gain more insight regarding which campaigns create the best opportunities for revenue. Then it’s just a case of repeating proven successful methodologies for consistent revenue generation. It’s as simple as that!
While each business is different, all marketers need to have sufficient visibility to understand how campaigns affect opportunities and revenue.