Marketing Attribution

Give credit where credit’s due with attribution modeling

Did you hear the one about the executive who knows his advertising is effective half the time? The trouble is, he doesn’t know which half is effective.[1] This old chestnut has been a joke in marketing probably for as long as the practice has been around.

Today, though, it’s easier to know which half is working—and which half needs to be refined or ceased. The answer is marketing attribution.

In marketing attribution, each touchpoint in a customer’s purchase cycle receives appropriate credit for influencing the buying decision. Marketing attribution can help determine which interaction with a brand influenced a sale and whether a customer already liked the brand and would have bought anyway.[2] Organizations can use this information to discover which activities contributed the most value—and should get the most resources.

What’s more, attribution also allows firms to identify their best customers for each marketing activity.[3] And, if you understand the journey of your best customers, you can replicate those critical touchpoints for long-term profitability.

Businesses that use marketing attribution better understand customers’ intentions and states of mind at each marketing touchpoint. Leveraging marketing attribution calls for examining its challenges, exploring various attribution methods, and discovering how to start and sustain a marketing attribution program.

The challenges and opportunities of marketing attribution

The biggest challenge to marketing attribution is the number of variables. Attribution may help know which half of advertising is working. But, there’s a proliferation of brand touchpoints across channels and devices: [4]

“In the past, the choices were simple: you ran a print ad, a broadcast commercial, maybe direct mail, or some combination. Today there is search, online display, social media, mobile, blogs, aggregator sites, and the list goes on.”

The customer journey is dynamic. Forrester research found that almost two-thirds of American adults use at least three devices to go online from multiple locations, multiple times daily.[5] This shows how difficult it is for brands to measure interaction.

Measuring impact also is difficult because:[6]

• You don’t know when to measure. Marketing spend could have an impact tomorrow—or help close a deal years down the road.
• You probably need to touch would-be buyers multiple times. So, how do you know which “touch” is most valuable to conversion?
• If you sell B2B, there’s a committee making buying decisions. Each individual buyer has a different reaction to your marketing activities.
• Numerous variables are out of your control. Sales reps, the economy and more could influence outcomes.

Figure 1 captures the challenge of giving credit to individual marketing activities.[7] Last-touch attribution (discussed later) gives all credit to the last marketing activity before conversion. Multi-touch attribution shares credit among activities. Then there’s reality.

Figure 1: Determining revenue: Attribution models versus reality [8]

A significant crowd struggles with marketing attribution of any sort:

• Almost half of CMOs (47.1 percent) use last click/touch, likely because it’s the default in Google^® Analytics.[9]
• Almost half of companies (45 percent) use single attribution—either first- or last-touch attribution. Twenty percent don’t track at all.[10]
• Eighty-seven percent of senior marketers aren’t confident that they can project their impact on sales.[11]

Measuring marketing impact isn’t a cakewalk, which is why so many businesses struggle with giving credit where credit is due. But, this struggle means massive opportunities exist for organizations that do attribution well. The effort is worth it.

The benefits of marketing attribution

The chief benefit of marketing attribution is spelled R-O-I. Taking the time to identify where you get the most return on investment will lead to more sales, profits and market share.[12] Figure 2 below shows what marketers believe to be the top benefits of attribution:[13]

Benefits of attribution

• 72% of marketers believe a benefit of attribution is being better able to allocate budget across channels and improved ROI
• 63% believe a benefit is being able to better understand how digital channels work together
• 58% believe a benefit is provided insights into audience makeup and behaviors
• 54% believe a benefit is that marketing is better positioned to obtain budget due to higher accountability
• 44% believe a benefit is being able to better understand the role of online/offline media interactions

Figure 2: The top benefits of attribution according to marketers [14]

Marketing attribution leads to more informed use of a marketing budget.[15],[16]  It helps identify the tactics that create the greatest value. In turn, those activities can get the resources they need to support revenue growth.

In attribution modeling, each touchpoint in a customer’s purchase cycle receives appropriate credit for influencing the buying decision. Attribution helps companies understand how each touchpoint—online and offline—plays a role in revenue.[17] The contributions of marketing have a place at the table in a transparent, tangible way.

