5. #eloquatour @_____________
What’s Your Reality Around Measurement?
“Acting on data to improve
marketing performance.”
“Combining data”
“Draw correlations”
Make predictions”
Source: MarketingSherpa 2013 Benchmark Analytics Report
7. #eloquatour @_____________
It’s Attainable!
What they did:
• Zoomed in on a few most important
metrics between sales/mktg
• Defined their internal lead
management processes
• Institutional agreement on reporting
terms, cadence, methodology
• Regular cross-functional review
meetings
Results:
Ability to pre-emptively act when data
gives indication of “funnel problems”
2012 Markie Winner:
“One View of the Truth”
Demand
Generation
Lead
Management
One View of
the Truth
Revenue
Discovery
10. #eloquatour @_____________ 11
COMMITT to Answer the BIG Business Questions
Which campaigns should generate the strongest ROI?
What will increase effectiveness and engagement?
Juanita M. Marketing
Manager, Demand Generation
for Airwatch
Are we generating enough qualified leads to allow sales to
achieve their quota?
Which stage of the funnel needs work?
Nikki Vaughn, Marketing
Operations Specialist for
SnagAJob
How can marketing contribute more revenue?
What investments should I make in our marketing
organization? Megan E., VP Demand
Generation, Docusign
13. #eloquatour @_____________
DEFINE the Insights Needed
Which campaigns will
generate the strongest ROI?
Which campaigns drove the most
qualified leads?
Which campaigns delivered the
highest return?
15. #eloquatour @_____________
DEFINE the Metrics that Matter
Which campaigns will
generate the strongest
ROI?
Which campaigns
drove the most
qualified leads?
Which campaigns
delivered the highest
return?
Cost per lead by
channel
Total revenue by
campaign type
ROI by campaign
18. #eloquatour @_____________
ASSEMBLE the data sources
19
Cost per lead by
channel
Total revenue by
campaign type
ROI by campaign
Which campaigns will generate the strongest ROI?
Campaign Cost Data
Lead Counts by Campaign
Revenue by Campaign
Internal Financial Systems
Agencies and Vendors
Marketing Automation
CRM
23. #eloquatour @_____________
UTILIZE the data
24
POSSIBLE ACTION:
Adjust marketing channel mix
Invest more in highest performing
campaigns
Which campaigns will generate the strongest ROI?
Let’s start with the IDEAL world – where marketers want to be when it comes to measurement. According to a Marketing Sherpa study, when it comes to marketing analytics marketers have TWO CLEAR PRIORITY OBJECTIVES:To act on data to improve marketing performance andTo combine data to draw correlations and make predictions.Put simply, in an ideal world, marketers want to use data to make better decisions, and to help predict outcomes.
CMOs are being asked to be in this IDEAL state with 60 percent of them saying they feel increased pressure to show the value of marketing.By a show of hands, how many people in this room are feeling this pressure?
But here is the reality.Data tells us that marketers KNOW they want to get to that ideal state, but they just are not there yet.This MarketingSherpa study says that less than 4 of 10 marketers claim they are at this ideal state of marketing maturity where they are routinely and efficiently gaining insight from their analytics.
So that paints a pretty bleak picture – generally marketers have a long way to go to get to that ideal state. The good news is, it CAN be done.inContact has done it. inContact is the 2012 Winner of the “One View of the Truth” Markie – which, starting in 2013, will be called the “Metrics that Matter” Markie.inContact made an organizational commitment to becoming a metrics-driven organization. But they did not bite off a huge initiative all at once. They started small.First – they worked with sales to zero in on a few of metrics that really mattered. They chose only the metrics they needed to help them answer their important business questions. For them, these questions revolved around pipeline and revenue, and how marketing and sales could work together to maximize their funnel. Second – they agreed on what reporting was going to mean and look like at their organization. Everyone got on the same page about the terminology they used, how frequently they would report, and how they would measure and analyze their data. Third – they started meeting regularly with the key stakeholders, not just to look at numbers, but to start using the data to make decisions to optimize their funnel. So what happened, other than the fact that they are collaborating more, and have a systematic measurement strategy in place?They have been able to use the data to actually start predicting when things need to be addressed at the various stages of the funnel. One example is that their Director of Demand Marketing, Marina, was able to identify that early stage opportunities were lower than usual in the 3rd quarter of 2012. Because the data told her this story, she was able to influence conversations with sales ops and sales development. These conversations resulted in a plan of attack to get things back on track, and more early stages opps were generated and actively worked. This is a TRUE story of how marketing can, through data and analytics, become part of the IMPORTANT BUSINESS DECISIONS within an organization.
If there is one thing I say that you remember today, it’s this – getting from real to ideal is a journey.YOU DO NOT HAVE TO DO IT ALL AT ONCE.We’ve all hear the Crawl, Walk, Run analogy. Just like kids don’t learn to run before they’ve crawled or walked, getting to the ideal level of measurement maturity is not going to happen overnight. It requires an organizational commitment to change, and a lot of hard work to get to that point.
