Bizible gives marketers insight into which marketing efforts are the most effective in driving revenue for their company. Bizible is a marketing attribution solution that automatically tracks and reports on channel performance, providing visibility into which channels are driving the most customer engagement and allowing you to optimize your marketing spend accordingly.
Marketing attribution is the process of assigning revenue credit to a marketing touchpoint. This is done by tracking a prospect’s entire customer journey, starting from their very first interaction with your company to when the deal closes. The revenue generated from the deal gets attributed back to the marketing touchpoints that drove the sale. The amount of revenue credit given to a touchpoint depends on how much that touchpoint influenced the customer’s purchasing decision.
Touchpoints refer to the interactions a prospect/lead has with your online or offline marketing efforts. There are four major touchpoints that are considered in marketing attribution. They reflect the different stages in the customer’s journey. These major touchpoints, also referred to as milestone touchpoints, are: First Touch (FT), Lead Creation (LC), Opportunity Creation (OC), Closed Won deal (CW).
These milestone touches are the foundation of Bizible’s attribution models. Bizible offers six attribution models. Each model focuses on different stages in the customer journey and offers a general structure for attributing revenue credit to your marketing touchpoints. The model that you use depends on which stages of the journey you’re most interested in measuring and how much data you want to report on. The attribution models that Bizible offers are:
Marketing teams typically report on engagement, activity, and other soft metrics. As a result, a challenge marketers often face is demonstrating how much actual revenue their efforts generated for the organization. Marketing attribution solves this problem by tying marketing efforts directly to sales revenue. This provides marketers with the hard metrics they need to:
Additionally, marketing attribution addresses the misalignment between sales and marketing teams. Since sales teams report on revenue and pipeline, and marketing teams rely mostly on soft metrics, marketers are unable to call out which of their efforts were the most influential in driving a sale. Tying marketing efforts to revenue allow both teams to speak the same language, and enables marketers to demonstrate how their efforts helped influence leads to eventually become customers.