FDI’s fundamental attribution error
Attribution of leads and projects in FDI marketing can seem more like trying to identify the single brushstroke that made a painting beautiful.
Investor decisions play out over months or even years, with multiple touchpoints along the way—from Google Ads and industry events to organic website visits and multiple BD team interactions (we hear you, BD!). Which one led to the result? Like the painting, it was all of them.
Yet the pressure for precise attribution—“Campaign A caused Investment B”—remains. Marketing teams are judged equally with their BD counterparts for lead generation, but marketing is about so much more than that. In the end, such a comparison is doomed to fail. Let’s explore why.
What attribution tools miss and why that matters
When teams cannot track every step of the investor journey, or when Google Analytics doesn’t tie that last click to an actual investment, some take it as proof that marketing is not working. But the lack of visible proof doesn’t mean lack of impact. That mindset leads to reduced budgets or cancelled campaigns that were nudging investors closer to a decision.
Like in other complex B2B journeys, marketing in FDI plays a key role in creating awareness, positioning, and credibility, all of which are essential for converting down the line and enhancing business development efforts. Yes, marketing also generates leads, but it is so much more than that.
Tools like GA4 and Google Ads are useful, but they don’t always capture the full picture. They measure direct, first & last-click activity and multi-click attribution activity. But what about the first time someone read your case study on LinkedIn, or a CEO recalling your region from an industry event six months ago? There’s also the rise of zero-click content, which has taken over social media and search.
Most investor journeys span digital, personal, and informational channels. Expecting tools designed for short-term e-commerce to measure all of these moments over many months or years is asking too much of the tech.
Instead, we should use digital tools to get partial, important truths, not absolute ones.
Measuring impact when attribution falls short
We all want to know how many investment leads came through a specific campaign. Our team always gets a rush when we can tie an actual project back to a campaign effort.
But we also need to measure other indicators that show the message and targeting are working, even if it is not a direct line. Here are a few indicators worth tracking:
Organic and direct traffic from target countries: If this is rising after a campaign push, your message is landing and gaining traction.
Lift in branded search queries: If more people are Googling your location’s name or organization, you are doing something right.
Win rate tied to marketing investment: This is tracked by so few IPAs. If new investment in marketing is made, tracking how that investment increases closure rates on open opportunities is a valuable data point. Just don't expect it to happen if the campaign is three months long. This needs to be real investment over a real amount of time.
Qualitative feedback from new leads: Are prospects mentioning “we saw your article” or “we’ve been following you on LinkedIn”? Better yet, do you have a “how did you hear about us” field on your website form? Understanding how customers attribute how they found you may unearth some unexpected surprises.
Referral traffic from media coverage or campaign landing pages: A good sign your storytelling is resonating.
This broader mix of data points provides a more honest picture of marketing’s role in the investment journey and can showcase the long-term health of your strategy, even when exact attribution isn’t possible.
Just because something’s hard to measure does not mean it isn’t working. In fact, some of the most important shifts in perception, reputation and trust are the hardest to track. They're also the most critical to secure investment.
Looking for a marketing partner who understands the nuance of FDI?
C Studios delivers tailored support for investment promotion agencies, governments, and their partners—helping you measure wisely, advocate with impact, and stay focused on what truly drives results.
