A look at the four key benefits of a closed-loop attribution system.
According to Forrester Research, B2B companies are seeing an average of 15 to 18 percent lift in revenue as a result of implementing a closed-loop attribution system and then optimizing marketing programs based on the more sophisticated analysis.
Whoa! Think about that for a minute…a 15 percent lift in your company's total revenue!
So what is this "closed-loop attribution system" and how do you get there? First, closing-the-loop means tying front-end marketing activity to revenue. The column "4 Steps to Close the Loop" lays out the main elements to do this.
Second, an attribution system can be defined in simple terms as a means to understand how much credit to give to each customer interaction that eventually leads to a sale. A lot easier said than done! This can be especially tough for B2B marketers given the long and complex sales cycles with multiple decision-makers interacting across multiple channels.
I recently led a panel on this topic that included Tina Moffett, Forrester Research's lead analyst on attribution analytics and Rob Cataford, BusinessOnline's VP of customer intelligence. Here are the key takeaways…
Overall, the primary benefit of a closed-loop attribution system is that it lets you see the full paths of conversions and abandons. This makes it much easier for you to see opportunities for improvement - especially in your digital marketing channel mix and your content strategy.
And that's how you drive that 15 to 18 percent lift in revenue.
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Rich has over 20 years of experience in planning, building, and managing cutting-edge integrated marketing for some of the smartest companies in the world. His career balances senior agency roles and senior client-side roles. On the agency side, while at BusinessOnline and Grey Interactive he works with world-class brands including HP, NetApp, Dell, Honeywell, and Workday. On the client side, he has been a CMO or VP marketing for big online brands such as CNET and ZipRealty and for start-ups like Zing, Callwave, and SendMe Mobile. This gives him the unique ability to deeply understand his clients' needs and to ensure that the agency delivers on meeting these needs.
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