“Everything should be made as simple as possible, but not simpler.” Albert Einstein’s famous aphorism originally applied to scientific principles but it’s valuable in many walks of life. For example, as a B2B marketer you want to track revenue attribution. Return on marketing investment (ROMI) is the key performance indicator. Download our SBI Magazine Special Issue: Revenue Attribution.
Track Engagement Points
The first input in calculating ROMI is to track spending and investments. You can easily accomplish this with sound cost-accounting principles. The challenge is to measure the results of your campaigns. To do this, you need to establish a “chain of custody” that tracks where people engaged with your content. Attribute revenue to content that started and advanced the buyer on his or her journey. Non-digital b2b marketing interactions that may require tracking include:
- Face-to-face tradeshow interactions
- Field marketing events
- Lunch & learn events
- Direct mail
- Printed magazines/direct mail
According to a 2016 Content Marketing Institute/MarketingProfs survey, direct mail and offline promotions are still the second-largest campaign expense for B2B firms. The best way to gauge the response to these good, old-fashioned analog options is leveraging channels such as microsites (vanity URLs), customized 800 numbers, and unique email addresses.
These channels can communicate with your marketing automation systems, saving your marketing managers the manual effort of attributing revenue to a specific piece of content. If you are engaged in account-based marketing, you can make additional investments such as personalized URLs or microsites for targeted personas.
This process will help you capture credible data from your digital and analog channels, continuing the evolution of B2B marketing as a science. Ultimately, it will help demonstrate ROMI to justify your marketing investments with the executive leadership team.
Would you like a hand with revenue attribution to make marketing more scientific? Plan a workshop with the SBI team of marketing experts in Dallas at The Studio, SBI’s multimillion-dollar, one-of-a-kind, state-of-the art, executive briefing center. The immersive sessions accelerate your adoption of revenue attribution and put you on the right path with a solution and implementation plan.
Shutterstock, By Adriano Castelli