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Chief Marketing Officers in business to business companies are increasingly being held to accountable revenue outcomes for the performance of their companies, leveraging Salesforce leads, campaigns, and opportunities. Sales leaders are embracing this change as the dynamics of a buying cycle change and more users rely on alternative digital means to educate themselves on a company’s product and reputation prior to engaging with a sales rep.
At the first industry Data Driven Marketing ROI Conference (#Circulate2015) hosted by Full Circle’s CEO Bonnie Crater, 75 of us shared best practices on marketing measurement and attribution. Here are 5 enterprise lessons learned of marketing measurement in that session:
Marketers have a hunger to produce clear, consistent, and credible measurement outcomes. Sales embraces this accountability as the marketing function becomes a business enabler. With lead flow accountability and visible results from investment outcomes, businesses are now getting more effective on future marketing investments for demand generation.
Most companies ask where they are on the spectrum of marketing measurement. Stage 1 measurement are companies evaluating basic marketing metrics (opens, click throughs, views) in their marketing automation systems, while more mature companies are pivoting toward dashboards reflecting business impact revenue metrics. Once companies master those measurement levels, true data driven decisions are being made with the aspiration to pivot toward prescriptive, forward looking revenue acquisition by marketing.
Considered a newer area of marketing measurement by most B2B companies, nearly all presenters advocated to move toward including marketing influenced revenue beyond sourcing. SaaS marketers were presenting cohort analysis of campaign performance at varying stages of the funnel process.
According to Data.com, data decays at 3%/month in the database. Sales productivity as well as marketing measurement are directly correlated to data quality. Several companies in the audience experienced symptoms of what one speaker identified as the ‘6 Pathogens of Data Quality’: inaccuracy, duplication, incomplete records, mistargeting, incomplete databases, and mismatched databases.
Companies that properly structure their Salesforce.com campaign hierarchy in the Campaigns Object are beginning to test for content effectiveness throughout the funnel stages. At least two companies reported great success in this regard.
Circulate 2015 was a terrific opportunity to see how others thought of marketing measurement and share best practices. What lessons have you learned with marketing measurement?
Jon Russo is the founder of B2B Fusion, an agency that modernizes old demand generation practices to new to drive more revenue for clients like Thomson Reuters, Level(3) Communications, and Blackboard, among others. Jon currently serves on the Board of Directors for MO-CCA, the leading enterprise association for Marketing Operations professionals. Prior to founding B2B Fusion, Jon held global CMO roles for 10+ years in private and public high technology companies in Silicon Valley, NYC, and Luxembourg.
Want the inside scoop on the State of Marketing in 2015? Download the free Salesforce report:
