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March 21, 2022 Content Chat Recap: How To Find The Right Marketing Attribution Model

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62% of B2B marketing teams lack the data they need to demonstrate their return on investment, according to Content Marketing Institute and MarketingProfs research. Of those marketers, 10% only have speculative insights on their marketing ROI, and 2% have little to no insight into what works and what doesn’t.

For those tired of throwing noodles at the wall, marketing attribution is a crucial process to track how your marketing drives sales. But attribution can be a confusing and often messy process—just ask any marketer who has spent hours trying to trace an ebook download to an eventual sale.

In this #ContentChat recap, we’re joined by Moni Oloyede (@MoniOloyede), a digital marketing and marketing technology expert with 15+ years of experience, to discuss how to find the right marketing attribution model. You’ll learn:

  • Why marketing attribution is important
  • Common marketing attribution models to consider
  • Our favorite tools and resources to help with attribution

Q1: What is a marketing attribution model, and why is it important for content marketing teams?

A marketing attribution model is a process or strategy that tracks and credits how the marketing team’s activities (throughout the entire buyer’s journey) lead to an eventual sale.

Companies of all sizes across industries can benefit from marketing attribution.

Marketing attribution is important to show the value of your marketing activities and know where to allocate your resources.

Moni and Erika further explain the idea below:

Based on our community poll and Moni’s insights, many teams do not document their marketing attribution model, which is a missed opportunity.

Attribution requires a calculated and cohesive team effort. If attribution is rushed, your team could make important decisions based on incomplete insights.

Q2: What are the common types of marketing attribution models?

We recommend you read about single-touch (first or last), multi-touch, time decay, position-based, and linear attribution models. This HubSpot article briefly explores these models.

Erika is a fan of weighted multi-touch marketing attribution. Her least favorite models are first-touch and last-touch, which are the most common starting points for teams.

Marketing attribution models should track the entire buyer’s journey, including post-sales processes.

Q3: How should marketing teams begin to decide which attribution model is best for them?

Before implementing a marketing attribution model, ask yourself: What are our marketing and business goals?

Audit your martech stack to understand what you can track.

And start small and scale as you go. As Erika said, you may not be able to implement the “perfect” marketing attribution model, but you should start where you can.

Q4: What are common mistakes that marketers often make with attribution?

Moni lists the four most common marketing attribution mistakes below.

Don’t try to measure everything with one model.

Be clear about what you are tracking, and align on how you define ROI.

No process will be perfect, and trying to account for every little action or encounter will complicate your model.

Be wary of adopting a framework that has a time frame. Buyers work on their own time.

Stay flexible with your model and factor in all the different sources a customer could come from.

And don’t forget to align your strategy with your sales team.

Q5: Are there tools or resources that marketing teams need to effectively track and measure the ROI of their content and campaigns?

Your team needs a buyer’s map, a CRM, and a database management tool to effectively track and measure your marketing content and campaign ROI. Marketing automation or web analytics tools that integrate with your CRM will also help.

Q6: Where can marketers learn more about marketing attribution? What sites, resources, or thought leaders do you recommend for more information?

Many professionals employ traditional marketing attribution models, which often measure business metrics and not customer metrics.

Watch Moni’s video to learn how to approach marketing attribution the right way.

And if you’re attending MarketingProfs B2B Forum this April, don’t miss Moni’s session to learn more!

Q7: AMA time with Moni: What marketing attribution questions do you have?

Where can you get started with attribution? Start with the buyer/customer. What action do you want them to take? Set up a tracking mechanism to capture this action.

How do digital marketing, analytics, and attribution intersect? Moni explains below.

Where do marketers often overthink attribution, and how can we simply our process? Start slow. Identify your ideal customer action, and find a way to track that. Keep your goals top-of-mind to keep your process focused.

About Alek Irvin

Alek Irvin is a content marketing professional with a rich history in social media management, executive thought leadership development, and media relations. As a consultant at Erika Heald Marketing Consulting, he creates human-focused content and thought leadership platforms that help brand leaders connect and engage with their communities. Alek has worked with a range of startups and Fortune 500 companies across the B2B technology and consumer spaces, including IBM, Dell Technologies, Hitch Works, Emtrain, Integrate, and Frameable. Connect with him on Twitter @AlekIrvin.

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