Marketing attribution provides a holistic understanding of how activities progress conversions.[18] The buyer journey is revealed, step by step. And, attribution drives greater understanding of existing customers.[19] Organizations that understand the customers they already have—especially their ideal customers—are in a better position to develop even more profitable relationships.

Marketing leaders struggle to quantify the impact of their activities and justify their budgets.[20] Attribution can show how tactics contribute to overall strategy. This specific knowledge increases accountability for marketers and lets them show, in black and white, which valuable activities deserve resources—and which activities can be abandoned.

Finally, attribution is a way to drive continuous improvement of marketing activities while driving continuous growth. Better optimization of touchpoints will fill a sales pipeline with leads.

Marketing attribution process

From a high level, the several different marketing attribution methods follow the same basic process:[21],[22]

1. Define objectives. Get specific about your goals, and make sure measurements tell the unfolding story of progress toward goals.
2. Prepare data. Bring all the data together from different sources.
3. Analyze data. Review the credit given to each marketing touchpoint and generate insight on the value created by each tactic.
4. Experiment and use models. Fine-tune attribution rules by recording outcomes of changing marketing activities. Some statistical models can explain and predict results.
5. Think outside the box. The customer journey involves touchpoints outside the attribution sequence. Measure these experiences as best as possible.
6. Refine and improve. Shift marketing strategy and tactics for maximum ROI. Restart the attribution process.

Marketing attribution allows a holistic understanding of how channels progress conversions.[23] And, when you tie marketing activities to business and customer metrics (e.g., ROI), it’s easier to discover rates of conversion and cost per acquisition for each tactic.[24] Marketing attribution helps ensure all tactics move the needle on overall business strategy.

The many flavors of marketing attribution

Let’s dig into the specifics of the several flavors of marketing attribution and check out their pros and cons.[25],[26],[27],[28],[29]

Figure 3 summarizes the balancing act between accuracy and cost for the different attribution methods.[30]

Figure 3: Accuracy and cost comparison of the different attribution models [31]

Single-attribution method

The single-attribution method gives credit to one of two activities:[32]

• First touch: The first marketing activity on the path to conversion
• Last touch: The last marketing activity before the conversion

In first-touch attribution, it’s the marketing activity that first inspired a customer to share information. In last-touch attribution, it’s the marketing activity that inspired the customer to make the purchase.[33]

First touch is usually the lead source. For example, a webinar generates a lead that converts one year later. The webinar gets credit. Last touch is the last stop before conversion. For example, a lead converts after watching a demo. The demo gets credit, even if a sales rep nurtured the lead.[34]

First touch and last touch are easy to implement and low cost options. But, they don’t account for other potentially influential touchpoints, and they give too much credit to lead generation and not enough credit to lead nurturing. A deal may not close for a while, so the ROI of marketing activities is a question mark.[35] This could lead to premature decisions that trade short-term gains for long-term value because all the information isn’t available.

Single attribution with revenue cycle projection method

In this method, you give credit to a single marketing activity, but take similar historical data into consideration to forecast sales. An example of single attribution with revenue cycle projection is predicting revenue from a trade show based on revenue generated from the last trade show.[36]

This method helps quantify today’s investments. But, this attribution method uses lagging indicators for projections and doesn’t include other variables.[37]

Multi-touch attribution method

It takes multiple touches to close the deal. Multi-touch attribution (MTA) measures the contribution of each touch. This method starts with the conversion to be analyzed and works backward to ID each touchpoint.[38] Multi-touch has web analytics origins—cookies, browsers and devices. It uses measurements of modern consumer behavior characteristics—cross-device, cross-channel—to develop predictive models.[39]

This cross-device, cross-channel example illustrates MTA:[40]

“A consumer might view an ad on Facebook^® via a smartphone, then later log into her account from her home PC to do some additional browsing, and then make a purchase a few days later on her tablet. A robust MTA solution will not only recognize those actions as all belonging to the same consumer, but will also quickly indicate which interactions played a role in any eventual purchase.”

