What is Marketing Attribution
In social psychology, attribution is the process of inferring the causes of events or behaviors. Marketing attribution has been defined as “the science of assigning credit or allocating dollars from a sale to the marketing touchpoints that a customer was exposed to prior to their purchase.” Bill Macaitis, CMO of Slack and formerly CMO at Zendesk has a much simpler .
Why You Need Marketing Attribution
As you ramp up marketing and start using different channels, you need a more sophisticated approach than simple click tracking to follow your buyer’s journey and know what’s working, what’s needed when, and where your spend is paying off. This is especially important for a more considered purchase, such as a B2B sale where it can take months and five, ten or more touches across various channels before your customer takes their first action with your company.
Bill has been building marketing attribution systems for almost 10 years–first at Salesforce, then at Zendesk, and now at Slack. At each company, marketing has become a huge competitive advantage. These companies, once they found product-market fit, were able to generate hyper-growth in large part because they knew they were spending their money efficiently and could thus scale up aggressively. It’s meant the difference between 40% to 50% growth per year, to over 400% growth per year.