Effective Data-Driven Decision Making for High Performance Demand Generationor demand generation...
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A Digital Solutions Firm delivering Marketing and Technology Solutions New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi Data-driven Strategies for Demand Generation
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You cannot rely on intuition and experience alone to make critical marketing investments. Data can help us optimize our marketing efforts, predict results, justify spend and validate our impact and influence on revenue. But to do that, you need to have the right data. This webinar discusses how to capture the metrics you need and use them to make decisions that will deliver significant performance gains. Covered in this presentation: 1. Key metrics every B2B marketer must focus on 2. A framework for setting up a solid data foundation 3. The difference between data and insights 4. When and how to act on data-driven insights
Transcript of Effective Data-Driven Decision Making for High Performance Demand Generationor demand generation...
A Digital Solutions Firm delivering Marketing and Technology Solutions
New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi
Data-driven Strategiesfor Demand Generation
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Shawn De SouzaDemand Generation Practice Director
Background:
Modern Marketer
Savvy Technologist
Expertise in B2B and B2C
Areas of Specialization:
SEO/SEM, Social, Mobile, Lead Management, Campaigns, CRM, Analytics
Presenter
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Experienced. Founded in 1999
Trusted. Diverse business critical projects delivered formid-size to Fortune 500 organizations
Versatile. Experience across diverse verticals, including Financial Services, Technology, Legal, Retail, Media & Publishing, Education, Travel and Hospitality and Energy
Global. Locations in United States, Canada, Middle-East and India
About eDynamic
eDynamic is a digital consultancy that helps clients acquire and engage customers through cutting edge interactive solutions
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eDynamic supports key stages in the customer lifecycle
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eDynamic empowers the marketer
Our capabilities center around empowering the marketer during the entire customer lifecycle, from acquisition to engagement
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Why Data?
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Information is not knowledge- Albert Einstein
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Weather Data – for Meteorologists
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Weather Data – for Meteorologists
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Weather data for you and me
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Stock Markets
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New(er) Technologies
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The Data Tsunami
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Volume
Amplifies and creates reach
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Velocity
Rapid insights provide competitive advantage
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Variety
Everyone’s an advertiser, broadcaster and data generator
People with people
People with Machines
Machines with Machines
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The Connected Customer
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Channels most commonly used
Eloqua and CMO.com B2B Benchmark Study Q4 2012
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Quick Poll
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37% do not track the revenue (closed business) generated by campaigns.
29% do not measure sourced-opportunities generated by campaigns.
20% do not measure the number of new sales leads generated by marketing campaigns.
Measuring the basics
Source: Pardot
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“The top challenge for marketers remains to better quantify and measure the value of marketing programs, in spite of improvements in accountability over previous years.”
- CMO Council
It’s still a challenge
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“Seventy-six percent (76%) of B2B marketing professionals agree or strongly agree that their ability to track marketing ROI gives marketing more respect.”
Source: Forrester Research
It’s about credibility
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The Data Challenge
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Signal or Noise?
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Information or Insight ?
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Tracking the digital footprint
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Campaign Timing
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Different Data. Different Databases.
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Key steps to high-performance demand generation
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1. Understand what you want to achieve
2. Create a solid data foundation
3. Track critical touch-points in the customer life-cycle
4. Integrate your systems
5. Test and learn
6. Visualize and communicate results
Key steps to data-driven demand gen
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Understand what you need to achieve
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1. Think like a CEO/CFO
2. Speak the language of business
3. Align marketing objectives with business objectives
4. Connect marketing activities and investments with business outcomes
5. Define What to measure When to measure How to measure
Focus on what matters
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1. What business outcomes are you trying to impact?
2. How much do you expect this program/activity to contribute?
3. How will you know that this program achieved the objective(s)?
4. What metrics would you expect to see?
5. When would you know to change course?
6. What data will help you understand our current state?
7. What data and metrics will communicate the program’s effectiveness and value?
Plan for Measurement
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1. What are your specific objectives for marketing investment and how will you connect your investments to incremental revenue and profit?
2. What impact would a 10% change in your marketing budget (up or down) have on your profits and margins over the next year? The next three years? Five?
3. Compared to relevant benchmarks (historical, competitive, marketplace), how effective are you at converting marketing investment into revenue and profit growth?
