Measuring Marketing - Moderated Panel

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I moderated a panel of 3 of us for DemandCon 2013

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  • Poor data inhibits sales productivity:25% of a field sales rep’s selling time is wasted with incorrect data30% of sales rep’s overall time is spent on research30%+ of contact records in a database become inaccurate in a year Good data is tied to bottom line (sales) results:High quality data correlates to 39% more closes & 66% more revenueGood data is tied to marketing results:A highly-targeted list produces much better conversion results; larger lists drawn from better-quality data yield higher absolute numbers of conversions
  • Measuring Marketing - Moderated Panel

    1. 1. Critical KPI/ROI Lessons For improved measurability of Marketing ROI Prepared for Date October 2013 Jon Russo, Founder B2B Fusion Group © 2013 B2B Fusion Group / Proprietary & Confidential
    2. 2. Agenda Presentation takeaways… • 14 rules of thumb for sensible data-driven marketing • Why is it so hard and can technology help? • Provide framework of thinking around KPIs, ROI, and metrics from executive viewpoint #demandcon2013 © 2013 B2B Fusion Group / Proprietary & Confidential 2
    3. 3. About Scott @chiefmartec sbrinker@ioninteractive.com Co-founder and CTO ion interactive, inc. http://ioninteractive.com Blogger Chief Marketing Technologist Blog http://chiefmartec.com © 2013 B2B Fusion Group / Proprietary & Confidential 3
    4. 4. Data Analysis Is Child’s Play? © 2013 B2B Fusion Group / Proprietary & Confidential 4
    5. 5. Data Is Not Necessarily Truth © 2013 B2B Fusion Group / Proprietary & Confidential 5
    6. 6. “…and then the dashboard segmented last month’s leads by phase of the moon into a beautiful pie chart…” Strategic Data vs. Data Theater © 2013 B2B Fusion Group / Proprietary & Confidential
    7. 7. Data for Exploration vs. Data for Confirmation © 2013 B2B Fusion Group / Proprietary & Confidential 7
    8. 8. 14 Pragmatic Rules of Data Every Marketer Should Know 1. Customer-driven > data-driven. 2. All data is not created equal. 3. Data is only history. 4. Data is always incomplete. 5. Data is objective, but its collection and interpretation are subjective. 6. Any one set of data supports an infinite number of narratives. 7. Strategy is choice. Good data helps us make those choices. © 2013 B2B Fusion Group / Proprietary & Confidential 8
    9. 9. 14 Pragmatic Rules of Data Every Marketer Should Know 8. Experimentation is the gold standard of causation. 9. Watch the dashboard but also look out the windshield. 10. The accuracy and relevance of data decay with time (and often quite quickly). 11. Data can be used for exploration (“why?”) or confirmation (“what?”). 12. A man with a watch knows what time it is. A man with two watches is never sure. 13. The model is not reality. 14. Data visualization can illuminate, obfuscate, or distract. © 2013 B2B Fusion Group / Proprietary & Confidential 9
    10. 10. Beyond the Hype Cycle (and its Backlash) © 2013 B2B Fusion Group / Proprietary & Confidential 10
    11. 11. About Chris cparisi@bulldogsolutions.com www.linkedin.com/in/cparisi/ Vice President, Technology Bulldog Solutions http://bulldogsolutions.comm © 2013 B2B Fusion Group / Proprietary & Confidential 11
    12. 12. The Technology © 2013 B2B Fusion Group / Proprietary & Confidential 12
    13. 13. The Technology © 2013 B2B Fusion Group / Proprietary & Confidential 13
    14. 14. The Dashboard MKTG Sales © 2013 B2B Fusion Group / Proprietary & Confidential 14
    15. 15. The Challenge There’s a disconnect in your marketing data Marketing Automation • Marketing activities • Responses • Campaign reporting • Limited data from CRM • CRM • • • • Owned by Marketing Ops Sales follow-up Pipeline & revenue $$$ Sales dashboards Owned by Sales Ops/IT Impact: executives have less confidence in your marketing data © 2013 B2B Fusion Group / Proprietary & Confidential 15
