devrun
September 29, 2020
The contribution of Digital Marketing in your business is not always clear to the sales team. Because most of the metrics measured by the marketing team are not meaningful to the sales team. Customer's digital analytics data such as visits, clicks, opens, and conversations are the key performance indicators for the top and middle-of-the-funnel.
But your sales are dependent on the people at the bottom-of-the-funnel. Unless there is a noteworthy business outcome, the digital marketing efforts won’t be making its way to the revenue chart. So, The marketing teams must know how to represent the metrics as well.
If they fail to properly assess the impact of digital marketing on revenue, they may rather be treated as a cost center by the organization. Because many organizations only acknowledge the immediate gains from their profit centers.
About 53.1% of digital marketing agencies have admitted that they are perceived as a cost center instead of a profit center. Because around 44% of marketers are unsure of the Return on Investment (ROI) for digital marketing.
Only 15% of marketers claim to be successful at measuring their marketing metrics. And only 50% of marketers say that their investment in marketing is focused to achieve broader business objectives. So, many organizations are yet to realize the potential of digital marketing.
This is where a good digital analytics agency can make a difference. They can plan your marketing budgets using sophisticated digital marketing attribution. This can significantly improve your business performance and team alignment.
Digital Marketing companies that map their revenue are 212% more likely to have a Year-on-Year revenue growth greater than 20%. And marketing organizations are 159% more likely to be aligned with sales if they are nurtured as a revenue center.
Digital Analytics tactics planned based on revenue are 334% more likely to make use of sophisticated attribution. This makes the marketing organizations 59% more likely to be perceived as a revenue/profit center.
The top and middle-of-the-funnel are needed for spreading your business. But you must secure your customer’s journey from top to bottom. Strengthening the middle-of-the-funnel through multi-touch attribution can contribute to the business’s bottom line.
Multi-touch attribution helps enrich digital analytics by providing much crucial information. It assigns variable revenue credit weights to a range of digital marketing activities. So, marketers are able to identify the key touchpoints.
This enables marketers to prioritize the key touchpoints and align with vital funnel stages. So, they are able to understand buying journeys better and can close a deal more efficiently. So, Multi-touch attribution is also referred to as a full-path model.
The Full-path model is a more integrated approach towards attribution that can improve your business’s digital analytics. It can efficiently model the impact of digital marketing on revenue in reports. This model is ideal for people that are already in the sales funnel.
So, organizations that are more focused on marketing to people that are in the funnel should consider a full-path model. Among other advanced attribution models, this is the only model that accounts for digital marketing efforts past the opportunity stage.
We are Experts in Adobe Analytics and Google Analytics and this enables us to enhance the versatility of our work for multi-touch attribution. So, we can accurately attribute revenue across all digital marketing channels to give credit where it’s due.
Our digital analytics experts can create sustainable full-path models for your business that can contribute to bottom-of-the-funnel. This will make the ROI of digital marketing clearer to you and help you perceive it as a profit center for business.
