Definitive guide-to-marketing-metrics-marketing-analytics

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Marketing
Metrics &
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marketo.com

Definitive Guide to Marketing Metrics and Analytics

Contents

Why Should I Read the Definitive Guide Part 5: Program Measurement 37
to Marketing Metrics and Analytics? 3 Why Measuring Marketing Programs is Difficult 38
Method One: Single Attribution (First Touch / Last Touch) 40
Part 1: Measurement Builds Respect and Accountability 4 Method Two: Single Attribution with
Why Now Is The Time For Marketing Metrics 7 Revenue Cycle Projections 41
Method Three: Attribute across Multiple Programs
Part 2: Planning for Marketing ROI 9 and People 44
Step One: Establish Goals and ROI Estimates Up-Front 11 Method Four: Test and Control Groups 46
Step Two: Design Programs to Be Measurable 15 Method Five: Full Market Mix Modeling 48
Step Three: Focus on the Decisions Program specific metrics – what you should
that Improve Marketing 16 measure and track 49
Conclusion: Program Measurement Applied 50
Part 3: A Framework for Measurement 17
Where Metrics Go Wrong 19 Part 6: Marketing Forecasting 51
The Right Metrics 21
Part 7: Dashboards 55
Part 4: Revenue Analytics 23
Define the Revenue Cycle 24 Part 8: Implementation • People, Process,
Revenue Cycle Metrics That Matter 29 and Technology 59
Revenue Performance Management Metrics 33 People and Culture 60
Process 62
Technology 64

Conclusion 65
Key Lessons to Improve your Performance, Profitability,
and Credibility with Marketing Metrics and Analytics 66

© 2011 Marketo, Inc. All rights reserved. 2


Why Should I Read the Definitive Guide
to Marketing Metrics and Analytics?

Do you know what profits a 10% increase This guide will help you do just that. We
in your marketing budget would generate? will help you answer key questions like:
According to the Lenskold Group’s 2010 B2B • What are the most important marketing
5 QUESTIONS TO GUIDE YOUR
Lead Generation Marketing ROI Study, the metrics for me to use?
MEASUREMENT INSIGHT
most common answer to this question is 1. What are your specific objectives for marketing
• How can I measure my various marketing
“I Don’t Know.” investment and how will you connect your
programs’ impact on revenue and profit?
Forty-four percent (44%) of qualified investments to incremental revenue and profit?
• How can I best communicate marketing
marketers have no idea what a 10% budget 2. What impact would a 10% change in your
results with my executive team and board?
increase could do for their companies. marketing budget (up or down) have on your
• Which personnel, procedural, and profits and margins over the next year?
If you fit into this 44%, you will experience
cultural changes need to occur within my The next three years? Five?
difficulty protecting your budget. In fact, you’ll
organization so I can implement marketing
likely find yourself asking the question the other 3. Compared to relevant benchmarks (historical,
measurement?
way around: “What will happen now that my competitive, marketplace), how effective are you
budget has been decreased by 10%?” • And many more… at converting marketing investment into revenue
You can’t expect your organization to place value and profit growth?
The bottom line of any business is the top
on something you’re unable to quantify. line: revenue and faster growth! 4. Which are appropriate targets for improving
revenue leverage (defined as dollars of profit
So let’s get started.
over dollars of marketing and sales spend) over
the next few years? Which initiatives will get you
there?
5. What questions do you still need to answer
with regard to your knowledge of the return
on marketing investments? What are you going
to do to answer them?

(Source: MarketingNPV)



Part 1: Measurement
Builds Respect and
Accountability



Part 1: Measurement Builds Respect
and Accountability

Marketing suffers from a crisis of credibility. • How much profit was made last quarter
Typically, executives outside the marketing versus this quarter?
department perceive that marketing exists
• How much revenue and profit do you
CUT PROGRAMS TO BUILD CREDIBILITY
solely to support sales, or that it is an arts and
forecast for the next quarter? According to Marketo CEO Phil Fernandez, the #1
crafts function that throws parties and churns
out color brochures. Either way, marketing • Why are you confident in the above answers? thing a marketer can to do to build credibility with
often does not command the respect it the CEO is to offer some cuts to marketing programs.
deserves. Soft metrics like brand awareness, GRP, Show that you are “de-funding” things you
impressions, organic search rankings and previously did that either A) didn’t work; B) weren’t
What can marketers do so they are seen reach are important – but only to the extent aligned with evolving company goals; or C) seem
as part of a machine that drives revenue that they quantifiably connect to hard less important now than other initiatives. This helps
and profits? How can marketers take more metrics like pipeline, revenue, and profit. demonstrate a strong sense that you are managing a
control over the revenue process, build the portfolio of investments, and that you are willing to
respect of their organizational peers, and Of course, marketers must track and measure
the impact of all key marketing activities, make hard choices with company money.
earn a seat at the revenue table?
both hard and soft. But keep all but the
most critical metrics internal to marketing.
Use metrics that matter to By speaking the same quantitative language
the CEO and CFO as the CEOs and CFOs, marketers will better
It’s no secret that CEOs and boards don’t
communicate marketing’s value and impact to
care about the open rate of your last email
the executive suite. Seventy-six percent (76%) of B2B marketing professionals agree
campaign or your last press release’s number
of views. See Part 4 for more on how to measure or strongly agree that their “ability to track marketing ROI gives
In today’s economy, CEOs and CFOs
the right revenue metrics. marketing more respect.” Source: Forrester Research
care about growing revenue and profits:
• How much faster are we growing now
versus last quarter? Last year?



and Accountability

Know the impact of each When you talk about marketing spending, “Marketing has always been a grueling and competitive sport – not
marketing investment other executives think of costs and profit unlike running a marathon. With the changes in the buying process,
If you can’t confidently identify which parts of loss. When you talk about future results, in media and technology, and managing expectations, it’s like
your marketing truly deliver financial returns, they think of revenue and growth.
running a marathon as the ground shifts beneath your feet. What
marketing’s impact and influence will continue
to be limited across your company. This will
To formulate accurate forecasts, sales was already difficult is becoming increasingly difficult. If you’re
and marketing must sit together at the going to do it without measurement, it’s like running a marathon,
not only hurt marketing’s influence and revenue table.
credibility; it can also prevent your company in an earthquake, blindfolded.” David Raab, Author, Winning the
from making the right strategic investments to See Part 6 for more on Marketing Forecasting. Marketing Measurement Marathon
improve results over time.
See Part 5 for more on measuring the impact
Make hard business cases for spending
With its forecast in place, marketing must then
of various marketing programs.
make a hard business case for the resources
it needs to deliver the results it has promised.
Forecast results, not spending This requires knowing what it will take – in
Forecasting is perhaps the single most money, time, and effort – to acquire new
important thing marketers can do to change qualified leads and nurture those leads until
the perception that marketing is a cost center. they are ready to talk with sales.
In the same way that you can’t drive quickly Marketers who use this type of rigorous
if you rely only on your rear-view mirror, you methodology are able to frame their budgets
can’t be an effective marketer if you only in terms of investments, not costs, and are
report what has happened in the past. The better able to justify and defend their budgets.
best marketers forecast the results they expect
in the future – and quantify their forecasts in
terms of leads, pipeline, and revenue.



and Accountability

As the function that “owns” the relationship CEOs Grade Marketing
WHY NOW IS THE TIME FOR with these early stage prospects, Marketing 67% of CEOs give their marketing departments a B or C
MARKETING METRICS
20%
now is responsible for a much greater portion
of the revenue cycle than ever before.
The way that prospects research and buy
solutions today has been forever transformed But with great power comes great
by the abundance of information available on responsibility. Not sure the marketing programs
websites and social networks, and this in turn made a diﬀerence, but they probably
Enter Marketing Metrics. had some impact even though
fuels a significant change in the way marketing contribution wasn’t measured
and sales teams must work – and work CEO ratings of marketing’s performance

47%
together – to drive revenue. directly rise and fall with marketing’s ability
to quantify how their campaigns and programs
Because they have ready access to deliver value in line with company revenue
information, buyers resist engaging with sales objectives. It is more important than ever for
until much later in the buying process. marketing to link the impact of its efforts and Marketing programs made
This presents an incredible opportunity financial investments to revenue and profit, a diﬀerence but contribution
for marketing to reinvent itself as a core and establish a true process for marketing ROI wasn’t measured
part of the company’s revenue engine. in their companies.

35%
“70% of the buying process is now complete Marketing programs made an
by the time a prospect is ready to engage with impact and marketing was able to
sales.” SiriusDecisions, Inc. document their contribution
Source: VisionEdge Marketing & Marketo 2010 Marketing
Performance Measurement and Management Survey of
423 executives



and Accountability

THE 5 STAGES OF MARKETING ACCOUNTABILITY
1. Denial 3. Confusion Inevitably, this will reinforce the perception
“Marketing is an art, not a science. It can’t be “I know I should measure marketing results, that marketing is a cost center, not a revenue-
measured. The results will come; trust me!” but I just don’t know how.” producing asset.
At first, the CMO may deny the need to be The CMO knows that marketing accountability
accountable for results. Being stuck in this is inevitable, but the path to achieve it 5. Accountability
stage often leads to marketing’s isolation from remains hidden. Basic metrics such as lead “Revenue starts with marketing.”
other departments and executives. source tracking and cost-per-lead are put in At this stage, marketing truly finds its place
place, but there is no holistic understanding in front of the revenue pipeline – where
2. Fear of how marketing activities are impacting key marketing stops being a cost center and
“What if my marketing activities don’t impact bottom line metrics. starts justifying marketing expenditures as
the bottom line? Will I lose my job?” investments in revenue and growth. This is
Taking on accountability can be scary, 4. Self-Promotion when the CMO can act, and talk, like a true
especially when you don’t yet know how “Hey, come look at all these charts C-level executive, measuring and forecasting
well (or poorly) your department is doing. and graphs!” marketing’s impact on metrics that matter to
Marketing accountability is a double-edged the CEO and CFO. This is when marketing truly
In a desperate attempt to appear accountable,
sword, shining a bright light on weak earns a seat at the revenue table.
marketing measures everything that can be
performance as well as good performance. (easily) measured — from website page views Getting to this final stage of marketing
Some CMOs may be tempted to avoid to press release downloads to search engine accountability is difficult for any organization.
accountability just to avoid facing which rankings. These CMOs proudly display their It requires top-level commitment, discipline,
category they are really in. results and claim marketing accountability. and investment in the right systems and tools.
However, important as these metrics may It can also require a rethinking of marketing
be, they lack an explicit connection to hard incentives and compensation. The journey
metrics like pipeline, revenue, and profit. The may not be easy, but the results—in terms
result is a focus on soft marketing KPIs instead of peer respect and impact on profits—are
of hard revenue growth, on short-term ROI clearly worth it for any marketing team.
over long-term marketing accountability.



Part 2: Planning for
Marketing ROI



Part 2: Planning for Marketing ROI

Many marketers think of marketing ROI as The fastest-growing companies measure Marketing ROI Management Process
reporting on the outcome of their programs, ROI to find not just what works, but what
often in the form of a set of reports they have works better. They focus on “improving ROI,” 1 Best Assumptions
to deliver monthly. But the best companies not just “proving ROI.” Process begins with ROI
recognize that reporting for reporting’s sake scenarios early in the
Planning for marketing ROI involves planning cycle to shape
is less important than the decisions those
three main activities: objectives, strategies ROI Scenarios
reports enable to improve profits. and tactics.
1. Establishing targets and ROI
This is the difference between backwards-
estimates up-front
looking measurement and decision-focused
management. 2. Designing programs to be measurable 2a Objectives Strategy Tactical Plan Impact &
Measurements are Contribution
It’s important to plan your programs with ROI 3. Focusing on the decisions that will prioritized ﬁrst and
in mind from the outset. When you quantify improve marketing then planned concurrent
the outcome you expect from each marketing to campaign plans, so tests Measurement Plan
Only with discipline, planning, and a and variations can be Test Variations in Plan
investment, you can then determine exactly incorporated to
how you will measure the program against closed-loop process will you be able to improve precision.
those goals and position yourself to achieve improve your marketing ROI.
Measurements
them. 2b
Measurements capture
lift, diagnose weaknesses,
and generate insight to
improve eﬀectiveness.

