April 27, 2016
/ by Maria Materise
One in three B2Bs do not track marketing ROI. And many who do are doing it wrong. Are you?
Despite advances in technology, communication professionals still struggle to understand the value of their efforts, let alone prove it to others. But if you can’t pinpoint your campaign’s impact on the bottom line, how will you know where you’ve achieved success?
It’s impossible to measure ROI with 100 percent accuracy. But with a reliable measurement process, you can better understand whether or not your efforts are successful.
Cision’s new e-book, “The Communicator’s Guide to Proving ROI Through Multi-Touch Attribution,” discusses strategies for measuring the impact of your public relations and marketing efforts and how a multi-touch attribution model can set you up for success.
Here are four ways multi-touch attribution helps you understand the value of your communication:
Prospects will engage with your brand through multiple campaigns and channels, so you need to track all of the possible ways they could find and interact with you. According to Salesforce, it takes approximately six to eight touches to convert someone into a lead.
A multi-touch attribution model takes into account all of the touchpoints involved in a customer’s journey and distributes credit for the conversion across all of them.
Marketing, public relations and sales are all related, so they shouldn’t be tracked separately. You must sync your data sources, including your marketing automation system, website analytics and sales information.
This allows you to understand all of the factors that affect a conversion. Once you have all of your data in one place, you’ll have a better understanding of which campaigns are leading to success.
If you don’t know which campaigns your audience is responding to, how will you know which ones are driving conversions? A multi-touch attribution model attempts to quantify the impact of each of the touchpoints in a customer’s journey.
There are different methods of weighting your campaigns, but to start off you should use an even/linear model. This model weights all campaigns equally, so each one gets equal credit for the conversion. This way you’ll be able to identify which campaigns are most associated with conversions.
Multi-touch attribution can also help you identify patterns in how your audience reacts to your campaigns. For example, you may find that live events lead to more conversions than press releases. Therefore, you may decide to put more effort into promoting your live events.
When measuring the value of your communication efforts, your work is never done. The communication landscape is constantly changing, and in order to keep up, you need to continuously evaluate your measurement processes and data.
Gather data about your campaigns and conversions. Then, use your marketing performance management system to understand how your customers find you, which channels are working the best, how many touchpoints leads require and more.
You should also incorporate an integrated solution, such as Cision PR Edition, to track data such as share of voice and sentiment. These factors may not have a direct financial impact, but they will give you insight on your brand’s impact on your audience.
Image via Pixabay: 1
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