Tying Marketing activity to revenue is the Holy Grail – especially for you B2B folks. Closing that loop lets you optimize based on what really working throughout the sales funnel rather than just front-end indicators like visitors, registrations or downloads.
But getting your web analytics, CRM, marketing automation and other data sources talking to each other can seem daunting. So, in this brief video, Matt and I will talk in plain language about what it really takes to Close The Loop.
We’ll share the typical activities and tools that you’ll need to factor in. This project isn’t a walk in the park, but it’s not necessarily a ‘boil the ocean’ or 7-figure expense either.
Feel free to contact me with any questions you may have.
You’re ready to close the loop – good for you. You want to optimize your marketing programs based on what’s driving revenue rather than front end metrics like visitors, or registrations or downloads.
You’d also love to know where prospects are in the sales funnel drive so that you can use that information to drive site personalization, marketing automation and give prioritized lists to your sales teams.
The tough part is understanding what all of this will take – how do you close the loop and what it will cost.
So, in this Part 1 video, we’ll talk about the activities and the tools that you need to factor in.
In a second video, Part 2, we’ll do a budget scoping exercise based on some assumptions and an ROI model for you.
So, let’s get started.
First thing, there is no one size fits all solution, obviously – you need to look at your company’s situation and assess your requirements. But, Matt will walk us through a common scenario so you can at least have a frame of reference.
Thanks Rich, so you‘re running marketing programs and those marketing programs are driving data throughout your Enterprise.
You’re driving data through the digital channels through web analytics tools like Omniture Site Catalyst or Google Analytics, search tools and search programs like Google Adwords, thru social, email and other digital channels.
In addition, data is flowing through the offline and line of business channels. So sales leads may be coming in via the web and landing in your CRM in a system like Salesforce. In addition you’re running marketing automation systems like Eloqua or Marketo. And finally you might have other systems like call center data or custom line of business software that also collects important business information around this.
The first step is that we’ll need to access these systems to move data out of the tool and into our warehoulse via APIs or direct access. Once we’ve moved the data into the data warehouse we’re going to create a model. That data model will inform the entire system and allow us to perform analysis. We’ll need to carefully examine the data sets in each of these systems to identify keys and other important data items that we can use to create a correlated model. Once that data is moved into the warehouse through ETL processes we can perform analysis on that data using an advanced analytics tool like Adobe Insight. We can use that tool to produce reports, which can inform or be distributed throughout the organization and also can feed back to our marketing programs either in real time via APIs or w specialized reports delivered to key elements of the org. With this whole system up and running you can very quickly take data from each of these separate and disconnected systems, bring them together in a correlated model, perform analysis and then drive marketing performance in your organization. It’s going to take some help from your IT department, and maybe some custom work to move data around. But basically if you can connect the dots between these systems you have a lot of horsepower to drive a performance marketing program.
Rich Roberts: The bottom line is that the work to close the loop is not a walk in the park or a nominal expense. But on the other hand it’s not necessarily a ‘boil the ocean’ or 7 figure expense either.
We look forward to seeing you in Part 2. Thanks.
Questions or Comments?
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