Understanding the Metrics that Drive Real Business Impact
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When budgets are tight and teams are slim, understanding the impact of your programs is more important than ever. But what are the metrics that really matter? It’s time to move beyond top funnel engagement metrics and dive beneath the surface to understand the quality and effectiveness of the KPIs that actually benefit the business. If you’re struggling to identify the metrics that prove your marketing efforts are providing business worthy return, this should help. By reviewing this presentation, you’ll learn the difference between metrics and analytics and which powerful metrics you should be looking at to become more efficient at optimizing the purchase path and driving revenue.
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Understanding the Metrics that Drive Real Business Impact
- 1. UNDERSTANDING THE METRICS THAT DRIVE REAL IMPACT January 18, 2017
- 2. 2 Cassandra Clark Senior Manager, Demand Generation @cassandra3 | linkedin.com/in/cassandralclark Megan Golden Senior Content Marketing Manager @goldmegs | linkedin.com/in/goldenmegan SPEAKERS @LinkedInMKTG
- 3. 3 AGENDA The difference between metrics and analytics The metrics that matter and what you need to have in place to apply analysis How to use this approach to optimize your LinkedIn Campaigns 1 2 3 @LinkedInMKTG
- 4. 4 TERMS DISCUSSED TODAY CTR (Click-through Rate): The amount of clicks in your campaign divided by the number of impressions or sends. CPL (Cost Per Lead): The amount of money you spend to acquire a lead. MQL (Marketing Qualified Lead): A lead that meets marketing’s benchmark for being considered a strong prospect. Usually qualified through analytics and/or a lead scoring system. Lead Score: The methodology marketing uses to identify MQLs. SQL (Sales Qualified Lead): A lead that Sales has vetted and qualified as a prospective customer. Marketing Automation System: Technology used to automate marketing actions to improve engagement and efficiency. CRM (Customer Relationship Management): Technology used to manage and analyze interactions and data throughout the customer lifecycle. Attribution: There are 3 models for marketing attribution: first touch, last touch, and multi-touch. @LinkedInMKTG
- 6. 6 WHAT METRICS ARE TO ANALYTICS METRICS What you measure your marketing programs on to gauge performance or success. They can also be called Key Performance Indicators (KPIs). ANALYTICS Using metrics to identify trends and insights to inform decisions about your marketing efforts. @LinkedInMKTG
- 8. 8 In baseball, a lead off hitter’s job is to get on base and score runs, while a cleanup hitter’s job is to drive in runs. A baseball team would never measure the performance of these two players in the same way. MONEYBALL METRICS @LinkedInMKTG
- 9. 9 EMAIL Click open rate Conversion rate Drive pipeline and revenue DISPLAY Brand awareness New website visitors Click-through rate RETARGETING Lead quality Increase conversion Drive pipeline and revenue SPONSORED CONTENT Increase engagement Build brand & shape perception Conversion rate MONEYBALL METRICS @LinkedInMKTG
- 10. 10 Metrics should never be taken at face value. Context is critical. Educate your stakeholders on the “why” behind the metrics. @LinkedInMKTG
- 11. 11 TACTICS METRICS Email Marketing open rate, returning visitors, form fills, MQLs, SQOs, SAOs, retention rate Search Marketing leads, cost per lead, form fills, MQLs Display Ads leads, cost per lead, form fills, MQLs PR Leads, cost per lead, returning visitors Paid Social Media leads, cost per lead, returning visitors, MQLs, form fills Gated Long-Form Content Form fills, MQLs, SQOs, SAOs Webinars Form fills, leads, cost per lead, SAO, SQO, close rate, revenue, retention rate Demos / Trials Form fills, leads, cost per lead, SAOs, SQOs, close rate, revenue, retention rate KEEPING YOUR PULSE ON LOWER FUNNEL METRICS NURTURE PROSPECTS THAT HAVE EITHER IMPLICITLY OR EXPLICITLY EXPRESSED AN INTEREST IN YOUR BRAND. @LinkedInMKTG
