Simplify complexities. Modernize processes. Maximize value.
While that may seem like a quick compilation of buzzwords, as B2B marketers, down to their core these principles not only inform our communications but drive our data analytics strategy, too.
However, many companies today are still relying on traditional attribution models. 50% of B2B organizations don’t even have confidence in their data’s quality, according to Gartner. Between a robust channel mix—content syndication, email, paid search, etc.— and the quick transition to a cookie-less world, data-gathering processes are becoming more complex and value is becoming harder to measure.
In this session from our Effectiveness Week, hear from Gary Billings, Global VP of Data and Peter Leighton, Lead Data Analyst at The Marketing Practice. The idea behind Effectiveness Week was to help shift focus from not-so-helpful metrics and tactics to transformative strategies for revenue-driving results. Learn how Marketing Mix Modeling (MMM) executes trustworthy data analysis by finding the tie between marketing spend per channel and sales generation to power better decision-making.
The Data Questions
From impressions to clicks and form fills, every action taken before the sale matters. But as marketers step into the stakeholder meeting, it’s vital that data teams pull together the numbers that mean the most. And that’s the start to modernizing analytics.
What are the metrics that accurately inform dollar-focused business decisions? What is the real impact particular channels are making on the business over time? How can marketing and analytics teams demonstrate the correlation between spend and contribution to revenue?
The Challenge
Ad tracking is becoming increasingly difficult. Privacy laws and corporate policies are inhibiting data collection, heavily impacting attribution models for digital marketing.
Additionally, weighing display ad impressions on the same scale as eyeballs driving past an out of home ad can drive inaccurate results.
The challenge: proving marketing effectiveness…accurately.
The Answer: Marketing Mix Modeling
It’s time to ‘simplify complexities.’ Instead of relying on fleeting cookies and experiencing the hurdle-like effects of changes like GDPR, MMM analyzes the relationship between marketing spend and the sales pipeline to determine where your investments can deliver the most meaningful results in the future. Through aggregate data collection, companies gain a holistic view of marketing success.
Based on this model, both sales and marketing teams can demonstrate to stakeholders the dollar-driven contribution of their work and why their budget is being put to use. How? These three outputs:
1. Attribution over time: monetary value associated with a specific channel
2. ROI: overall revenue results from all marketing efforts and per channel
3. Recommended budget allocation prediction: forward-thinking insights to effectively move money towards higher-performing tactics
Through this ‘modernized process’ for meaningful data analytics, B2B marketers paint a full picture of how much impact each channel delivers now and in the future.
The Bottom Line
Ultimately, the right data drives the right optimization. By ensuring marketing dollars are spent appropriately, companies can ‘maximize the value’ from each investment. Really, revenue-driving value. See how this shift to modern attribution modeling places your dollars where they matter most by catching up on the session below.
This on-demand session is part of Effectiveness Week 2024, peering into the minds of marketing thought leaders dedicated to efficiently reaching B2B strategic goals. Access the rest of the sessions here and hear from executives across the industry.
