Best Practices for Utilizing a Custom Revenue Amount
Bizible’s core functionality is the ability to assign revenue credit to marketing touchpoints throughout the buyer’s journey. The key to accurate revenue attribution is the ability for Bizible to reference the correct revenue amount on an Opportunity, which in turn, is distributed across the marketing touchpoints via the various attribution models.
Unless otherwise specified during implementation, your Bizible instance will be set to reference the standard Opportunity Amount (SFDC Default) for revenue attribution. However, for many Bizible accounts, this field does not reflect the accurate revenue amount for Opportunities. In these instances, Bizible offers the ability to set up a Custom Revenue Amount for Bizible to reference and distribute across the Attribution Touchpoints (BATs).
When setting up a Custom Revenue Amount, keep the following best practices in mind to ensure your Bizible attribution data is accurate and consistent!
Things to keep in mind:
- Select the revenue field that is accurate and utilized for all Opportunities
- ARR or Total Contract Value us recommended
- Do not use a formula field
- If you’re using a Custom Revenue Amount for currency conversions, the Bizible Multiple Currencies functionality is the preferred method instead.
- Bizible’s Multiple Currencies functionality references the conversion rates established in Salesforce to best ensure alignment between currency conversions. This allows you to continue utilizing the standard ‘Amount’ (SFDC Default), or any other custom Amount field that relates to the Salesforce conversion rates.
- If you update the Amount field you’d like Bizible to reference, use Data Loader to update past Opportunities to ensure your revenue data is consistent and the proper field is populate via the workflow
Best Practice for Maintenance
Reviewing your revenue amount setup yearly will ensure that your attribution data is accurate and aligned with the rest of your organization’s revenue reporting.
If you’re utilizing a Custom Revenue Amount, check your revenue setup as follows.
- In your Bizible account, go to the ‘Opportunities’ section under CRM
- Identify the Custom Opportunity Amount Field, here your custom revenue amount API field should be listed
- Confirm that this is still the correct field
- Also have your Salesforce Admin confirm that the Custom Revenue Amount workflow in Salesforce is still running
Aside from a yearly review, certain organizational changes may signal the need to review your revenue amount setup…
- Turnover in your marketing team
- Changes to the Custom Revenue field
- Organization changes in how revenue is reported