Marketing Analytics to Prove Your ROI
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Check out this presentation by Marketo's Lizzy Funk to discover how to prove and improve your marketing ROI with reliable data!
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Marketing Analytics to Prove Your ROI
- 1. Marketing Analytics to Prove Your ROI Lizzy Funk Marketing Programs Manager
- 2. • This webinar is being recorded – keep an eye out for the slides and recording sent to your email later today • Questions? Type them in the chat box and we will answer! • Posting to social? Use #mktgnation Housekeeping
- 3. • Why marketing analytics is important • What metrics should you be measuring • Tips on how to track your programs • How to identify your top performers Agenda
- 4. Marketing analytics is like…flossing You know you need to do it, but…
- 5. If you don’t do it… The results can be unfavorable and cost you… Ouch
- 6. Only 32% of marketers pursue a data-first strategy, and less than half of marketers feel prepared for a data-driven marketing future. B2B Marketing and Marketscan April 2015
- 7. Source: Experian 2014 Digital Marketer report 44% of marketing leaders cite tracking and measuring campaigns is a top challenge.
- 8. Only 1 in 4 marketers can prove their impact on the business.
- 9. Your options: B) - I got this!A) - Freak out
- 10. What metrics should I measure?
- 11. The Right Metrics: • New Names • New Qualified New Names • Cost per new name Early TOFU • MQLs • SQLs Mid MOFU • Opportunities • Pipeline • Revenue Won Late BOFU TOFU Attract MOFU Engage BOFU Close
- 12. Tracking for the win! 1 • Lead Source 2 • Acquisition Program 3 • Successes 4 • Cost 5 • Revenue Set yourself up for success!
- 13. Marketo Proprietary and Confidential | © Marketo, Inc. 8/6/2015 Attract Engage Close
- 14. TOFU Example
- 16. TOFU Analysis Channel Cost Members Successes New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 7023 6671 6597 $31 $32 75% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99%
- 17. Targets vs. New Names Channel Cost Members Successes New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 7023 6671 6597 $31 $32 75% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99% New Name New lead to our database Target New lead with specific demographic and behavioral qualities
- 18. Channel Cost Members Successe s New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 7023 6671 6597 $31 $32 75% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99% Cost per new name vs. cost per target Cost per new name Total cost / total new names (ideal < $30) Cost per target Total cost / total targets (ideal < $30)
- 19. % New Names vs. % Targets Channel Cost Members Successes New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 7023 6671 6597 $31 $32 75% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99% % New Names % of members are new names – high percentage are good programs for filling the top of the funnel % Targets % of new names are targets – high percentage means we are receiving the right quality names and they are engaging with us
- 20. TOFU Analysis Channel Cost Members Successes New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 8923 7421 7398 $28 $28 83% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99% Which channels are the best for TOFU objectives? Which channels are bringing in the most new names? Which channels are bringing in the most targets (the right names)? Which channels are bringing in the cheapest new names and targets
- 21. It doesn’t stop there…..
- 22. BOFU Example