- 12. 12 TRUE MEASUREMENT NIRVANA happens when you can track your marketing campaigns through the sales funnel. Landing page conversion Marketing qualified lead Opportunities created Closed won opportunities/# new customers Closed dollars/revenue @LinkedInMKTG
- 13. 13 PEOPLE, PROCESS, TECHNOLOGY The keys to metrics & analytics success PEOPLE Sales and Marketing Alignment • Align on priority objectives and KPIs • Alignment on key business definitions • Marketing Qualified lead • Sales Qualified or accepted leads • How is a new customer defined? Inactive customers? Executive Alignment What percentage of revenue or leads should marketing be accountable for? STEP 1 @LinkedInMKTG
- 14. 14 PEOPLE, PROCESS, TECHNOLOGY The keys to metrics & analytics success PROCESS • Lead handoff from marketing to sales reps • Establishing agreement for sales engagement of leads • Reporting cadence STEP 2 @LinkedInMKTG
- 15. 15 PEOPLE, PROCESS, TECHNOLOGY The keys to metrics & analytics success TECHNOLOGY (the big one) What does your current marketing stack look like? Key pieces to evaluate: • Marketing automation system (Eloqua, Marketo, etc.) • Lead scoring/qualification • Marketing automation system integration with your sales CRM • Tracking parameters • Reporting tools STEP 3 @LinkedInMKTG
- 16. LEVERAGING TECHNOLOGY TO TRACK LEADS @LinkedInMKTG
- 17. 17 ATTRIBUTION GIVES CREDIT TO YOUR MARKETING PROGRAMS 1. Ensure tracking scripts are all landing pages. 2. Adding tracking parameters to your URLs. Campaign URL will look something like this: 3. Marketing and sales systems will store this info along with the contact info. This allows you to track where the sale originated from. https://www.marketing.linkedin.com/?utm_source=linke din&utm_medium=sponsoredcontent&utm_content=webinar& utm_campaign=LMS_WC_20170118_MetricsAnalytics&elqcam paignid=LMS_WC_20170118_MetricsAnalytics @LinkedInMKTG
- 18. 18 HOW TO ANALYZE THESE METRICS TO DRIVE IMPACTGOOGLE ANALYTICS @LinkedInMKTG
- 19. 19 HOW TO ANALYZE THESE METRICS TO DRIVE IMPACTGOOGLE ANALYTICS @LinkedInMKTG
- 20. 20 GOOGLE ANALYTICS HOW TO ANALYZE THESE METRICS TO DRIVE IMPACT @LinkedInMKTG
- 21. 21 HOW TO ANALYZE THESE METRICS TO DRIVE IMPACTSALESFORCE @LinkedInMKTG
- 22. 22 HOW TO ANALYZE THESE METRICS TO DRIVE IMPACTSALESFORCE @LinkedInMKTG
- 24. 24 Key conduit for reach and nurturing at scale. LinkedIn Sponsored Content OBJECTIVES Product awareness Thought leadership Starter guides Targeted content METRICS Content engagement Leads & MQLs Lead quality Revenue @LinkedInMKTG
- 25. 25 Great tool to increase reach beyond email to drive leads and event registrations. LinkedIn Sponsored InMail OBJECTIVES Drive content downloads & event registration Expand reach beyond email Right people, right time METRICS Open rate Click-through rate Conversion rate Leads/Event registration @LinkedInMKTG
- 26. 26 CONVERSION TRACKING PROVIDES BOTTOM FUNNEL METRICS FOR OPTIMAL CAMPAIGN PERFORMANCE We look beyond just conversions. • Post-click conversions help us optimize creative, they tell us what’s working. • View through conversions help give us an understanding of activity we are driving through our campaigns. • Conversion rate helps us isolate top performing creative and campaign targeting. @LinkedInMKTG
- 27. 27 OPTIMIZATION BY TOP FUNNEL LINKEDIN CONVERSION TRACKING @LinkedInMKTG
- 28. 28 OPTIMIZATION BY RETURN ON AD SPEND LINKEDIN CONVERSION TRACKING @LinkedInMKTG
- 29. KEY TAKE AWAYS CONTEXT IS KEY: ALIGN YOUR OBJECTIVES WITH THE RIGHT METRICS LAYING THE FOUNDATION ACROSS PEOPLE, PROCESS, & TECHNOLOGY ANALYZING LOWER FUNNEL METRICS TO UNDERSTAND WHAT’S DRIVING BUSINESS IMPACT 1 2 3 @LinkedInMKTG
- 30. 30 Cassandra Clark Senior Manager, Demand Generation @cassandra3 | linkedin.com/in/cassandralclark Megan Golden Senior Content Marketing Manager @goldmegs | linkedin.com/in/goldenmegan Q & A @LinkedInMKTG
- 31. 31 LinkedIn Marketing Solutions Blog Lnkd.in/Blog STAY CONNECTED Cassandra Clark Senior Manager, Demand Generation @cassandra3 | linkedin.com/in/cassandralclark Megan Golden Senior Content Marketing Manager @goldmegs | linkedin.com/in/goldenmegan @LinkedInMKTG
Notas do Editor
