Marketing strategies can be a difficult thing to track, as there are so many moving pieces involved. That’s where tracking marketing attribution with platforms like Marketo Measure, formerly known as Bizible, can make your life easier.
Marketing attribution software can help identify key moments in your marketing effort to show you how well your strategies are working. More specifically, marketing attribution can help you understand how you gain new leads and convert customers.
Enter Marketo Measure, formerly known as Bizible. What is Bizible, and how will it make your life easier?
Marketo Measure, formerly known as Bizible is a marketing attribution solution that tracks the performance of your channel. In other words, Bizible is software that tells you which marketing tactics and touchpoints are successful in your marketing strategy.
A touchpoint signifies the moment a lead connects with your marketing strategy, no matter if they do so via the internet or another method.
Marketing attribution solutions use touchpoints like the following to help quantify the impact your marketing is having:
- Last touch
- Opportunity creation
- Customer Close
First-touch attribution is the very first touchpoint by a specific lead. Software like Bizible can glean information from a first-touch attribution to determine how helpful these first interactions are in converting leads.
Last touch attribution attribution is the touchpoint referring to lead, which Bizible and other software can use for marketing strategy research.
However, focusing primarily on one or two touchpoint attributions does not always give you enough information to gauge if your strategies are truly successful.
Marketo Measure, formerly known as Bizible, offers more than other marketing attribution software by tracking and reporting on these two main touchpoints as well as the performance of each channel. It can also help you understand which channels drive customer engagement, which can help you determine where your leads come from and what a customer may find most enticing about your marketing strategy.
This additional information can give you more knowledge about how successful your strategies are and where you may need to adjust them.
We live in a data-driven world, which is why Bizible is such a valuable tool. Bizible helps you calculate the return on investment (ROI) on your marketing strategies. This way, you will be able to measure which marketing channels and tactics contribute to revenue growth, either holistically or on a campaign basis.
Bizible’s reporting tools use six different attribution models that allow you to best measure the success or failure of your marketing strategies and let you make necessary changes:
U-shaped attribution tracks all touchpoints from First-Touch to Last Touch, with a special emphasis on those two. It also splits the revenue credit evenly between First-Touch and Last Touch, with a smaller percentage accredited to the rest of the touchpoints.
This attribution model follows the same basic principle as the U-shaped model but adds one more primary touchpoint: Opportunity Creation. Each of the three main touchpoints receives 30% credit, while the remaining touchpoints earn the last ten percent.
The Full Path model tracks from the First-Touch touchpoint through to Customer Close. There are four main touchpoints in this model, as it uses its base from the U-Shaped and W-Shaped models. Each main touchpoint (First-Touch, Last Touch, Opportunity Creation, Customer Close) receives 22.5 percent credit, with the last ten percent distributed across lesser touchpoints.
The Linear attribution model treats every touchpoint from First-Touch to Customer Close with equal importance, giving equal credit to each. If a company wishes to understand the long-term effects of their marketing touchpoints, the Linear model will give them the best idea of their strategy success over some time.
This attribution model gives flexibility towards tracking touchpoints and how much credit they earn. Anyone who uses this model can focus on a touchpoint of their choosing to see how it affects their overall strategy.
Marketo Measure, Formerly Known as Bizible, Features
Bizible offers a series of pre-built, best-practice dashboards which a user can easily configure with filters. The dashboards provide answers quickly. These features include:
- Lead Intelligence: Bizible reports on market insights, account-level insights, and lead analysis to provide more information on leads.
- Lead Management: Bizible’s identification feature helps you acquire and manage leads, so you can oversee potential customers until they make a purchase.
- Marketing Campaigns: Bizible captures touchpoints automatically by leveraging deep and proven integrations with CRM, ad providers, marketing automation, omnichannel tracking, media attribution opportunity, and timeline customization.
- Marketing Operations: Bizible allows you to track the result of your marketing operations using the following features:
- ROI tracking
- Data Collection
- Multi-User Access
- Campaign Activity: You can track a campaign’s activity through the following:
- Campaign Insights
- Multi-channel tracking
- Reports and Dashboards
- Campaign Stickiness
Bizible’s Pros and Cons
Here are the positives and negatives associated with the platform:
- Allows you to examine the behavior of prospects and clients
- Allows you to choose the distribution model that best fits your organization
- Provides data that shows you which campaigns and efforts made an impact during the buying cycle
- Organic Search Attribution
- Improved logic for multi-channel attribution
- Only allows you to look at contact-level activity, although tracking activity at the account level would be extremely useful
- Reports from users indicate that the ROI dashboard is not user-friendly, and filter functionality could be better
- There aren’t enough integrations to allow a more holistic view across all efforts, although that might change in the future
- Requires specific set up for Salesforce Campaign Object that needs to be completed prior to Bizible launch
- The program slows down when using large data sets
Bizible represents a versatile and user-friendly marketing attributions tool focused on helping B2B companies grow. It provides data-driven strategies that use the latest industry technology to encourage the increase of a business’s ROI.