3 ROI Measurement
ROI results guide changes
to strategies and tactics
in the next cycle of marketing,
based on which have the History to Guide
higher ROI potential. Next Campaign

(Source: Lenskold Group)




STEP
ONE

ESTABLISH GOALS AND Benefits of ROI goals
With ROI goals in place, the CFO will see not
ROI ESTIMATES UP-FRONT only the cost that goes out the door, but also SHOULD MARKETING HAVE
exactly what benefit is expected to come from TO JUSTIFY ITSELF?
When planning any marketing investment, that cost. As a result, he or she will be much
your first step is to quantify your expected more likely to support the investment. According to consultancy MarketingNPV, the two
outcomes. All too often, marketers plan most common questions asked by non-marketing
programs and commit their budgets without Don’t worry too much about the fact that executives are:
establishing a solid set of expectations about you are making estimates. As long as they are
what impact they expect the program to clearly labeled, the CFO will understand that 1. “Does our marketing generate any value for
have. This is a terrible habit, and is one of any plan requires numerous assumptions. shareholders?”
the underlying reasons why other executives, Just the fact that the marketer is walking 2. “How do we know that marketing really works?”
especially CFOs, question marketing in the door with a spreadsheet of numbers
establishes that marketing is speaking the Unfortunately, these questions immediately put
investments.
CFO’s language. That in itself is highly effective marketing on the defensive and inevitably cause
The solution is to assign up-front goals, for building credibility. marketers to conduct time-consuming and expensive
benchmarks and KPIs for each marketing analysis to justify their business function. This results
program. Modeling your ROI goals will also help you to: in a significant “insight opportunity cost” since all
the resources that could have been directed towards
The first step of any program plan should be to • Identify the key profit drivers that most
the pursuit of true insight are instead diverted to
define your objectives and then pick measurable affect the model and ultimately your profits.
“proving” that marketing works.
metrics to support those goals. Imagine if each • Create “what if” scenarios to see how
PO came with an ROI plan – with best case, worst changing parameters may vary the results
Most companies will find that profits increase when
case, and expected case scenario outcomes – and impact profitability.
constrained analytics resources are focused on the
that answered the basic (but critical) question of key decisions that will improve profits rather than
“what do we expect will happen in exchange for • Establish the targets you will use to compare justifying marketing’s existence.
this money we want to spend?” actual results.




STEP
ONE
How to build models for ROI goals Here’s an example ROI calculation, courtesy
Not every program will have a complete ROI of Lenskold Group. Note how it captures all
calculation. Some programs will have softer expenses including all variable costs on the
goals, such as number of attendees at an left, and focused on incremental gross margin
event, but as always, the closer you can get to on the right.
measuring profits and ROI, the better you will
justify the investment. Basic ROI Calculation
Even the simplest ROI goals should include:
MARKETING EXPENSES (EXCLUDING OFFER COSTS) MARKETING IMPACT QUANTITY
• How many incremental sales are generated
Campaign Development $25,000 Target Reached 27,000
• How much revenue each sale produces
Mass Media $100,000 % Convert to Sale 2.2%
• The gross margin percentage
• The total marketing and sales investment Direct Marketing $40,000 Incremental Sales 594
Total Marketing Budget $165,000 Net Present Value per New Sale $875
MARKETING STAFF EXPENSE Incremental Revenue $519,750
Number of Staff Days 6.25
Average Daily Rate $450 Average Gross Margin % 38.0%
Total Staff Expense $2,813 Profit from Incremental Sales $197,505
Total Marketing Investment $167,813 Incremental Gross Margin $197,505
Gross Margin – Marketing Investment Return (i.e., Net Profit) $29,693
Return / Marketing Investment ROI 17.7%




STEP
ONE
Lenskold Group provides excellent tools
for managing marketing ROI, including an
online Lead Generation ROI planning tool.
This and other tools are available for free
from the Lenskold Group website (http://www.
lenskold.com/tools/LeadGenTool.html).

(Source: Lenskold Group ‘CMO Guide to Marketing’)




STEP
ONE

Understand Best Case, Worst Case,
and Risks Scenarios
The best plans show a range of targets, INCORPORATE ALL
including expected case, best case, and worst RELEVANT EXPENSES
case scenarios. This lets you protect your
credibility in case things go sour, and shows Often, marketing ROI models show ridiculously high
an understanding of how changes to various returns because they don’t incorporate all relevant
assumptions might impact the results. variable and semi-variable costs. Examples include:

It also shows that you understand the possible • Staff costs within marketing
risks that would hurt your program’s ROI. It’s • Travel expenses
often a good idea to run your assumptions and
• The cost of sales’ time spent following up on leads
targets by the most skeptical and pessimistic
member of your team. Let them find all the Take, for example, a program that generates a lot
ways the program could fail – and then, where of leads but does not include the cost of the time
possible, put in place contingencies to manage sales wastes on pursuing leads that don’t convert.
the risks. This may include things directly It’s quite possible that a program that at first appears
related to the program, but it can also include profitable will show a negative ROI once these
broad changes to the business environment expenses are included.
and economy. By proactively identifying
and managing risks up-front, you lessen the
likelihood that other executives will shoot
bullets at your feet later on.




STEP
TWO

DESIGN PROGRAMS TO BE Data Collection
A key part of planning for measurement is
MEASURABLE simply tracking the appropriate attributes MEASUREMENT COSTS MONEY –
for all your marketing programs (and their SO SPEND WISELY
The best marketing programs have variants). This can include target audience,
intentional measurement strategies planned message, channel, offer, investment level, and Exercise discernment.
in advance. So as part of planning any any other relevant attributes. While it’s possible to measure just about anything
program, you need to answer these three in marketing, it is impossible (and unprofitable!) to
questions: Most companies do not begin this process
measure everything.
early enough in their lifecycle, and they pay
• What will you measure? for it later. Even if you don’t use the data Begin with the end in mind.
• When will you measure? right away, it will become invaluable down As Jim Lenskold says, “Prioritize when and
• How will you measure? the road when you attempt any of the more what to measure based on the answers you need
sophisticated approaches towards measuring to make decisions that will improve your profits.”
In almost every case, you will need to program effectiveness. These attributes can Invest in Marketing R&D.
take specific steps to make your marketing be stored in anything from your marketing This is a term used by consultant Jim Sterne
programs measurable. This often includes automation system to a simple spreadsheet (@jimsterne). Just like the overall corporation invests
setting up test and control groups or varying hosted on a share drive – what matters the in R&D to generate future profits, marketing should
your spending levels across markets to most is that you start to build the history as do the same to generate similar insights to optimize
measure relative impact. Without variance early as possible. future profits. In other words, sometimes it is OK to
in your marketing, you may not be able to run a marketing program where the primary goal is
use modeling to tease apart the incremental to learn whether something works, or how to make
impact of your marketing programs and it work better. A good rule of thumb is that allocating
improve your marketing precision and mix. “ It is more important to periodically capture 10% of your budget to testing and experimentation
See Section 5 for more on measuring ROI potentially high-impact insights than to frequently is usually a wise investment.
using test and control groups.
measure less important outcomes simply for
reporting purposes.” Jim Lenskold, Lenskold Group




STEP
THREE

FOCUS ON THE DECISIONS Your highest-ROI decisions will often flow
from strategic questions about offers,
THAT IMPROVE MARKETING messages, target segments and geographies – MARKETING REPORTING: JUST BECAUSE
You’ll deliver the best ROI and reap the
not simply “pass/fail” assessments of specific YOU CAN DOESN’T MEAN YOU SHOULD
programs or tactics. You can always evolve
highest corollary benefits when you move past your mix of tactics, but even the best tactics
backward-looking measurement to forward- Perhaps you’ve heard the adage that you can
applied across the wrong strategies won’t
looking decisions. torture the data until it confesses? What this means
produce a fraction of your desired results.
is it’s important not to measure just what you can,
This is the difference between marketing In other words, marketers should focus but what you can ACT on. Think about where you
measurement and marketing management. beyond “what is” and start measuring want to end up before you begin, and strategize from
It is the difference between data, intelligence, “what if.” there. Ask yourself, “What question am I trying to
and knowledge. answer, and what would I do if the answer were
Each measurement should seek to augment X or Y?”
An integral part of your planning process your understanding of how to make the
is identifying up-front what decisions you program better and align it with your
need to make to drive company profits, and company’s strategic objectives. This way,
then building your measurements to capture even if you don’t meet all of your program
information that facilitates these decisions. goals, you can still figure out why and how to
This means you must measure things not just improve the program. This is almost always
because they are measurable – but because better than launching a new program you
they will guide you towards the decisions don’t yet know anything about.
you need to make to improve company
profitability.
Isn’t it time to swap your over-the-shoulder
stance, which prevents you from moving
forward efficiently, for strategic, objective-
driven momentum?



Part 3: A Framework
for Measurement



Part 3: A Framework for Measurement

CEOs and boards don’t care about 99% of There are many other areas of marketing
the metrics that marketers track – but they metrics that are not addressed directly in this
do care about revenue and profit growth. Guide. These include: CUSTOMER SATISFACTION AND NET PROMOTER SCORES
There are two primary categories of financial Customer Profitability: Lifetime value of an For many companies, a key metric is their Net Promoter Score (NPS),
metrics that directly affect revenue and profits: incremental customer a customer loyalty metric based on customer answers to the question,
• Revenue Metrics: Marketing’s aggregate Web Analytics: Measures Web visibility to “how likely are you to refer us to friend or colleague?” According to
impact on company revenue target audiences against potential audiences, answers on a 0-to-10 rating scale, customers are grouped into three
and compares against industry and competitor categories:
• Marketing Program Performance Metrics: benchmarks Promoters (9-10)
The incremental contribution of individual
marketing programs Public Relations: Measures views and impact Enthusiastic customers who will fuel growth with repeat and referral
of corporate communications initiatives business.
Passives (7-8)
Product Performance: Comparatively
Current customers susceptible to competitor offerings and thus have a
measures the total sales and margins of
neutral brand impact.
individual products
Detractors (0-6)
Brand Preference and Health: Assesses
Customers who voiced dissatisfaction and harm
brand preference in relation to preference for
the brand.
competing brands
To calculate a brand’s NPS, use the following equation:
Sales Tool Usage: Measures which product NPS = [% of Promoters] – [% of Detractors]
marketing materials are being used the most
A company’s Net Promoter Score has been shown to have positive
And many other areas… correlations with faster growth and profits. Marketo’s own research
This is not to imply that these metrics are not provides support for measuring customer satisfaction: high-growth
important for marketers to track – just that companies are more likely than low-growth companies to incorporate
they are likely to be less relevant to financially- customer satisfaction into their marketing executives’ compensation.
focused executives outside of marketing.




WHERE METRICS GO WRONG Measuring what is easy Activity, not results
When it is difficult to measure revenue and Marketing activity is easy to see and measure
There are literally hundreds of marketing profit, marketers often end up using metrics (costs going out the door), but marketing
metrics to choose from, and almost all that stand in for those numbers. This can results are hard to measure. In contrast, sales
of them measure something of value. The be OK in some situations, but it raises the activity is hard to measure, but sales results
problem is that most of them relate very little question in the mind of fellow executives (revenue coming in) are easy to measure. Is it
to the metrics that concern a CFO, CEO and whether those metrics accurately reflect the any wonder, then, that sales tends to get the
board member. financial metrics they really want to know credit for revenue, but marketing is perceived
about. This forces the marketer to justify as a cost center?
Of course, it’s okay to track some of these the relationship and can put a strain on
metrics internally within your department marketing’s credibility. Efficiency instead of effectiveness
if they will help you make better marketing In a related point, Kathryn Roy of Precision
decisions. But it’s best to avoid sharing them Focusing on quantity, not quality Thinking suggests paying attention to the
with other executives unless you’ve previously According to a 2010 Lenskold Group / emedia difference between effectiveness metrics
established why they matter. Lead Generation Marketing ROI Study, the (doing the right things) and efficiency metrics
number one metric used by lead generation (doing – possibly the wrong – things well).
Vanity metrics marketers is lead quantity, whereas barely half For example, having a packed event is no
Too often, marketers rely on “feel good” of marketers measure lead quality. Focusing good if it’s full of all the wrong people.
measurements to justify their marketing on quantity without also measuring quality Effectiveness convinces sales, finance and
spend. Instead of pursuing metrics that can lead to programs that look good initially senior management that marketing delivers
measure business outcomes and improve but don’t deliver profits. (To take this idea to quantifiable value. Efficiency metrics are likely
marketing performance and profitability, they the extreme, the phone book is an abundant to produce questions from the CFO and other
opt for metrics that sound good and impress source of “leads” if you only measure quantity, financially-oriented executives; they will be no
people. Some common examples include not quality.) defense against efforts to prune your budget
press release impressions, Facebook “Likes”, in difficult times.
and names gathered at trade shows.




