Do you know which of your marketing campaigns generated the most opportunities? How about the specific campaigns that have the highest conversion rates from leads to opportunities?
The days of not knowing which campaigns were most influential are over. As a Marketing VP, you need to know the ROI of your campaigns and which campaigns impact the buying cycle the most. A data-driven approach to marketing, supported by heavy analysis and visual reporting, can really help your marketing efforts take off to new heights of clarity, efficiency and effectiveness.
The key is to look at your various marketing campaigns – email sends, nurturing campaigns, webinars and other tactics and projects – as separate entities. Filtering each of them out individually will let you dive in deeper to determine the effectiveness of each campaign. No matter what your campaign goals are – nurturing leads to be ‘sales-ready’, improving your sales cycle, etc. – you should be able to measure your progress against them.
Take a look at the Marketing Campaigns report example below. This report clearly shows the top marketing campaigns, separated by total total number of deals and total value of the bookings generated by each campaign. The “What’s New” LinkedIn campaign might not have generated many deals, but they were valuable ones.
Without this type of report that dives in more deeply into the true performance of each marketing campaign, Marketing VPs are essentially left in the dark. They might simply look at the impressive list of leads generated at the ACME Trade Show and declare that campaign a great success, without considering that precious few of those leads even converted to opportunities. Separating the ROI wheat from the ROI chaff is a critical responsibility for Marketing VPs.
But they don’t have to stop there on the surface of their marketing campaigns analysis. Diving deeper will allow you to break down each marketing campaign by the status changes they influenced. Segmenting the number and conversion rates of each campaign from one status to the next – such as transitioning from prospect to nurture to marketing qualified to sales qualified to dead – will allow you to drill down into which campaigns are especially effective in pushing leads through various stages of qualification.
Look at the Marketing Campaigns report below, as sorted by status changes. Your analysis allows you to focus on which campaign is effective at pushing leads through the different phases of the “buying cycle”. According to the data here, the “Saving a Deal in Danger” Twitter campaign transitioned the most number of leads to Marketing Qualified Leads (MQLs), but the “Better Analytics” email blast transitioned the most leads to Meetings Scheduled.
Drilling down into individual marketing campaigns to get as granular details as possible would arm a Marketing VP with the data and information she needs to execute the best campaigns that generate the best ROI and attract the most leads that convert into opportunities. Don’t ignore the Marketing Campaign report and its various filters as part of your responsibilities as a Marketing VP.