Several approaches help to weigh the impact of different touchpoints:

• Time decay attribution: Which channels were last touched by the customer? Interaction closer to sale time makes a channel more valuable, so it should get more credit.[41],[42]
• Linear attribution: Which channels were experienced before the sale? Interactions get equal credit, because they all played a part in the conversion.[43]
• Role attribution: Which channels touched decision makers? Interactions that influenced key individuals should get more credit.[44]
• Program attribution: Which channels drove the highest levels of engagement? Interactions that were the biggest hits with customers should get the most credit.[45]

This type of attribution includes all touches, from lead generation to nurturing.[46] The bottom-up approach lets you check out data in real time before they’re lumped together, which makes MTA better for real-time marketing.[47] This method can measure marketing impact within a short time frame.[48]

But with MTA, it’s easy to overlook touches, and weights are subjective.[49] MTA can’t measure activity that doesn’t have corresponding user-level data. This method calls for heavy-duty data processing and specialized engineering.[50] It’s still better than single-touch attribution, which isn’t even close to understanding full marketing impact.[51]

Test-and-control-group method

The test-and-control-group method compares effectiveness of marketing activity with two groups: One group is exposed to the activity, and the other group is not exposed to the activity. Then, you take measurements of the unexposed group and the exposed group.[52] The difference in buyer behavior is due to the marketing activity (if all other factors are the same).

The right test can measure the impact of almost any marketing activity—from messages to contact frequency to spending levels. But, you can’t focus on all tactics, only the effectiveness of specific activities. The test-and-control-group method also is too resource intensive to test everything.[53]

Market (or media) mix modeling method

Market mix modeling (MMM) uses historical data to create a statistical model of the relationship between marketing activities, external factors and revenue. This modeling uses regression to discover how much credit to give each tactic or factor. MMM is favored by big consumer packaged goods firms.[54] Factors and tactics measured in MMM include (but are not limited to): pricing, promotion, product, place, distribution, competition and the economy.[55]

To understand how MMM works, check out this simplified example:[56]

Company X makes $165 million in sales. The firm spends $5 million on search advertising, $5 million on display advertising and $10 million on trade shows.

Company X’s marketing mix model might have an equation like this (with weights for factors/tactics determined by historical data and regression analysis):

$165M = Sales = $125M + (3 x Search) + (2 x Display) + (1.5 x Trade Show)

This equation shows that, without marketing, Company X would have made $125 million in sales. Of the $40 million in revenue generated by marketing tactics:

Search advertising gets credit for 3 × $5M = $15 million

Display advertising gets credit for 2 × $5M = $10 million

Trade show receive credit for 1.5 × $10M = $15 million

MMM is good for setting annual budgets and optimizing marketing activity from a high level.[57] This type of modeling is very accurate and includes all programs and external factors.[58],[59]

But, MMM calls for lots of data, which can be difficult and expensive to assemble, and strong statistical analysis skills. MMM isn’t useful at the tactical level because the data are aggregated and predictors are “highly correlated with each other.”[60] MMM isn’t nimble enough for digital and direct marketing. What’s more, without historical data, it can’t measure new campaigns or products.

Machine-learning method (agent-based models)

The machine-learning method is an emerging model not on the chart above. It calls for complex computing to run simulations.[61]

In machine learning, customer data and demographics are used to build a base of customers in a simulated target market. The simulated target market is primed with historical marketing data, including conversions and external sales factors. Finally, the simulated target market is exposed to marketing activity to predict what will happen in real life.[62]

This type of attribution modeling is flexible at different levels with different target markets. But, the method is only as accurate as the data used to create the simulated target market.[63]

So, what’s the ultimate marketing attribution method? It depends on the organization and its needs. Attribution methods and technology are evolving, and in the future, the best models for measuring marketing impact will be:[64]

• Capable of real-time simulation. Marketers will be able to run predictive “what-if scenarios at granular cross-sections (e.g., brands, products, markets, segments) and levels (e.g., campaign, publisher, target, creative).”
• Prescriptive and offer work flows. Marketers will be able to “take immediate action based on the most recent trends and campaign results.”