Cost metrics What went wrong here? The marketer
The worst kinds of metrics to use are “cost performed well, but he made the mistake
metrics” because they frame marketing as of not connecting his marketing results to FINANCIAL OUTCOMES OVER ACTIVITY
a cost center. If you only talk about cost and bottom-line metrics that mattered to the CEO.
budgets, then no doubt others will associate Look at the following (sanitized) letter from a CFO to a CMO for an
By framing his results in terms of costs, he illustration of why financial outcomes are more important than activity,
your activities with cost, too. perpetuated the perception that marketing cost and quantity.
Let’s take a look at a real-life example: is a cost center. Within this context, it’s only
natural that the CEO would reduce costs and “We seem to be purchasing GRPs and click-thrus at a lower cost than
Recently, a marketer improved his lead most other companies, but what value is a GRP to us? How do we
reallocate the extra budget to a “revenue
quality and simultaneously reduced his know that GRPs have any value at all for us, separate from what others
cost-per-lead to $10. Thrilled with his generating” department such as sales. are willing to pay for them? How much more/less would we sell if we
results, he went to the CEO to ask for purchased several hundred more/less GRPs?
more money to spend on this highly
I think we need to look beyond these efficiency metrics and find a
successful program.
way to compare all these options on the basis of effectiveness. We
Did the marketer get his budget? need a way to reasonably relate our expenses to the actual impact
No. The CEO decided the reduced lead cost
MARKETING CHAMPIONS they have on the business, not just on the reach and frequency we
create amongst prospective customers. Until we can do this, I’m not
meant marketing could deliver the same “Marketers have to be clear about what marketing comfortable supporting further purchases of advertising exposure
results with fewer dollars – and so she cut produces. Sales sells, but what does marketing either online or offline…
the marketing budget and used the extra produce? You might answer brand awareness,
funds to hire new sales people. It seems to me that, if we put some of our best minds on the challenge,
leads, and sales tools. But these answers
we could create a series of test markets using different levels of
disempower the marketing function. The best
advertising exposure (including none) in different markets which might
answer is that marketing generates cash flow in
actually give us some better sense of the payback on our marketing
the short term and identifies sources for future
expenditures.
cash flow in the long term.”
My experience tells me that we are not approaching our marketing
Roy Young and Allen Weiss, MarketingProfs
programs with enough emphasis on learning how to increase the
payback, and are at best just getting better at spending less to achieve
the same results.“
(Source: MarketingNPV)




THE RIGHT METRICS The Time Dimension Set Goals
Lenskold Group points out that there are As discussed in Section 3, make sure you set
If activity, cost, and quantity aren’t the also different types of metrics in each goals for each of the key metrics you choose
right metrics to use, what are? Anything category, based on time: to track. Your goals will put your performance
that speaks to the CFO’s areas of primary Past: How did we do? into context, and help you and your fellow
concern: revenue, margin, profit, cash flow, Present: How are we doing? executives see if your results are on par with
ROI, shareholder value – in other words, your Future: How will we do? what’s expected – or better, or worse.
company’s ability to generate more profits
and faster growth than your competitors. These questions break into three
corresponding metric categories:
This is what Roy Young and Allen Weiss
of MarketingProfs call “speaking the financial Business Performance These are the most common reporting metrics that
language of business.” Metrics & KPIs you share with fellow executives, often on a dashboard.
Financial Metrics How did we do last week? Last month? They are mostly BACKWARDS looking metrics.
Most B2B marketers should focus on two Last quarter?
categories of financial metrics: Diagnostic Metrics These metrics deliver insight into your CURRENT
What is working, and what can work better? performance, often by comparing against historical data
Revenue Metrics Marketing’s aggregate trends and competitor and marketplace benchmarks.
impact on company revenue Leading Indicators These metrics help you look FORWARD and forecast
Marketing Program The incremental How will we be doing in the future? future results. (See Section 6, Forecasting.)
Performance Metrics contribution of individual
marketing programs




The Right Metrics: Summary
BUSINESS PERFORMANCE DIAGNOSTIC METRICS LEADING INDICATORS PAUL ALBRIGHT, MARKETO’S CHIEF REVENUE
METRICS & KPIS PRESENT: WHAT FUTURE: HOW WILL OFFICER, SHARES HIS SECRETS FOR
PAST: HOW DID WE DO? IS WORKING? WE BE DOING? MEASUREMENT SUCCESS:
Revenue Metrics Aggregate impact • Lead generation • Conversion rate • Size of prospect 1. Choose no more five key metrics. It’s hard to
on company revenue versus targets versus trend or database size put organizational focus on more than that, so
• Cycle time benchmark • Marketing choose wisely.
contribution forecast 2. Measure success versus goals for those metrics
for every campaign, every channel, every sales
Marketing Program Incremental • Investment • Response rates • Expected rep/region, every product, etc.
Performance Metrics contribution of • Pipeline contribution • Lift over control contribution forecast
individual marketing • Program ROI group 3. Show trends for those metrics over time – that
programs way you can immediately see where you are
improving and where you are not.
Profit Per Customer Lifetime value of an • Average selling price • Investment to • Retention rates 4. Put on a dashboard for everyone to see so there
incremental customer acquire • Products per is always a succinct view of what marketing is
a customer customer trying to achieve, and where you stand.
• Marginal cost to • Net promoter scores
serve 5. Have recognition systems tied to goals. Make
sure top contributors get recognition – give them
badges they can put on the desks or cube.
6. Rinse and repeat. The best performing companies
track results weekly, monthly, and quarterly
– so they can improve just as often.



Part 4: Revenue
Analytics



Part 4: Revenue Analytics

Perhaps the most important metrics for a prospect’s movement from one stage to
building marketing’s credibility are the the next, they create the foundation for a
metrics that show marketing’s aggregate comprehensive set of robust revenue metrics. A NEW BREED: REVENUE MARKETERS™
impact on revenue.
Methodology To thrive in today’s changing marketplace, marketing
Some old-fashioned marketers say that Defining the stages of the revenue cycle must begin to operate and sound more like sales.
marketing isn’t responsible for revenue. We requires a new revenue methodology. As demand generation agency The Pedowitz Group
disagree. In today’s online and social world, says, marketers must “manage a predictable, reliable
Traditional sales methodologies such as SPIN
marketing is responsible for up to 70% of funnel with a plan that ultimately produces higher
Selling and Miller Heiman provide standard
the entire buying process – which means value leads and maximizes revenue.”
benchmarks and best practices for the sales
marketing and sales need to rethink how
function, and these sales methodologies form Today’s successful marketer has evolved beyond
they work (and work together) to generate
the basis for the best sales analytics. At their the language of traditional marketing. The Pedowitz
revenue. This new way of working requires
core, these methodologies break the sales cycle Group coined the term “Revenue Marketer™”
new metrics and analytics.
into stages and allow the sales executive to in 2007 to describe this new breed of marketer.
We call this new measurement process track movement through the stages – which in Debbie Qaqish, Chief Revenue Marketing Officer
‘Revenue Cycle Analytics’, and this new turn lets them answer key questions such as of The Pedowitz Group, says that these Revenue
way of working ‘Revenue Performance “how long is the sales cycle?” and “how much Marketers™ use the language of business to describe
Management’. pipeline coverage will help me hit my targets their contributions with metrics that measure
for this quarter?” pipeline, opportunities, and revenue. They measure
Traditionally, marketers have not applied what matters to a CxO – and talk about these metrics
DEFINE THE REVENUE CYCLE the same level of rigor to their portions of in terms their executive leadership can understand
and evaluate.
the revenue cycle. This is unfortunate, since
The first step in Revenue Cycle Analytics is it is the only way marketers will be able At any given moment, a Revenue Marketer™ knows
to define the stages of the revenue cycle, to understand how their activities move how their key metrics stack up against their targets,
starting with potential buyer awareness and prospects forward. and what they plan to do to improve their results.
moving through marketing and sales to closed That is why the foundation of Revenue Cycle
business and beyond. When marketing and Analytics rests in clearly defined stages and
sales collaborate to formally define each stage, clear rules for how prospects move through
as well as the business rules that determine the stages over time.




Example: Marketo’s Revenue Cycle
Different companies will make different decisions about what AWARENESS
definitions best suit their revenue cycles, but as a case study
example, here are Marketo’s definitions. The methodology
behind these definitions is in part responsible for Marketo’s
highly efficient revenue engine and fast growth. All Names

Marketing
STAGE DEFINITION
Engaged
All Names This is the entry point for everyone. We have purposely called this stage
“Names” because these individuals are not leads when they first enter the
funnel.
Prospect &
Engaged This definition applies to those who show real engagement, such as attending Recycled
a webinar, downloading content from our website, or clicking an email that
we send. At this stage, we filter out the names that haven’t engaged with us
as a brand, such as those who simply threw business cards into our bowl at Nurturing
a trade show. Database

MQL
Lead

SDR
Prospect This stage refers to qualified prospects that could buy one day, but aren’t yet
ready for engagement with sales. “Qualified” denotes the right kind of person
at the right kind of company, as determined by our “fit” scoring rules. This is Sales

SAL
Lead
the first metric that we report to fellow executives and the board.

Opportunity Customer
Lead These marketing-qualified leads are prospects that show enough behavioral

Sales
engagement or buying intent that we want to call them.

SQL
Sales Lead These leads have been qualified as “sales-ready” by a sales qualification rep.

Opportunity The sales team has accepted these leads and added them to the pipeline as
a deal they are actively working.

Customer We have closed these deals and won new customer business. (These customers
are then passed on to a new revenue cycle for upsell and retention.)




Three Categories of Stages
Your company may use only a few revenue
stages, or you may model something more
sophisticated like Marketo’s model – but no
matter which specific stages you choose, there
are only three categories of stages:

CATEGORY DEFINITION / TIMELINE EXAMPLE

Inventory Stages An inventory stage is a “holding pool” where leads and Common examples of inventory stages include the prospect
accounts can sit for an unlimited amount of time until they’re pool, where leads are nurtured until they are sales-ready;
ready to move to another stage. active opportunities are not yet committed
to a certain timeline.

Gate Stages A gate stage is a simple qualification check with no time Assume your company only wants leads from companies of
dimension. $100+ million in revenue. In the gate stage, a lead will move
forward if his/her company has more than $100 million in
revenue. If not, the lead is disqualified.

SLA Stages SLA stands for “service level agreement”. These stages denote When a lead is deemed “sales-ready,” it can become
a defined time period in which a lead must be evaluated a “marketing-qualified lead.” The appropriate sales
before moving forward or be eliminated from the process. representative has 14 days to contact the lead and choose
to accept the lead, disqualify it, or recycle it back for further
nurturing. If a lead stays in this stage for over 14 days, it
becomes “stale,” which can trigger a process that alerts
sales management or even reassigns the lead to a different
sales rep.




Revenue Stage Model Best Practices Detours DETOUR DISQUALIFIED INACTIVE RECYCLED LOST
A best-practice revenue stage model is based Of course, not all leads follow a linear
STAGES
on three fundamental principles: success path, so make sure your model
also defines “detour stages” to capture
Sales resources are relatively expensive. To Definition Names Prospects Qualified Lost or
leads that are not qualified, or that require
provide the highest value, sales should not marked as who are non- leads in deferred
a few rounds of nurturing before they’re
engage with prospects until prospects are not-in-profile responsive need of more opportunities
sales-ready.
ready to engage with sales. Sales interactions over the last nurturing (ongoing
should start relatively late in the pipeline, Transition Rules 6 months nurturing)
once leads are well qualified, and use lower As the final step in formulating your revenue
cost channels such as marketing to develop stage model, you need to define the business
relationships with everyone else. rules that govern how and when your
prospects move from one stage to another.
No lead left behind. Don’t let potential This includes how your leads move from the
customers end up in “lead purgatory.” traditional success path to various detour
Implement SLA stages wherever possible stages and back again. For example:
to ensure your leads either flow forward or
are recycled back to marketing. Keep your 1. A person may move from Engaged to
inventory stages to a minimum – perhaps just Prospect if their company reports annual
one in marketing – so prospective customers revenue above $10 million and belongs to
don’t sit idle. one of your target industries.
A prospect’s journey from initial awareness 2. A Prospect may become a Lead when his/
to customer is often non-linear. Sometimes her Lead Score exceeds 100 points.
leads originally deemed “sales-ready” are not.
3. A Prospect may become Inactive
Because no lead should ever remain stagnant
if they don’t respond to a campaign or visit
in the system, these leads should be recycled
your website in more than six months.
back to marketing for nurturing.
4. An Inactive Lead may move back
to Prospect status if they respond to
a new program.