    16. 16. The Approach • • • • • Be pragmatic and take an iterative approach Map achievable goals to your maturity and celebrate them Get agreement on and publish metric definitions Align with industry standards where possible Start small and build confidence in your metrics • Campaign Performance • Marketing Funnel (Response  Marketing Qualified) • Ensure accuracy and data governance • Be a better partner to sales and get to know CRM Plan for the support you will need • © 2013 B2B Fusion Group / Proprietary & Confidential 16
    17. 17. The Dashboard: Campaign Performance © 2013 B2B Fusion Group / Proprietary & Confidential 17
    18. 18. The Dashboard: Multiple Funnels © 2013 B2B Fusion Group / Proprietary & Confidential 18
    19. 19. The Dashboard: Example © 2013 B2B Fusion Group / Proprietary & Confidential 19
    20. 20. About Jon @B2BCMO Jon.Russo@B2bFusionGroup Founder B2B Fusion http://B2bfusiongroup.com Recent Press: Fox News, Forbes, Argyle Group, Forrester © 2013 B2B Fusion Group / Proprietary & Confidential 20
    21. 21. Connect Marketing investment to new revenue #MOCCA © 2013 B2B Fusion Group / Proprietary & Confidential 21
    22. 22. What is your biggest challenge measuring Marketing impact? A Data Quality: We have incomplete, inaccurate, or missing data that impacts KPIs – or makes measurement impossible B Alignment: Our sales and marketing nomenclature is not defined, agreed upon, documented, or consistently used system wise C Tools: We have marketing automation & CRM, but measure in Excel … and the Excel reporting is not credible internally! D Random ROI: Marketing tags opportunities with campaigns we think we sourced or influenced E All of the Above #MOCCA © 2013 B2B Fusion Group / Proprietary & Confidential 22
    23. 23. 5 KPI/ROI Lessons © 2013 B2B Fusion Group / Proprietary & Confidential 23
    24. 24. 1. Create your KPI story around volume, velocity, behavior …not a story around technology or tactics Integrated List Strategy Sales sourced Inquiries Marketing sourced, Marketing influenced Inquiries, Nurturing #MOCCA © 2013 B2B Fusion Group / Proprietary & Confidential 24
    25. 25. 2. Execute fundamentals flawlessly Adapt (vs. adopt), define, document, embed & measure Funnel Width = Quality + Quantity of Inbound/Outbound Leads Efficiency: Processes from Inquiry to Close Nurture All Names Inquiries MQL LGQL Prospect & Recycled Lead Gen (Marketing Qualified Lead) Qual. Lead MARKETING #MOCCA LEAD GEN INSIDE SALES SAL SQL Sales Accepted Lead Customers Sales Qualified Opportunity SALES © 2013 B2B Fusion Group / Proprietary & Confidential 25
    26. 26. 3. Create a global Marketing forecast Benefits: • Ties marketing to sales • Creates urgency around poorly performing areas • Looks forward vs. rearview mirror #MOCCA © 2013 B2B Fusion Group / Proprietary & Confidential 26
    27. 27. 4. Compare & interpret – instead of presenting Intepret: i.e. “Bloated Funnel” Miller Heiman 2013 Several dependencies to get to velocity within sales, marketing & systems #MOCCA © 2013 B2B Fusion Group / Proprietary & Confidential 27
    28. 28. 5. Know your data – significant ROI upside & foundational 10% of enterprises using Salesforce.com have a duplication solution in place1 © B2B Fusion #MOCCA © 2013 B2B Fusion Group / Proprietary & Confidential 1. Ringlead 2013 28
    29. 29. Vision – Marketing predicts revenue for business 13% of all organizations use predictive analytics (Gartner BI MQ 2012) #MOCCA © 2013 B2B Fusion Group / Proprietary & Confidential 29
    30. 30. Reinforcing closing thoughts • Pivot the conversation from tactics and technology to volume, velocity, and behavior • Aspire to measure the business, not justify marketing’s existence • Carefully inspect your existing data • Realize this is your unique journey, there is no KPI silver bullet © 2013 B2B Fusion Group / Proprietary & Confidential 30

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