Develop your organization to consistently deliver successful products
Most companies still struggle with 'Marketing Return on Investment'. Especially in B2B environments or where complex solutions are sold. This resulted in Marketing being perceived as a pure cost by the Executive team.
But it doesn't have to be this way. Marketers who clearly show what they contribute to the top line, have their own seat at the executive meetings and help steer growth.
With the 'Marketing Credit Model', WidePeak supports companies in proving to the CEO and sales teams, what the value is that marketing brings.
The ‘Marketing Credit Model’ is a tool which builds upon two distinct existing models:
Both these models rely on revenue attribution to allocate revenue to certain steps in the customer acquisition journey.
The ‘Marketing Credit Model’ combines both views into a single model to accommodate for the hybrid reality of most companies. In this new reality, customers have both physical and digital interactions with a supplier.
With the Marketing Credit Model, companies will be able to attribute revenue to all these different interactions allowing them to calculate ROI both on a tactical as an operational level.
Revenue Attribution is not a new concept. It has been lingering around in the marketing world for quite some time.
Its origins can be traced back to the ‘Attribution Theory’ developed by the psychologist Fritz Heider in the beginning of the 20th century. This model served as input for the later models by Bernard Weiner and Harold Kelley, two renowned psychologists.
The basic assumption of the Attribution Theory is that there a causal relation between events happening and demonstrated behaviour by individuals.
In Revenue Attribution, we are looking for the cause of behaviour. In our case the customer purchasing our goods or services. The hypothesis is that customers will only purchase if they are confident enough that your solution will solve their needs.
Throughout the 'Customer Acquisition Journey' there are multiple touchpoints between the prospect and the potential supplier.
Within the 'Marketing Credit Model', we assume that each of the touchpoints has an impact on the confidence level of the customer.
To help marketers increase their understanding of how to calculate the ROI of their campaigns and activities, WidePeak developed a whitepaper explaining this in detail.
Through accessible exercises, you will quickly grasp how to implement and calculate your ROI.
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