Level Up Your Marketing Game With HubSpot’s Multi-Touch Attribution Model
A marketing strategy is as good as the data backing it up. That’s why modern marketers must level up their analytical skills.
In the era of growing marketing channels, the customer’s buying journey is as complex as a web. From a customer’s first interaction with you to the final conversion has multiple steps in between, and quantifying ‘how’ these steps fuel the ‘ultimate win’ is critical for marketing success.
However, evaluating which channel had the greatest impact and which did little to influence a buying decision is a tall order.
Well, it’s not that complex if you are using HubSpot and leverage its in-built feature, multi-touch attribution model. With it, you can extract true monetary value generated out of each marketing channel and activity.
As simple as multi-touch attribution sounds in theory, it can be a bit complex to achieve in a practical scenario.
And that’s precisely why we’ve compiled this article, detailing all you need to know about the multi-touch attribution model, its benefits, and the tricks of the trade of implementing multi-touch attribution in HubSpot.
What is a Multi-Touch Attribution Model?
The multi-touch attribution model (MTA model) is a way to measure the performance of your marketing efforts. It enables you to understand the impact of each touchpoint on conversion and optimize your efforts at a granular level.
It helps you get answers to questions like:
- Where do you need to invest your budget?
- What marketing activities generate revenue?
- How do various channels and strategies work in combination?
Understanding Multi-Touch Attribution in HubSpot
HubSpot’s multi-touch attribution measures and assigns value to every one of a contact’s interactions up to the actual conversion. This helps you to identify and pin down the exact marketing or sales effort that resulted in a conversion.
Multi-touch reporting in HubSpot allots a proportion of revenue to each activity that leads you to a ‘closed – won’ deal. Reports are usually the most effective way through which multi-touch attribution is done in HubSpot, and for that, you need a HubSpot Marketing Hub Enterprise subscription.
Now that we understand a bit about multi-touch attribution in HubSpot, let’s explore the relevance of the first, middle, and last touches.
- First Touch: This attribute helps you discover how a lead originally found you, its interests, or if it has engaged enough to move further down the sales funnel.
- Middle Touch: With this attribute, you can keep track of all the channels and sources through which the lead has traveled. The information helps you analyze a person’s journey and their interest, which helps build personas and plan your nurture strategy.
- Last Touch: With this, you can have the most recent campaign or medium on which the lead has performed some activity. It can be an event, a nurture campaign, an email activity, or a website activity.
When we think of multi-touch attribution models in HubSpot, you can select from 6 different attribution models, all of which attribute revenue to activities in different ways. These are:
- First-Touch Attribution Model
- Last-Touch Attribution Model
- Linear Attribution Model
- Full Path Attribution Model
- U-Shaped Attribution Model
- W-Shaped Attribution Model
Benefits of Multi-Touch Attribution in HubSpot
HubSpot’s multi-touch attribution models help you determine what is and isn’t working and simplifies how you allocate your budget towards channels that contribute to your revenue. Let’s explore more benefits for implementing multi-touch attribution in HubSpot.
1. Optimize Marketing Efforts: With HubSpot’s model, you can see which marketing channels generate the most leads, so you know which channels to invest your marketing resources in. HubSpot’s MTA model also helps you discover which type of content is generating the most leads.
2. Ensure Higher Conversion Rates: HubSpot’s MTA model helps to assign the right credit to marketing touchpoints. This ensures better sales and marketing alignment when it comes to targeting leads based on their interest and improves boost the lead-to-sale conversion rate.
3. Improve Effectiveness of Marketing Campaigns: The multi-touch attribution model of HubSpot provides you with visibility into the effectiveness of each marketing campaign. It presents a way to measure individual actions such as clicks or form submissions. This can be used to understand which campaigns are most effective, and which channels work well together.
4. Better Marketing Strategy: HubSpot’s multi-touch attribution model will enable you to focus your efforts on revenue generation. It also develops an effective marketing strategy that improves upon elements such as page views and form submission. This will improve the visibility of your marketing performance, making it easier to plan the next steps in your overall strategy.
Best Practices for Implementing Multi-Touch Attribution in HubSpot
When it comes to implementing MTA in HubSpot with finesse, here’s what you should keep in mind.
- Ensure all the fields required in this set-up have the same field-type.
- Set concrete enrollment criteria, so unwanted leads are marked as bounced, spam or invalid as soon as the lead passes through a data management check.
- Remember to add UTM parameters in the URL and UTM fields in the form.
- Ensure that the UTM list should be concise for transparent and accurate reporting.
- Use a counter field as an additional checkpoint to let sales reps keep track of the number of touches, so they can prioritize leads.
- Date-stamping property on custom fields.
Marketers need a way to measure the impact of the touchpoints on business success. That’s where multi-touch attribution reigns supreme!
What was once black art is now quantifiable with HubSpot’s multi-touch attribution capabilities. With this in your corner, you can measure the true impact of your marketing efforts and their contribution to the organizational pipeline.
It’s no longer just about capturing that one-time conversion; it’s about developing a campaign that keeps your business visible over time.
Want to learn more about making the most of HubSpot’s multi-touch attribution model? Just drop us a line at [email protected] and we’ll take it from there.