Marketing Attribution – How It’s Done in Bizible: Part III of IIIJamie Kirmess / September 22, 2017 / 0 Comments
In case you didn’t already know, you’re reading the third – and final – post in a series I wrote focusing on the nitty-gritty of marketing attribution.
All done? Great! Read on…
Now that you’re up to speed on marketing attribution in SDFC and Marketo, let’s talk Bizible. I’ll start by saying that all of us at LeadMD are big advocates of Bizible. Their platform is scalable, easy to use and flexible, which is why they are one of our core partners!
Reporting on Marketing Attribution in Bizible
Bizible’s attribution methodology is a fundamental shift in the way marketers think about attribution. Instead of assigning revenue to programs or campaigns, Bizible assigns revenue to touchpoints, which roll up to marketing channels. Touchpoints refer to the interactions that prospect or lead has with your online or offline marketing efforts. In many B2B sales processes, a lead has several touchpoints with your brand before contacting sales. Bizible captures all of these touchpoints seamlessly rather than relying on a program or campaign every time someone comes from Twitter to your website. This eliminates a common scalability problem that occurs with Marketo.
Furthermore, instead of the campaign being the center (with a bunch of fields that describe the campaign), Bizible’s model puts the touchpoint in the center (with fields describing the touchpoint). These typically include: Date/time, marketing channel, source, landing page, ad campaign (when applicable), keyword (when applicable) and type (Web visit or Web visit plus form submission).
There are four touchpoints that are considered “milestones” in the Bizible attribution framework. They are:
- First Touch (FT): The first touchpoint a lead has with your company
- Lead Creation (LC): The touchpoint where the lead became known
- Opportunity Creation (OC): The touchpoint right before the opportunity was created
- Closed Won (CLOSED): The touchpoint right before a closed won deal
- All other touchpoints are considered “middle” touchpoints
Bizible offers six attribution models where these touchpoints receive a different amount of attribution credit. They are:
- First touch: The FT touchpoint gets 100 percent of the attribution credit
- Lead Creation: The LC touchpoint gets 100 percent of the attribution credit
- U-Shaped: The FT and LC touchpoints split attribution credit
- W-Shaped: The FT, LC and OC touchpoints get 30 percent credit and all middle touchpoints split the remaining 10 percent credit
- Full Path: Gives 22.5 percent credit to FT, LC, OC and Closed Won touchpoints and distributes credit evenly amongst all other touchpoints.
- Custom Model: Your choice.
You can read all about the attribution models in detail in this blog post.
The thing I like the most about Bizible is how it collects these touchpoints. The easiest way to describe the capture process is to categorize touchpoints into online and offline touchpoints.
Bizible also integrates with the most popular online ad platforms (Google Adwords, Bing, Yahoo, DoubleClick, AdWords Display, Facebook and LinkedIn) to track online engagement. These integrations allow you to understand which campaigns, keywords and ad groups are generating the most revenue, too. If you invest heavily in SEM, the connection of these meta data to revenue is super valuable, and not something that is easily captured in Marketo or SFDC out of the box.
For offline engagement, like a tradeshow, Bizible assigns a touchpoint for any “responded” status in an SFDC campaign. This makes tracking your offline programs in Marketo/SFDC very important.
How to Build Reports
A huge bonus of using Bizible is that when you install the app in SFDC, there are a lot of pre-built reports and dashboards. This makes reporting a piece of cake, like if you want to understand exactly what channels are generating the most revenue by attribution model…
Or if you want to understand which keywords are performing the best, or which channels close deals the fastest (who WOULDN’T want that?).
Or if you want to give your CMO a quick look at marketing performance…
Bizible makes it super easy.
Verdict: How Good is Bizible’s Attribution Reporting?
Very good. Here are the three main differentiators:
- Online tracking script makes it easy to capture engagement without a lot of manual backend work.
- Flexible attribution models allow you to evaluate marketing performance in several different lenses and choose the model that makes the most sense for your business.
- Out of the box reports and dashboards give instant gratification and make it easy to manipulate data into additional reports and dashboards.
The biggest “complaint” I’ve heard about Bizible is that marketing starts getting more credit than they did before, which causes skepticism at the executive level. That might seem great to you but, trust me, I’ve worked with a few execs who have had to REALLY defend their numbers and it’s not a painless process. Make sure to get exec buy-in upfront and explain that the numbers will be different from the leads-by-lead-source reports they saw in the past.
One other nuance is that your FT data won’t be highly accurate when you sync your historic data. This is because Bizible is going to look for the first “touchpoint” your leads had with a company. If they found your company through SEO, but the first campaign in the system they “responded” to was an email, that email will get FT credit.
If you can’t tell from this post, I love talking about attribution. My fellow consultants and I have helped many companies understand how to measure attribution – no matter what tool you prefer. If you are struggling with how to do it, please get in touch with us. Think of it as making an investment to make smarter investments.
And if you’re curious about how you currently stack up when it comes to marketing attribution, come give our free Attribution Audit a try. We hope to help you improve your attributions – and your MROI – ASAP.