- 23. MOFU Analysis Channel Cost FT Opps Cost/FT Opp FT Pipeline FT Pipeline/Cost MT Opps Cost/MT Opp MT Pipeline MT Pipeline/Cost Days to Opp Content Syndication $2,759,296 285 $9,682 $15,681,555 6 216 $12,775 $13,321,197 5 115 Email - Sponsored $1,976,644 210 $9,413 $14,769,720 7 196 $10,085 $18,637,134 9 98 Live Events $1,652,304 116 $14,216 $6,268,524 4 118 $14,003 $5,304,563 3 107 Virtual Events $294,910 97 $3,040 $3,693,372 13 35 $8,426 $4,990,658 17 124 Webinars $495,695 110 $4,506 $1,707,090 3 196 $2,529 $10,444,562 21 99 PPC $1,829,315 267 $6,854 $14,902,411 8 238 $7,686 $12,204,289 7 87 Social $991,915 104 $9,538 $2,877,160 3 104 $9,538 $3,612,412 4 127 Website $0 320 $0 $22,737,280 N/A 450 $0 $32,176,800 N/A 74
- 24. • FT = First Touch • Acquisition Program = 100% of the credit • MT = Multi Touch • Programs in between acquisition and opportunity = divided credit FT vs. MT Content Syndication Clicked on email Attended Webinar Attended Demo Downloaded Definitive Guide Opportunity Opened ($43K) FT Program that generated name (acquisition program) = 100% of credit MT All programs that touched the lead and contributed to an opp = divided credit Example customer journey: Acquisition Program Opportunity
- 25. Opportunities Created Channel Cost FT Opps Cost/FT Opp FT Pipeline FT Pipeline/Cost MT Opps Cost/MT Opp MT Pipeline MT Pipeline/Cost Days to Opp Content Syndication $2,759,296 285 $9,682 $15,681,555 6 216 $12,775 $13,321,197 5 115 Email - Sponsored $1,976,644 210 $9,413 $14,769,720 7 196 $10,085 $18,637,134 9 98 Live Events $1,652,304 116 $14,216 $6,268,524 4 118 $14,003 $5,304,563 3 107 Virtual Events $294,910 97 $3,040 $3,693,372 13 35 $8,426 $4,990,658 17 124 Webinars $495,695 110 $4,506 $1,707,090 3 196 $2,529 $10,444,562 21 99 PPC $1,829,315 267 $6,854 $14,902,411 8 238 $7,686 $12,204,289 7 87 Social $991,915 104 $9,538 $2,877,160 3 104 $9,538 $3,612,412 4 127 Website $0 320 $0 $22,737,280 N/A 450 $0 $32,176,800 N/A 74 FT Opps Number of First Touch Opportunities Created by the sales team MT Opps Number of Multi Touch Opportunities Created by the sales team
- 26. Pipeline Created Channel Cost FT Opps Cost/FT Opp FT Pipeline FT Pipeline/Cost MT Opps Cost/MT Opp MT Pipeline MT Pipeline/Cost Days to Opp Content Syndication $2,759,296 285 $9,682 $15,681,555 6 216 $12,775 $13,321,197 5 115 Email - Sponsored $1,976,644 210 $9,413 $14,769,720 7 196 $10,085 $18,637,134 9 98 Live Events $1,652,304 116 $14,216 $6,268,524 4 118 $14,003 $5,304,563 3 107 Virtual Events $294,910 97 $3,040 $3,693,372 13 35 $8,426 $4,990,658 17 124 Webinars $495,695 110 $4,506 $1,707,090 3 196 $2,529 $10,444,562 21 99 PPC $1,829,315 267 $6,854 $14,902,411 8 238 $7,686 $12,204,289 7 87 Social $991,915 104 $9,538 $2,877,160 3 104 $9,538 $3,612,412 4 127 Website $0 320 $0 $22,737,280 N/A 450 $0 $32,176,800 N/A 74 FT Pipeline Amount of FT Opportunity Pipeline Generated MT Pipeline Amount of MT Opportunity Pipeline Generated
- 27. FT vs. MT Pipeline Channel FT Pipeline MT Pipeline PPC $410,000 $525,000 Webinars $220,000 $903,000 Content Syndication $325,000 $117,000 More efficient at pushing leads through funnel More efficient at acquiring the right leads
- 28. FT Ratio & MT Ratio Channel Cost FT Opps Cost/FT Opp FT Pipeline FT Pipeline/Cost MT Opps Cost/MT Opp MT Pipeline MT Pipeline/Cost Days to Opp Content Syndication $2,759,296 285 $9,682 $15,681,555 6 216 $12,775 $13,321,197 5 115 Email - Sponsored $1,976,644 210 $9,413 $14,769,720 7 196 $10,085 $18,637,134 9 98 Live Events $1,652,304 116 $14,216 $6,268,524 4 118 $14,003 $5,304,563 3 107 Virtual Events $294,910 97 $3,040 $3,693,372 13 35 $8,426 $4,990,658 17 124 Webinars $495,695 110 $4,506 $1,707,090 3 196 $2,529 $10,444,562 21 99 PPC $1,829,315 267 $6,854 $14,902,411 8 238 $7,686 $12,204,289 7 87 Social $991,915 104 $9,538 $2,877,160 3 104 $9,538 $3,612,412 4 127 Website $0 320 $0 $22,737,280 N/A 450 $0 $32,176,800 N/A 74 FT Ratio ROI Ratio of FT Pipeline >5 = good performer MT Ratio ROI Ratio of MT Pipeline >5 = good performer