The sooner a business can get to this ideal state with its attribution program, the faster it will reap benefits. And, it’s possible a combination of methods will be the best solution.

Starting marketing attribution—and keeping it up

How you measure customer interactions depends on your unique sales cycle of products and services. All attribution methods are not created equal. That’s OK, because organizations are not created equal.

B2B firms with a long sales cycle have customer interactions over a long time period. That’s because there are multiple stakeholders involved in the buying decision, and it takes time to explain often complex B2B products. Measure B2B marketing touchpoint effectiveness by: [65]

• Looking back 90 days to see the end of the customer journey. Pay attention to customers’ activities in last-minute channels, campaigns, messages, keywords, etc.
• Understanding existing customers. Identify the path for repeat customers versus new customers.
• Identifying users and tracking their actions with web analytics. Tag them when they sign up for email or complete a form, and examine their past and future visits.

To compare, B2C firms often have shorter sales cycles, but their customers have more frequent interaction with the brand. Segmentation helps understand marketing touchpoint effectiveness for B2Cs.[66] Viewing actions at the customer level is better than viewing actions in aggregate, because “the more complex the segmentation, the more accurate you are in measuring these types of metrics and affecting change.”[67] Granular is more difficult than big picture, but the little details ultimately could drive more value.

Regardless of how an attribution program is shaped by specific business type, all organizations can follow the same basic path to get the best insights from marketing attribution:[68][B5]

• Discover: Evaluate the different types of attribution approaches. Organizational vision, market landscape and business case are lenses through which to review your options.
• Plan: Once selected, an enterprise-wide marketing attribution program needs a thoughtful framework. Assessments, internal and external, and overall strategy shape the plan.
• Act: After the plan is set, press start—with the right people and right tools to execute attribution. Implementation comprises many moving parts: internal organization of talent, pre-determined processes, and dedicated tools and technology for data collection and analysis.
• Optimize: The path to better insight turns on improving measurement. Performance management and benchmarking in marketing attribution will aid continuous improvement.

In the end, getting the most out of marketing attribution involves:[69]

• Reviewing all marketing expenditures. Knowing where all the money is going is the best way to start measuring the effectiveness of your marketing investment.
• Knowing that experiments take time. Give different marketing activities the chance to perform, and know performance might be similar for different activities. (That’s intelligence you will gain from marketing attribution!)
• Thinking cross-functionally. Work with other internal teams and share insight from attribution measurements. Opportunities exist to maximize spend through cross-functional amplification—but only departments and divisions talk to each other.

Chasing the perfect touchpoint path

Marketing attribution—whether you look at it top down or bottom up—reveals opportunities for growth and lets organizations open up the throttle on tactics that rev the revenue engine. Models with myriad touchpoints can help laser focus marketing resources. It’s important, though, to remember that you can’t predict the unpredictable:

“It is impossible to account for all the variables that may impact business or marketing performance, and some—such as a viral marketing success or stock market crash—are virtually impossible to predict.”[70]

Marketing attribution is a commitment to experimentation, analysis and continuous improvement. Discovering the perfect, unchanging touchpoint path is a pipe dream. But, dedication to deeply understanding customer touchpoints is a necessary step on the path to lasting business success.

