Campaigns to Cash – Six Tips for Measuring Campaign Effectiveness
According to the CMO Council, the #1 challenge marketers face in lead generation is tracking their leads through the sales cycle from inquiry to close. Without this, it is nearly impossible to measure and improve marketing ROI and accountability.
Therefore, it wasn’t surprising that “Campaigns to Cash” was another packed B2B marketing session at Dreamforce 2007. In it, Elizabeth Smyth from salesforce.com and Kirk Crenshaw, CEO of RevCatalyst, shared six practical tips for measuring and improving campaign effectiveness, with a specific focus on companies using salesforce.com.
- Have a useful naming convention for campaigns, so you can know immediately what drove the lead. For example, region – date – campaign – detail, e.g. “EMEA – FY08Q3 – City Tour – Brussels”.
- Track the Lead Source for each campaign and be sure that your budget rolls-up by lead source. This ensures that marketing activities tie back to budget dollars, which can be important to reconcile budgets and ROI.
- Use a custom field like “Parent Campaign” field to set hierarchies. (Note: Companies that use Marketo can use Marketo Programs to create this type of roll-up, out of the box.)
- Attach additional information about your campaign, including the offer, links to creative, and links to the landing page. This allows the inside sales team to know better how to follow-up on the leads. Marketing can take this even further by attaching targeted qualifying questions to the campaign.
- Create a report that shows Lead Owner by Lead Stage. This helps to quickly see if a specific rep is not following up on leads (look for leads that are stuck in “open”). This is important since we all know a quick follow-up is critical to lead conversion.
- Download the “Campaigns Related to Opportunity Report” report from the AppExchange. This lets you see all the marketing campaigns that have influenced the account to which an opportunity is related — a key first step to understanding marketing accountability. (While you’re on the AppExchange, be sure to check out Marketo’s landing page and pay per click optimization tool.)
Useful, but we need more
These are some very useful tips, but during the Q&A session, everyone was asking about how to track all the marketing activities that impact a lead as it moves through the entire revenue cycle, as well as how to understand which activities are really making an impact.
As I’ve written about before (see Earn a Seat at the Revenue Table, Part 1 and Part 2) this is not possible with today’s tools — which is exactly why Marketo is developing additional tools to help you drive revenue and improve accountability! I’m really excited about our next release – stay tuned.