- 29. Days to Opportunity Channel Cost FT Opps Cost/FT Opp FT Pipeline FT Pipeline/Cost MT Opps Cost/MT Opp MT Pipeline MT Pipeline/Cost Days to Opp Content Syndication $2,759,296 285 $9,682 $15,681,555 6 216 $12,775 $13,321,197 5 115 Email - Sponsored $1,976,644 210 $9,413 $14,769,720 7 196 $10,085 $18,637,134 9 98 Live Events $1,652,304 116 $14,216 $6,268,524 4 118 $14,003 $5,304,563 3 107 Virtual Events $294,910 97 $3,040 $3,693,372 13 35 $8,426 $4,990,658 17 124 Webinars $495,695 110 $4,506 $1,707,090 3 196 $2,529 $10,444,562 21 99 PPC $1,829,315 267 $6,854 $14,902,411 8 238 $7,686 $12,204,289 7 87 Social $991,915 104 $9,538 $2,877,160 3 104 $9,538 $3,612,412 4 127 Website $0 320 $0 $22,737,280 N/A 450 $0 $32,176,800 N/A 74 Days to Opportunity Average time from lead entering database to opening opportunity
- 30. MOFU Analysis Channel Cost FT Opps Cost/FT Opp FT Pipeline FT Pipeline/Cost MT Opps Cost/MT Opp MT Pipeline MT Pipeline/Cost Days to Opp Content Syndication $2,759,296 285 $9,682 $15,681,555 6 216 $12,775 $13,321,197 5 115 Email - Sponsored $1,976,644 210 $9,413 $14,769,720 7 196 $10,085 $18,637,134 9 98 Live Events $1,652,304 116 $14,216 $6,268,524 4 118 $14,003 $5,304,563 3 107 Virtual Events $294,910 97 $3,040 $3,693,372 13 35 $8,426 $4,990,658 17 124 Webinars $495,695 110 $4,506 $1,707,090 3 196 $2,529 $10,444,562 21 99 PPC $1,829,315 267 $6,854 $14,902,411 8 238 $7,686 $12,204,289 7 87 Social $991,915 104 $9,538 $2,877,160 3 104 $9,538 $3,612,412 4 127 Website $0 320 $0 $22,737,280 N/A 450 $0 $32,176,800 N/A 74 MOFU Analysis Determine which channels are responsible for generating the most opportunities and pipeline to determine ROI
- 31. TOFU + MOFU Analysis Channel FT Opps FT Pipeline/Cost MT Opps MT Pipeline/Cost Content Syndication 285 6 216 5 Email - Sponsored 210 7 196 9 Live Events 116 4 118 3 Virtual Events 97 13 35 17 Webinars 110 3 196 21 PPC 267 8 238 7 Social 104 3 104 4 Website 320 N/A 450 N/A Channel Cost per new name Cost per target % New Names % Targets Content Syndication $28 $28 83% 99% Email - Sponsored $29 $30 48% 97% Events $45 $62 24% 72% Virtual Events $5 $25 40% 22% Webinars $10 $10 10% 96% PPC $109 $120 70% 90% Social $69 $81 70% 85% Website $0 $0 91% 99% TOFU + MOFU Analysis Some programs are good at acquiring new names and other a better at pushing leads through the funnel
- 32. Dental and Marketing Analytics Success!
- 33. • Evaluate programs against metrics that matter • Cost per new name and target • Lead Source – track which sources marketing is responsible for • Amount of pipeline generated compared to program spend (ROI) • Number of opportunities created Overall channel & program analysis
- 34. • Look at programs at different time points • Immediately – did it have the response I expected? (# of new names) • If not, what went wrong? How to optimize? • 2-4 months later – did it generate opportunities? Pipeline? • Continuous reassessment – how does the program do over time? • Is the program still performing as it did in the beginning? Overall channel & program analysis
- 35. • Identify the most important metrics to track ahead of time • Set yourself up for success – make your programs trackable • Know what success looks like • Track your programs at different time points – early, mid and late Key Takeaways @lizzymfunk
- 36. Qualified leads Improved tracking, reporting and analytic capabilities Decreased lead generation costs Leadspace and Marketo Partner to Drive a 337% Increase in Qualified Leads “Marketo is like the Swiss army knife of marketing, it does so many things…the ROI is baked into the product.” -Damon Waldron, Director of Demand Generation 337%
- 37. Questions?
