Closed-loop attribution is a useful resource for marketers looking to take their marketing to the next level. We discuss what it is, how to use it and most importantly, how to implement it into your marketing stack.
Only 60% of marketers are confident they prove marketing ROI. And we can’t say we’re surprised.
When marketers are dealing with long customer journeys, tricky-to-track conversions and more, there’s a lot of data and very little time to analyse it.
The trick to combatting this is by using closed-loop attribution.
In this blog, we’ll discuss:
Closed-loop attribution is a method for marketers to credit marketing channels and campaigns for their influence on closed sales and revenue.
Marketing attribution is an increasingly important way for marketers to report on their success and optimise their outputs.
Marketing attribution, or closed-loop attribution, is the missing link.
Closed-loop attribution is important for businesses for a number of reasons. We’ve summed it up to these main factors:
Ever wonder how new channels or campaigns are doing? With a marketing attribution tool, you can quickly and easily see how many leads, and how much revenue they’re driving.
In a few clicks of the mouse, you’ll be able to gather data on your marketing campaigns. Instead of putting something live, and hoping for the best, you’ll be able to monitor them closely.
With closed-loop attribution in place, you can easily evidence that your marketing is driving results.
Given your marketing attribution solution automatically credits the influencing marketing channels, it means you can sit back and relax and let the tool do the hard work for you.
With better data comes data-driven marketing. In a few glances, you’ll be able to see what’s working and what isn’t.
With stats like lead conversion rate and sale close rate, you’ll be able to quickly identify the channels, campaigns and ads that are driving more bang for their buck.
Related: Learn how you can optimise your marketing with Ruler Analytics
Closed-loop marketing attribution can be implemented by integrating an attribution solution.
One like Ruler Analytics, for example.
Ruler works like this.
An anonymous visitor lands on your website for the first time. Ruler tracks them, scraping data like their source and what pages they interact with.
Ruler does this for all of their subsequent interactions, collating their data using first-party cookies.
On one session, the user converts into a lead. It’s at this point that Ruler fires all of the data it holds on that person over to your CRM.
Ruler continues to track this lead, adding data as they revisit your site.
At the point of the sale, Ruler will then scrape the revenue data added to your CRM and fire it to all of your favourite marketing apps. There, it will be automatically attributed to the influencing marketing channels.
Ok, so now we know the general process behind how Ruler works to connect your sales to your marketing channels.
But what data will this leave you with?
ROI is the golden nugget for marketers. But many struggle to prove it because they’re dealing with tricky-to-track conversions or long sales cycles.
With Ruler Analytics, that’s a worry of the past.
Ruler tracks each and every conversion and touchpoint, meaning you can get full visibility of how your website visitors engage with you.
But, even better, it means you can get an accurate return on investment.
With revenue data looping your sales to your marketing, you can definitively prove how much money each marketing channel, campaign, ad and even keyword, is making.
Similarly, return on ad spend is difficult for paid marketers to calculate given how paid ads can influence certain parts of a customer’s journey.
If a user doesn’t click and convert right away, it can be hard to prove they had any impact.
But, with a product like Ruler Analytics in play, you can easily see your return on ad spend.
While you might be able to track some of the leads you’re generating, chances are you might be missing some.
What about inbound calls? Live chat? Tracking both of these is just as important as tracking your form submissions and these users have shown intent.
With Ruler Analytics, you can easily track every single inbound lead.
You probably already have some form of lead tracking set up. However, are you tracking lead volume or just the number of leads you’re creating?
Ruler Analytics tracks leads as part of a full customer journey. With closed-loop attribution you can define lead quality as you can easily see how many leads you’re generating and compare that to how much revenue you’re creating too.
Having an insight into your lead quality means you can make data-driven decisions on your marketing.
Ruler Analytics, or any tool that can offer closed-loop attribution, is key to any marketer. It helps you close the loop, literally, between your sales and your marketing.
That means greater visibility and knowledge of what’s working and what isn’t. This will put you in the driving seat when it comes to making smarter decisions on what you need to add or pull budget on.
What are you left with? Better results for less money. Read how Rally used Ruler to optimise their paid ads. Or, book a demo with our team to see how you can get started with closed-loop attribution and start working smarter, not harder.