Endnotes

[1] Watson, Zach. “Improving Your Marketing Funnel’s Attribution Model.” TechnologyAdvice. TechnologyAdvice, 18 Aug. 2015. Web. 17 Dec. 2015. <https://technologyadvice.com/marketing-software/blog/how-to-improve-your-marketing-funnels-attribution-model/>.
[2] Reinartz, Werner, and Rajkumar Venkatesan. “A Better Way to Calculate the ROI of Your Marketing Investment.” Harvard Business Review. Harvard Business Publishing, 10 Nov. 2015. Web. 17 Dec. 2015. <https://hbr.org/2015/11/a-better-way-to-calculate-the-roi-of-your-marketing-investment>.
[3] Karr, Douglas. “How You Use Attribution Analysis for Stronger Marketing Insight.” Marketing Technology. DK New Media, 05 Mar. 2015. Web. 17 Dec. 2015. <https://www.marketingtechblog.com/what-is-data-warehouse-as-a-service/>.
[4] Ibid
[5] Moffett, Tina. “Embrace The New Marketing Performance Measurement Standard.” Forrester. Forrester Research, Inc., 2 Oct. 2015. Web. 17 Dec. 2015. <https://www.forrester.com/Embrace+The+New+Marketing+Performance+Measurement+Standard/fulltext/-/E-RES80401>.
[6] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[7] Yamaguchi, Kohki. “3 Challenges Of Attribution Modeling: The Bad, The Bad And The Ugly.” Marketing Land. Third Door Media, Inc., 25 Sept. 2014. Web. 17 Dec. 2015. <https://marketingland.com/3-challenges-attribution-modeling-bad-bad-ugly-101257>.
[8] Ibid
[9] Watson, Zach. “Improving Your Marketing Funnel’s Attribution Model.” TechnologyAdvice. TechnologyAdvice, 18 Aug. 2015. Web. 17 Dec. 2015. <https://technologyadvice.com/marketing-software/blog/how-to-improve-your-marketing-funnels-attribution-model/>.
[10] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[11] Ibid
[12] Ibid
[13] Marketing Attribution: Valuing the Customer Journey. Econsultancy Digital Marketers United. Econsultancy Ltd, Feb. 2012. Web. 30 Dec. 2015. <https://services.google.com/fh/files/misc/marketing_attribution_whitepaper.pdf>.
[14] Ibid
[15] Karr, Douglas. “How You Use Attribution Analysis for Stronger Marketing Insight.” Marketing Technology. DK New Media, 05 Mar. 2015. Web. 17 Dec. 2015. <https://www.marketingtechblog.com/what-is-data-warehouse-as-a-service/>.
[16] Singh, Asmita. “Attribution Modeling’s Pivotal Role in Your Marketing Mix.” PR Newswire Blog. PR Newswire Association, Inc., 7 Oct. 2015. Web. 17 Dec. 2015. <https://www.prnewswire.com/blog/attribution-modeling-for-marketers-14596.html>.
[17] Reinartz, Werner, and Rajkumar Venkatesan. “A Better Way to Calculate the ROI of Your Marketing Investment.” Harvard Business Review. Harvard Business Publishing, 10 Nov. 2015. Web. 17 Dec. 2015. <https://hbr.org/2015/11/a-better-way-to-calculate-the-roi-of-your-marketing-investment>.
[18] Watson, Zach. “Improving Your Marketing Funnel’s Attribution Model.” TechnologyAdvice. TechnologyAdvice, 18 Aug. 2015. Web. 17 Dec. 2015. <https://technologyadvice.com/marketing-software/blog/how-to-improve-your-marketing-funnels-attribution-model/>.
[19] Burnstein, Daniel. “Marketing Attribution Chart: Data from More than 500,000 Customer Buying Journeys.” MarketingSherpa LLC, 18 Aug. 2015. Web. 17 Dec. 2015. <https://www.marketingsherpa.com/article/chart/marketing-attribution-chart>.
[20] Moorman, Christine. “From Marketing Spend to Marketing Accountability.” Marketing News (2014): n. pag. American Marketing Association. American Marketing Association, May 2014. Web. 04 Jan. 2016. <https://www.ama.org/publications/MarketingNews/Pages/from-marketing-spend-marketing-accountability.aspx>.