Notes de l'éditeur
- Hi Everyone, Thanks for joining me today for the final webinar in the Digital Marketing Bootcamp on Marketing Analytics to Prove Your ROI. My name is Lizzy Funk and I am a marketing programs manager here at Marketo. I am going to spend the next 30 minutes or so going over how to prove your ROI. A lot of times, in many companies, marketing is looked at as a cost-center. Though most the time it isn’t true – a lot of marketers have trouble proving that their programs are actually working and contributing to sales.
- Before we get started – a few houskeeping items.
- Here is what we are going to cover today. First I will go over why marketing analytics is important – and why all of you should make sure you are tracking the success of each of your programs. Which metrics your should be measuing to track that success How to actually track your programs And finally – identify what does success look like and how to find your top performing programs that you will want to do more of.
- Here is a nice way to think about the right metrics. It can serve as a helpful taxonomy when you are developing your benchmarks or even if you want to improve on your current set. 1. Performance metrics – answering HOW DID YOU DO? 2. Diagnostics metrics – what is working, how can we improve 3. Lastly, there are leading indicators – these should help you forecast how you will be doing
- You can measure each program as they relate to the funnel At the top of the funnel, you can look at your early stage programs and track the number of new names, the number of new, qualified names and how much you are paying for each one of those names. In the middle, you can track how those new leads are converting – how many MQLs (stands for marketing qualified leads and is a lead that marketing deems qualified for sales to follow up on) are your marketing programs generating and of those MQLs how many are being accepted by sales to become a SQL (stands for sales qualified lead and is an MQL that was accepted as qualified by the sales team after a phone call or an email).
- So you know you need to measure all of these program, but how do you actually track these metrics from your programs. Marketing automation can help you keep track of some important metrics that will help you track each program with the right metrics. The first step is to make sure you are tracking and measuring the right metrics. This will set you up for success. If you are tracking the right metrics, the analysis part will be 10x easier. Here are some of the important things we track at Marketo: Lead Source – tracks the channel in which a lead enters our database – this could be PPC, Social, Sponsored Email or even the website Acquisition Program – tracks the specific program that brough the lead into our database, for example if a new lead was brought in via PPC, the lead source would be PPC and the acquisition program would be the specific program that brought it in whether that is a keyword or geography Successes – measure engagement within each channel. We classify successes differently for each channel. For example, if someone registers for a webinar – they are not a success, but if they attend, they are a success. Successes track how much our leads are engaging with us directly. Cost – you want to constantly track cost so you can keep track of how much each channel and program is costing you Revenue – by tracking revenue, you can track which programs and channels are contributing the most revenue to your business
- By tracking the right metrics you will be able to track the success of each program at each stage of the funnel.
- By a top of the funnel analysis, we are analyzing programs that fill the top of the funnel. This means we are tracking new names and targets that enter our database. You have to fill the top of the funnel at a good price and with the right programs and channels to end up generating more and more customers.
- Here is an example of SOME of the channels we leverage and what our TOFU analysis looks like. We track how much we are spending on each channel, total number of members in each program, the number of sucesses for each program which is different for each channel and tracks engagement, new names and new targets, cost per new name and target and percentage new names and targets. I will go through this in more detail next.
- It is important to track both new names and targets. New names are just new leads to our database – this could be anyone But targets will track qualified new names to your database – in our case a target has the right demographic and behavioral qualities that would be likely to buy our product
- Now, which of these is BEST for tofu objectives?? Now, this channel MAY not be the best for accelerating folks through the funnel
- Now , we’ll look at mofu
- Highlights Use of Marketo has increased qualified leads by 337% Improved tracking, reporting and analytic capabilities Greater understanding of return on investment from campaigns and marketing activities Ability to support growth and expansion across multiple countries and markets Better engagement with sales teams – speaking the same language, improving alignment Decreased lead generation costs More strategic approach to marketing Solution After an in-depth market evaluation, Leadspace implemented Marketo as its marketing automation platform of choice. “We were running our first campaign by the end of week one, and by the end of the first month we were reporting metrics that we just never had visibility into before,” added Waldron. Benefits Marketo has enabled Leadspace to identify areas where the company is generating increased awareness and how and when to educate the buyer, to determine and improve the engagement level of prospects. Since using Marketo, we have seen our automation qualified leads increase by 337 percent alone. We not only have more opportunities in the pipeline now, but better opportunities, as Marketo helps us to nurture them, influencing the buying decision, so we’re doing more and better.” Create a more personalized experience for prospects and ensure they have the information needed to make a better and more informed buying decision.