Example:
Marketo’s Complete Revenue Cycle
Below is Marketo’s final revenue cycle as BENEFITS BEYOND ANALYTICS
shown in the Revenue Cycle Modeler. You’ll
note that it includes the success path stage, A revenue cycle model creates a common language the entire
as well as detours and transition rules. organization can use to measure results, understand the status of
any prospective customer, and define the actions required from each
department. Based on this, Sales and Marketing can better coordinate
their activities and ensure alignment throughout the revenue cycle.
A revenue stage model also provides operational benefits that improve
lead management processes. A revenue stage model can help you:

Customize lead nurturing based on each prospect’s location in the cycle
and automatically move prospects between nurturing tracks as they
move through the funnel.

Adjust lead scoring rules and sales alerts by stage. For example, you
might be interested if an early-stage prospect visits your pricing page,
but expect it from a late stage opportunity.

Trigger campaigns and sales actions as prospects transition from stage
to stage.

Define service level agreements for how long a lead can stay in certain
stages, and automatically send alerts and trigger campaigns when leads
go stale. For example, you can reassign a lead if no sales action is taken
within a specific time.




REVENUE CYCLE METRICS METRIC QUESTIONS IT WILL ANSWER EXAMPLES
THAT MATTER
Flow (Lead How many people entered each stage How many new prospects were created
With the model in place, marketers can begin Generation) in a given period? last month, and how many marketing qualified
to explore the four key “metrics that matter”: Are these trending up or down? leads did we pass last week?
Flow, Balance, Conversion and Velocity.
This is where critical insight can be gained Balance (Lead How many people are in each How many active prospects do I have –
in measuring and optimizing marketing’s Counts) pipeline stage? since the size of my target prospect database
aggregate impact on revenue. How many accounts? is a key leading indicator of future success?
How does that vary by lead type?
Are the balances going up or down
over time?

Conversion What is the conversion ratio Which (if any) of my conversion rates
from stage to stage? are trending up or down?
Which types of leads have
the best conversion rate?

Velocity What is the average “revenue cycle” time? Do certain types of leads move faster through
How does it break down by stage? the pipeline?
How is their speed changing over time?




The larger your flow in any given
stage, the more meaningful these
metrics become. QUESTION: SHOULD METRICS COUNT PEOPLE,
Companies that sell a lot of deals at lower ACCOUNTS OR DOLLARS?
price points will find more significance in their
conversion metrics and flow than companies People are the easiest variables to track across the
that sell fewer deals of greater size. But even entire revenue cycle, but the value of these metrics
companies in the latter scenario will find is limited because revenue usually comes from
meaningful flow and results data at the early accounts, not individuals.
stages of their funnel. In this case, digging into Accounts are relatively easy to track for later-stage
your earlier stages can serve as a valid proxy deals, but CRM systems such as salesforce.com make
for marketing ROI. it hard to track accounts for early-stage leads.
For example, a company that closes only Dollars are what we want, but it is difficult to
several deals per quarter may find it more accurately track revenue until the sales cycle. Also,
meaningful than a company closing many if your deal amounts are highly variable (or just
deals to measure marketing’s results on large), some of your marketing activities will show
qualified leads generated rather than wild profits while others will not, based simply on
measuring closed business – especially the whether a deal has closed. It’s a bit like playing
ROI of specific programs. roulette.
Given these pros and cons, most companies
(including Marketo) find that a mix of these three
approaches is best.
Here is a screenshot of Marketo’s Revenue Cycle Analytics Dashboard. Note the ability to see the metrics that
matter: balance, flow, conversion, and velocity. The ability to track how all those metrics are trending over time
gives critical insight into trends versus historical benchmarks, and drilling down into performance by lead source,
business unit, geography, etc. helps to understand the aggregate revenue impact of each lead type.




Example: Marketo’s Metrics Opportunities. As discussed above, our
Understanding the conversion rates and SDRs apply a very strict filter to what they
velocities of each stage in your revenue qualify and pass onto the sales team. Our LEAD DEFINITIONS & CONVERSION RATES:
cycle will help you better understand – and SDRs only pass 7% of all Leads to our AEs AN INTIMATE RELATIONSHIP
communicate – your revenue cycle economics. as Sales Leads – but a full 80% of what they
pass gets converted to an Opportunity. There will always be a trade-off between how strictly
Let’s use Marketo’s actual revenue cycle It’s typical for more than one lead to be you define your leads and the conversion rates you
metrics to illustrate: attached to each Opportunity, so the resulting see as a result. At Marketo, we use behavioral lead
Paid Names. As of early 2011, Marketo spends combined conversion between number of scoring to determine when a Prospect becomes a
~$275,000 a month on various demand leads and number of opportunities is 4%. This Lead that one of our Sales Development Representa-
generation programs to produce 9,500 new means an incremental opportunity is worth tives (SDRs) should contact.
paid Names each month. about $2,000 in terms of variable demand For Marketo, it is relatively inexpensive for an SDR
generation investment. to call an incremental lead, but relatively expensive
Prospects. About 40% of paid Names
ultimately become Prospects, generating ¾ New Customers. Finally, Marketo wins about in opportunity cost if we miss out on a potential
of all our Prospects; inbound programs 35% of all opportunities (the vast majority of deal. For this reason, Marketo is relatively loose
generate the remaining ¼. Our average the others are deferred or no decision), so an in what we call a Lead. At the same time, we don’t
investment per paid Prospect is $73, and the incremental customer is worth about $5,800 want to annoy potential customers by calling them
average for all Prospects is $55. of marginal demand generation investment. too early in the buying cycle. So we’ve set our
scoring thresholds such that about 20% of all new
Conversion of Prospects to Leads. Typically, This information is invaluable when it comes Prospects become Leads within a short timeframe,
20% of our new Prospects become Leads in the time to set and defend the marketing budget. and about 4% of the active Prospect database
first month, and the rest enter our nurturing At Marketo, we set the demand generation becomes a Lead every month.
database. Slightly less than half of our Leads budget by working backwards from how many
customers we want to close in future months. But while we incur a relatively low cost on SDRs, it’s
come from new Prospects, and the rest come
It also allows us to answer precisely how much more expensive when our Account Executives
from the nurture database. On average,
and when more (or less) budget will impact (AEs) call Sales Leads. That’s why Marketo’s SDRs
4% of the nurture database becomes a Lead
revenue. apply a very strict filter to which Leads they qualify
each month, and about 10% goes “inactive,”
and pass on to the Sales Team. In fact, our SDRs pass
meaning they haven’t done anything in six
only 7% of their Leads to Sales – but a full 80% of
months. About 40% of Prospects will become
those Sales Leads convert to Opportunities.
Leads over a two-year period.




Drilling in by Lead Type Other examples might include industry,
LEAD SOURCE CONVERSION RATIO AVG TRANSITION FLOW
Different types of leads will move through product line, or channel source. Drilling in
(ALL TYPES) TIME (DAYS)
the revenue stages differently; some will by lead type is a great way to make better
have better conversion rates than others, marketing investment and mix decisions. Not Website 47.77% 14 2465
some will convert faster than others. That’s only can you parse the differences between
your conversion rates, velocities, and your Online Ad 13.87% 29 1736
why Revenue Cycle Analytics become even
more powerful when you can drill into the investments required for each lead type; Trade Show – Virtual 11.67% 54 1362
metrics that matter (balance, flow, conversion, you’ll also be able to track what is trending
Trade Show 14.49% 37 946
velocity) by lead type. up and down.
AppExchange 50.88% 15 464
For example, if your leads for a certain source
Important Lead Type Variables or product are converting faster than others, Webinar 17.03% 38 418
A Lead Type is any specific category of it may be a sign to invest more in that area.
leads that may move through the revenue Alliance 36.95% 37 313
cycle differently. Examples include: PPC_GS_US 43.48% 13 260
Lead source: Leads generated from Not Available 26.32% 4 234
pay-per-click will usually convert faster
than leads from purchased lists. Sponsorship 5.44% 70 229
Partner 8.82% 55 164
Company size: Leads from large enterprises
may convert more slowly than SMB leads. Content Syndication 10.04% 37 133
Division: Whether your divisions are Web Direct 30.83% 44 115
by geography, business unit or both, Organic – Google 44.84% 24 113
the leads from each division will likely
behave differently. Web Referral 51.63% 40 111
Example of revenue cycle metrics by Lead Source. Here, we see Marketo’s Prospect to Lead conversion rates,
flows, and velocities by lead source. This shows that Prospects from the AppExchange and Website are the
highest quality and are most likely to convert to Leads; Prospects from PPC tend to convert the fastest; and
Prospects from Sponsorships, Partners, Virtual Trade Shows, and Content Syndication convert at the slowest rate.




REVENUE PERFORMANCE With an RPM mindset in place, companies With this in mind, here are some additional
begin to realize that the most important metrics that effective RPM marketers can add
MANAGEMENT METRICS marketing metrics are really about sales to their own dashboards:
effectiveness. In other words, the most
Revenue Performance Management (RPM) - Average selling price
important questions you can answer about
is a strategy to optimize interactions with - Sales cycle times
marketing’s results are:
buyers across the revenue cycle to accelerate - Sales productivity
predictable revenue growth. Because RPM 1. What effects are marketing’s investments - Win rates
is about transforming how marketing and having on sales’ effectiveness and - Time to ramp a new sales rep
sales work – and work together – it requires productivity?
a new set of metrics that focus not on how 2. How are marketing’s activities lowering
marketing or sales is performing, but on the the total expense-to-revenue ratio for
overall effectiveness and efficiency of the sales and marketing combined (e.g. how is
end-to-end revenue engine. marketing improving the net revenue engine
The best way to measure the overall effectiveness)?
effectiveness of your revenue engine is to When you no longer focus on marketing
measure total revenue (or bookings, or gross in isolation, but rather on how marketing
margin) generated divided by the total spend impacts sales productivity, you will gain
on marketing and sales. This metric, more a much more comprehensive view of your
than any other, provides an accurate measure activities’ true ROI.
of your revenue engine’s efficiency.

(Total Revenue or Bookings)
Revenue Engine Eﬀectiveness =
(Total Marketing and Sales Investment)




The Big List of Revenue Metrics
Incorporating all these together, here’s
a broad list of metrics you can choose from
to measure your impact on revenue.

FLOW CONVERSION IMPACT INVESTMENT SALES AND RPM OTHER

# of New Names % Name to Prospect % of Pipeline Contributed Investment per New Average Selling Price Balance of Active Prospects
by Marketing Names in key inventory stages

# Prospects % Prospect to Marketing- Value of Pipeline Investment per Prospect Sales Cycle Times Balance of Open
Qualified Lead Contributed by Marketing Opportunities

# Marketing Qualified % Marketing-Qualified % of Wins Contributed by Investment per Marketing % Reps Making Quota Velocity / Cycle Time for
Leads Lead to Sales-Accepted Marketing Qualified Lead New Name to Lead
Lead

# Sales Accepted Leads % Sales-Accepted Lead to Value of Revenue Investment per Sales Time To Ramp a New Sales Velocity / Cycle Time for
Opportunity Contributed by Marketing Accepted Lead Rep Opportunity to Win

# Opportunities % Opportunity to Win Investment per RPM Efficiency = (Total Key “Awareness” Metrics:
Opportunity Revenue) / (Total web traffic, direct/branded
Marketing + Sales traffic, social followers, etc.
Investment)

# Wins Investment per Win Total Period Revenue
vs Quota

# Lost Discounts

# Churn Pipeline

Renewals / Retention




Variants of Each Metric TRACKING METHOD BENEFIT
Each metric on the previous table will have
multiple variants depending on how you slice
By week, month and quarter A regular cadence helps keep
and dice them, each of which will frame your
operational focus.
metrics in a different context to help you
make better decisions.
Trends over time Looking at your data over time
For example, you may look at the number helps you see if you’re improving.
of Marketing-Qualified Leads and conversion
rate from Prospect to Lead over time versus Versus goals The best marketers set goals (weekly, monthly,
goals for each geographic region. and/or quarterly) for all key metrics, and
always track results AND results versus goals.
It can be costly and unwieldy to look at too
many variants too frequently, so pick the Versus benchmarks Compare results (e.g. conversion rates) versus
number of metrics to track in keeping with similar companies, as well as versus your own
your organization’s needs. company’s historical results.

