Eloqua fxcm case study

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This case study highlights how Forex Capital Markets (FXCM) was able to use Eloqua to its strategic advantage.

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Eloqua fxcm case study

  1. 1. Customer Success Story Forex Capital Markets “Eloqua allows us to understand each visitor’s particular field of interest before targeting them for our next email cycle, which allows us to pass on more hot leads to sales.” —Marc Prosser, CMO of FXCM 
 FXCM Trades Manual Processes for Automation as it Scales its Demand Generation Programs with Eloqua Conversion Suite Forex Capital Markets (FXCM) provides foreign exchange trading services for institutional and individual investors. The company provides an online trading platform for individuals that want to speculate on the exchange rate between currencies. FXCM’s success rests on a value proposition of great customer service, superior execution and the company’s financial liquidity and health. This winning combination has powered FXCM’s growth and expansion from US to foreign markets over its six year history. The Challenge In early 2003, FXCM faced a challenge: It needed to scale its marketing program to support an ambitious growth strategy. To meet revenue targets, the marketing team needed to move from deploying loosely coordinated marketing programs to embracing a systematic approach to demand generation that would produce a continuous flow of high quality sales leads. FXCM also needed to put its corporate website at the heart of its marketing efforts, since many customers spent time researching its trading platform online. This meant devising new programs that would drive higher volumes of visitors to its site, and programs that would efficiently convert them to known prospects. “An initial step in implementing this strategy was getting control over all FXCM marketing assets. This required us to bring our outsourced email marketing solution in house,” said Michael Buzzeo, Director of Database Marketing at FXCM. “We needed to find a technology solution that could help us not only execute our marketing plans, but also grow and manage a clean, accurate database of leads.” The marketing team quickly settled on some requirements for any marketing solution vendor. FXCM would need to rely heavily on automation to maximize the scale, efficiency and results of its cross-channel marketing campaigns. And any marketing solution had to be tightly integrated with its home-grown back office software and Salesforce.com CRM system to achieve a single, 360 degree view of the customer.
 
