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Playing with Models: How to Make the Most of Your Marketing Budget

Marketing

When it comes to marketing online, it’s all about measuring performance and focusing spend on your successes. From social media to webinars and blog posts, it’s critical you know which of the numerous channels and content make the most sense for reaching your specific buyer.

Unfortunately, many commit the detrimental error of only measuring success in terms of conversion rates or quantities. It makes sense on the surface – the actual dollars generated from your efforts intuitively should matter most. But this approach leads to only prioritizing channels and content that caused the ultimate conversion, while ignoring the path they took to get there.

Attribution modeling is one way to measure success in driving a prospect through every stage of the customer life cycle. This method identifies the tools along this journey that drive your ideal customer through the sales funnel fastest. But only if you take a “fractional” approach, versus “first-touch” or “last-touch” attribution models that only measure the the first or last touch points in the customer journey.These alternative approaches put you at risk of wasting time and money on content and channels that stop or slow the lead from moving through the sales funnel.

So how do you create a fractional attribution model? Recently I created the video guide at the bottom of this post that describes exactly how to approach the process. VisionEdge Marketing President Laura Patterson describes the method step-by-step. But first, I will provide a high-level overview of the report here.

Map Content / Channels Along Your Customer Journey

The first thing you need to do is place your content and channels in buckets according to where they fall in the customer journey

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Would Linkedin, for example, fall in the connection phase because this happens most often after you’ve already made contact with a customer? And what about Twitter? Does that lie in the conversations stage because that’s where you usually engage new connections? Once you’ve plotted all of your content and channels in a customer life cycle phase, it’s time to move to the next step.

Weight Content According to Their Velocity in Moving Leads Forward

Next, you will want to weight these content and channels relative to their impact on the lead. You can choose something as simple as “low,” “medium,” “high,” or go a little more advanced with a scale of 1-10.

Apply these weights according to their success in moving the prospect to the next most ideal piece of content or channel. “The most ideal” would be whatever has the highest success in moving the lead to the next phase. A blog post, for example, might be weighted higher than Twitter in the conversation stage because it moves the lead to a webinar most often. And a webinar moves the lead to a call with a sales rep, which has the highest rate of converting to a deal.

Prioritize Spend on Conduits That Score Highest

At the end of this process, you will have defined the ideal customer journey. This might, for example, start with signing up for your newsletter, connecting on Linkedin, downloading a white paper, conducting an online demo and then ultimately chatting online with a salesperson.

If this was your highest weighted customer journey, you would know you need to prioritize your budget on each of these channels. This ensures you are making the most efficient use of your limited marketing budget. Also, consider this ideal customer journey might vary by buyer persona, if you have more than one. So repeat this process for every segment you target.

Watch the entire video from marketing automation reviewer Software Advice below for a more detailed description of this process.

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