Revenue attribution remains one of the trickiest chores in marketing. But companies are getting their arms around it, according to Revenue Attribution Outlook, a study by Ascend2.
Of the brands polled, 44% have a measureable strategy in place and 17% are rolling one out.
Moreover, 23% are planning for a strategy in the future, and only 14% have no such plans.
Thus, attribution budgets are rising — 59% are planning to boost them, 25% significantly so and 23% moderately.
Another 31% say their budget is staying the same, and 10% are reducing them, 2% significantly.
Of those that have a strategy, 42% rate themselves as very successful or best in class, and 55% say they are somewhat effective at it. Only 3% admit they are ineffective.
And it’s worth it. The benefits include:
Yet another benefit is elimination of friction between sales and marketing — 79% of the respondents agree this is true, 34% strongly. Only 17% are neutral, and a mere 2% disagree.
But there are several challenges, including:
Happily, email ranks near the bottom when it comes to difficulty in attributing marketing results:
Who is responsible for executing an attribution strategy? The departments are:
Only 7% of firms rely exclusively on outside resources to execute their attribution strategy. Instead, 63% use a combination of in-house and outsourced resources, and 30% use in-house only.
Ascend2 and its Research Partners surveyed 272 firms. Of these, 32% are B2B, 41% B2C and 27% are a combination of both.