[21] Reinartz, Werner, and Rajkumar Venkatesan. “A Better Way to Calculate the ROI of Your Marketing Investment.” Harvard Business Review. Harvard Business Publishing, 10 Nov. 2015. Web. 17 Dec. 2015. <https://hbr.org/2015/11/a-better-way-to-calculate-the-roi-of-your-marketing-investment>.
[22] Karr, Douglas. “How You Use Attribution Analysis for Stronger Marketing Insight.” Marketing Technology. DK New Media, 05 Mar. 2015. Web. 17 Dec. 2015. <https://www.marketingtechblog.com/what-is-data-warehouse-as-a-service/>.
[23] Watson, Zach. “Improving Your Marketing Funnel’s Attribution Model.” TechnologyAdvice. TechnologyAdvice, 18 Aug. 2015. Web. 17 Dec. 2015. <https://technologyadvice.com/marketing-software/blog/how-to-improve-your-marketing-funnels-attribution-model/>.
[24] Moffett, Tina. “Embrace The New Marketing Performance Measurement Standard.” Forrester. Forrester Research, Inc., 2 Oct. 2015. Web. 17 Dec. 2015. <https://www.forrester.com/Embrace+The+New+Marketing+Performance+Measurement+Standard/fulltext/-/E-RES80401>.
[25] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[26] Singh, Asmita. “Attribution Modeling’s Pivotal Role in Your Marketing Mix.” PR Newswire Blog. PR Newswire Association, Inc., 7 Oct. 2015. Web. 17 Dec. 2015. <https://www.prnewswire.com/blog/attribution-modeling-for-marketers-14596.html>.
[27] Yamaguchi, Kohki. “3 Challenges Of Attribution Modeling: The Bad, The Bad And The Ugly.” Marketing Land. Third Door Media, Inc., 25 Sept. 2014. Web. 17 Dec. 2015. <https://marketingland.com/3-challenges-attribution-modeling-bad-bad-ugly-101257>.
[28] Zwelling, Jeff. “What Works Best For Measuring Marketing Impact? Top-Down, Bottom-Up Or Sideways?” Marketing Land. Third Door Media, Inc., 11 July 2014. Web. 31 Dec. 2015. <https://marketingland.com/top-bottom-sideways-85913>.
[29] Watson, Zach. “Improving Your Marketing Funnel’s Attribution Model.” TechnologyAdvice. TechnologyAdvice, 18 Aug. 2015. Web. 17 Dec. 2015. <https://technologyadvice.com/marketing-software/blog/how-to-improve-your-marketing-funnels-attribution-model/>.
[30] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[31] Ibid
[32] Ibid
[33] Singh, Asmita. “Attribution Modeling’s Pivotal Role in Your Marketing Mix.” PR Newswire Blog. PR Newswire Association, Inc., 7 Oct. 2015. Web. 17 Dec. 2015. <https://www.prnewswire.com/blog/attribution-modeling-for-marketers-14596.html>.
[34] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[35] Ibid
[36] Ibid
[37] Ibid
[38] Ibid
[39] Zwelling, Jeff. “What Works Best For Measuring Marketing Impact? Top-Down, Bottom-Up Or Sideways?” Marketing Land. Third Door Media, Inc., 11 July 2014. Web. 31 Dec. 2015. <https://marketingland.com/top-bottom-sideways-85913>.
[40] Ibid
[41] Singh, Asmita. “Attribution Modeling’s Pivotal Role in Your Marketing Mix.” PR Newswire Blog. PR Newswire Association, Inc., 7 Oct. 2015. Web. 17 Dec. 2015. <https://www.prnewswire.com/blog/attribution-modeling-for-marketers-14596.html>.
[42] Watson, Zach. “Improving Your Marketing Funnel’s Attribution Model.” TechnologyAdvice. TechnologyAdvice, 18 Aug. 2015. Web. 17 Dec. 2015. <https://technologyadvice.com/marketing-software/blog/how-to-improve-your-marketing-funnels-attribution-model/>.
[43] Singh, Asmita. “Attribution Modeling’s Pivotal Role in Your Marketing Mix.” PR Newswire Blog. PR Newswire Association, Inc., 7 Oct. 2015. Web. 17 Dec. 2015. <https://www.prnewswire.com/blog/attribution-modeling-for-marketers-14596.html>.
[44] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[45] Ibid
