How Proper Revenue Attribution Can Take You To The Next Level

Alex Becker CEO/Founder of HYROS

How Proper Revenue Attribution Can Take You To The Next Level

Alex Becker CEO/Founder of HYROS

What’s up? It’s me, Alex Becker, again. You’ve come here for some truth bombs and I’m here to deliver those for you.

Today, we’re gonna talk about revenue attribution. Yep. Because who isn’t all about the revenue in their business? If you don’t care about revenue, I’m not sure you should be reading this blog … I’m not even sure you should be in business. You have got to be concerned about revenue when you’re running a business if you actually want it to not flop and shut down.

If you’re not seriously contemplating your revenue attribution, you’re not going to get very far. You’re like a boat sitting in the sand.

I mean, you may have the purdiest boat there ever was. She’s flashy, she’s shiny, her paint is flawless, and you named her Angel Pie. You love your boat. You built her with your very own two hands.

Shoot … Every Christmas card you send out has a picture of you standing proudly on your boat waving to the wild blue yonder like Forrest Gump.

But Angel Eyes is sitting in the sand. Yep. She’s all purdy but has no purpose. She just sits there. Hmm. Go figure. No matter how hard that wind blows, Angel Eyes doesn’t move. And she sure as heck doesn’t serve the purpose she was intended for.

When you don’t pay attention to your revenue attribution, you’re going to find yourself sailing your business from the sand. And guess what? You are not Noah. No rain is coming to lift you out of the sand that you’re stuck in.

Paying attention to your revenue attribution is important to your success and growth.

I’m just gonna start at the beginning, okay?

Once upon a time, there was a baby business. It never tracked revenue attribution. The end.

Just kidding.

Okay. Seriously. Revenue attribution is basically how you go about tracking and documenting the revenue produced through each of your marketing channels.

You can kind of think of it like calories in, calories out, and tracking your food to get healthier and leaner, to determine why you aren’t losing weight. If you’re not able to lose weight, you need to track your food and eating habits. When you don’t know where your revenue is coming from and how it came to be, you can’t adjust effectively because you don’t know what to change.

Sticking with the nutrition analogy … Once you’ve been tracking your food for about a month, you should have a really good picture of your eating habits and patterns. You have the information in front of you to figure out what needs to be adjusted in order to improve your health. But you can’t just stare at the information and do nothing with it and expect anything in your life to change. The steps you take with the information have the potential to change your life

The same is true for the information you gather when you are effectively tracking your revenue. You have to take the data you’re given and make decisions that eventually turn it into higher profits.

But, ask yourself if you truly know your audience. And if you think you have a good handle on your audience, then your data should reflect that. Yep. Ouch. I’m guessing your data is not telling you that you know your audience, huh?

Here’s the deal. Marketers are hard-core looking at ROI to decide whether or not their campaign is profitable. When a marketing campaign is successful, it brings in a really good ROI and it also shows the possibilities for driving up more revenue.

This revenue isn’t just important for bringing more money to the business and recouping the cost that has been spent on the campaign. More profits mean more money to reinvest into the marketing strategy to continue growing the business.

Here’s the good news. If you already know marketing attribution, then you should probably have a good handle on revenue attribution. Revenue attribution is when you are tracking the revenue that comes into the specific channel that brought it.

The “channel” could be many different things depending on how the campaign has been set up. It could be sales content with a specific message. Or it could be a video series you’ve been airing on YouTube. Or it could be something like a pop-up ad on Facebook. Any of these could be tracked for various lengths of time. The possibilities are practically endless.

Targeted marketing campaigns are everywhere you look online and in public places. That being said, it’s just one more reason why your marketing strategy must be innovative and adaptable. And that is yet another reason for marketers to pay attention to all of the data that can be gleaned from effective revenue attribution.

And that brings me to my next point. Let’s talk about the importance of revenue attribution.

The Importance of Revenue Attribution

If your marketing team plans to gain some real clarity on how well their strategy is working to improve customer engagement, then it is critical to be on top of your revenue attribution. In today’s world, the internet provides tons of information to tell you all about the performance of your campaign.

Once you determine how each campaign and strategy is working to hit your target audience, then you can make better decisions for marketing moving forward. It’s a lot of trial and error over and over. So, knowing what works and what flops has got to happen. That will also give you hints as to what you can combine in future campaigns to multiply your impact.

That’s a big goal—multiplying your impact. It leads to more of all the good stuff … more sales, more leads, even more sales, and better ROI. And it leads to less junk, and less ad spend on crappy channels that aren’t working.

Wanna stretch those marketing dollars? Fix your revenue attribution. Stop guessing and start effective strategizing. Take the money out of channels that are failing and focus it on what brings you the most bang for your buck.

Here’s the thing. You’re reading my blog, so I know you’re online. You know that you need online marketing or you wouldn’t be here. You’re also discovering that it’s super important for that online marketing to be done right, or it’s a big, fat waste of money.

You also know that if you want to thrive in an online world, people actually need to know about your company, right? You can’t be invisible and gain an audience or new customers.

Your potential customers need to know that you exist, and they also need to have a reason to want to be your customer. Just because they know who you are doesn’t mean they want anything to do with you. Your marketing has to make them understand who you are and why they need you more than Joe Schmoe’s company.

In order to make that happen, I’ll say it again, you have to track your revenue. You must have a seriously good revenue attribution plan in place. The right plan will track which parts of your marketing strategy are actually bringing new customers and generating revenue. So, crafting a message that resonates with the right people is an absolute must.