www.eloqua.com | 866.327.8764 | January 2006 © 2009 ELOQUA CORPORATION
  2. 2. Customer Success Story: FXCM | 2The SolutionTo implement its marketing strategy, FXCM turned to Eloqua Corporation, a provider ofintegrated demand generation software and services. “Eloqua met each of therequirements we outlined – tight integration between email marketing and marketingworkflow automation, plus deep ties to our Salesforce.com CRM system,” said MarcProsser, CMO of FXCM.Eloqua’s Conversion Suite enables business to business organizations to execute,measure and automate email, direct mail, web and other marketing programs on asingle, integrated platform. Each marketing channel rests on a common base ofsoftware code for profiling, analytics and segmentation, enabling FXCM to easilycompare campaign results and determine which was most effective at igniting buyerbehavior. This end to end approach also enabled Buzzeo to see, in detail, prospectactivity from initial email opens to resulting website activity. As prospects become moreactive and responsive to FXCM campaigns, Eloqua automatically builds a dynamicprofile that is maintained by Eloqua and shared with the sales team throughSalesforce.com.In late 2003, FXCM began implementing Eloqua email marketing, automated emailcycles, form processing and reporting to boost the success of its 30 day free trial of FXTrading Station, its currency trading platform.“Our ‘try it and you will buy it’ offer available on our website became the center point ofour demand generation efforts,” said Buzzeo. “This offer was a great test of Eloqua’sapproach of linking direct marketing efforts to website activity. We needed to knowwhich marketing events caused prospect to sign up for a trial account. The Eloquaforms processing engine became a critical element in our programs because it capturedvisitor contact data and posted it to both to Eloqua and our CRM system.”After comprehensive AB testing on email open and clickthrough rates, FXCMdetermined that following up on prospect’s trial download with a succession of emailswas the most effective way to convert prospects into paying customers. Prospectssigning up for a trial account would trigger a succession of six unique email messagesover the course of several weeks. These would include product demonstrations, tradingresources, and educational offers. During this Practice Account Cycle, Eloqua wouldcontinually update prospect profiles in Salesforce.com as customers took new actions.When prospects demonstrated a pattern of activity signaling their potential to convert, asalesperson would make the call.Manually orchestrating and executing this cycle of communications would be cost-prohibitive. Instead, FXCM embraced Eloqua Program Builder, a workflow automationtool, to automate the entire cycle. Program Builder’s powerful workflow interface allowsmarketers to build automated cross-channel programs like lead nurturing, eventsregistration or data management, for example. Prospects can automatically be insertedinto a program based on changing profile data like contact fields, activities or lead‘score’. © 2009 ELOQUA CORPORATION
  3. 3. Customer Success Story: FXCM | 3
 Results Today, FXCM is seeing its automated marketing approach pay dividends. The company has grown to more than 400 employees in New York, San Francisco, Dallas, London, Hong Kong and Tokyo. The Forex market is the largest market in the world with daily reported volume of over 1.8 trillion, making it one of the most exciting markets for trading. FXCM has moved from number 106 to 60 on the prestigious Inc. 500 list. Much of this success can be attributed to a shift in marketing strategy that embraced process, measurement and automation in every demand generation program. By taking control of its email marketing, defining a disciplined program for success and implementing a technology platform for execution, FXCM was able to increase the effectiveness of its marketing spend. These improvement cut across multiple metrics. After initial implementation of Eloqua, FXCM saw its email open rate rise to more than 40% on average, orders of magnitude higher than what they had been seeing with outsourced email. This was on volume of 150,000 emails per month. Today, FXCM delivers 1.2 million emails per month, a growth of 700%. The majority of these emails are sent automatically as part of one of FXCM’s automated email cycles, fired off by Eloqua in response to prospect email activity, web visit or pre- determined ‘drip marketing’ schedule. Today, there are many thousands of prospects in FXCM’s automated programs at any given time, a database of potential customers that the company relentlessly and personally markets to. The effects of many demand generation programs are immediately seen by the sales team through Eloqua’s integration with Salesforce.com. Key messaging activity is recorded into Salesforce to enable increased prospect visibility and help increase sales conversion. Moving Forward FXCM is actively moving to replicate its successful marketing automation model in new areas of the business. A prime target is managing registration for an upcoming series of seminars across the country. Using Eloqua, FXCM can automate almost every step involved – from building demand to registering attendees to managing follow up. For example, website visitors that register for an event on the company website will receive a short introductory letter in the mail with tickets to a local seminar. Another area of need is FXCM’s education program. The FX Power Course provides prospects with three free classes conducted online, that simulate the real 30-day training course. When automated, this process will send visitors three emails on such topics as money management. From these emails, prospects can go directly to a forum where they can view the actual Q&A process by which instructors and students communicate during the course. FXCM has supported its dramatic growth by focusing its demand generation program and implementing smart, cost-effective and efficient automated marketing processes to systematically build demand for its products. For Company Chief Marketing Officer Marc Prosser, making the switch to Eloqua’s Conversion Suite was a major catalyst in that change. “Eloqua allows us to understand each visitor’s particular field of interest before targeting them for our next email cycle, which allows us to pass on more hot leads to sales. We’ve achieved a dramatic increase in the effectiveness of our entire online lead generation program with the implementation of Eloqua’s Conversion Suite.” © 2009 ELOQUA CORPORATION

  4. 4. Customer Success Story: FXCM | 4
 About Eloqua Eloqua 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 is headquartered in Vienna, Virginia, with offices in Toronto, London, Singapore and throughout North America. For more information, visit www.eloqua.com. 1921 Gallows Road 500 Vienna, VA 22181-3900 Call Toll Free: 866.327.8764 © 2009 ELOQUA CORPORATION


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