How Marketo Measures Marketing's Impact on Business Growth
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Peter Bell, Marketo Marketing First for Busines Growth, London, June 2016
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How Marketo Measures Marketing's Impact on Business Growth
- 1. How Marketo Measures Marketing's Impact on Business Growth Peter Bell Senior Director, Segment & Product Marketing
- 2. Page 3Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Prospects receive an average of 10 marketing touches from the time they enter the top of the funnel until they’re a closed-won customer. Marketing Impact on Business Growth
- 3. Common Traps • Vanity Metrics • Activity Metrics • Cost Metrics
- 4. Page 5Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Metrics that Matter • Revenue Cycle and Forecasts: Aggregate impact on company revenue; pipeline performance; predictive forecasts • Program Performance: Incremental revenue contribution and ROI of individual marketing programs
- 5. Revenue Cycle Metrics Aggregate impact on company revenue; pipeline performance; predictive forecasts
- 6. Page 7Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle Metrics
- 7. Page 8Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle Metrics
- 8. Page 9Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle Metrics
- 9. Page 10Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle Metrics
- 10. Page 11Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle Metrics
- 11. Page 12Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle Metrics: Revenue Modeler • Model your buyer journey stages and flow • Buyer activity triggers movement between stages Tailor campaign messages and offers to buyer journey stage
- 12. Page 13Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle Metrics: Success Path Analyzer • View key metrics for your revenue model Focus marketing efforts where buyers get stuck
- 13. Page 14Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle Metrics
- 14. Program Performance Incremental revenue contribution and ROI of individual marketing programs
- 15. Page 16Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016
- 16. Page 17Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Why Measuring Return is Hard • Multiple Touches: Ten touches needed to convert a cold lead into a sale • Multiple Influencers: There are on average 5.1 people involved in the buying decision
- 17. Page 18Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Single Touch Attribution Google Registered for Analytics Webinar DOWNLOADED CONTENT ON FACEBOOK Attended “Top 10 Marketing Reports” Webinar ATTENDED WEBINAR Opportunity/ Sales 12 Months €100K €100K
- 18. Multi Touch Attribution GOOGLE KEYWORD SEARCH Connected with Sales Rep 12 Months €25K €25K €100K €25K€25K LINKEDIN POST FACEBOOK AD EVENT
- 19. Page 20Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5
- 20. Page 21Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 Inbound + Nurture = 58% of (MT) Pipeline Paid Programs = 42% of (MT) Pipeline
- 21. Page 22Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 (MT) Ratio = Pipeline / Investment >15 is Great and <10 is Fail Sponsored Email = 12.8, Tradeshow = 10.6, PPC = 13.0, Webinars = 25.4, Field Events = 6.6, Content Syndication 7.7
- 22. Page 23Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 % Programs with MT Ratio > 10 e.g. Tradeshow has good average but 49% programs “fail”
- 23. Page 24Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics
- 24. Page 25Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics
- 25. Page 26Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 See Direct Program Contribution to Sales Screenshot: Marketo Revenue Cycle Analytics
- 26. Page 27Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Program Performance • Measure ROI to find out not just what works, but what works better • Establish goals and ROI estimates up-front • Design programs to be measurable • Use Control Groups • Focus on the decisions that improve ROI
- 27. Page 28Marketo Proprietary and Confidential | © Marketo, Inc. 6/21/2016 Revenue Cycle
- 28. THANK YOU
Notes de l'éditeur
- The world has moved digital and now 90% of the buying journey (Forrester) is done before a prospect ever speaks to somebody from your company. With the advances in broadband, cheap data and high bandwidth as well as advances in mobile devices and the software that goes with them, our customers are now the ‘always-on’ generation who are constantly bombarded with up 2700?? (check figure) marketing messages each day. Attracting the attention of the right prospects at the right time has spawned a massive industry and made many a career. Customer create their own journey, marketers don’t, need to guide and direct them.
- Once you have your goals, you need to figure out which programs are help you achieve those goals. You know your campaign now how to give credit to each program. In this eg, a person finds your comapany using a google keyword search so when that person gets into your data and finally connects with a sales person all the credit goes to that program that the person interacted with (Google). The other programs that help keep the person engaged in your company and push the persons journey along are not given any credit
- In a Multi Touch Attribution, you give all the programs equal weight for bringing in the person and pushing them along the buying circle.
