When I was in middle school, I used to write songs with my best friend.
We were sure we'd be famous one day, so we decided to keep track of who wrote what parts, so we could properly designate the percentage of revenue.
Let's say I wrote 60% of the song, then I'd take 60% of the revenue.
Yes, we actually did this. And although we didn't know it then, we were practicing attribution.
In business, companies usually try to attribute the percentage of revenue that came in from marketing and sales.
While marketing attribution might not be top of mind for a sales rep, it's important that marketing and sales work together for attribution.
In fact, when marketing and sales teams are aligned, sales reps can understand how marketers impact sales efforts and vice versa.
Below, let's review what marketing attribution is and how it can impact your sales team.
Marketing attribution is the process a business uses to calculate the return on investment of marketing efforts. With marketing attribution, your team will learn which marketing tactics result in leads and revenue. Marketing attribution should answer how marketing efforts impact sales.
Ultimately, marketing attribution will determine which channels and messaging converted more leads and led to a purchase.
A popular marketing attribution model is the multi-touch model because it provides contextual insight into how, where, and when a customer interacted with a brand.
With the multi-touch approach to marketing attribution, it's understood that customers don't just go to a website and make a purchase.
First, they might read a blog the marketing team wrote up. Then, they might contact a sales rep. All the while, they're probably following your brand on social media.
Each of these touchpoints impacts the decision to buy. That's why marketing attribution should consider all of these touchpoints.
So, you might be wondering, "Why does marketing attribution matter to sales?"
As a sales rep, understanding marketing attribution can help you make more sales.
For instance, your job will be much easier if you know what messaging a consumer was exposed to, on what channel, and what touchpoints make the greatest impact on their decision to purchase.
With marketing attribution, you'll have access to this information.
As a company, your marketing attribution and sales reporting should be integrated so you have a better understanding of how the two interact to make a sale.
Additionally, if your marketing and sales ROI measurements are calculated separately, you're probably double-counting leads and prospects, making your calculations unreliable.
So, what should your team be doing? And how can you integrate your marketing attribution and sales reporting?
Well, you should use an attribution system that accounts for both marketing and sales.
For example, you should know if a prospect came through:
An inbound marketing tactic and directly made a purchase through your site (no sales involvement)
An inbound marketing tactic and then contacted a sales rep
An outbound sales rep closed a deal (no marketing assistance)
An outbound sales rep made the first contact and closed the deal with marketing assistance
Once you've categorized your leads, you can associate revenue with each lead type and calculate your cost per acquisition.
When this happens, you'll begin to see the positive affects marketing attribution can have on a sales team. Let's dive into the positive effects below.
5 Ways Marketing Attribution Impacts Sales Teams
When done correctly, marketing attribution should account for the impact of both marketing and sales teams. When this is done, marketing attribution can:
1. Eliminate the friction between your sales and marketing teams.
When sales and marketing attribution is aligned, you'll eliminate the friction between the two teams.
For instance, there shouldn't be any question over who is responsible for bringing a certain prospect on board.
By strategically partnering sales and marketing, you'll learn how marketing impacts sales, which will help you close deals faster.
Additionally, marketers can run more efficient campaigns to help sales reps close more deals, and accelerate the sales cycle.
With marketing attribution reporting, you should be able to see the friction points in your sales cycle, and eliminate them.
2. Allocate the budget for marketing campaigns and sales efforts.
Marketing attribution can also help allocate budgets for efficient marketing campaigns that will facilitate sales.
For example, if you know that inbound prospects are more likely to close with the help of a sales rep, you can allocate more money to inbound marketing.
Additionally, your sales reps can focus more on their inbound prospects.
If you don't align marketing and sales attribution reports and have a clear picture of your ROI, how can you properly optimize your budget?
That's why it's important that your ROI calculations are reliable.
Plus, if there's friction during the sales pipeline, you can invest in sales training and development.
3. Improve reporting for both departments.
Not to reiterate, but reporting is important. You need reliable numbers to make proper decisions.
When you align your marketing attribution and sales team, you'll improve your reporting so you aren't double-counting leads and prospects. That's why you need to integrate your attribution reporting.
Once your reporting is perfected, you'll be able to better understand your performance and efficiency.
Plus, with this model, you can accurately report how sales and marketing teams work together and impact each other.
4. Introduce software integration to streamline processes.
With all this talk about integrating marketing attribution with your sales team, you might be wondering, "How will I integrate my attribution reporting?"
Well, it's actually a simple concept.
If you integrate your CRM and marketing automation software, your reporting will be in one place. Your sales reps will have all the information they need from marketing to close a deal. And your marketers will understand what tactics helped make a sale.
Integrating your marketing and sales software will help keep track of when both teams interact with a prospect, so a sales rep has the full picture when they go on a discovery call.
Plus, both marketing and sales teams can track, monitor, and report the performance and strategy of their efforts.
If your software isn't integrated, successful attribution is nearly impossible.
5. Drive strategic decision making.
When marketing attribution and sales teams are aligned, you can analyze the results and make better decisions.
With that in mind, you can attribute marketing and sales efforts easily and see how your teams are impacting each other the most.
For instance, do sales reps have an easier time closing the deal when marketing assists?
As marketing attribution evolves, it's important that your marketing attribution and sales attribution models are aligned. When this happens, you'll be able to streamline your sales process and drive more revenue.
Originally published Mar 30, 2020 7:30:00 AM, updated March 30 2020