By source Many companies look at lead flow and
opportunity creation by source (e.g. sales
created vs. marketing created).

By channel, product, region, etc. The more complex your business, the more
important it is to track your key metrics on a
more granular level.




Example: Marketo’s Key Revenue Here are some of the key metrics we track on Lead to Opp %
Metrics a monthly basis. We track Actual, Target, and
Size of Target Prospect Database
At Marketo, we track five key metrics versus Actual / Target %. We also track the 12-month
goals on a weekly basis, and 30 key metrics trend for all these variants over time. Size of Open Opportunity Pipeline
versus goals on a monthly/quarterly basis. All Website Traffic Deferred or Lost Opps
Branded Traffic Net-Add Opps
Here are the key metrics Marketo tracks on
(Direct + “Marketo” Keyword) Won Opps
a weekly basis, as well as the key variants:
Blog Subscribers Dollar Value
1. New Prospects: New Since Last Week, New Facebook Monthly Users Total Demand Generation
Month-To-Date, % On-Target
Total New Prospects Programs Investment
2. New Leads: New Since Last Week, Demand Gen Investment Per Prospect
New Month-To-Date, % On-Target Total New Leads Demand Gen Investment Per Opportunity
New Target Active Leads
3. New Opportunities: New Since Last Week, Target Latent Leads Total Marketing Investment
New Month-To-Date, % On-Target Inbound Leads (All Programs + All Headcount)
SMB Leads • West Total Marketing Investment
4. Size of Target Prospect Database: Per Opportunity
Size today plus trend over 12 months SMB Leads • East
Enterprise Leads Total Bookings
5. Size of Open Opportunity Pipeline: International Leads SMB
Size today plus trend over 12 months Enterprise
Total New Opportunities
6. New Business Closed: Month-To-Date, Marketing/SDR Opps Channel
vs Quota, % On-Target Sales Outbound Opps International
Referral Opps Install Base
7. Upsell Business Closed: Month-To-Date, vs
Quota, % On-Target SMB Opps • West Average Selling Price
SMB Opps • East
8. Renewals Business Closed: Month-To-Date, Enterprise Opps Average Discount
vs Quota, % On-Target International Opps Retention / Churn



Part 5: Program Measurement




WHY MEASURING MARKETING larger companies or more complex purchases,
such a committee can involve 21 or more
PROGRAMS IS DIFFICULT influencers. Different marketing programs affect DON’T GO OVERBOARD ON PROGRAM
each individual differently, so it is a challenge to MEASUREMENT
It’s easy to ask the question, “What kind of know which programs have the most impact.
results do my programs deliver?” However, Marketing measurement should not be about
determining the answer can be very difficult. Extraneous variables. In many cases, factors proving ROI, but improving ROI. Jim Lenskold points
Some of the key challenges to marketing outside marketing’s control can significantly out that marketers tend to overemphasize their
program measurement are: impact program results – from macro-economic assessments of media and marketing channels, since
trends to the weather to the quality of the these align to the budget allocation process and tend
Knowing when to measure. The money you sales reps. If revenues increased because the to be visible to the CFO and other executives.
invest today will have an uncertain impact at an economy improved, can marketers claim their
uncertain point in the future. Last month’s trade programs delivered better ROI? In the end, the revenue metrics in Part 4 are
show may deliver results next month or perhaps usually more important than program effectiveness
Measuring the contribution that a given measurement.
not for two years, but marketers need to decide marketing program has on revenue and
where to invest their budgets today. profits has been the holy grail of marketing
measurement ever since John Wanamaker
Multiple touches. Conventional marketing famously remarked, “Half of the money
wisdom says at least seven touches are needed I spend on advertising is wasted; the trouble
in order to convert a cold lead into a sale. is, I don’t know which half.”
Whether or not this is the correct number every
marketer knows it takes multiple touches to Perhaps the most common question marketers
create a customer. This fact makes it difficult to ask is, “Did this program (trade show, email blast)
allocate revenue to any specific touch. deliver results?”
Multiple influencers. According to This section is all about how marketers can
MarketingSherpa, the average buying committee answer this challenging question – and build
for a five-figure purchase at a mid-sized a sensible framework for measuring the
company comprises six people. In the case of effectiveness of their decisions.




Methods to Measure Marketing Program ROI Each sequential method on this list will give How lead generation marketers
Just because measuring marketing ROI is hard you a more accurate view into your customer measure marketing programs:
doesn’t mean it’s impossible. Fortunately, value data – but this additional insight comes
various methods exist to give companies with a corollary rise in cost and complexity. As a
insight into their various programs’ levels of result, most organizations begin the process of
effectiveness: marketing program measurement with the first
and second methods and begin to experiment 45%
with more approaches as they move up the Single Attribution
maturity curve.

LESS ACCURATE LESS COST 20%
No tracking
1. Single Attribution (First Touch / Last Touch)

2. Single Attribution with Revenue Cycle Projection 21%
Attribute Across
3. Attribute across Multiple Programs and People Multiple Programs
and People
11%
4. Test and Control Groups Test and
Control
5. Full Market Mix Modeling Groups

INCREASED INCREASED 3%
INSIGHT COMPLEXITY
Market Mix Modeling
(Source: The Lenskold Group /
eMedia Lead Generation Marketing ROI study)




PROS AND CONS OF SINGLE ATTRIBUTION
(FIRST TOUCH / LAST TOUCH)
Pros Cons
METHOD
ONE Relatively easy implementation and
low cost
Doesn’t account for the influence of
subsequent touches– so insights are
directional at best
Provides good insight into the early
SINGLE ATTRIBUTION The most common methodology for tracking the stages of the revenue cycle Attributes too much credit to lead
results of marketing programs is to assign all the
(FIRST TOUCH / LAST TOUCH) value to the first (or last) program that touched Works well when the majority
generation programs and not enough
to nurturing touches or contributions
the deal. This usually means allocating the of investments are made in lead
from sales
generation instead of lead nurturing
deal to the source of the first person from that
Hard to account for quality until the deal
company, or to the key person. Gives straightforward insight into
closes; can be skewed by a particularly
“investment per” lead metrics large deal or long sales cycle

Program Analyzer
SINGLE DEFINITION EXAMPLE
New Analyzer Settings Print PDF ATTRIBUTION
Default
First Touch First touch attribution If a company held
Program Analyzer

Standard Reports
New Analyzer Settings
Filter: Driver: Chris, Shonal | Location: San Francisco, New York
Print PDF

Default
Lead Reports
Filter: Driver: Chris, Shonal | Location: San Francisco, New York
Settings allocates all the value a webinar and
to the FIRST program generated a Lead that
Standard Reports
X Axis
Lead Reports Leads by Campaign Settings
2,000,00,000

X Axis

that touched the closed a deal one year
Leads by Campaign
G"4.$
2,000,00,000

Leads by Month Leads by Month G"4.$

deal. Typically this is later, that company
Email Reports
Email Reports
Campaign Reports
From: 2500 To: 8000

From: 2500 To: 8000
the Lead Source. would give revenue
Company Reports Program: Webinar Y Axis
Campaign Reports Cost $53,000
Pipeline Dollars

Web Page Reports Pipeline Contribution: $10,000 S'2)6'*)$T"66%#4$

Program: Webinar Y Axis
Company Reports
credit to the initial
Revenue Cycle Analytics Contributing Leads: 45
Tags
From: 1000 To: 4500
Example Reports Location: San Francisco
Cost $53,000
Pipeline Dollars

Web Page Reports S'2)6'*)$T"66%#4$
Pipeline Contribution: $10,000
webinar.
My Models Program: Webinar Bubble Size
Analyzers Cost $53,000 M)37)#4$
Revenue Cycle Analytics Pipeline Contribution: $500,000 Contributing Leads: 45
Success Path Analyzer Contributing Leads: 45
Comparison Analyzer
Tags From: 400
Tags
To: 600
From: 1000 To: 4500
Example Reports
Last touch attribution If a Lead becomes
Driver: Chris
Location: San Francisco
Opportunity Analyzer

Program Analyzer
Location: New York Color
Last Touch
My Models Program: Webinar Bubble Size
gives revenue credit a Prospect after
N-,,)44$M)37)#4$
0

Contribution Analyzer

Analyzers
Batting Average Analyz
0
Cost $53,000
200,000
M)37)#4$
20,3)$
to the LAST program watching a product
From: 400 To: 6000
Pipeline Contribution: $500,000
Success Path Analyzer Contributing Leads: 45
Comparison Analyzer
Tags
Driver: Chris
From: 400 To: 600 that touched the lead demo, that demo
Opportunity Analyzer Location: New York Color
before the key action would receive revenue
Program Analyzer
N-,,)44$M)37)#4$
was taken. credit, even though a
0

Contribution Analyzer
0 200,000
sales rep had nurtured
20,3)$ From: 400 To: 6000 the Lead in several
other ways.




METHOD
TWO
SINGLE ATTRIBUTION WITH Solution: revenue cycle projections
By adding revenue cycle projections to
REVENUE CYCLE PROJECTIONS a first touch single attribution, you can gain PROS AND CONS OF SINGLE ATTRIBUTION
An obvious disadvantage of first and last
deeper insight into the long-term impacts WITH REVENUE CYCLE PROJECTION
of your programs. For example, instead of
touch attribution is that today’s marketing waiting to see the actual results of a trade Pros Cons
investments may not pay off for quite some show, this approach looks at what impact
time, so the ROI of your current marketing the trade show had at the top of the revenue Focuses on revenue impact Attributes value to lead
programs remains in limbo. of programs, not just top sources without accounting
cycle and embellishes that view by estimating for the influence of other
of the funnel
Approaches to marketing ROI measurements the trade show’s long-term impact based on marketing touches
that do not properly account for the time-to- historical conversion metrics. Uses estimates to quantify
the future value of today’s Uses past performance to
investment payoff can lead to decisions that In the example model on the next page, Trade estimate future results,
investments
bias towards short-term gains over building Show 1 occurred a year ago and shows a so cannot incorporate
true long-term value. This applies across all Uses lead quality, not
fairly good picture of its returns. In contrast, underlying changes
industries, but its impact is especially acute in just quantity, to evaluate
Trade Show 2 just happened last week. With programs Requires that estimates
companies with considered-purchase products the basic first touch single attribution model, must eventually be backed
and long revenue cycles. Trade Show 2 looks as if it has delivered very up with actual results
poor results. But this is not an apples-to-
apples comparison.




METHOD
TWO

PROGRAM INVESTMENT DATE ALL TOUCHED PROSPECTS LEADS OPPS WINS PIPELINE REVENUE

Trade Show 1 $18,000 Last Year 901 560 207 17 5 $421,082 $117,903

Trade Show 2 $12,000 Last Week 1,012 517 21 1 0 $15,946 $–

However, when we apply revenue cycle
understanding of how leads from similar trade
shows have converted over time to the above
model, we are able to estimate what the total
future impact of the trade show
will be.

PROGRAM INVESTMENT DATE ALL TOUCHED PROSPECTS EST. LEADS EST. OPPS EST. WINS EST. PIPELINE EST. REVENUE

Trade Show 1 $18,000 Last Year 901 560 209 21 7 $590,510 $161,214

Trade Show 2 $12,000 Last Week 1,012 517 221 18 7 $663,221 $258,656

Think of it this way. When discussing
a recent marketing program, would you rather
say, “The event was great; 500 people stopped
by the booth,” or “The event was great; 500
people stopped by the booth, and we expect
to add an incremental $600,000 to pipeline
over the next 12 months as a result?”




