Eloqua's Anthony Best shares the best practices and practical guidance for tracking marketing information that matters in B2B marketing. Presented at the 2013 Modern Marketing Roundup with Heinz Marketing.
Taking a closer look at each of these dimensions:(click) Value essentially measures how much your extended pipeline is worth. (click) Reach tells you what you have to work with in your revenue cycle – your range of effective action. Another way to think about this is the volume of leads at each stage of the revenue cycle(click) Conversion is pretty straightforward – it provides a picture of what percent of your pipeline you can reasonably expect to turn into revenue(click) Velocity gives you a timeframe in which you can expect to realize revenue from a prospect (response)(click) And return tells you what it will cost to generate revenue from your funnel. (click) Each of these metrics of course relies on a formula – again – a standard system of measurement that the marketing and sales teams can begin to standardize on.
So how does this relate to metrics that matter for your organization? This is our recommended approach when taking reports available from Eloqua as well as other possible reports from other sources:-Start Small and keep focused: focus on ensuring that your campaigns are performing adequately: email response, leads generated as examples. Once you have the basics down, you can consider other metrics and creating that awesome dashboard that you want. Another approach: Think about a list of 5 key reports that you want to report on. For example: Total Marketing Qualified leads (MQL) generated, MQL-Sales Accepted Leads (SAL) conversion rate, cost per inquiry or cost per MQL, Total Marketing-Influenced Closed-Won Revenue, Average Campaign ROI. Use Eloqua’s benchmark workbook to assist here.-Don’t report for reporting sake. Which metrics will demonstrate that your hitting your objectives? Will people in your company care about that data? Will it align with what other groups (like sales) are reporting on? What format do they want that information? You need to take these questions into account as you build out your reports and dashboards.-What will you do with the results? From the reports and dashboards you review, how will you change your approach? Have a plan in place to action on the results of the data. Don’t measure anything you can’t act upon. At larger companies, marketers get together and review campaigns and point out which performed better and why. This can be done at organizations of all sizes.-If there is data you need, ask others for help. Most likely there are others in this room right now that have the same challenge that you do. Not only can you bring up your reporting challenges here at R2R tours, you can use Topliners as another great resource. You can also reach out to your Eloqua Account team or Eloqua Support. Eloqua has created a much more flexible reporting solution that can do even more. Can you do all your reporting in Eloqua? Not yet but others can guide you on the best approach-Closed loop reporting goes beyond technology. Having Eloqua and a CRM connected is important but closed loop reporting goes well beyond this. It will require proper processes and the right people in place. For example, you will need to use CRM Campaigns consistently. As a starting point, ensure you understand what is required before trying to implement
Eloqua on Metrics that Matter at the 2013 B2B Modern Marketing Roundup with Heinz Marketing
Metrics That MatterAnthony Best, Sales Engineer, Eloqua #MMR
How Do You Measure Success?A. My event ran flawlessly!B. Lots of people came to my Webinar.C. The Sales team had fun.D. My looking at how my efforts impact key indicators such as velocity and deal size.E. Measure success? What do you mean? #MMR
Discussion: Can You Measure These? If you could only choose one, which would it be? (And why.) Which would be the most difficult for your organization? (And why.) #MMR
Tips for Getting Started• Start small and keep focused• Don’t report for reporting sake• What will you do with the results?• If there is data you need, ask others for help• Benchmark your progress• Closed-loop reporting goes beyond technology