Jon Miller - Marketing ROI: Building Marketing Credibility with CEO-Worthy Metrics
Metrics and Analytics Workshop : How to Harness the Power of Data to Build Marketing Credibility
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Transcript of Metrics and Analytics Workshop : How to Harness the Power of Data to Build Marketing Credibility
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Metrics and Analytics Workshop
How to Harness the Power of Data to Build Marketing Credibility
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Page 2© 2014 Marketo, Inc. @jonmiller
Hi, I’m Jon MillerVP Marketing and Co-Founder, Marketo
@jonmiller
1. My first child was born the same month that we incorporated Marketo
2. Born in Ethiopia3. Undergraduate degree in Physics at Harvard4. I have a top secret “Q” clearance from DOE
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Page 3© 2014 Marketo, Inc. @jonmiller
Topics
• Building Marketing Credibility
• The Right Metrics
• Revenue Metrics• Marketing Program
Performance
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Page 4© 2014 Marketo, Inc. @jonmiller
Quick Housekeeping
• Chat box is available if you have any questions
• There will be time for a Q&A at the end • We will be recording the webinar for
future viewing• All attendees will receive a copy of the
slides/recording • Twitter hashtag: #Marketo
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Page 5© 2014 Marketo, Inc. @jonmiller
12%
20%
15%
9%
44%
Improve profits by more than 20%Improve profits by 10% to 20%Improve profits up to 10%No major change in profits generatedDon't Know
What Profits Can Be Generated With 10% More Budget?
#1 Answer:Don’t Know
Source: 2010 Lenskold Group / emedia Lead Generation Marketing ROI Study
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Page 6© 2014 Marketo, Inc. @jonmiller
When Metrics Take Away Credibility
Vanity MetricsSound good and impress people, but don’t measure impact on revenue or profitability
Activity MetricsMeasure what you do instead of what results and impact you have
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Page 7© 2014 Marketo, Inc. @jonmiller
When Metrics Take Away Credibility
Cost MetricsFrame marketing in terms of cost and spending instead of results and outcomes
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Page 8© 2014 Marketo, Inc. @jonmiller
Metrics That Give Marketing Power“Speak the Language of Business”
Aggregate impact on company revenue; pipeline performance; predictive forecasts
Revenue Cycle and Forecasts
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Page 9© 2014 Marketo, Inc. @jonmiller
Metrics That Give Marketing Power“Speak the Language of Business”
Incremental revenue contribution and ROI of individual marketing programs
Program Performance
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Page 10© 2014 Marketo, Inc. @jonmiller
Revenue Cycle Metrics
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Page 11© 2014 Marketo, Inc. @jonmiller
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Marketo’s Revenue Cycle
TOFU MOFU
Opportunity CustomerLead
Sale
s Le
ad
Nurturing Database
BOFU
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Page 12© 2014 Marketo, Inc. @jonmiller
Nam
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Marketo’s Revenue Cycle
Opportunity CustomerLead
Sale
s Le
ad
Nurturing Database
Exposed to us via content, brand, or word of mouth
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Page 13© 2014 Marketo, Inc. @jonmiller
Nam
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Marketo’s Revenue Cycle
Opportunity CustomerLead
Sale
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ad
Nurturing Database
Feels a relationship and trust with us
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Page 14© 2014 Marketo, Inc. @jonmiller
Nam
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Marketo’s Revenue Cycle
Opportunity CustomerLead
Sale
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ad
Nurturing Database
Names are just names.
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Page 15© 2014 Marketo, Inc. @jonmiller
Nam
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Marketo’s Revenue Cycle
Opportunity CustomerLead
Sale
s Le
ad
Nurturing Database
Meaningful interaction with us
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Page 16© 2014 Marketo, Inc. @jonmiller
Nam
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Marketo’s Revenue Cycle
Opportunity CustomerLead
Sale
s Le
ad
Nurturing Database
Meaningful interaction and qualified demographics
Nurture until ready for next step
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Page 17© 2014 Marketo, Inc. @jonmiller
Nam
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Marketo’s Revenue Cycle
Opportunity CustomerLead
Sale
s Le
ad
Nurturing Database
Marketing qualified lead (score > 100) – SDR reach-out
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Page 18© 2014 Marketo, Inc. @jonmiller
Nam
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Marketo’s Revenue Cycle
Opportunity CustomerLead
Sale
s Le
ad
Nurturing Database
Qualified as sales-ready by SDR
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Page 19© 2014 Marketo, Inc. @jonmiller
Nam
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Marketo’s Revenue Cycle
Opportunity CustomerLead
Sale
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ad
Nurturing Database
Accepted and actively worked by sales
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Page 20© 2014 Marketo, Inc. @jonmiller
Revenue Cycle Modeler
Screenshot: Marketo Revenue Cycle Analytics
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Page 21© 2014 Marketo, Inc. @jonmiller
Filter/Drill into data, e.g. by Program Type, Business Unit, Geography, etc.
