In today’s episode of The Startup Chat, Steli and Hiten talk about how to get marketing attribution right.
One of the most important thing a marketer needs to know is whether your campaigns are driving revenue or not. If you’re unable to answer this, you’ll struggle making the right marketing campaigns. While vanity metrics like number of shares on social media and open rates for your emails are super easy to find, the important data - the one that tells you which helped close a sale - is less obvious.
In this week’s episode, Steli and Hiten talk about what marketing attribution is, what startups need to do to get marketing attribution right, why you should do the best you can with what you’ve got right now and much more.
Time Stamped Show Notes:
00:00 About today’s topic.
00:30 Why this topic was chosen.
02:40 What startups need to do to get marketing attribution right.
03:59 How to make decisions based on the data you collect.
04:22 Why you should do the best you can with what you’ve got right now.
04:53 Best practices to use.
05:24 Why you should regularly audit what you track.
06:50 Tips for tracking your data.
07:46 Hiten’s game on attribution.
11:59 Steli’s big take away.
3 Key Points:
I just assumed that more companies will have marketing attribution figured out.If you know better, do better now.Do the best you can with what you’ve got right now
Steli Efti: Hey everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah. And today on The Startup Chat, we're going to talk about marketing attribution.
Steli Efti: Yeah.
Hiten Shah: There's a very specific reason why. Steli share why we're talking about this.
Steli Efti: Yeah. So I think talking to a ton of marketing leaders recently, we're looking to hire leadership on the marketing side of the Close. And so I've been reaching out to many super senior people, that work in really amazing organizations to ask for advice. And one thing that really surprised me and it didn't, because on the one hand, I know that every company's full of shit and all things always look better from the outside. But then again it's good to be re reminded. But one thing that surprised me still in the moment, was that a lot of these people would share like the problem of running marketing organizations for really big SAS companies. And we were talking about the type of companies that are like 20 to 40 million in ARR, right? So much later scale. And one of the things when I asked them about like big projects over the last couple of years, things they wish they'd known and done differently when they first joined. The surprising thing is how many of them said, "Wish we'd had a data and attribution models figured out earlier." And some of them even like they worked at analytics and metrics SAS companies, were like, "It's really embarrassing. I would never admit this publicly, because we're an analytics and metrics company, but we don't have our metrics analytics shit figured out. Our stuff doesn't work, our attribution doesn't work and we're still working on fixing that." So it was surprising to me to see, I knew that early stage, a lot of companies don't get this right, but I felt like at the 20, 30, 40 million, I just assumed that more companies would have marketing attribution figured out or prioritized. And it seems like it still was a struggle for many. So I felt like, maybe this is a topic. Maybe this is something we should bring up as advice for SAS companies. So that they don't get to this level of scale and still struggle with it. And you've built a number of analytics and metrics companies, you're pretty famous in this area. So just wanted to like quickly pick your brain and share it with the world in terms of like what should startups do to get marketing attribution,