What is attribution in the general marketing language?
Bookish definition: Giving credit of conversion to all the involved teams.
Nowadays, teams have gone very competitive. Everyone will have to have evidence of their role in either the influence or direct conversion of the lead. In order to have those pieces of evidence, a marketing system is required to record those touchpoints.
How to get it done in the marketing engine?
Major marketing automation systems like Marketo support this. Technical marketers were able to create multi-touch attribution practices without any scripting code, however, it seemed difficult in HubSpot due to it's some of the limitations. But now HubSpot is also ready for it and on the 1st October 2019, they have rolled out a multi-touch attribution report.
Why it was need of the hour?
Being a marketer & consultant whenever I worked on HubSpot Marketing Automation System I always had insecurity in my mind how would my team get the next year’s budget if we are not able to show the marketing team's role in the acquisition and closed-won deals. The marketing team always thrives hard to keep the sales funnel full, they do cold-emailing, engagement campaigns, TOF, MOF, Social media and content marketing. Despite all these efforts if their efforts are not counted just because of not having enough data points with them, that would be sad. So we kept on submitting ideas and talked to HubSpot several times in order to have this functionality as a part of the system. And finally, HubSpot rolls out the attribution report.
Where is the Attribution report located in HubSpot?
The Attribution report can be found under:
Reports > Create Custom Reports > Attribution Report (last in the left column)
If you would like to learn how to create a custom report. Take help from HubSpot academy.
Prerequisites to use HubSpot Attribution Report:
You must have access to the Marketing Enterprise license.
You need access to Custom reporting.
You will have to be HubSpot Sales subscriber in order to view closed-won and deals attributes in your report.
What is the different type of Attribution Models?
.We are not going to discuss all these types of attribution models because it totally depends on the requirement of the organization which model to be chosen.
Which touchpoints, channels, landing pages, and ads did work for you?
How much did you invest in each channel and what is ROI out of all these channels?
Which channel you should be investing the most in the next financial year?
What were the lead assignment, attack, and conversion time? (A few more reports can highlight this)
Since all of your contacts reside in the HubSpot CRM, so you get an added advantage of doing attribution to a granular level. You should be able to know the detailed insights about Personas, contacts, stages and other key attributes.
In case you need to know which attribution model is the best for your organization, engage with us.