RevOps Best Practices: Rethinking Attribution Models
Today, let's demystify the enigma of attribution models and align on how we should actually use them—resource allocation, not team credit assignment! 🧩
Attribution models—powerful tools that help us decipher the customer journey, identify meaningful touchpoints, and measure performance. However, the danger lies in the temptation to use them as credit scorekeepers, pitting teams against each other. 🚫⚔️
Instead, let's embrace a more rational approach. Attribution models should serve as our compass, guiding us to allocate resources wisely, optimize marketing spend, and enhance overall efficiency. Let's walk through this together. 👇
1️⃣ Resource Allocation, Not Team Wars 📈💡
Remember, attribution models are here to illuminate the most impactful touchpoints, not to spark interdepartmental battles. Adopt a collaborative mindset, focusing on the greater goal of driving growth for the entire organization. 🌱🤝
2️⃣ Analyze the Complete Journey 🧭🚀
Avoid myopic views! Attribution models are like panoramic lenses—capture the entire customer journey, from initial contact to conversion. Embrace the holistic perspective, and don't fixate on isolated moments. 🌄
3️⃣ All Models Have Flaws 🕳️🔍
No model is perfect, and that's okay! Acknowledge the limitations of attribution models, and combine multiple models to gain a more comprehensive understanding. Leverage the strengths of each to offset their weaknesses. 🔄🔍
4️⃣ Blend Art and Science 🎨🔬
Attribution is a blend of art and science, not an exact science itself. Incorporate human intuition and experience alongside data-driven insights. Strive for a balanced decision-making approach that considers both aspects. 🎯🤔
5️⃣ Test, Test, and Test Again 🧪📊
Experimentation is the essence of progress! Continuously test and refine your attribution models to fine-tune their accuracy. Embrace data-backed insights, but never shy away from challenging the status quo. 🧪💡
6️⃣ Keep the Endgame in Sight 🏆🎯
The ultimate goal is growth and ROI, not just assigning credit. Never lose sight of the bigger picture. Let attribution models be your allies in making strategic resource decisions that lead to tangible results. 📈🚀
Putting Everything Into Practice
As you know, there are many attribution models to choose from. None are perfect, some are better for certain businesses than others.
Hypothesis
Our hypothesis is that different channels, campaigns and tactics will have different impacts on different stages of your buyer’s journey.
Methodology
HubSpot does a really good job of reporting on first and last touch through the Original Source and Latest Source fields (and each our their Drill-Down 1 and Drill-Down 2 buddy fields). But HubSpot overwrites the Latest Source every time the Contact engages, which is fine, but we want to capture the key engagements that influence a Contact to move from lifecycle stage to lifecycle stage.
To do this, we suggest building 3 companion fields for every lifecycle stage. These fields are labeled with the following nomenclature: Lifecycle Stage Name: Latest Source; Lifecycle Stage Name: Latest Source Drill-Down 1; Lifecycle Stage Name: Drill-Down 2. We then suggest creating workflows to automatically populate these fields with the existing value in the Latest Source fields upon the time of a Lifecycle Stage transition.
Expected Results
Over time, we expect to be able to see trends in which channels, mediums, and campaigns are helping influence Contacts moving from Lifecycle Stage to Lifecycle Stage. Your dashboard would be built with the intention to be able to surface those insights.
Example data from one of our clients
So, dear marketers, let's unlock the true potential of attribution models—to inform resource allocation and optimize marketing strategies. Let's replace credit scorekeeping with collaborative growth pursuit! 🌟🚀
