The marketing attribution process can be confusing, especially to those new to the inbound marketing process. Although a majority of strategists understand the importance of this concept, only one in four are closely tracking and measuring their outreach campaigns, which makes it challenging to identify the most impactful.
Marketing attribution tracks the ways consumers interact with products or brands before making purchases, determining the specific touchpoints that moved them to the next steps in the purchasing process. Using this system as an accurate way to understand marketing effectiveness isn’t as easy as it sounds. Monitoring the actions, reactions, and behaviors of each consumer can be a tough task, which is why it’s helpful to use marketing software like Marketo.
A leader in the marketing and sales software industry, Marketo provides businesses with account-based software, search engine optimization (SEO) strategy, content creation tools, and more. Its automation platform can collect and streamline data by recording and evaluating every step of the Buyer’s Journey.
Marketo’s Attribution Readiness Maturity Model
We’ve created an assessment that will help you understand where your business falls on the Marketo Attribution Readiness Maturity Model.
Stage 1: Implement
Many start-ups, small businesses, and marketing newcomers may find themselves in the first stage of Marketo’s Maturity Model: the implementation stage. Launching a new product or enterprise takes a lot of work, and first-time business owners may not understand the importance of concepts like growth-driven design, user experience, and marketing automation.
At this phase, lead source data is likely not being tracked, and you may be in the early stage of developing an effective outreach strategy. While a business may be able to trace a closing sale back to its analytics or online traffic, it’s often failing to identify specific sales touch points, or doing so erratically.
Those in this stage are beginning to learn about the importance of attribution models and how they work. This is typically done with the use of basic tools to analyze online traffic, such as Google analytics or Munchkin tracking code.
Stage 2: Baseline
In this phase, most marketers have moved past out-of-the-box tracking to make sure that all buyer touchpoints have been tracked and recorded. Unfortunately, this approach can remain incomplete for a number of reasons. It may not capture the entire purchase funnel, often due to insufficient technology, sales software limitations, or even employee error.
Companies are likely auditing paid initiatives, but they may not be overseeing offline sales activity or organic leads. You may have installed tracking codes to record all major online activity, even integrating your customer relationship management (CRM) solution to identify the full marketing and sales funnel.
Stage 3: Automate
Great news! You’re probably doing a lot of things right if you’re made it to the third phase—the automation phase! Your sales and marketing teams may be working together to track and record all consumer interaction and touchpoints, and they’re consistently following through with leads to help expand brand awareness and increase sales.
Businesses that find themselves in the third stage have often been in their respective fields for years, and they typically know what works and what doesn’t. They understand who their customers are, and they’re flexible and willing to make changes if they notice that certain approaches aren’t working. They’re also strategically monitoring all online and offline activity, tracking and reporting them in regular attribution reports.
Stage 4: Optimize
You’re practically a marketing pro if you’ve made it to stage four!
In this phase, businesses are tracking multiple touchpoints in a consumer’s journey, which helps their marketing teams learn how their buyers interact with their brand. Multi-touch attribution is also being utilized to recognize the effectiveness of each touchpoint and its role in the conversion process. You’re also probably using Marketo’s Bizible to harness the power of both CRM reporting and Marketo’s sales software and analytics.
If you’re in stage four, keep up the great work!
Where does your business fall in the Marketo Attribution Readiness Maturity Model? Are you just getting started with tracking marketing and sales activity? Or are you in stage two, hoping to capture the entire purchase funnel? Have you worked your way up to following through on leads, but you’re hoping to truly optimize your marketing game?
If you’d like to learn more about how to increase your marketing strategy, our experts are happy to discuss your company’s needs.