You can never have too much of a good thing, especially when it comes to high-value leads. What if you could leverage data and insights collected from acquiring your best customers to find dozens more just like them?
Lead attribution gives you the opportunity to understand where your best leads are coming from, pinpointing that moment in your customer journey that persuades customers to make a purchase. But accurate lead attribution requires the right tools.
In this blog, we’ll explain the purpose of lead attribution why it’s so important for your marketing efforts, we’ll outline how you can implement accurate lead attribution, and explain you how to link call revenue directly back to your marketing activities to show you the full picture of campaign performance.
What is lead attribution?
Before we dig into the detail, let’s refresh ourselves on what lead attribution is. Lead attribution, also known as marketing attribution, involves identifying which of your marketing activities should be credited for bringing in leads.
Being able to accurately attribute the source of your best leads is a must-have if you’re serious about increasing your profits and staying ahead of the competition. Lead attribution plays an important role in attribution models, the most basic of which are:
• First click – Attributes 100% of the conversion to the first point the customer interacts with
• Last click – Attributes 100% of the conversion to the last point the customer interacted with
There are also multi-channel attribution models, which takes into account the impact of multiple touchpoints and provides a holistic overview of where your best leads are really coming from.
Why is lead attribution important?
You might be thinking that as long as those leads are converting, it doesn’t matter how they got there. We’re not afraid to tell you, you’re wrong. Not all leads were made equal and lead attribution can show you the ones you want to chase down.
By gaining a deeper understanding of your lead attribution, you’re in a better position to identify which channels, keywords and ads are having the most impact on your bottom-line.
Here are just a few reasons why lead attribution is important:
It can identify high-performing marketing activities and understand which ones are successfully driving leads, giving you the data you need to make informed decisions that will help your business grow.
Through tracking the customer journey and using lead attribution to pinpoint that all important moment of purchase, you can understand the marketing activities that bring in your very best (read as: high value) leads.
It streamlines the process of gathering data across marketing channels and improves your ability to analyse it, allowing you to unearth insights faster.
Armed with this kind of data and insight, you can tailor your marketing to attract those kinds of leads again and again, boosting your marketing ROI, driving sales growth and increasing the speed of conversion.
How can I use lead attribution and what role does call intelligence play?
It’s more important than ever to match your insight to impact. Companies have experienced an almost 30% increase in calls year-on-year since 2020, demonstrating consumer appetite to talk to your teams before making that all-important purchase.
Smart Match, part of Infinity’s suite of products, is the easiest way to connect revenue to your calls and campaigns. It goes beyond standard call tracking technology to help you understand the real value and outcome of each call. It does so by matching the sales data to the call, showing you exactly which marketing activity is generating revenue.
By using Smart Match to connect calls to revenue, you’re able to:
• Build a holistic picture of the value of your calls
• Lower the cost of acquiring new leads
• Identify underperforming activity and switch off where needed
• Optimise lead conversion by doing more of the activities that matter
• Increase your average order value
By activating Smart Match, you can directly link call revenue to your marketing activities and performance reports. With this knowledge at your fingertips, you can quickly and easily identify which channels and campaigns are driving the highest value leads to pick up the phone. What exactly does this mean? Well, you can use call data to optimise your marketing efforts based on tangible sales, boosting your bottom-line effortlessly.
With the insights gathered from call tracking and Smart Match, you can drive even more of the leads and calls that matter most to you. Identifying the specific campaigns, channels and keywords that produce the best returns will allow you to optimise your marketing mix based on revenue or profit, rather than just the volume of enquiries.
Let’s recap how lead attribution can identify where your best leads are coming from and why you should be using it as part of your marketing and sales strategy.
• It pinpoints the moment of conversion by showing you which activity triggered the final purchase, enabling you to focus your efforts and your marketing budget.
• It aligns your wider strategy by demonstrating the high value leads that are converting, enabling you to create campaigns that are guaranteed to have impact.
• Using Smart Match, you can accurately connect revenue to your calls and campaigns, showing you precisely where you’re generating the most revenue.
Content Manager Michelle is the Content Manager at Infinity. She’s well versed in crafting content across a variety of sectors, with a specialism in technology, including cyber security, business IT trends, digital transformation and government IT.