[46] Ibid
[47] Zwelling, Jeff. “What Works Best For Measuring Marketing Impact? Top-Down, Bottom-Up Or Sideways?” Marketing Land. Third Door Media, Inc., 11 July 2014. Web. 31 Dec. 2015. <https://marketingland.com/top-bottom-sideways-85913>.
[48] Yamaguchi, Kohki. “3 Challenges Of Attribution Modeling: The Bad, The Bad And The Ugly.” Marketing Land. Third Door Media, Inc., 25 Sept. 2014. Web. 17 Dec. 2015. <https://marketingland.com/3-challenges-attribution-modeling-bad-bad-ugly-101257>.
[49] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[50] Zwelling, Jeff. “What Works Best For Measuring Marketing Impact? Top-Down, Bottom-Up Or Sideways?” Marketing Land. Third Door Media, Inc., 11 July 2014. Web. 31 Dec. 2015. <https://marketingland.com/top-bottom-sideways-85913>.
[51] Yamaguchi, Kohki. “3 Challenges Of Attribution Modeling: The Bad, The Bad And The Ugly.” Marketing Land. Third Door Media, Inc., 25 Sept. 2014. Web. 17 Dec. 2015. <https://marketingland.com/3-challenges-attribution-modeling-bad-bad-ugly-101257>.
[52] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[53] Ibid
[54] Zwelling, Jeff. “What Works Best For Measuring Marketing Impact? Top-Down, Bottom-Up Or Sideways?” Marketing Land. Third Door Media, Inc., 11 July 2014. Web. 31 Dec. 2015. <https://marketingland.com/top-bottom-sideways-85913>.
[55] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[56] Ibid
[57] Zwelling, Jeff. “What Works Best For Measuring Marketing Impact? Top-Down, Bottom-Up Or Sideways?” Marketing Land. Third Door Media, Inc., 11 July 2014. Web. 31 Dec. 2015. <https://marketingland.com/top-bottom-sideways-85913>.
[58] Miller, Jon. “How to Measure the ROI of Marketing Programs.” Marketo Marketing Blog Best Practices and Thought Leadership. Marketo, Inc., 14 Mar. 2013. Web. 17 Dec. 2015. <https://blog.marketo.com/2013/03/how-to-measure-the-roi-of-your-marketing-programs.html>.
[59] Zwelling, Jeff. “What Works Best For Measuring Marketing Impact? Top-Down, Bottom-Up Or Sideways?” Marketing Land. Third Door Media, Inc., 11 July 2014. Web. 31 Dec. 2015. <https://marketingland.com/top-bottom-sideways-85913>.
[60] Ibid
[61] Yamaguchi, Kohki. “A Concise Overview Of Cross-Channel Marketing Models.” Marketing Land. Third Door Media, Inc., 17 Apr. 2014. Web. 31 Dec. 2015. <https://marketingland.com/concise-overview-cross-channel-marketing-models-79641>.
[62] Ibid
[63] Ibid
[64] Ibid
[65] Burnstein, Daniel. “Marketing Attribution Chart: Data from More than 500,000 Customer Buying Journeys.” MarketingSherpa. MarketingSherpa LLC, 18 Aug. 2015. Web. 17 Dec. 2015. <https://www.marketingsherpa.com/article/chart/marketing-attribution-chart>.
[66] Ibid
[67] Ibid
[68] Moffett, Tina. “Embrace The New Marketing Performance Measurement Standard.” Forrester. Forrester Research, Inc., 2 Oct. 2015. Web. 17 Dec. 2015. <https://www.forrester.com/Embrace+The+New+Marketing+Performance+Measurement+Standard/fulltext/-/E-RES80401>.
[69] Burnstein, Daniel. “Marketing Attribution Chart: Data from More than 500,000 Customer Buying Journeys.” MarketingSherpa. MarketingSherpa LLC, 18 Aug. 2015. Web. 17 Dec. 2015. <https://www.marketingsherpa.com/article/chart/marketing-attribution-chart>.
[70] Yamaguchi, Kohki. “A Concise Overview Of Cross-Channel Marketing Models.” Marketing Land. Third Door Media, Inc., 17 Apr. 2014. Web. 31 Dec. 2015. <https://marketingland.com/concise-overview-cross-channel-marketing-models-79641>.

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