METHOD
TWO
Marketo Case Study Example
Marketo relies mostly on Single Attribution with
Revenue Cycle Projection to internally assess its KEY INSIGHTS: COLUMN DEFINITIONS:
program results. Below is a summary of some
of our recent program results: Inbound leads are by far the highest quality, fastest Sources above the line are programs with variable
moving, and most likely to convert to opportunities. demand generation program investments. Those
SOURCE PROSPECTS INVESTMENT % LEAD VELOCITY LEAD TO This reflects the fact that our website does not below the line are Sources with fixed investments
PER PROSPECT (DAYS) OPP INDEX require registration for early-stage content but does only.
for buying-oriented content, so any Prospect who
Prospects show the total flow (number) of new
Trade Show – Virtual 3,793 $25.44 17% 81 1.0 actually does register on the website is likely to be
Prospects from each Source.
later in their buying process.
3rd Party Email to Investment per Prospect lists the average variable
On the other hand, we meet prospects at every
Promote Content 3,302 $34.65 18% 43 0.5 investment per Prospect from that Source.
stage in the buying process with paid programs.
% Lead shows the likelihood that a Prospect from
Trade Show 2,703 $221.30 23% 61 1.9 Taking all the costs and conversion rates into
that Source will convert to a lead over a 12-month
account, virtual trade shows are the best performing
time period.
Paid Webinar 1,760 $68.50 21% 60 1.0 source; followed by PPC, paid webinars, and using
third-party email lists to promote our content. Velocity shows the average time it takes a Prospect
Pay per Click Search 990 $158.10 45% 42 1.4 from that Source to convert to a Lead.
In-person trade shows are not a cost-effective way
to generate new Leads (though they can be useful to Lead to Opp Index shows the relative likelihood
Content Syndication 536 $82.84 12% 59 0.3 accelerate movement from existing leads). that a Lead from that Source will convert to an
Opportunity. (For example, Leads from the website
Other Paid 208 $187.50 13% 93 1.3 Content syndication tends to generate very early
are 2.6 times more likely to turn into Opportunities
stage Prospects that do not convert.
than leads from a virtual trade show.)
Website 2,871 58% 27 2.6

Sales Prospecting 1,888 26% 46 2.2

Partner Co-Marketing 903 17% 102 1.1

Other Inbound 370 100% 19 9.0




METHOD
THREE

ATTRIBUTE ACROSS MULTIPLE By Time: You may want to weight some touches
over others based on when they occurred in
PROGRAMS AND PEOPLE relation to the action that delivered value. This EXAMPLE OF ATTRIBUTING ACROSS
assumption is especially true for programs that MULTIPLE PROGRAMS AND PEOPLE
This approach recognizes that it takes multiple happen immediately before the key behavior.
touches from multiple people to close a deal, For example, the fact the prospect attended last Assume a deal worth $100,000 recently closed.
and attempts to measure the contribution of week’s webinar may have more to do with them Three people were involved in the deal:
each individual touch. becoming a lead than the white paper they Person A attended Trade Show 1 and Seminar 2.
How to Track and Analyze Allocations downloaded and trade show they attended
12 months ago. Person B attended Trade Show 1 only.
First things first. Start with the action you are
analyzing (pipeline creation, closed revenue, By Role: You may give more weight to programs Person C was sent Direct Mail 1 and clicked to
etc.) and work backwards to identify each that touched the key decision maker than those the website.
significant touch that affected all of the contacts affecting other influencers. Just be sure your In this scenario, you might give $50K credit to Trade
associated with that particular deal – but make weighting matches your business realities – a Show 1, $25K to Seminar 2, and $25K to Direct Mail 1.
sure you account for only the touches that CEO shouldn’t be weighted more heavily than
occurred before the action was taken. You will a Manager if he or she has little impact on the
track each touch and contact person from here. deal.
Once you compile a comprehensive list, you By Program Type: Some marketers will choose
need to allocate portions of the resulting deal to weight certain types of touches more heavily
PROS AND CONS OF ATTRIBUTION ACROSS MULTIPLE PROGRAMS AND PEOPLE
to each one – including count, pipeline, revenue, than others, based on the level of engagement. Pros Cons
profit, and so on. This is where things can get For example, attending a two-hour seminar may
tricky, so refer to our best practice guidelines: Incorporates nurturing touches as well as lead Requires assumptions that can add bias to the
have more impact than a simple website visit. generation analysis
Allocation Methodologies However, be careful not to give more weight to
more expensive programs just because they cost Especially useful for long revenue cycles with Important to find any possible “hidden”
Before you allocate your revenues across many touches contributors, including online and sales activity
multiple programs and people, you need to more – that opens you up to other executives
decide how to weight each touch point – if at all. questioning your assumptions. Focuses on all contacts associated with a deal, Lacks insight into synergy of tactics, no
not just the first correlations or connections
Risk of over-crediting low impact touch points,
especially if you weight all touches equally




METHOD
THREE
The first step in attribution across multiple all the relevant contacts associated with an
programs and people is to track all the opportunity. Once you have that, you need to
significant touches – including programs, allocate the value of the opportunity to each WHEN YOU ASSUME YOU MAKE AN ASS OUT
online activity, sales activity, etc. – that affect of the touches. OF U AND ME
Assumptions may be necessary when using
multi-touch attribution, but they inherently add
a subjective element to any ROI analysis. So no
Account Analyzer Publish Settings
Add more people matter what allocation assumptions you make, be
New Analyzer Actions Print PDF
to this opportunity sure you can defend them in front of your executive
Against Score or Against the like a consultant
Default
leadership and board – otherwise you risk hurting
Model as the LINE dimension View: Score Mode Account: Acme Inc
Standard Reports
Star = Role in Opty
Acme Inc
the credibility of the entire analysis.
Lead Reports Account Analyzer Activity
Interesting
Leads by Campaign Edit me and clone me Logged Joe Smith (8)
Moment Nancy Jones (12)
Leads by Month
80 Phil McCloud (4)
Email Reports
Frank Johnston (3)
Campaign Reports
70 Freddie Rainbow (1)
Company Reports
Harold Scotsman (0)
Web Page Reports
60
Jamal Tucker (0)
Revenue Cycle Analytics

Example Reports 50
My Models
Checking box includes
Analyzers 40 Opty their history – these
Success Path Analyzer Created are people attached
Comparison Analyzer 30 to the account but not
Program : Webinar
Opportunity Analyzer Cost per Lead: $21 the opty
20 Success: ?
Program Analyzer
Contribution Analyzer Ability to right click on
10
Web Activity a name and add a role
to an opty right here
Time Axis (By first touch for any lead “checked” to last)

This is a screenshot of the Marketo Influencer Analyzer. You can
see every time an opportunity touches a contact.




METHOD
FOUR

TEST AND CONTROL GROUPS Putting it to practice 2500
With test and control groups, you need to
A great way to measure the true impact apply the program or treatment that you 2000
of a particular marketing program is to test want to measure to one component of your
target buyer group, and not to another

Outcome Units
the effectiveness of that initiative against a 1500
well-formed control group by comparing the homogeneous part of that group. All other Control group adjusted
two groups’ results. Of course, this means you factors being equal, you’ll be able to attribute to treatment group size

need to plan your programs to be testable any difference in buyer behavior between the 1000 Baseline includes
from the get-go. two groups to the particular program. all other marketing
and non-marketing
Almost anything can be measured using Say, for example, that you want to measure 500

proper test design, but it’s prohibitively the impact of one of your brand advertising
expensive to test everything. campaigns on target awareness. One potential 0
approach would be to split your market into 1 2 3 4 5 6 7 8 9 10 11 12
two equal geographic parts, and spend twice Time Period
as much on one group than the other. You
can compare the behaviors of these two Baseline Campaign
market segments to analyze your campaigns
effectiveness – did you experience more Source: Lenskold Group
growth in direct and branded search from the
geography with more spending? Assuming
all other marketing and sales influencers on
these two groups were the same, you can
credit any difference in traffic growth to your
brand advertising spend.




METHOD
FOUR
Test design The importance of statistical
The outcome metric (what you measure) can significance
be anything: revenue, profit, leads, search You don’t need to go overboard, but ANOTHER OPTION: PRE-POST TESTING
traffic, conversion rates, average selling price, you do need to make sure the difference
etc. – or all of them. This is good in situations between your control and test groups is A common, much less rigorous form of testing is
where it may be hard to see the impact of the statistically significant in comparison with to compare your results before your marketing
program on things like revenue. average standard deviations. Eighty percent program to your results after – or to project what
confidence should be good enough – we’re not the outcomes WOULD have looked like without the
You can also test almost anything, including: touch, based on historical trends.
talking about drug testing or other things that
Programs and tactics. Did that particular require 99% confidence.
webinar have an impact? Pro: This approach doesn’t give all the credit to the
For more on testing statistics, see Marketo’s marketing touch since it assumes you would have
Messages. Which message and/or copy The Ultimate Guide to Test Statistics. some existing sales without it. No one wants to be
resonated the most with you target audience? the brunt of the joke that says, “If results are up,
marketing gets credit. If results are down, it must
Contact frequency. How often should we
be something else.”
send an email?
Spending levels. What happens if we double PROS AND CONS OF TEST AND CONTROL GROUPS Cons: It’s difficult to account for seasonal or cyclical
investment in display advertising? Pros Cons effects. Pre-Post testing doesn’t have a rigorous
control group in which all other factors are the same.
It’s also possible to measure combinations
More sophisticated and analytical – Focused on specific tactics – can’t Other factors – such as the economy, sales initiatives,
of touches rather than just single touches.
reveals the true impact of a marketing report on effectiveness of all programs and other marketing programs – can still influence
This is a great way to test lead nurturing
program the results.
tacks – allowing you to test and measure the Almost everything can be tested, but
effectiveness of one entire lead nurturing Can measure almost any impact on it’s prohibitively expensive to test
almost anything with the right test everything Pre-post testing can give you directional information
track versus another rather than individual
about program effectiveness, but since it can’t
emails, etc. Should you want to test multiple Relatively low cost if you can design a Only works when you’ve incorporated eliminate non-marketing factors, it’s an estimate
campaigns at one time, you can also use decent control group variance to support program
at best.
multivariate testing methodologies. measurement




METHOD
FIVE

FULL MARKET MIX MODELING • Search advertising gets credit
for 3x5=$15M
Market Mix Modeling (MMM) shows how
• Display advertising gets credit PROS AND CONS OF MARKET MIX MODELING
for 2x5=$10M
sales volume outcomes are dependent on Pros Cons
• Trade shows receive credit
various independent marketing touches
for 1.5x10=$15M
and other non-marketing factors by using Very accurate Needs lots of data; can
statistical techniques, such as regression. Only be costly to collect all the
3% of B2B marketers currently use this model
(MMM)aking it your own Measures the impact of all
required historical data
As you might imagine after seeing this programs – and all external
to measure marketing ROI. factors as well Requires sophisticated
example, the selection of your independent
Here’s a sample statistical equation variables can be a complicated affair – and Gives insight into program analytical skills
(albeit an extremely simplified example): arguably involves as much art as it does effectiveness and efficiency Focus on short-term
science. You’re likely to find that you’ll expend sales changes can
Company X makes $165M in revenue. the most of your resources – both in time and
Company X spends: undervalue longer-term
money – in collecting your data, not analyzing it. brand building activities
$5M on search advertising.
$5M on display advertising. Regardless, make sure you drill down to
$10M on trade shows. the science of your own MMM equation by
incorporating all factors that might impact
Company X’s marketing mix model your output. Possible factors include:
might have an equation like this:
Sales=125M+3.0*h+2.0*Display+1.5*Trade Show • Pricing
• Promotion/advertising
This equation shows that, without • Product
Marketing, Company X would have • Place
made $125M in sales. And of the $40M in • Distribution
revenue generated by marketing: • Sales
• Competitive moves
• The economy
• And so on…




PROGRAM-SPECIFIC METRICS – WHAT Email Metrics
Unsubscribe rate
Communications Metrics
No of press releases
Direct Mail
Eyes On
YOU SHOULD MEASURE AND TRACK Bounce rate No of interviews Delivery Rate
Open rate No of press events Response Rate
While CMOs should be using methods Click-through rate Volume of coverage Cost Per Conversion
like attribution and market mix modeling Share of voice
to determine program effectiveness and Webinar Metrics Customer Metrics
contribution, campaign- and program-specific Attendee rate Website Metrics Churn Rate
metrics should not be ignored. While less Drop-off rate Views/Visitors Customer Lifetime Value
relevant to the CEO, these will be early Engagement rate Unique Views Share of Wallet
indicators of market changes, and will help Backlinks Customer Engagement
Event Metrics
track growth so program managers can ensure Conversions
Registration
proper campaign mix. Attendees Blog Metrics
This list may represent only some of the Satisfaction Posts
programs you run; it’s important to capture Subscribers
Social Media Metrics
information across your marketing mix. Here Views/Visitors
Gross views
are a few metrics you may want to track on Unique visitors
Connections
a regular basis, organized by program type: Social shares
Mentions
Activity Online Ad
Engagement Impressions
Conversions Cost Per Click (CPC)
Sentiment Cost Per Thousand Views (CPM)
Cost Per Conversion (CPC
Cost Per Action (CPA)




CONCLUSION: PROGRAM Quality trumps quantity. You’ll benefit
your company and improve your marketing
MEASUREMENT APPLIED programs more with a few fine-tuned
measurements than a handful of inaccurate,
It is no small task to maneuver through the inconclusive metrics. Start in small, bite-sized
various program measurement models and chunks, and go from there.
methodologies that are available to you – and
if you’re among the 20% of B2B marketers What you put in is what you’ll get out.
who don’t yet measure the ROI of their When you strategically invest your time and
marketing programs, then getting starting may financial resources in developing a marketing
seem like a daunting prospect. But before you measurement model, you position yourself
get too overwhelmed, remember that: for future success. You’ll optimize your
overall program mix and prune individual
You’re not alone on the learning curve. top-performing programs to increase company
According to a recent MMA/Forrester/ANA sales, profits and market share. Who doesn’t
study, 87% of senior marketers did not feel want that kind of reputation?
confident in their ability to impact the sales
forecast of their programs. Said differently,
this means you have the ability to snag
a competitive advantage over 87% of
your competition!



