Marketing Analytics 101: How to Prove and Improve Marketing Impact with Data
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Marketing analytics is at the top of every marketing team’s priority list. But for many, it can feel overwhelming. Watch Jordan Con, Product Marketing Manager at Marketo, for our webinar, Marketing Analytics 101: How to Prove and Improve Marketing Impact with Data, where he’ll set the foundation for a solid marketing data and analytics strategy, no matter where you are in your journey.
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Marketing Analytics 101: How to Prove and Improve Marketing Impact with Data
- 1. Marketing Analytics 101: How to prove and improve marketing impact with data
- 2. Page 2Proprietary and Confidential | © Marketo, Inc. Agenda ● Journey Analytics vs. Activity Analytics vs. Impact Analytics ● Don’t just prove impact, improve it with attribution data ● Getting started with dashboards and reporting ● Q&A
- 4. Page 4Proprietary and Confidential | © Marketo, Inc. Activity Analytics Measure day-to-day engagement activities and programs, so that you can tweak and optimize. Impact Analytics Get unparalleled visibility into the full impact of your efforts. Prove and improve your impact. Journey Analytics Deeply understand how prospects move through the buyer journey.
- 5. Page 5Proprietary and Confidential | © Marketo, Inc. Journey Analytics Deeply understand how prospects move through the buyer journey. Deeply understand how prospects move through the customer journey ● Funnel stage conversion rates (e.g., lead → MQL, demo → decision maker demo) ● Velocity (e.g., days from lead → opp, opp → close) ● Where are my funnel roadblocks? ● Where can I optimize mid-funnel?
- 6. Page 6Proprietary and Confidential | © Marketo, Inc. Activity Analytics Measure day-to-day engagement activities and programs, so that you can tweak and optimize. Measure day-to-day engagement activities and programs, so that you can tweak and optimize ● Indicators of success (beware: vanity metrics) ○ Channel metrics (e.g., email open rate, click- through rates, paid media CPL) ○ Campaign metrics (e.g., webinar attendance rate, event badge scans, CTR for a specific campaign) ● Am I executing correctly?
- 7. Page 7Proprietary and Confidential | © Marketo, Inc. Impact Analytics Get unparalleled visibility into the full impact of your efforts. Prove and improve your impact. Visibility into the full impact of your efforts; prove and improve your impact ● Pipeline, revenue & ROI ○ By channel ○ By campaign ○ By content ● Multi-touch attribution ○ Attribution modeling
- 9. Page 9Proprietary and Confidential | © Marketo, Inc. Prove Impact How much pipeline and revenue did marketing drive? What channels/campaigns/ content is driving pipeline and revenue?
- 10. Page 10Proprietary and Confidential | © Marketo, Inc. Improve Impact We need to hit $X revenue next year—how are we going to do it? If we had $50,000 more, how much revenue could we generate and where would we spend it?
- 11. Page 11Proprietary and Confidential | © Marketo, Inc. Improve Impact “We should do more events like Event C.” Event Leads A 300 B 400 C 500 Event Leads Opps A 300 20 B 400 30 C 500 25 Event Leads Opps Rev. A 300 20 $200k B 400 30 $100k C 500 25 $150k “We should do more events like Event A.” “We should do more events like Event B.”
