How many hole in ones have you shot in your life? Measuring marketing success is very similar to golf — it takes multiple shots to complete the hole and fewer shots are preferred.
Unless you see a sign while walking along South Beach that says “Free drinks next hour,” it’s rare that one touch drives the deal. Rather, it usually takes multiple touches and multiple contacts to make the deal happen. Today’s marketers go beyond simple Lead Source measurement and instead analyze multitouch marketing influence. In other words, how is marketing contributing to revenue?
For example, if John and Cindy are part of a $100K deal, what marketing programs are helping influence the deal? Yes, the original touch is still important to measure just like a golfer’s drive. But that drive doesn’t tell the whole story. If John attended a webinar and a trade show, while Cindy downloaded an eval, shouldn’t all those touches count to give an accurate picture?
Using multitouch analysis, we can break down marketing influence to say that marketing influenced the $100K Opportunity. Each program takes a piece of that revenue credit as each helped influence the deal. When rolled up to all programs and Opportunities over a quarter, marketers can see the true impact of their programs (See #1 in Top 5 Automation Metrics).
- Eval Download – $33.3K
- Chicago Trade Show – $33.3K
- Best Practices Webinar -$33.3K
Separately, marketers can slice the data based on the acquiring program to answer the question “Which programs are starting opportunities?” Like golf, this question helps decide who is the best as driving the ball off the tee. So if the Chicago trade show was the first program, it would get the $100K of credit in that instance.
Good luck on the course.