4. Which are appropriate targets for improving revenue leverage (defined as dollars of profit over dollars of marketing and sales spend) over the next few years? Which initiatives will get you there?
5. What questions do you still need to answer with regard to your knowledge of the return on marketing investments? What are you going to do to answer them?
5 questions to guide your measurement insight
Source: MarketingNPV
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1. Revenue Net new deals
2. Profit Customer expansion
3. Market Share
4. Margin Marketing Effectiveness and Efficiency
5. Leads sourced or influenced by marketing MQLs and SALs Opportunities
Primary Marketing Metrics aligned to Business Goals
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1. Registrations, Conversions or Inquiries
2. Lead Quality by Lead Score
3. Spend (Cost per Conversion, Cost per Qualified Lead)
4. Engagement CTRs Attention ( Time on site, Interact with
Content) PR and Social Comments, Tweets, Likes,
Shares
5. Etc.
Secondary Marketing Program Metrics
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Past
• Business performance metrics
Present
• Diagnostic metrics
Future
• Leading indicators
The Time Dimension
Source: Lenskold Group
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1. Use Vanity metrics
2. Measure what is easy
3. Focus on quantity over quality
4. Focus on activity, not results
5. Efficiency instead of effectiveness
Measurement Don’ts
Source: Marketo - Definitive Guide to Marketing Metrics and Analytics
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Create a solid data foundation
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Reliable data leads to better decisions
1. Data Governance Data quality
■Is it current?
■Is it correct?
■Is it consistent? Completeness Compliance
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Treat data as a portfolio
1. Data Governance Data quality
■Is it current?
■Is it correct?
■Is it consistent? Completeness Compliance
Source: Marketo
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1. Prospect/Customer Profile Contact Information Company Information Ideal Customer attributes – revenue size, industry
2. Prospect/Customer Engagement Website Visits Email Opens, Clicks, Forwards Blog Comments Social activity
3. Lead Type Categorization Source/Channel/Industry/Job Role
Determine Your Data Profile
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Prioritize and track touch-points
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Source: Forrester
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Lead management workflow
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1. Purchased Lists
2. Web
3. Social
4. Partner/Reseller Channel
5. Event
6. Etc.
Categorize your Marketing Channels
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Setup and manage your tracking codesElement # Characters Example
1. Funnel 3 OSA a. Outside Sales Funnel A OSA b. Outside Sales Funnel B OSB c. Outside Sales Funnel C OSC d. Marketing Funnel D MKD
2. Quarter 3 (408) 3. Campaign Type 4 EMRL
a. Email i. Rented List EMRL ii. House List EMHL
iii. Internal List EMIL iv. Brand List
Registered Users Free Trial ( Vscape Lite Users)
EMBL
b. Webinar WEBS c. Banner Ads BNAD d. Online Third Party ONTP e. Conference / Tradeshow CONF f. Website VFMW g. Public Relations PBRL h. PPC PPCS i. Social WB20 j. List Development LDEV
4. Vertical / Market Focus ( HO) 2 Characters a. Industry A IA b. Industry B IB c. DISTRIBUTION PARTNER DP d. OTHER OTHR e. MEDIA MD
5. Vendor Variable 6. Offer Variable 7. Drop / Start Date 6 Mmddyy 8. Campaign Element (if multiple types of
promotion, then the specific type for this source code, else use code “00”)
2 NA
a. Not applicable or None 00 b. Dedicated Email DE c. E-newsletter sponsorship ES d. Banner / Text Ads BA e. Whitepaper/ Offer Listing LI f. Company Listing / MicroSite CL g. Other h. Fax
OT FX
Example: Source code = MKD113EMBLIAB2BWebinarData-Driven070313DE
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A note about attributions
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Insert your tracking codes
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Integrate your systems
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Identify your systems
Source: Chiefmartec
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Understand your technical infrastructure
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Get the systems talking to each other
Web CMS, market automation and CRM offer a common view of the customer that drives personalization across web and email
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Test and learn
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Test, review, optimize
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Visualize your data
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Tell a story
Source: Lenskold Group
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What’s the MROI?
Source: Eloqua
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Visualize your impact
Source: Eloqua
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It doesn’t have to be pretty!
Q4 2012
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Questions?
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Thank You