Part 6: Marketing Forecasting




At executive staff and board meetings, the Methodology for Marketing Forecasting
number one topic of discussion is never an Though the details can get quite sophisticated,
upcoming marketing program or the new the methodology for making accurate HIGHLY ACCOUNTABLE MARKETING
brand strategy – it’s almost always the sales marketing forecasts is simple in concept. FORECASTS
forecast, and there’s usually little to no input
from the CMO. 1. Model the stages of the revenue cycle, and We are not discussing “traditional” marketing
then measure how each type of lead moves forecasts, which take the form of a top-down market
It’s no wonder most executives don’t through the various stages (conversion size analysis. Those kinds of forecasts can be useful
consider marketing to be an essential part percentage and velocity). This was for strategic planning, but do not have the sufficient
of the revenue team. discussed in Part 4. granular and actionable data required to compliment
Long-Term Visibility 2. Get accurate inputs for how many new the sales forecast.
Sales forecasts are based on what specific leads of each type the marketing team will Highly accountable marketing forecasts enable the
accounts will do at specific times, so they put into the system over future periods. CMO to make statements such as, “Next quarter,
become increasingly inaccurate the further marketing will generate an incremental 30 new
out you look. And the shorter the sales cycle, 3. Model the flow of current and new leads
through the various stages over time. deals worth $4.0 million of bookings that are not
the worse the problem. currently in the sales forecast.” Done right, the
In contrast, when marketing takes 4. Review the results and apply management marketing forecast gives a CMO the confidence
responsibility for the early stages of the judgment to finalize the forecast. to stake a portion of his or her compensation on
revenue cycle, they have better visibility meeting the goal, and a CSO relies on marketing’s
into future period revenue. Marketing input to make a valid forecast for the period.
executives can forecast how many new leads,
opportunities, and customers marketing will
yield in future periods because they know
how many prospects are in each revenue
cycle stage – and how they are likely to move
through each stage over time.




Get Accurate Inputs Review Results and Apply
Marketing forecasts are subject to the rule Management Judgment
of “garbage in, garbage out”. You will need Of course, these numbers are just estimates
an accurate estimate of how many new leads and assume your conversion rates will remain
will flow into the system in any given period, steady over time. Marketing and sales can
by type, to serve as the fuel for your revenue and will affect the conversion rates, and you
engine. need to take this into account. That is why
it’s essential for marketers to apply executive
Model Flow through the judgment to their model projections before
Revenue Stages finalizing their forecasts. For example, CMOs
Project your revenue cycle forward by at larger companies will need to “roll-up” the
modeling how existing and new leads will marketing forecast from multiple divisions
convert through the various revenue stages (product, geography, etc.) into one top-level
over time. If your understanding of conversion forecast, sometimes lowering the forecast
rates and inputs are accurate, you will create from divisions that habitually overestimate
a solid projection of what the revenue funnel their results.
will deliver in future periods.




MARKETING FORECAST -4 -3 -2 -1 CUR +1 +2 +3
Commit 244 254 263 263 273 282 295 302

Commit, Target, Forecast Target 257 266 276 286 292 302 311 321
Any CMO making marketing forecasts should -4 257 266 276 286 - - - -
be rigorous about the difference between
Commit, Target and Forecast. -3 - 273 276 270 276 - - -
• Commit is the number that the CMO can -2 - - 305 276 276 289 - -
guarantee and should not vary frequently;
this is the number to use as the basis for the Previous Month - - - 276 282 302 311 -
CMO’s quota / bonus.
Current Month - - - - 294 305 315 331
• Target is a number higher than Commit
which reflects what the team should be Commit Target Forecast Actual
aiming for. The goals for individual groups Number of New Customers by Month
should roll-up to meet the overall Target, not
Commit. This type of presentation is useful for showing Conclusion
actual results compared to forecast and plan, Forecasts matter. CEOs and board members
• Forecast is the CMO’s best estimate for what as well as how the forecast changes over are impressed by accurate, forward-looking
will actually happen and should be based on time. The example shows actual results for forecasts – especially over the long term.
the most recent estimates and adjustments. the current month and a forecast for the next This is the single biggest reason why sales
CMOs that track and communicate progress three months; it also shows the forecasts from has more credibility (and power) than
against these three metrics are sure to build the prior four months compared to actual marketing at most companies.
the credibility they deserve. results. This presentation can also illustrate
the forecast for other revenue stages such But when marketing teams are able to make
One way to present these metrics is as new prospects, marketing qualified leads, revenue forecasts – and deliver against
via a waterfall chart. For example: even closed bookings. them – with equal or greater accuracy, they
will leverage a key competitive advantage
in establishing their own clout within their
organizations.



Part 7: Dashboards

(Source: http://pedrolaboy.com/)



Part 7: Dashboards

Dashboards create a visual display of all the Designing a Great Dashboard
relevant information you need to measure and Your marketing campaigns and programs
refine your current effectiveness in delivering generate a huge amount of data, most of
against your goals – and communicate your which is not relevant. So as you design your
performance levels in a format that is intuitive dashboards, you want to determine what
to others inside and outside your department. is most useful to you. This will translate into
Furthermore, dashboards help you make just the right number of metrics – enough
more knowledgeable, sophisticated decisions for you to understand what is really going on
about improving your metrics and your future inside your data, but not so many that you
initiatives. are overwhelmed with marginally relevant
There are many kinds of dashboards: internal information.
marketing dashboards as well as dashboards Focus on the five key metrics that matter
you share outside of marketing, often with most. As Coco Chanel said, “before you
your senior management and the board. In leave the house (or in this case, publish the
the case of external dashboards, remember to dashboard), take one thing off.”
focus on the key financial metrics that matter
most. This will assist you and your fellow
executive leaders in focusing on what is of
ultimate importance: making better-educated
decisions to improve revenue.



Part 7: Dashboards

An important factor here is using the right
information graphic for the data you have and
the insight you need. This sample dashboard
from Lenskold Group serves as a best practice
example of many elements that typically
appear in a great dashboard:
Few numbers. Relatively few numbers are
shown, but the select few that are featured
are key financial metrics.
Speedometers show progress versus goals.
This is an effective graphic for conveying this
information.
Line charts show trends. Line charts show
your data over time and allow you to see
trends.
KPI alerts. Simple arrows are effective to
indicate your upward, downward or flat
progress against key performance indicators.
Take the time to make your dashboards look
attractive. A visually appealing dashboard
can build your credibility.




Part 7: Dashboards

Communication
The best dashboards don’t just serve a
reporting function. They should also guide PHYSICAL DASHBOARDS
how people within your organization think,
acting as catalysts for effective decision This is a seemingly minor yet critical point. In
making. This should greatly influence how you our virtual business world, it’s easy to overlook
present your dashboards (or any metrics, for a highly effective form of dashboard: a physical
that matter): version displayed on whiteboards around your
office. People are motivated by what they can see,
Frame your destination. Start by reminding so you build excitement around the office when
others what you collectively want to you give your growing success public visibility on
accomplish. When you communicate a clear a day-to-day basis.
vision about what you are trying to achieve,
you enable others to align towards the same
objective.
Paint the bigger picture. While you do need
to present your numbers, it’s more important
to share insight into what they mean and key
takeaways.
Call to action. Spell it out: “Here is what we
need to DO as a result of these data and
insights.”
Remember, the actions you take based
on your data matter more than the actual
numbers themselves.



Part 8: Implementation – People,
Process, and Technology




As with any business transformation, the What Kinds of People? Communication skills. An analyst must
success of your marketing measurement In a perfect world, it’s ideal to hire a possess excellent written, oral and visual
program depends on how well you implement full-time analyst for this job – the pace of communication skills in order to explain
it. This requires you to set in place the right your enterprise’s adoption of marketing the results of a given project in ways that
people, the right process and the right analytics will be faster if you do. However, enable an organization to learn and improve
technology. most marketers are faced with the reality of its operations. Such capabilities begin in
embarking on their measurement journeys effective interpersonal communication and
with only the staff they already have. If you extend to listening and group facilitation skills
find yourself in this scenario, assign analytics across a full platform of modalities: electronic
PEOPLE AND CULTURE ownership to someone currently within your communication, telephone and face-to-face
organization – and then make absolutely sure conversations, group presentations, and so on.
Even the most efficient methods and latest they have the skills, adequate support, and Bias for experimentation. The ideal analyst
cutting-edge technology are useless if you coverage to be successful. needs to possess a demonstrated willingness
don’t have the right people driving the to problem solve with new approaches.
If you aren’t getting the metrics you need,
process, so effective executives begin by
it’s probably because you haven’t made them Technical savvy. Your prospective analyst must
asking themselves the following questions:
a priority. understand how computers, data networks,
What kinds of people do I need What Kinds of Skills? databases, and operating systems work – and
on staff to implement marketing You’ll want to be intentional about the skills work together – to be successful in the role.
measurement? you search for and cultivate: This involves knowing each technology’s
potential uses and limitations.
• Are these high performers already on Analytical proficiency. Someone with
my team, or do I need to look outside my analytical skills will be able to absorb, visualize It may go without saying, but the analyst must
organization? and articulate large amounts of data and also understand your organization’s unique
complex concepts, and make decisions to products, services, industry and operations.
• What kinds of skills does my current If an analyst isn’t familiar with your business,
solve existing problems that make sense based
employee mix need to develop? they won’t be able to interpret your data.
on the available information.
• How can I create a culture of analytics?




Creating a Culture of Analytics Accountability. It’s pointless to set target
Hiring (or designating) the right people is only goals if you don’t also hold people
the first step. Even at companies that already accountable for meeting them.
have significant analytical activities underway, Act on information instead of gut.
doing the analysis is only about a third of the All too often, businesses suffer from the
battle. The other two-thirds involve driving it curse of the H.I.P.P.O.: the “Highest Paid
into all current business workflows in a way Person’s Opinion.” People may refrain from
that prompts your organization to use and act conducting valuable analysis and simply wait
on your valuable conclusions. for their bosses opinion – or they might allow
Schedule some quality time. The velocities a H.I.P.P.O. to override the analytics. Perhaps
at which most marketing teams operate this is the case in your organization. Or maybe
today often do not accommodate analytics, you yourself are the H.I.P.P.O.. In either case,
nor do they allow time for reflection around do what you can to ensure all relevant data
implementing analytical conclusions to and insights are communicated before the
improve operational efficiency and company H.I.P.P.O. comes out.
revenues. If you want to benefit from your Bias toward insight, not data. It can be
marketing metrics, analytics are something tempting to believe your success will increase
for which you need to allocate certain periods with every additional metric you measure, but
of time. this is not the case.
A facts and numbers mentality. A historical Of course, none of this will work without
focus on “soft metrics” have caused buy-in and support from executive leadership,
many marketing departments to become especially the C-suite. When done right,
accustomed to operating outside of metrics can create a virtuous circle, in which
frameworks that are conducive to fact-based the right metrics create the support for
decisions and accountability. For marketing more useful and actionable metrics. If not,
measurement to be successful, you need you’ll encourage a vicious cycle with the
to bias your mindset toward hard financial opposite scenario.
metrics.