- 13. Page 13Proprietary and Confidential | © Marketo, Inc. What is Attribution Modeling? ● Lenses to view your data ○ First Touch, Last Touch, Multi Touch Linear, Multi Touch Weighted, Custom 100% Lead Creation Anonymous First Touch Demo Opportunity CreationSQL Deal/ Revenue 22.5% 22.5% 22.5% 22.5% Demo Opportunity CreationSQL Lead Creation Deal/ Revenue Anonymous First Touch Lead Creation Touch Full Path
- 14. Page 14Proprietary and Confidential | © Marketo, Inc. What’s Possible? ● X-axis: channels, campaigns, keywords, etc. ● Y-axis: leads, pipeline, revenue, ROI $REVENUE CHANNELS ● Time period, segment (SMB vs. ENT), attribution model, channels within a campaign, etc. Dimensions Filters
- 15. Page 15Proprietary and Confidential | © Marketo, Inc. Who Needs What? Marketing Leaders Marketing Practitioners High level insights ● Revenue (vs. goal; YTD, this quarter, etc.) ○ By channel/campaign ● Spend (vs. budget) ● ROI ● Pipeline (vs. target) ● Strategic initiatives status (e.g., new brand rollout - not driven by analytics) Channel level insights ● Team revenue (vs. goal) ● Team leads and opps generated (by week, month, quarter) ● Channel/campaign analytics ○ Email: running email open rate, CTR ○ Paid Media: CPL, impressions, CTR ○ Events: registrations, attendance ○ Content: views, CTA clicks ● Channel spend (vs. budget)
- 16. Page 16Proprietary and Confidential | © Marketo, Inc. Examples CMO/Overview
- 17. Page 17Proprietary and Confidential | © Marketo, Inc. Examples Paid Media
- 18. Q&A
Editor's Notes
- By the end of this webinar, you should have A clear understanding of what type of analytics answers what type of question How to use analytics to improve your marketing and get a seat at the table A good idea of what dashboards and reports you need (and if you’re the point person, what reports each of your stakeholders needs)
- Identifying success paths—or more importantly, non-success paths. The concept of the golden path doesn’t really work for B2B customer journeys. There are too many touchpoints, channels, and people involved to identify one perfect path. But what you can do is identify paths that don’t work. Where are conversion rates super low? What channels don’t work at what stage? Where are the roadblocks?
- Also called engagement metrics Activity analytics: day to day measurement of activities (channels and campaigns) so that you can tweak and optimize. These are typically siloed at the channel or campaign level. Includes “Success” metrics in Marketo Vanity metrics are things that have little to no correlation with what matters—and that’s revenue. Even for something like leads, which if you’re defining it right isn’t really a vanity metric, did you know ~1% of leads become revenue? Am I executing correctly vs. is this the right campaign? You could have a really good strategy of going after CMOs in target accounts, but if you choose the wrong execution, you won’t make an impact
- One way to think about the difference is that activity analytics measure what you do, and impact analytics measure the outcomes
- This first question is the classic CEO question for marketing. How much pipeline and revenue did you drive this quarter/year? And that number better match up with what the VP of Sales is bringing to the table. And then we can go one click down and say, ok, of that revenue number, what efforts drove that? Where is our pipeline and revenue coming from? Especially around planning season, having these answers is really important because they’ll be critical for how much budget you get the next period. Which leads us to the real value of attribution, and that’s using the data to make forward projections.
- Having the answers to these questions are what elevates marketing’s role and gets you a seat at the table
- Do this within channels and between channels/campaigns
- Continuous improvement. Here’s where to get started...
- Before we get into the actual reports, let’s spend a minute or two on modeling. You collect tons of data every day, but to make sense of it, you need to apply a model. Attribution models determine how credit is spread among all the touches in the buyer journey. They range from single touch models, which give 100% of the credit to one touch, to multitouch models which give credit to multiple touches, all the way to some pretty complex artificial intelligence based custom models. Think of them as different lenses in which to view your data. So when you talk about how much revenue you’ve driven, know that you are always applying some model or lens onto your data. If you have no idea, you’re probably looking at a single touch model, which is the default—CRMs typically default to a last touch model, lead gen or lead management software typically defaults to the lead creation touch.
- Ok, so there are a ton of options for data: Notice that the data on the left comes from the impact analytics category On the right, if that first number is good, then all the rest matter a whole lot less.
- This is for someone in paid media, but you can easily imagine how you could swap out some of these tiles for different channels. Email open rates, webinar attendance rate, click-through rate, badge scans, etc.