- So with the multi-touch framework in place, we can now get a deep understanding of how our marketing activities are driving pipeline and revenue for the company. In fact, we can PROVE it, giving that Marketing Director, VP or CMO a seat at the revenue table. Here we see all the channels we showed early when we talked about generating targets, but now we can see how they are generating revenue. I can see how much investment we’ve made in each channel. And notice that we call it investment, and not cost. And this is on purpose, because when we as marketers talk about costs, we are telling the world that we are a cost center and not someone who deserves a seat at the revenue table. When we talk about investments and returns, then we’re saying we belong in those discussions at the revenue table. Ok, so we also show how much multi-touch pipeline, and how many multi-touch opportunities we generated from that channel, using the framework we just discussed.
- And what you see is that the inbound and the nurture, together make up about 58% of our pipeline. And these are the channels without marginal program dollars, like the website, blog, nurture emails. The paid programs make up the rest – 42% of all pipeline. And this supports the point I made earlier, which is that while inbound is great, but if all we did is inbound, we’d be about half the company we are today. We need them both working together to drive the growth that we’re driving.
- Another useful metric is the MT ration, which is the ratio of the pipeline each channel generates, compared to the investment we’ve made in that channel. And you can look at it by channel, as well as each individual program. And for us, any MT ratio greater than 10 is good, and we should do more of that. If anything falls below a 5, we don’t want to do more of that. In between 5 and 10, it depends on whether the goal is primarily to generate awareness or to generate dollars and we’ll usually discuss it. So you can see for the sponsored email, which we talked about earlier, even though it has a low conversion rate, it eventually gets to a 12.8, so pretty good. And I should point out that all the numbers in this report, while current, are for programs that ran more than 12 months ago. And this is because when we run a program, the opportunities don’t happen immediately. As we saw before, on average they were 327 days to opp, so in order to truly determine the success of a program like a tradeshow or webinar, we need to give the opps time to perculate. So tradeshows 10.6 pretty good, PPC good at 13, paid webinars at 25.4, really really good, we love paid webinars. Now, this is the channel view, but it’s also important to look within the channel, which percentage of programs are achieving better than our MT ratio of 5.
- So for example, our tradeshow channel has an average MT ratio of 12. But that’s the average. If we dig into a program view, we’ll see that almost half of our tradeshows fall below our minimum threshold of 5. In other words, they are losing us money. And its these tradeshows that are the likely candidates to pull, and to use that money for our own events where we can own on our attention. So looking at results across channels as well as individual programs within those channels is really important. And as a sidenote, you can see that 56% of our channels are currently meeting our minimum threshold of 5. That means that 44% are losing money. So our job as marketers is to continue to push this % higher. But have anyone of you see Adobe’s fortune teller commercial. The marketer goes in to see the fortune teller and says “I’d like to know if my marketing plan is working”, and she looks at one of her cards and enthusiastically responds, yes! It’s working! And he nods and then says, can you be more specific? So she points to a few cards and says “Some parts are working, and some parts are not” Then she scoops up the cards and says “that’ll be $85 as the marketer looks at her incredulously”. So in this case, we know exactly which programs are working and which aren’t. And by the way, you should have programs that aren’t working. If you aren’t, your not experimenting enough.
- Step 1: Important to track all touches – powerful analyser – opp influence analyser. SDR has tagged two people who were involved in this deal on right hand side There are 5 other people in the system not tagged in CRM. Pick sarah…..
- Step 1: Important to track all touches Report changed – Sarah’s interactions – in red. Opportunity analyser – big deals for the quarter – shows marketing’s influence over the lifetime of the opp. Sanjay shows in sales and QBRs – marketing had a strong part to play in deals closed. Allows us to see the channels and programs that influence deals the most and put more budget to it.
- Program analyser – toggle between values and goals of the program e.g. names, values etc. Show you which programs perform the best based on selected value This chart – webinar working well, list purchasing not good – gives us better indicator on where to spend our budget