So how do you start that journey? Or if you’ve already started, how do you advance further on the journey?First – you must commit to being a metrics driven organization. That is what we are starting here today. Just by being here, listening to this, hearing me out, you are showing the commitment.Next – like inContact did, determine the metrics that matter most to your organization. The metrics that can help you answer your most important business questions.Then - Identify the sources of those metrics, and ASSEMBLE the tools and technologies required to consistently pull the data you need.Finally – begin UTILIZING the data to understand what is going on with regard to your big business questions, and to make decisions that lead to action. And once you do it….keep doing it. Over and over. Keep adding more and more information into your reporting set; including more and more people and teams in the cross-functional reviews, and influencing more and more business decisions because of the insight you are able to provide.Then one day, you will have MASTERED measurement – you will know this has happened because you have become perfectly scientific about every decisions you are making, and you are fully automated and predictive in your use of metrics to optimize everything in your business.====
How do you figure out the BIG BUSINESS QUESTIONS?Start with your target audience. What are the big business questions each role is trying answer?For an example…Megan, and executive, might want to know things like “How can marketing contribute more revenue”Juanita, a marketing manager, wants to know things to help her with her campaign planning and investment decisionsNikki, in marketing ops, wants to know how things are stacking up from a lead pipeline perspective. Quick show of hands, who here falls into the executive category? Marketing Manager? Marketing Ops?
As you think about your role, let’s take just a minutes here to jot down a couple of the BIG BUSINESS QUESTIONS your management and leadership team typically ask you to answer. Everyone should have a worksheet. I’m going to give you about a minute or two to jot ONE big question you would like to be able to answer for your organization. Do this quickly on your own, just jot down the first thing that comes to your mind.
So how do you start that journey? Or if you’ve already started, how do you advance further on the journey?First – you must commit to being a metrics driven organization. That is what we are starting here today. Just by being here, listening to this, hearing me out, you are showing the commitment.Next – like inContact did, determine the metrics that matter most to your organization. The metrics that can help you answer your most important business questions.Then - Identify the sources of those metrics, and ASSEMBLE the tools and technologies required to consistently pull the data you need.Finally – begin UTILIZING the data to understand what is going on with regard to your big business questions, and to make decisions that lead to action. And once you do it….keep doing it. Over and over. Keep adding more and more information into your reporting set; including more and more people and teams in the cross-functional reviews, and influencing more and more business decisions because of the insight you are able to provide.Then one day, you will have MASTERED measurement – you will know this has happened because you have become perfectly scientific about every decisions you are making, and you are fully automated and predictive in your use of metrics to optimize everything in your business.====
Juanita’s Big Business Question was - “Which campaigns should I invest in?” What she needs to know is:Which campaigns drove the most qualified leads?Which campaigns delivered the highest return?
Back to the worksheet, let’s take just 1 minute here to jot down – WHAT DO YOU NEED TO KNOW – what insights do you need – to help answer your question. I’ll give you about a minute or two, just write down a couple of thoughts on your own.
So back to our example.Juanita’s big business question was “Which campaigns should I invest in, and she has determined that one of the things she needs insight on to answer this is “Which campaigns delivered the highest return?”You can then start to break it down into a few key metrics that will help her get to the insight she needs, such as:Cost per lead by channel Total Revenue by campaign typeROI by campaign
Just take a moment right now to write map out your metrics – which key metrics or data points will help you gather the required insight?I’ll give you a minute or two.
So how do you start that journey? Or if you’ve already started, how do you advance further on the journey?First – you must commit to being a metrics driven organization. That is what we are starting here today. Just by being here, listening to this, hearing me out, you are showing the commitment.Next – like inContact did, determine the metrics that matter most to your organization. The metrics that can help you answer your most important business questions.Then - Identify the sources of those metrics, and ASSEMBLE the tools and technologies required to consistently pull the data you need.Finally – begin UTILIZING the data to understand what is going on with regard to your big business questions, and to make decisions that lead to action. And once you do it….keep doing it. Over and over. Keep adding more and more information into your reporting set; including more and more people and teams in the cross-functional reviews, and influencing more and more business decisions because of the insight you are able to provide.Then one day, you will have MASTERED measurement – you will know this has happened because you have become perfectly scientific about every decisions you are making, and you are fully automated and predictive in your use of metrics to optimize everything in your business.====
Let’s go back to our example question from Juanita– ‘Which campaigns should I invest in?’If the goal is to find the following metrics [CLICK] – then we probably need to look in a couple of places [CLICK]:Campaign Cost Data might be found in your internal financial systems, or maybe from your agency or vendors directlyYour marketing automation system will be able to tell you your lead counts by campaignYou’ll need your CRM to tell you the revenue portion of the equation
Back to our worksheet, just take a couple of minutes to jot down where you might find the data you have identified that you need – And check if it’s an external source so you will know you have to go outside your organization to find it.