- This table lists metrics aligned with various tactics you might use in the upper funnel to drive awareness of your brand with the right people
- What do I mean by the sales funnel? Here is what that looks like: Transition: so how the heck do we get there? People, Process, Technology
- Step 1 is people. Having the right people and relationships in place for success. The big one, which we’ve all heard discussed I’m sure is having alignment with your sales teams. I can’t stress how important it is to align on what are the KPIs and priority objectives. And down to the smallest metrics like having goals for a marketing qualified lead to sales accepted lead conversion rate all the way up to the bigger metircs like revenue growth. Also, key here is aligned on key business definitions. I’ll give you an example of a time early on in my career where we were scoring leads from our marketing database, passing over what we thought were high quality leads and the sales team never followed up on them. They later told me they were garbage leads. There was clearly a disconnect there between our marketing team and our sales team. And let me be the first to say, lead score is never going to be perfect, but you can close the gap by defining these scores or qualifications in lock-step together. Another example is alignment on customer definitions is key. How does sale define an active customer vs inactive and is that different from marketing. Believe it or not I’ve seen that happen, so you have a rep engaging with an active customer, while marketing is sending them winback messaging. Every business has its own nuances. Some of you might be subscription services, so its pretty black and white. Either a subscriber or not. But take a company like amazon, how do you define when a customer should receive a win-back campaign. Is it they haven’t bought in 30 days, 60 days, 2 years?
- Now your might be asking how do I get started ... 1) You need to ensure the tracking scripts are placed on all your pages on your website. Likely they are already there but you can ask your web manager. 2) Then add tracking parameters to all your campaign URLs. Here is an example of how to do that. You can include as many or as little parameters are your prefer. The UTM parameters are for google analytics. You can get very granular into the parameters you want to track, all the way down to the content in your campaign. The parameter at the end is an example of a tracking code from your marketing automation platform. 3) And then the most important is integrating the data from your marketing platform into your sales data. So that is a high leve view of how to add tracking to your campaigns. It’s a bit of a loaded slide. Again every scenario will depend on your intenral marketing technology and integrations.
- This slide is just one view of how you can see this data in Google Analytics. And you can pivot these campaign parameters in different ways. The UTM parameters give you the granularity to be able to track new visits to your site and their behavior on your site by the source, medium, campaign and content. So now that I’ve given an overview of the attribution, ad tracking and how it works, I’m going to pass things to AJ to talk about attribution best practices.
- This slide is just one view of how you can see this data in Google Analytics. And you can pivot these campaign parameters in different ways. The UTM parameters give you the granularity to be able to track new visits to your site and their behavior on your site by the source, medium, campaign and content. So now that I’ve given an overview of the attribution, ad tracking and how it works, I’m going to pass things to AJ to talk about attribution best practices.
- This slide is just one view of how you can see this data in Google Analytics. And you can pivot these campaign parameters in different ways. The UTM parameters give you the granularity to be able to track new visits to your site and their behavior on your site by the source, medium, campaign and content. So now that I’ve given an overview of the attribution, ad tracking and how it works, I’m going to pass things to AJ to talk about attribution best practices.