Marketing teams work on several campaigns at once. Take the case of promoting an event: more often than not, your company’s marketing team will do a campaign through social media and one through email. At the end of the day, as you get closer to the event, you’ll have a list of leads ready to start flowing through your marketing and sales funnel.
But how do you know which effort drove the most results? Reports are based on accurate and granular information, one of HubSpot’s most potent areas.
Attribution Reporting
Aside from the example of the event promotion and the possibility of knowing which type of content or channel contributes more to contact creation, accurate reporting can also help you determine what generates more deals and what drives more revenue for your business.
That’s why you should leverage all three attribution reports HubSpot offers, these are:
- Revenue Attribution
- Contact Attribution
- Deal Creates Attribution
Revenue Attribution Reports
This type of report allows you to visualize every interaction you had with your lead until it became a customer. Ultimately, the goal of this report is to assign the channels through which those interactions took place a share of the credit for the sale.
Depending on the type of revenue attribution report you to choose; you will assign more credit to one or more specific interactions in the lifecycle of that customer. This way, you can choose between the following:
- Linear attribution model: It equally allows transaction revenue credit to every exchange that occurred before the agreement's closure. This is particularly helpful for making "apples to apples" comparisons.
- W-shaped attribution model: The initial interaction receives 30% of the deal revenue credit, the contact creation interaction 30%, and the deal closing interaction 30% each. Ten percent is left over and is divided equally between the transaction and initial interactions.
- Time decay attribution model: This model credits the most recent interactions with the most deal revenue. It is an excellent way to gauge sales velocity and determine which user interactions result in a quicker conversion rate.
- Full path attribution model: Gives the first interaction 22.5% of the deal income credit, the interaction that generates the contact 22.5%, the interaction that produces the deal 22.5%, and the interaction that closes the deal 22.5%. The remaining ten percent is distributed equally among those four primary interactions.
- Last click attribution model: This model credits the last touchpoint in the buyer's journey with a conversion because it assumes that this touchpoint ultimately affected the lead's choice to convert.
- U-shaped attribution model: Gives the first interaction 40% of the deal income credit and the interaction that generates the lead 40%. Equal portions of the remaining 20% go toward each of those exchanges.
- First, click attribution model: This gives the initial interaction credit for all deal revenue. This is great for knowing where leads come from and for initiatives aimed at raising brand awareness.
Contact Attribution Reports
This type of attribution report is beneficial for marketers trying to understand which of their efforts captures the most leads for their business. A contact attribution report lets you know which social posts, landing pages, or forms drive the most lead conversions.
Deal Create Attribution Reports
This type of attribution report works very similarly to the contact attribution report but is applied to deal creation. In practice, this translates to you being able to visualize which marketing efforts or which specific asset or campaign drove the lead that ultimately resulted in a new deal created.
Which Campaign is Best for You?
Ultimately, the most appropriate attribution report for you will rely on your business objectives and the knowledge you hope to get. HubSpot's attribution tools offer flexibility and capability, whether your goal is to use multi-touch attribution to understand the entire customer journey or first- or last-touch reporting to identify which key touchpoints cause conversions. The secret is to match the report type to your marketing goals and utilize the information to guide strategic decision-making. By taking the time to investigate and test out several reports, you may identify the one that most closely matches your company's requirements and helps you maximize the effectiveness of your marketing initiatives.
Ready to start your journey with HubSpot?
Leveraging HubSpot’s features will drastically increase your business’s potential. However, attribution reporting can be tricky at best. That’s why relying on a team of experts like the ones at S.R. Pro Marketing is the best option to make the most out of your HubSpot instance while you sit back to see results. Contact us today to learn more about HubSpot Campaign Attribution.