PROCESS Build from there. As you continuously evolve Lenskold Group reports that one of the best
and adapt your marketing measurement techniques to drive marketing ROI adoption
system over time, you’ll refine it so it gets is to configure pilot teams to introduce
In Part 2, we discussed the components
better and better. You may not end up where new capabilities – preferably consisting of
of an effective ROI process – what to measure,
you thought you would when you started, but people who demonstrate adaptability and
when to measure, how to measure. Here,
you’ll likely end up in a great place. high interest in the changes you want to
we will discuss how you can manage and
implement. Successful pilot programs will
implement the changes necessary in your In addition to well-defined principles, you excite others within your organization about
organization for this marketing measurement need to formalize the methods you’ll use to your measurement initiatives.
system to succeed. implement your marketing ROI processes.
Well-defined methods (and stages) will ensure
Marketing ROI is a marathon, not a sprint.
your metrics’ efficiency and effectiveness.
To be successful, you need to take a
Examples include:
methodical approach over the long term
in several key areas: • Identify who will be involved and who will
own each part of the process.
Dream big… As with many projects, you’ll
position yourself for greater success if • Formalize training to cultivate and refine the
you begin with a grand – albeit granularly specific skill sets your marketing team needs.
articulated – vision of what you want your
measurement end-state to resemble. • Set a feedback loop in place for
performance reviews.
…Then start small. Slow and steady wins the
ROI race. Proceed with manageable, digestible
steps.
Win small victories quickly. This will ensure
stakeholder buy-in across your organization
– and increase your chances for success over
the short and long term.




Whatever principles and methods
you decide to use, marketing managers MARKETING MEASUREMENT IN REVIEW: A CHECKLIST
should be able to answer any of the
questions below instantly: 1. Define your data collection 3. Assign granular KPIs to 6. Produce visual reports of 9. Analyze and optimize. It’s
and storage approaches. How your unique campaigns. your marketing success. time to act on the business
• What would be the expected ROI if we will you collect your data Determine the impact of Be discerning in how much intelligence you gather with
increased your budget by 10%? What would across multiple channels, individual campaigns and data you incorporate into the system you’ve set in
be the impact on sales closed? including your customer channels, as well as their these scorecards. Too much place. Which channels are
database, ad networks, influence on other channels information will overwhelm performing best? Which
• What would be the impact on sales
search engines, in-house and campaigns, and your your ability to quantify the campaign mix and variations?
if we decreased the marketing budget
spreadsheets, etc.? You can marketing measurement business revenue impacts of Integrate historical data
by 10%?
build your data warehouse success as a whole. It’s your individual and collective trends with your “what
Sound familiar? It all comes back internally or rely on outside helpful to integrate historical marketing investments. if” scenarios to adjust and
to where we started. agencies or analytics data into your metrics as well improve your marketing
7. Employ your data to calculate
providers. to uncover historical trends. investments moving forward.
true impact. Assign values to
2. Identify your Key 4. Formalize campaign data each channel, campaign and 10. ROI-inse and repeat.
Performance Indicators collection and tracking. This is attribute across all marketing As Visual IQ says, “an
(KPIs). When you involve where you establish business touch points to deliver true enterprise marketing
key stakeholders who rules around when and how metrics that represent how measurement system is […]
will use your data in their to measure what you want to effective each source is in not a one time, set-it-and-
daily business functions to measure – and identify who generating revenue. forget-it project.” Enable
measure how well they’re will oversee each phase of stakeholder buy-in with
8. Where individual user data is
achieving their goals, you the process. small victories at first, and
unavailable, use “top down”
ensure their sponsorship of build your initiatives as you
5. Integrate sales transaction attribution. Mathematical
the marketing measurement see what works and what
data from all sources. You’ll algorithms exist to calculate
process. doesn’t.
establish a virtuous cycle for the value of individual
your marketing ROI when marketing touches that you (Source: Visual IQ, 10 Steps to Enterprise
Marketing Measurement)
you close the loop of your can’t access on a user level,
measurements. such as offline channels like
TV, print and radio.




Technology Automation Must-Haves 3. Powerful and Easy Analyzers. Very few “The first rule of any technology
Given the importance and potential of A successful analytics solution requires of the marketers who want and need to used in a business is that
effective marketing measurement, as well as four components: consume analytics data are business analysts. automation applied to an
the scope of the problems that companies For such an audience, powerful analyzers and
1. Central Marketing Database. Analytics dashboards are required, so marketers can
efficient operation will magnify
who don’t use such metrics experience, there the efficiency. The second is
require access to highly detailed marketing explore the data trends and gain insight into
is no lack of vendors promoting “the next best
thing” in marketing measurement technology. data, so marketers need to begin tracking this their programs without wasting valuable time that automation applied to an
information now – preferably in one place. in acquiring the expertise needed to maneuver inefficient operation will magnify
While Excel spreadsheets and other ad hoc Required information will include historical the technology, build custom reports, and so the inefficiency.” Bill Gates
tools can do a lot for companies, they cannot data around when marketing programs ran, on. Just make sure your marketing automation
function as solutions for businesses that want what their attributes were, who they touched, solution offers tools that are both easy and
to implement a robust analytics process. In how much they cost, and so on. Without powerful!
contrast, automated measurement processes this information, analytics are essentially
provide much more definitive, reliable and worthless. 4. Ad Hoc Reporting and Dashboards. On the
timely insight. other hand, business analyst experts will need
2. Time Series Analytics. Unless an complete flexibility to delve deeply into the
Automation frees up analysts’ time from operational system stores historical data, data and customize their own ad hoc reports.
information collection and presentation, a marketer cannot measure or understand In this case, table-like reports and charts are
and allows them instead to focus on gaining marketing trends. Yet the majority of most effective and allow analysts to “follow
valuable insight into that data and refine marketing and sales systems are operational the scent” of particular insights as far as they
their actions toward better results. This gets and do not store historical information – need to go.
the analysis completed faster and better. requiring marketers who want to analyze
their metrics for prior time periods to According to Gartner, companies that
manually take data “snapshots” from their automate their lead management business
Excel spreadsheets. However, time series processes between marketing and sales
analytics give marketers a full picture of their before 2012 will increase their conversion
performance trends over time because the rates by at least 50%. Many companies will
engine is powered by a historical data mart. also see a 5% to 10% increase in revenue
by 2015.



Conclusion



Conclusion

KEY LESSONS TO IMPROVE YOUR Maintain financial integrity
CEOs and CFOs care about growing
Create an environment to succeed
Enable access to critical marketing, sales
PERFORMANCE, PROFITABILITY, revenue and profits – use the hard and finance data. Employ tools to display
AND CREDIBILITY WITH MARKETING financial metrics they care about to build what’s urgent, important and relevant
METRICS AND ANALYTICS: credibility
Implement marketing technology to use
Be comprehensive in accounting staff and marketing assets more efficiently
for marketing-generated costs
Enhance data analysis capabilities to
Plan for future success Model the stages of your revenue advance precision of ROI analyses
Reporting for reporting’s sake is less cycle and understand your lead flow,
important than the decisions reports enable Train and hire experienced, tech savvy
conversion rates and speed of closing
to improve profits; find not just what works, people with a bias for experimentation
sales
but what works better. Focus on “improving Create a virtuous cycle of communication
ROI,” rather than just “proving ROI.” Measure strategically
with your C-level suite
Identify measurement priorities
Set goals and run scenarios for all in advance of campaigns and plan Cultivate a culture of continuous
marketing programs – prior to spending campaign-specific measurements improvement
money concurrent with campaign planning Establish a roadmap for increasing
Design programs to be measurable marketing ROI and measurement
Integrate diverse measurements to
capabilities over time
Apply the insights from prior determine how to best leverage the
measurements in the current cycle unique strengths of each methodology Develop a process that aligns marketing
of planning and to allow multiple measurements to and measurements to business objectives
have a cumulative effect
Run pilot initiatives to introduce new
Delve into all expenses involved in capabilities
customer value and improve the profit
potential of each individual account – and Build momentum by acting on insights
improve targeting for new accounts for initial wins
Continuously evolve the marketing ROI
process — it is a journey, not a destination



Appendix: More Resources

18 Must-Know Marketing Analytics Adam Greco, Pat LaPointe, Tom Pisello,
and Metrics Experts Senior Partner, Web Analytics Demystified Managing Editor, NPV and EVP-Americas, Chairman and Founder, Alinean
Need help getting started or advancing Website: Web Analytics Demystified MarketShare Blog: Tom Pisello, The ROI Guy
your current marketing metrics? The Twitter: @AdamGreco Book: Marketing by the Dashboard Light Twitter: @TPisello
experts below represent the best of the Website & blog: http://marketingnpv.com/
best in marketing analytics, marketing Leland Harden, Twitter: @MeasureMan David Raab,
metrics, marketing forecasting, marketing EVP, Global Marketing, Usee Owner, Raab Associates
testing, and marketing testing. Some Book: Marketing by the Numbers Jim Lenskold, Book: The Marketing Performance
have books, others consulting firms, Website: Digital Engagement Managing Director, The Lenskold Group Measurement Toolkit
but all have the A+ smarts to push your Twitter: @LelandHarden Book: Marketing ROI: The Path to Website: Raab Associates Inc.
marketing to the next level. Campaign, Customer, and Corporate Blog: Customer Experience Matrix
Anne Holland, Profitability Twitter: @DRaab
Amy Africa, President, Anne Holland Ventures, Website: Lenskold Group
CEO, Eight By Eight Publisher, Which Test Won, Twitter: @JimLenskold Ron Shevlin,
Website: Eight by Eight Website: WhichTestWon Senior Analyst, Aite Group
Blog: Amy Africa’s Blog Twitter: @AnneHolland55 Rebecca Jacobs Madigan, eBook: Everything They’ve Told You About
Twitter: @AmyAfrica Executive Director, Performance Marketing is Wrong
Mark Jeffery, Marketing Association Blog: Ron Shevlin’s Marketing Whims
Tim Ash, Managing Partner, Agile Insights + Director Website: Performance Marketing
CEO of SiteTuners & Chair of Conversion of Technology Initiatives, Kellogg School of Association Jim Sterne,
Conference Management Twitter: @PMAssociation Chairman, Web Analytics Association,
Book: Landing Page Optimization: The Book: Data-Driven Marketing: The 15 President, Target Marketing
Definitive Guide to Testing and Tuning for Metrics Everyone in Marketing Should Neil Patel, Website: Target Marketing
Conversions Know Co-founder, KISSmetrics and Crazy Egg Book: Social Media Metrics: How to
Website & blog: SiteTuners Website: Agile Insights Blog: QuickSprout Measure and Optimize Your Marketing
Twitter: @Tim_Ash Twitter: @NeilPatel Investment
Avinash Kaushik, Twitter: @JimSterne
Bryan and Jeffery Eisenberg, Analytics Evangelist at Google Laura Patterson,
Managing Partners, Eisenberg Holdings Book: Web Analytics 2.0 President, VisionEdge Marketing
Book: Always Be Testing Website & blog: Occam’s Razor Book: Marketing Metrics in Action:
Website & blog: Eisenberg & Associates Twitter: @Avinash Kaushik Creating a Performance-Driven Marketing
Twitter: @TheGrok, @JeffreyGroks Organization
Website & blog: VisionEdge Marketing
Twitter: @LauraVEM



Appendix: More Resources

10 Steps to Enterprise Marketing CMO Guide to Marketing ROI
Measurement: A Marketing Executive from Lenksold Group
Checklist by VisualIQ http://www.lenskold.com/content/landing_
http://www.visualiq.com/resources/ marketing_roi.html
white-paper-executive-checklist-marketing-
2010 B2B Lead Generation
measurement
Marketing ROI Study – Lenskold Group
Book Excerpt: Marketing Metrics in Action: http://www.lenskold.com/content/
Creating a Performance-Driven Marketing LeadGenROI_2010.html
Organization by Laura Patterson
MarketingNPV:
http://www.marketo.com/b2b-marketing-
http://marketingnpv.com/knowledge
resources/book-club/marketing-metrics-
_base/all/topics
in-action-creating-a-performance-driven-
marketing-organization.php Metrics that Matter for Marketing
Measurement – Webinar with David Raab
Free ROI Spreadsheet from Lenskold Group
http://www.marketo.com/b2b-marketing-
http://www.lenskold.com/forms/default.
resources/best-practices/marketing-roi/
html?fid=18
metrics-that-matter-for-marketing-
Interactive Lead Generation ROI Tool measurement.php
from Lenskold Group
http://www.lenskold.com/tools/LeadGenTool.
html



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