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Eloqua platts case study

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This case study reveals how Platts was able to employ Revenue Performance Management to its strategic advantage by using Eloqua.

This case study reveals how Platts was able to employ Revenue Performance Management to its strategic advantage by using Eloqua.

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  • 1. Customer Success Story Revenue Performance Management: Platts’ Formula for Revenue Growth In 2010, Eloqua interviewed Mark McCary, Senior Director of Global Marketing at Platts to discuss the company’s Revenue Performance Management (RPM) strategy. Platts is a divi- sion of The McGraw-Hill Companies and is the leading global provider of energy informa- tion in the physical and futures markets. Through its global RPM strategy, the company is optimizing its entire revenue cycle – increased revenue growth and efficient investment of resources - through better sales and marketing visibility and alignment. Customer Q&A Mark, why did Platts start down the RPM road? Who initiated the project and what were the drivers? That’s a great question, because RPM is a journey, not a destination. A mixture of market- RPM Benefits @ Platts ing, sales and finance started the journey as a six sigma program over 2 years ago. Now we actually have a specific sales and marketing team that meets bi-weekly to discuss ways to improve our lead management processes. That team has worked on optimizing our sales Improved lead qualifica- and marketing dashboards, with metrics being tweaked, added, and subtracted over time. tion rate from 30% to 70%. There were several things that prompted us to build out our sales and marketing dash- Increased lead to board. First, we wanted clearly defined metrics with associated goals that marketing and opportunity conversion sales owned. Further, we wanted specific, agreed upon action items (SLAs) that would truly rates from 23% to 31%. help us increase our revenues. We also wanted to learn which factors contributed to a high lead conversion and sales acceptance rates as measured by a number of metrics. Increased marketing revenue contribution rate Finally, we were looking to understand how much direct and influenced revenue market- from 22% to 28%. ing needed to contribute to the organization along with the type of revenue (new customer acquisition versus up sell or cross-sell to existing customers). Two other related objectives were to get an understanding of how many leads marketing needed to contribute along with our lead capacity. This would enable us to more clearly benchmark ourselves, set realistic goals for improvement and move towards a process where we could actually predict future revenue based on lead volume and related demand generation campaigns. What are the key metrics you track as part of your RPM strategy? For marketing, the key metric is the number of marketing sourced opportunities. This is directly related to our monthly goals for the number of inquiries and MQLs. Marketing sources about 28% of our closed won business today. By paying attention to the MQL pipeline, we ensure that the sales opportunity pipeline is well fed for future months which in turn gives us an idea of whether we will hit our targets or not. We can ramp up or down demand generation activities when needed. The sales acceptance rate and percent of leads rejected gives us a good idea of lead quality. On the sales side, we focus on the percent of leads contacted within 24 hours, percent contacted overall, along with the SAL to opportunity and the closed won conversion rates. These metrics help identify best practices of high performers that we can share with the © 2010 Eloqua Corporation
  • 2. Case Study: Plattsrest of the team. Sales cycle times are another metric that sales paysclose attention to because this shows the efficiency of our sales pro-cess and helps us improve our forecasting accuracy. Finally, the man-agement team pays close attention to leads that are over 2-3 monthsold so we can ensure that each is converted, nurtured or rejected.Did you encounter any significant challenges in the development of yourRPM strategy?There were several challenges. The first was what to measure. We real-ly wanted truly actionable versus just interesting metrics, and we reliedon best practices from Eloqua and Sirius Decision, running these byour sales and marketing committee to ensure that we were getting themetrics that matter. Automating the data integration between Eloquaand Oracle On Demand was another challenge. We needed a live viewof data that would allow us to accurately drill down into each sales re- Figure 1. Click to Enlarge: Platts Tracks Sales Conversion bygion, team, and individual sales rep. Today, our RPM dashboards help Stage in CRM. As part of Eloqua’s C-Suite 16, this Chart isus more effectively diagnose problem and opportunity areas within our Called ‘One View of Conversion.’lead and opportunity pipelines. What processes have changed as a result of your RPM strategy? The SLAs developed between marketing and sales have made quite a difference. Once we discovered that our organization can only handle about 1200 leads per month globally, marketing significantly pulled back on its demand generation programs, reducing the number of leads sent to sales by 64%. This was done, in part by developing a lead scoring program to make it harder for a ‘lead’ to reach MQL status. Sales management has started using the dashboard in their weekly meetings to focus on lead follow up time. We’ve worked over the last year to improve our lead qualification Figure 2. Click to Enlarge: Platts relies on Eloqua to Track rate from a low in the 30% range to the high 70% range with Campaign Performance by Lead Stage certain regions reaching 90+%. This in turn has impacted our lead to opportunity conversion rates from 23% to 31% month to month over the past 9 months. The marketing contribution rate (business closed from marketing sourced leads and opps) has increased from 22% to 28%.What’s next on your RPM Journey?The next steps for Platts is to add new views to our dashboards so we can see trends across product types and sectors as we move towardsproduct based forecasting. We will also be doing deeper analysis of sales cycle times and opportunity stages for deals we won and lost tosee where opportunities are getting stuck. Finally, we have plans to add an analysis area into the dashboard, where our marketing and salesanalyst can make notes as to what trends they are seeing and what we should be looking out for in the future.About EloquaEloqua is the category creator and leading provider of demand generation applications and best-practice expertise for business marketers around the world.Thousands of customers rely on the power of Eloqua’s products and services to execute, automate and measure programs that generate revenue. Eloqua isheadquartered in Vienna, Virginia, with offices in Toronto, London, Singapore and throughout North America. For more information, visit www.eloqua.com. © 2010 Eloqua Corporation