Tech-focused marketing consultancy DemandLab recently released new research that reveals how few comms pros—only 36 percent—are utilizing attribution strategies that connect marketing’s value to the bottom line. Those, however, who do have an attribution strategy in place are seeing great success.
Key findings from the report include:
- 95 percent of marketers who have implemented an attribution strategy are seeing success.
- Nearly 60 percent of marketing leaders say revenue attribution enhances their ability to make better decisions, increase campaign effectiveness, and to report on marketing ROI.
- Despite this, only 36 percent of marketing leaders have an attribution strategy in place.
The newly released Leadership Outlook on Revenue Attribution report highlights the top strategic benefits of implementing revenue attribution, barriers to success, and expected budget trends.
While the research confirmed that more than one in three marketers has already implemented marketing attribution, it also revealed that building a strategy remains a challenge for a considerable number of marketers.
“The majority of marketers have invested in sophisticated marketing technology stacks, but many still struggle to consolidate the data and connect the dots across platforms,” said Eric Hollebone, chief services officer at DemandLab, in a news release. “According to survey data, nearly one in four marketers has no current plans to tackle marketing attribution, and the top barrier to success is data quality.”
However, the rewards for marketers who prioritize marketing attribution are great. Among those who implement a marketing attribution strategy, a whopping 95 percent report seeing success, with the top three benefits including the ability to make better decisions, marketing and sales alignment, and increased campaign effectiveness.
“This report confirms that the rapid advancement of tracking and analytic technologies has finally brought marketing attribution within reach,” said Rhoan Morgan, CEO and co-founder of DemandLab, in the release. “In today’s environment, it’s more important than ever to have meaningful and trustworthy marketing attribution reporting. The vast majority of marketing leaders who have implemented an attribution strategy report that they are seeing measurable success, including increased marketing budgets and greater executive buy-in.”
This research represents the perspectives of more than 100 marketing leaders, decision-makers, and C-suite executives.