So how do you start that journey? Or if you’ve already started, how do you advance further on the journey?First – you must commit to being a metrics driven organization. That is what we are starting here today. Just by being here, listening to this, hearing me out, you are showing the commitment.Next – like inContact did, determine the metrics that matter most to your organization. The metrics that can help you answer your most important business questions.Then - Identify the sources of those metrics, and ASSEMBLE the tools and technologies required to consistently pull the data you need.Finally – begin UTILIZING the data to understand what is going on with regard to your big business questions, and to make decisions that lead to action. And once you do it….keep doing it. Over and over. Keep adding more and more information into your reporting set; including more and more people and teams in the cross-functional reviews, and influencing more and more business decisions because of the insight you are able to provide.Then one day, you will have MASTERED measurement – you will know this has happened because you have become perfectly scientific about every decisions you are making, and you are fully automated and predictive in your use of metrics to optimize everything in your business.====
One thing is for certain. THERE IS NO LACK OF DATA. In fact, the number of sources at our disposal can become quite overwhelming. Gartner put together this Digital Marketing Transit Map to illustrate JUST HOW MANY sources and technologies marketers are using today, and how complex the interrelationships are between them.
Gartner also states that 42% of all sources of the data marketers need to make decisions are EXTERNAL sources – like acquired or purchased data, or data from your channels or agency partners. Not only are we being asked to find and pull together all the data you actually own, today marketers have to think about all these external sources as part of the overall reporting landscape, as well. The trick here is to not get overwhelmed and think you have to pull everything together from a systems perspective at once. Just focus in on the ones you need to get the data to answer your BIG BUSINESS QUESTION.
Back to our Juanita example.If Juanita has the metrics she needs to answer her big question, what are some of the possible actions she could take as a result of having the information? She could use the insight to help her adjust her marketing channel mix and optimize for conversionShe could use it to plan her campaign budget for the quarter, because she knows which campaign types she should be investing more inThe point is, she isn’t just looking at the data and moving on. She’s looking at what the data is telling her and incrementally making decisions to ACT DIFFERENTLY based on what the data is telling her.
So you have your metrics defined, and you know where you need to go to get the data.Next, we’re going to talk about how to UTILIZE the data to make actionable decisions.
At its very basic, data is a DECISION MAKING TOOL. [CLICK]You get DATA, to give you INSIGHTS [CLICK] into what is going on or what might happen in the future. From those INSIGHTS, you can make real DECISIONS [CLICK] about what to do next. And those DECISIONS should lead to ACTION. [CLICK]If any metric you are pulling does not result in some type of decision and action – you should question if it really is a METRIC THAT MATTERS.
During Today’s Journey, we are going to discuss …[CLICK]Assessment of Current State - “The importance of assessing Where You are at NOW with reporting and Where you at in answering the Big Business Questions – to help you plan, budget and prove effectiveness.”[CLICK]Budget, Planning and Reporting - “The use Best Practice and Success Plan tools to help you Establish B.I.C Reporting to help you answer your Big Business Questions – and prove ROI”[CLICK]Demand Generation Capabilities – “The importance of assessing your ability to drive demand”[CLICK]B.I.C Reporting Best Practices & Process – “The use of Eloqua Reports & Dashboard as a mean to increase demand and prove a return on investment(ROI)”[CLICK]Eloqua Success Planning Tools – “A way within the platform and outside the platform to establish baselines and benchmark your performance over time and relative to others.”[CLICK]Eloqua Insight reports & Dashboards – “How you can gain instant visibility through dashboards”[CLICK]Customized Elouqa Insight Reports & Dashboards – “You can dig deeper into the details with customized reports”
During Today’s Journey, we are going to discuss …[CLICK]Assessment of Current State - “The importance of assessing Where You are at NOW with reporting and Where you at in answering the Big Business Questions – to help you plan, budget and prove effectiveness.”[CLICK]Budget, Planning and Reporting - “The use Best Practice and Success Plan tools to help you Establish B.I.C Reporting to help you answer your Big Business Questions – and prove ROI”[CLICK]Demand Generation Capabilities – “The importance of assessing your ability to drive demand”[CLICK]B.I.C Reporting Best Practices & Process – “The use of Eloqua Reports & Dashboard as a mean to increase demand and prove a return on investment(ROI)”[CLICK]Eloqua Success Planning Tools – “A way within the platform and outside the platform to establish baselines and benchmark your performance over time and relative to others.”[CLICK]Eloqua Insight reports & Dashboards – “How you can gain instant visibility through dashboards”[CLICK]Customized Elouqa Insight Reports & Dashboards – “You can dig deeper into the details with customized reports”
I’ve added a few areas of the worksheet for you to take home and do on your own – we don’t have time to do it today – but you can take these next steps by Outlining the possible actions you will take if you had the metrics you’ve identified Define the frequency at which you will review them Document who should be involved in reviewing the metrics and deciding on course of actionI’ve included a sample completed worksheet on the reverse side that closes out our Juanita example. You can use this as a reference. Once you finish this worksheet, the next step is to implement based on what you have outlined. Then repeat…over and over and over….We will be putting this blank worksheet up on Topliners for you to download and use over and over.Define more business questions.Map more metrics that matter.And continually strive to add more value to your organization by advancing your measurement maturity.