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How to measure customer journey success?

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More and more Marketing Executives have come to realize that the traditional approach to budget allocation, by campaign and channel, does not match the way modern marketers seek to optimize the customer’s experience. As a result companies now focus more on investing along the different stages in the customer journey. This webinar is organized by the B2B Marketing Forum in collaboration with Oracle Marketing Cloud.

Published in: Marketing

How to measure customer journey success?

  1. 1. Measuring Customer Journey Success Marketing Performance in B2B Adwin Gerritsen adwin@spotonvision.com @Adwin_G Shimon Ben Ayoun shimon@spotonvision.com @shimonbenayoun In co-operation with
  2. 2. #b2bnlspotONvision - B2B marketing that sells We design and implement integrated sales & marketing programmes to lead your buyers and customers along their journeys
  3. 3. GoToWebinar: “Chat” or “Ask a question” or Twitter hashtag #b2bnl Twitter @spotonvision #b2bnlQuestions?
  4. 4. B2B Marketing: From ROI to Customer Journey Success
  5. 5. Managing customer journeys is CMO’s top challenge Source: ‘The CMO Dilemma: Bridging the Gap between Love and Money’ Abedeen Group
  6. 6. • 96% of CMOs: Poor data quality & data management • Rapidly changing consumer habits and their channel preferences What are the challenges? Increasing pressure on CMOs from their executive boards to deliver return on investment (ROI)
  7. 7. The benefits of improved understanding of both customer data and their buying journeys is, according to Aberdeen Group’s research, a 54% greater annual improvement in the return on marketing investment (ROMI) metric. These marketers also increase revenue from customer referrals by more than 300%. The reward
  8. 8. The new challenge How do we manage customer journeys? How do we know what works? For which buyer persona? Where in the customer journey? How can we track & optimize results?
  9. 9. What about Marketing Executives in the Netherlands? Source: From ROI to Customer Journey Success, spotONvision Available for download as of March 2016 Do they allocate budgets along customer journey stages?
  10. 10. The Customer Journey
  11. 11. B2B: Buyers and Customers
  12. 12. Poll What portion of your marketing budgets do you typically spend on Lead Generation & Acquisition programs? A. < 25% B. 25-50% C. 50-75% D. > 75%
  13. 13. Marketing needs to align Why? Marketers can become customer centric and accountable Marketing Customer
  14. 14. How can we put this into practice? Marketers should create integrated programs along the customer journey Marketing programs are linked to one buyer/customer Marketing programs have a central theme, based on the buyer’s/customer’s needs
  15. 15. How do we create integrated programs? 1. Programs The overall plan. One buyer persona. Central theme. Can involve multiple journey stages. 2. Dialogues Set of tactics. One journey stage. Content matches information needs for that stage. 3. Tactics Marketer’s means to engage. Online. Offline. (eg Webinar, Events, Email, SEA, Online display, Whitepaper, Video) 3 building blocks Marketing Customer “Customer experience is the sum of all interactions”
  16. 16. Example: Wouter Dialogue: Awareness 1. Online display 2. Infographic 3. LinkedIn Dialogue: Consideration 4. Whitepaper 5. eDM 6. Webinar Dialogue: Purchase 7. Sales enablement 8. Free consult Program: Marketing ROI“I need to prove marketing ROI.”
  17. 17. How to measure success Customer Journey results can be measured on three levels: 1. Program 2. Dialogue 3. Tactics Total program results (new, existing) Results per stage (eg awareness, consideration) Results of individual tactics (eg webinars, whitepapers)
  18. 18. Program success Metrics on program level provide insight into total performance in terms of business outcomes. Return New Marketing leads generated Pipeline generated from marketing leads Deals won from marketing leads Revenue generated from marketing leads Return Existing Opportunities created Opportunities won Marketing influenced revenue Marketing attributed revenue Operational metrics Campaign ROI Marketing cost per lead Marketing cost per customer acquired Average deal size
  19. 19. Dialogue success Dialogues have different roles in the journey and so they have different return metrics. Awareness Consideration Decision Initiate Reach Impressions Page views Visitors Clicks Gross Rating Points Downloads Participation events Info requests Form submits Marketing Qualified Leads Sales Qualfied Leads Opportunities created Deals won Order Intake Margin Churn Repeat buys Contract duration Net Promoter Score Engage Retention, prolongation Order Intake cross-sell Order Intake upsell Net Promoter Score Advocacy Revenue referrals Testimonials Brand mentions Net Promoter Score Operational metrics Conversion rates Lead score development
  20. 20. Tactic Tactics have their own return and operational metrics. Return metrics need to be placed in the context of the dialogue they are used in
  21. 21. 6. The clarity test Is any ambiguity possible in interpreting the results? 7. The so-what test Can and will the data be acted upon, i.e. is it actionable? 8. The timeliness test Can the data be accessed rapidly and frequently enough for action? 9. The cost test Is the measure worth the cost of measurement? 10. The gaming test Is the measure likely to encourage undesirable or inappropriate behaviours? Checklist for measuring marketing success 1. The truth test Are we really measuring what we set out to measure? 2. The focus test Are we only measuring what we set out to measure? 3. The relevancy test Is it the right measure of the performance measure we want to track? 4. The consistency test Will the data always be collected in the same way whoever measures it? 5. The access test Is it easy to locate and capture the data needed to make the measurement? The Ten Measures Design Tests – Prof. Neely
  22. 22. Optimization: what works well for which buyer and in which stage? Use historical data to evaluate and optimize performance of tactics for different buyers and customers. • Experiment with tactics • Explore channels and platforms • Capture data per program and dialogue • Share learnings, continually improve
  23. 23. From customer journey to customer value Eventually, everything you do will impact customer value. “Aim to recover your CAC in < 12 months, otherwise your business will require too much capital to grow.” “It appears that LTV should be about 3 x CAC for a viable SaaS or other form of recurring revenue model.”
  24. 24. End- to-end program control 1 Program Response Modeling 2 ROI Dashboard Development 3 Cross-Channel Optimization 4 Data-Driven Lead Prioritization and Pipeline Acceleration 5 Attribution Modeling and Effectiveness Evaluation Experienced companies that have access to historical data and market data can make smarter choices and continually improve marketing programs. Program launch: target setting, response simulation Track program results real-time Optimize tactics and channels Identify high potential leads Evaluation and attribution
  25. 25. Upcoming: B2B Marketing Forum - Come visit us March 17
  26. 26. More information Adwin Gerritsen adwin@spotonvision.com @Adwin_G Shimon Ben Ayoun shimon@spotonvision.com @shimonbenayoun Contact us directly in case you want to know more about measuring customer journey success. Stay tuned for more customer journey webinars: Customer journey dashboards (May 2016) Customer journey optimization (TBD)
  27. 27. Heeft u vragen, neem contact met ons op! Bedankt voor uw aandacht! www.spotonvision.nl info@spotonvision.nl +31 (0) 20 705 58 88

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