When my father was in college he had a boyfriend who was blind. His friend made a deal with him – he would buy a car they could share. The catch? When my dad’s boyfriend wanted to take a girl on a date, my dad dropped all other obligations and became her designated driver. Sometimes they would go to empty lot just for fun and his friend drove the car – flew around at reckless speed, just with his friends screaming and yelling to prevent disaster.
While we expect this type of risky behavior in college (based on stories we’ve heard, not on our own experiences, of course), flying blind is not a way to run a marketing department. Fortunately, today we have access to the marketing attribution software that is needed to clearly see which channels, content, and campaigns are working … and which are not.
When we start our career as a marketer, we often step on the accelerator and hurry straight away with driving programs and campaigns. We learn how to use marketing channels. We learn about content, creatives and CTAs. Over time, we master marketing metrics such as views, click rates and marketing-qualified leads. Still, we’re missing something. We count a lot of things, but none of them really matter to the CEO – pipeline and sales.
For most of us, the first step into the light was push button assignment, which is often made possible by CRM. Now we could assign a sales credit to the individual campaign that triggered an important event like the product purchase. Helpful, but also unrealistic in the context of long B2B buying trips that consist of dozen or even a hundred or more customer contact points. About ten seconds after we started using single-touch mapping, we realized the limitations in B2B marketing. We were still flying blind.
We needed visibility for the entire journey – every buyer touchpoint, every channel, every content asset, and every campaign that made (or didn’t make) a difference. Only with this complete picture can we hope to optimize our marketing mix at each purchasing stage to grow the business. And of course we had to be able to do this in a modern and automated way, without spreadsheets and weekends.
Multi-touch attribution challenge
Under the direction of Marketo (now Marketo Engage), marketing automation providers are offering features to address this multi-touch attribution challenge. Over time, Bizible became the leading attribution solution for B2B marketers. Bizible maintains that leadership position today as part of the Adobe Experience Cloud, which has native integrations with Marketo Engage and other Adobe software.
So what’s the value of not flying blindly? What is the value of knowing what works and what doesn’t? As it turns out, the value is immense. We see it every day with our Bizible customers. As we work with prospects to create financial business cases for Bizible, we regularly come across ROI numbers that are as compelling as you can find for any type of software. It makes sense when you think about it. As marketing teams mature and become well-versed in the mechanics of buyer engagement, there really is nothing more valuable than insights to help you tailor that engagement for maximum impact and ROI. A Bizible customer put it in a nutshell: “Bizible helps us understand where to use our marketing dollars.”
The financial value of investing in attribution software
We love to share customer success stories and create business cases with individual bizible prospects. However, we know that many marketers are looking for a more general description of the potential financial worth of investing in attribution software. To this end, we commissioned Forrester to conduct a TEI (Total Economic Impact) study. Forrester’s TEI methodology provides a proven, industry-recognized approach to assessing the value of technology investments. The results are based on customer interviews and Forrester’s independent analysis and expertise. In this case, Forrester interviewed five Bizible customers who ranged in size from a US company with $ 50 million per year to a global company with $ 52 billion per year.
So what did you find? What is the ROI of an investment in modern B2B marketing write-ups? Forrester achieved a return on investment nearly quadrupled in Bizible with a payback period of less than a year. Marketing teams were able to generate 15% more qualified leads and incremental pipeline and sales revenue in the millions and save time thanks to bizible automation. Meanwhile, marketing costs per opportunity have been reduced by 17%, freeing up money for even more growth.
Forrester TEI from Bizible
Ultimately, it’s no wonder so many B2B marketing leaders view Bizible as part of their playbook for professional success. While blind flying can be exciting, every marketer and marketing team has the time to prepare for what’s next. Those who wonder how they ever did their job differently. B2B marketing attribution software exists today to understand the whole B2B buyer’s journey and to link marketing to pipeline and sales. With Bizible’s new Forrester TEI study, marketers now have a powerful new way to convey that value to stakeholders and budget officers in their organizations.
Read the full Forrester Total Economic Impact of Bizible report.