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Editor's Notes

• #2: Hello everyone, this is Steve Chipman with CRM Switch Today’s presentation is called the Awareness to Order Path and it’s about how you can use technology to attribute revenue to your marketing efforts
• #3: Hello everyone, this is Steve Chipman with CRM Switch Today’s presentation is called the Awareness to Order Path and it’s about how you can use technology to attribute revenue to your marketing efforts
• #4: Author and speaker Marcus Sheridan says that, from his studies, fewer than 3% of organizations have a detailed conversation about marketing metrics that includes revenue produced by marketing. According to Sheridan, successful marketers don’t just show their worth—they prove their worth. And proof only comes through effective tracking.
• #5: In this presentation, we’ll provide details about how B2B organizations can attribute revenue to specific marketing activities.
• #6: Almost every business’s customers traveled along an Awareness to Order path First, they had to find out about you, your product or service Eventually, they placed an order A given company’s average sales cycle can be measured in minutes, hours, days, months or sometimes years Let’s look at the Awareness to Order path and how revenue can be attributed to specific marketing activities, even when a longer sale cycle is involved First, we’ll look at an example of a simple sale
• #7: Many Amazon purchases are a simple sale with a short Awareness to Order path. When a Pacific Gas & Electric Public Safety Power Shutoff was looming for our area in 2019, I searched Amazon for power stations and became aware of this product. I had never heard of the brand before. I saw the 4.5 star average rating, read several reviews and placed an order. In this case, my journey from Awareness to Order lasted just a few minutes. Amazon has perfect revenue attribution. Amazon knows what my exact search term was, how long it took me to make a purchase decision from when I first hit the landing page, and precisely how much revenue was generated.
• #8: In the world of B2B sales, revenue attribution can more elusive, but it *is* measurable With a complex sale, there may be five or more stages between Awareness and Order Since B2B companies don’t have the luxury of Amazon’s customer metrics engine, how does the revenue from an Order get attributed to something that happened on the opposite end of the spectrum? Let’s look an end-to-end scenario that will include filling in the blank stages you see here
• #9: When it comes to digital, Awareness often begins with an online search Marketers know this, so they create search optimized content on their company’s pages and posts in order to rank high in the search engine results Here’s an example search that shows two of our blog posts as the top organic results for the search “crm requirements document”
• #10: After seeing your content in the search engine results, a visitor may click through to your website and read some or all of the destination content Within the content, there can be one or more calls to action that promote a free offer in exchange for the visitor’s name, email address and perhaps some other information A visitor’s click on the call to action can pop up a form. Alternatively, it can route the visitor to a landing page.
• #11: Whether a popup or a landing page, if a website visitor fills in the required information and clicks a “Download Now” type button, they are considered to have “Converted.”
• #12: When a visitor converts for the first time on your site, they become a Prospect or a Contact in your marketing automation system (different marketing systems use different terminology) The marketing automation system record contains the information that you asked the visitor for on the form The system can assign additional attributes to the Prospect, including how they found your website (i.e. the traffic source) and the name of web form they submitted It is important to track these additional attributes all the way through to revenue, should the now Prospect eventually become a paying customer
• #13: A person who converted may remain a marketing Prospect and may not immediately be sent to a salesperson for follow up The marketing team might require the Prospect to take additional actions, such as returning to a specific page on the website, before they are deemed “Marketing Qualified” A measure of progress is the Prospect’s score The Prospect’s score can automatically increase over time through a set of rules created by a human or by rules that were created and applied by an AI
• #14: Once marketing deems the Prospect to be Qualified, either through automation or a by a manual action, the Prospect becomes an MQL or Marketing Qualified Lead The now MQL is synchronized from the marketing automation system to the CRM system Synchronization is required when a company has separate marketing automation and CRM platforms In our example, the Traffic Source and Web Form fields are included in the field mapping for synchronization The Campaign in the CRM system can be auto-assigned based on the Lead Source or Web Form With all-in-one sales & marketing automation systems, no data synchronization is required
• #15: The salesperson works the Lead in the CRM system They make calls, they send emails. Hopefully, they’ll have a conversation. The salesperson can either disqualify the Lead, send the lead back to Marketing for further nurturing—or they may consider it to be a Sales Qualified Lead or SQL If qualified by Sales, the next step is for the salesperson to press a Convert-type button
• #16: In most CRM systems, when a Lead is converted by a Salesperson, an Account, Contact and Opportunity are all created at once What’s required for revenue attribution is that information such as the Lead Source, and the name of the Web Form that the Lead submitted, flow through to the Opportunity
• #17: As a sales Opportunity progresses through its own path, the expected dollar value of the Opportunity may change But the dollar value is generally still a prediction and not yet a precise measure of ultimate revenue
• #18: In some cases, quoting is done outside of the CRM system. The salesperson key enters the dollar amount from an externally generated quote into the Amount field in the Opportunity In other cases, quoting is built into the CRM system. The value in the Amount field is calculated from the sum of product and/or service line items within the Quote
• #19: In some CRM systems, when an Opportunity is closed, a corresponding Order is automatically created If this is the case, the Lead Source and the name of the submitted Web Form should be mapped through to the Order. Ideally, the Order’s revenue field will be reflective of the actual amount the customer will be or has been invoiced. With all this information in place, we’re now in a position to state, “on this date, we booked an Order for this amount. We know the Lead Source, the Campaign and the specific web form that was submitted.” In other words, we have revenue attribution to marketing efforts. I also call this the Marketer’s Money Metric - https://crmswitch.com/marketing-automation/marketing-challenges-solutions/
• #20: The customer may place follow on Orders that don’t flow through from an Opportunity If subsequent orders are cloned from the first Order, the Lead Source and Web Form will be inherited by those subsequent Orders This means that additional revenue can be attributed to the same marketing source Whether marketing gets credit just for the first order, for orders within a time period such as a year, or indefinitely is a decision that’s made by each company.
• #21: For more information, please visit CRMSwitch.com