”Perfect Attribution”
In the latest Adzact Collaborations report, we delve into the intricate world of B2B marketing attribution. This discussion, led by industry experts, navigates the complexities of accurately measuring marketing efforts, balancing short-term and long-term goals, and leveraging innovative measurement techniques. Their insights provide a comprehensive guide for enhancing marketing strategies and achieving more precise attribution in B2B contexts.
Hosts
Joaquin Dominguez and Tom Gatten were joined by marketing experts to discuss the topic.
Guests
Alex Venus, Head of Digital and Web Marketing - Personio
Rupali Singhal, Marketing Analytics, EMEA and APAC -Twilio
Jonny Colclough, Senior Digital Demand Generation Manager - Scandit
Challenges of Attribution in B2B Marketing
Attribution in B2B marketing presents a multifaceted challenge, as highlighted by Joaquin Dominguez and the panel. Jonny Colclough underscored the difficulty of measuring the impact of ungated content. In a landscape where customers interact with content across multiple touchpoints without necessarily filling out forms, traditional measurement methods fall short. Colclough stressed the importance of adopting a holistic view of marketing programs, recognising the collective influence of all marketing activities rather than isolating single interactions.
Rupali Singhal pointed out the rapid growth in B2B ad spending, which has introduced new complexities in tracking customer touchpoints. She emphasised that as marketing channels proliferate, it becomes crucial to credit each stage of the customer journey appropriately. Singhal noted that with so many digital touchpoints, from emails to social media ads, it is imperative to understand how each interaction contributes to the final conversion.
Alex Venus added that understanding the synergies between different marketing channels is crucial for accurate attribution. He advocated for a new measurement strategy that includes custom metrics and creative analysis. Venus elaborated that marketers need to move beyond last-touch attribution and develop metrics that capture the true value generated by various marketing activities.
"Measuring the impact of ungated content presents a significant challenge. Without the ability to track form completions, we must adopt a holistic view of our marketing programs, recognising the collective influence of all our efforts on the customer journey." Jonny Colclough
Balancing Short-Term and Long-Term Goals
Balancing immediate objectives with long-term brand building remains a significant challenge in B2B marketing. Joaquin Dominguez highlighted how the pressure to deliver quick results often undermines efforts to build a sustainable brand presence. He noted that while short-term campaigns might boost immediate sales, they can detract from the broader goal of establishing a strong, recognisable brand.
Alex Venus and Jonny Colclough discussed how brand-building activities often fall outside the scope of traditional attribution models. Venus explained that brand-building efforts, like community engagement and thought leadership, are harder to quantify but are essential for long-term success. Colclough added that it is necessary to show the value of both the product and the brand, even when these activities do not directly contribute to immediate sales.
The panel agreed that effective attribution models should account for both immediate performance metrics and longer-term brand equity. This dual focus ensures that marketing efforts are sustainable and contribute to the overall growth of the business.
"Focusing on account-level metrics is essential in B2B marketing. By engaging all key stakeholders within a potential client, we ensure a more comprehensive and effective approach, rather than just tracking individual leads who may not be the final decision-makers." Rupali Singhal
Account-Based Marketing (ABM)
Account-Based Marketing (ABM) offers distinct advantages in B2B settings. Tom Gatten highlighted the benefits of account-based intent aggregation, which allows marketers to know precisely which accounts have been targeted. This targeted approach increases the efficiency of marketing efforts and ensures that resources are directed towards high-value accounts.
Rupali Singhal emphasised the importance of focusing on account-level metrics rather than lead-level metrics. She explained that in B2B, the person engaging with your content is often not the final decision-maker. By focusing on accounts, it ensures that all key stakeholders within a potential client are engaged. Singhal also highlighted the complexity of gauging account engagement, noting that understanding how engaged an account is requires a nuanced approach, considering multiple touchpoints and interactions.
The role of data science in enhancing ABM was also discussed. Singhal noted the influx of talent in this area, leading to improved tools for lead and account grading and predicting the next best product. Gatten and Venus mentioned the development of proprietary tools and sophisticated tech stacks that connect metrics, attribution models, and user journeys, thereby enhancing the overall effectiveness of ABM strategies.
Importance of Qualitative and Quantitative Signals
Combining qualitative and quantitative signals is essential for accurate marketing measurement. Jonny Colclough and Rupali Singhal discussed using self-reported attribution and incrementality tests to validate model weights. Colclough noted that quantitative data provides the 'what,' but qualitative data helps understand the 'why' behind customer behaviours.
Rupali explained that weights in attribution models often come from qualitative studies and tests. Machine learning helps refine these weights by analysing large datasets and identifying patterns.
"The 'Go to Google' rate provides critical insights into the synergy between social media interactions and search behaviour. By tracking how social media engagements drive Google searches, we can optimise our marketing spend and avoid making reactive decisions based on incomplete data." Alex Venus
Creative Testing and Its Importance
Creativity is a major driver of growth in B2B marketing, as stated by Alex Venus. He emphasised the necessity of bold and diverse creative testing, supported by a scalable creative framework. Venus explained that the biggest growth in a company comes from creativity. Testing different creative approaches helps understand what resonates with the audience and drives engagement.
Alex Venus stressed that effective creative testing goes beyond simple changes like colour or text variations. It requires bold and innovative approaches that challenge conventional ideas. This could involve testing entirely new concepts, formats, or storytelling methods. By pushing the boundaries of creativity, marketers can discover what truly captures their audience's attention and differentiates their brand in a crowded marketplace.
Jonny Colclough echoed this by discussing the importance of understanding the composition and anatomy of creative content to enhance performance. He noted that it is not just about ‘what’ is said, but ‘how’ it is said. Creative testing helps refine messaging and visuals to maximise impact.
Innovative Measurement Techniques
The 'Go to Google' Rate
Alex Venus introduced an innovative metric known as the 'Go to Google' rate, which aims to bridge the gap between social media interactions and search behaviour. This custom metric is designed to track how engagements on social media platforms, particularly paid social media interactions, influence subsequent searches on Google.
Alex explained that this metric helps marketers understand the synergy between paid social and search channels. By deploying the Meta pixel, which collects all website traffic data (not just Meta traffic), marketers can observe where users go after interacting with social media ads. The 'Go to Google' rate specifically measures the percentage of users who, after seeing a social media ad, later perform a related search on Google.
Incremental Testing
Rupali Singhal shared Twilio's approach to incremental testing. She described how they conduct geo tests and temporarily suspend specific channels to measure their actual impact on leads. This method provides a clearer understanding of each channel's contribution to the overall marketing strategy. Singhal also highlighted the impact of strategic budget reallocation, noting that Twilio's 70% reduction in CPC budget led to only a 5% decrease in leads, with the saved budget reinvested in brand awareness on LinkedIn.
Conclusion
The insights from this discussion underline the complexities and evolving nature of B2B marketing attribution. By balancing short-term and long-term goals, leveraging account-based strategies, integrating qualitative and quantitative signals, and employing innovative measurement techniques, marketers can enhance their attribution models and drive more effective marketing strategies. The contributions of Jonny Colclough, Rupali Singhal, and Alex Venus provide a roadmap for navigating these challenges, ensuring that marketing efforts are accurately measured and optimised for success.
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