Deciding Between Building or Buying B2B Revenue Attribution Solutions

Deciding Between Building or Buying B2B Revenue Attribution Solutions

For benefit broker navigating the complexities of B2B sales, connecting dollars spent on marketing efforts to the actual revenue generated can be a daunting task. The point where your marketing investments convert into solid revenue, or revenue attribution, is critical.  A question persists: Should you build your own B2B revenue attribution solutions, or is buying a refined product more efficient?

The Whitespace: Understanding B2B Revenue Attribution

B2B Revenue Attribution is the process of attributing revenue to specific marketing activities. It involves tracking and measuring the influence that different marketing activities have on revenue, thereby giving insights into which activities are most fruitful. Implementing the right solutions enables brokers to optimize their marketing efforts and drive efficiency in their spend.

Building Your Own B2B Revenue Attribution Solutions

Building your own B2B revenue attribution solution can offer unparalleled control and customization. You can tailor your solution to your specific business needs. It gives you complete ownership of the process, from data capture to analysis, offering you uncontested access to the raw data and flexibility.

One of the challenges in building your own solution, however, is that it requires an upfront investment in resources such as technology, expertise, and time. It may be a good fit if you have a robust internal IT department and a high level of data analytics expertise. I know companies that have done it, but it can be pretty daunting and nothing I would recommend.

Buying B2B Revenue Attribution Solutions

On the other hand, there are numerous out-of-the-box solutions for B2B revenue attribution. Buying an existing solution can save your company time and resources. These solutions typically offer user-friendly interfaces, robust reporting dashboards, and advanced analytical capabilities.

Moreover, many of these products are continuously updated by their vendors, with new capabilities added regularly to keep pace with ever-evolving marketing strategies. However, it’s crucial to consider that one size does not necessarily fit all. Not every out-of-the-box solution will adequately cater to your unique business needs.

Questions to Ask When Deciding Between Building or Buying

Here are some questions to consider when deciding between building or buying B2B Revenue Attribution Solutions:

  • Do you have necessary in-house expertise, resources, and time to build and maintain a custom solution?
  • Will off-the-shelf B2B revenue attribution solutions provide the depth of insights you need, and will those insights be readily understandable and applicable to your business?
  • What is the total cost of ownership (TCO) for each option when considering upfront and ongoing costs?
  • How critical are customization and control versus speed and ease of implementation?

The Compromise: Leveraging a Mixed Approach

Beyond the binary choice of building or buying, there’s a third path. That is to use a hybrid approach. This involves utilizing a purchased solution as a base, then building upon it with custom add-ons tailored to your specific needs. This could be an ideal choice for brokers grappling with the build vs. buy dilemma, as it combines the advantages of both approaches.

Conclusion

Choosing between building or buying B2B Revenue Attribution Solutions is a strategic decision that brokers have to make based on the unique needs of their businesses. There’s no one-size-fits-all answer as it essentially relies on how much time, resources, and expertise you’re ready to invest versus the degree of customization and control you need. Therefore, a mixed approach may be a worthy middle ground to consider.

Similar Posts