Key topic areas:• Balance (Reach)• Flow• Conversion• Velocity Trends over time
Screenshot: Marketo Revenue Cycle Analytics
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Page 22© 2014 Marketo, Inc. @jonmiller
Use Metrics to Set & Justify Budgets
New Targets
60,000
InventoryOf ActiveTargets
131,000
New MQLsScore>100
23,00015.3%
Inventory of Active MQLs
10.5% 20,000
New Opps*
1,000 6 Month Created Opp Inv.
2,000
270
*Opps is bigger than SQLs because includes outbound and partner referrals
SDR capacity driven
Inb
ou
nd
/ P
rog
ram
s
120,000(900K DB Total)
New Names
New SQLs
922
2.4%
1.9%
75%
Win
s35% win
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Page 23© 2014 Marketo, Inc. @jonmiller
Marketing Forecasts
Get The “Definitive Guide to Marketing Metrics & ROI”http://marketo.com/DG2MM
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Page 24© 2014 Marketo, Inc. @jonmiller
Program Performance
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Page 25© 2014 Marketo, Inc. @jonmiller
Ways that Companies Measure Program ROI
• 20%: No tracking• 45%: Single Attribution • 21%: Attribute Across Multiple Programs and
People• 11%: Test and Control Groups• 3%: Market Mix ModelingSource: 2010 Lenskold Group / emedia Lead Generation Marketing ROI Study
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Page 26© 2014 Marketo, Inc. @jonmiller
Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
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Page 27© 2014 Marketo, Inc. @jonmiller
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Page 28© 2014 Marketo, Inc. @jonmiller
Accurately Tracking “Investment” vs Budget
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Page 29© 2014 Marketo, Inc. @jonmiller
Why Measuring Return is Hard
• Multiple touches. Seven touches needed to convert a cold lead into a sale
• Multiple influencers. Typical buying committee has 5-21 people
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Page 30© 2014 Marketo, Inc. @jonmiller
Track All Touches Across People
Screenshot: Marketo Revenue Cycle Analytics
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Page 31© 2014 Marketo, Inc. @jonmiller
Track All Touches Across People
Screenshot: Marketo Revenue Cycle Analytics
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Page 32© 2014 Marketo, Inc. @jonmiller
Example: Multi-Touch Attribution
A deal worth $100,000 recently closed. Three people were involved in the deal: • Person A attended Seminar A and Trade Show B• Person B attended Trade Show B• Person C was sent Direct Mail C
$100,000 Revenue
$25,000 $25,000 $25,000 $25,000
Seminar A$25,000
Tradeshow B$50,000
Direct Mail C$25,000
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Page 33© 2014 Marketo, Inc. @jonmiller
Screenshot: Marketo Revenue Cycle Analytics (actual data)
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Page 34© 2014 Marketo, Inc. @jonmiller
Source: Marketo Revenue Cycle Analytics, Nov 2013* Percentage of all programs in channel that achieve MT Ratio > 5
% Above Min*
89%
41%
75%
57%
66%10.4
73%
67%
76%
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Page 35© 2014 Marketo, Inc. @jonmiller
Example: Test and Control
Source: Lenskold Group
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Page 36© 2014 Marketo, Inc. @jonmiller
Planning for Marketing MeasurementMeasure ROI to find not just what
works, but what works better. Establish Goals
and ROI Estimates Up-Front
Design Programs to Be Measurable
Focus on the Decisions that Improve ROI
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Page 37© 2014 Marketo, Inc. @jonmiller
Tweetable Takeaways & Q&A
1. Reporting is less important than DECISIONS that improve ROI
2. Focus on financial metrics that matter to the CFO (profit, cash, revenue)
3. Avoid cost and spend metrics – focus on investment and return
4. A trusted marketing forecast is the single most important step to make marketing a revenue driver, not a cost center
@jonmiller