To craft an effective marketing message and strategy you also want to be sure your attribution is being run like a well-oiled machine. I can’t stress this enough, tracking, tracking, tracking. The who, what, when, where, and why of your marketing efforts must be answered and accounted for.

I’ve already explained the basics of revenue attribution. You should know it’s a process of giving credit where credit is due in terms of the ad campaign you’re running.

As I mentioned, your entire marketing strategy must be tracked with the data to back it up. Knowing where you got your customer and the route they took on the conversion journey is what will help you improve your process, your ROI, and your business overall.

How Proper Revenue Attribution Can Benefit Your Business

You know that phrase people say about spinning your wheels? Marketing can feel like that. To bring it more into perspective, let me paint you a mental picture.

Imagine you are driving to an awesome cabin in the mountains. When you get to that cabin, you have big plans. You’re going to hike, fish, hunt, have a party, and heck you might write a novel. Who knows? You just know it’s going to be epic because you have these big, huge, ginormous plans. Okay?

Well, your plan hinges on your arriving at the cabin where the love of your life is waiting on you. Yep. The plot thickens. So, you need to arrive in the next six hours to put your plan into motion.

You’re dreaming about your epic cabin adventure while you’re driving, and it’s a solid four hours into the road trip. You start looking around and realize that nothing looks familiar. Crap. Did I miss my turn? You did. You totally missed your turn and then made several wrong turns.

You’re panicking. This sucks. But, you did plan for an extra two hours just in case something happened along the way. Whew. You’ll be fine, right?

You try to retrace your turns to get back to the last place you remember. Your map app isn’t working because you forgot to check cell coverage on this route. Crap again. Now you have to drive until you get a signal on your phone. But which way?

In your panic and stupor, you’re driving faster than you should be on winding back roads. You take a curve too fast and overcorrect. Hello, side of the road. Hello, mud slick. And hello to your tires being stuck.

You are maneuvering every which way you can, trying to move forward. Those tires are spinning like crazy. Reverse, drive, reverse, turn left, drive, turn right. Repeat. Yep, not gonna happen. You’re stuck and your tires are still spinning.

Not only can you no longer get to where you are going, but you also don’t even know how you got here, and you have no plan for getting out of it.

That’s what it’s like to be in marketing without a good strategy supporting you that is also being successfully tracked. Don’t do that.

When you know how your revenue attribution is working for you, you can seriously help your target audience and your bottom line. You’ll do a better job at getting new customers, keeping existing customers, and gathering all of the data from those people when you have nailed down your revenue attribution.

When you dig deep into your revenue attribution and make it work for you rather than against you, you should be able to track customers who had touchpoints on their phones, laptops, or desktops, was it through an offline message, was it through a direct URL, what browser were they on, what time was it, what day of the week was it, what offer attracted them … There are so many possibilities.

Don’t spin your wheels. Don’t miss the turn that gets you to where you’re going. Map your plan, know all the routes it takes to get to the conversion destination and figure out which of those routes people are more likely to take to get there. At the same time, you need to know what makes them stop moving forward and what made them get off track.‍

Find the loose ends. Find the places where they are falling off course. Find the roadblocks on the conversion journey. This continual study and discovery of revenue attribution will help you to have a better conversion rate while lowering your cost per user and the rate that they are bouncing.

There are some undeniable benefits to having effective revenue attribution in place for your business. You’ll learn which marketing channel is bringing in the most money, you can prove that your marketing efforts are working to positively affect the bottom line, and you can draw on all the data you’ve gathered and use it to propel you forward in your next fully-educated marketing decision, you can actually get to know what makes your audience tick in their online behaviors and interactions, and it just helps you know what’s driving your revenue from every marketing channel—not just a select few.

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‍So, if you want to multiply your marketing efforts and scale your business, then do what it takes to get proper revenue attribution in place for your business.

Finally …

The bottom line is that marketing teams are held accountable for the impact they have on ROI, as they should be. The problem is that only a small percentage of marketing teams have a quantifiable strategy set up. That’s dumb. If you don’t have a strategy, build one.

Talk to your sales team and don’t be afraid to shake things up because what you’re doing isn’t working, right? Get as much feedback as possible and use it to your advantage. Make a commitment together to do better.

You need really great software to track your ads. Period. So just set up a call with me. This is what I do. I know ad tracking like the back of my hand, okay? I will get on a call with you (which is totally free), and we will go over what you have going on with your ads.

Just give Hyros a try. We guarantee that your ROI will improve by fifteen to twenty percent when you use Hyros. And guess what? If it doesn’t, no harm no foul because we will return every penny you gave us. I’m just that confident in the ability of Hyros to improve your success with your ads.

If you want to see how customers are navigating your online presence, Hyros can do that for you. You’re not going to find a better ad tracker than Hyros.

That being said, getting to the next level in your business can happen much quicker if you understand revenue attribution and how to make it stop working against you and start working for you. Don’t bury your head in the sand on this. Don’t keep spinning your wheels, and going nowhere.

Alright, that’s it. That’s all I’ve got for you today.

This is Alex Becker of Hyros. Thanks for hanging. Have a good one.

HYROS TRACKING

If you are interested in obtaining the same stats I showed in this video and even having us help you set this up, GO HERE to get more information on HYROS.

Ad Training and Tactics

While I do not sell courses, I do offer a private coaching program where I train people on the ad strategies I have used to build multiple 8 figure and 7 figures businesses. You can get more details on that HERE.

HYROS Facebook Group

It’s really simple. This group is the best media buyer Facebook group online because we make sure that every member is spending significant ad spend before joining. It’s for veteran ad buyers only and because of that the networking/information being shared is on another level. You can apply to join HERE