We are lucky to be working daily with clients who have teams of analytical and questioning marketers that want data to drive their decision-making. In managing marketing teams, I looked for validation for our actions through past results and proper testing.
Analytical dashboards were often helpful, but the data was siloed and didn't consider a realistic and wholistic B2B buying cycle.
Utilizing a CDP and multi-touch attribution, with an injection of many sources, presented a fuller picture of the marketing touches and offered a more robust and realistic set of analytics.
However, more data meant more complexity.
But, complexity doesn't need to mean analysis paralysis.
Rather, it requires going to the most basic of marketing questions:
- What is the ROI for our key spends?
- What moves leads/accounts down our marketing funnel?
- What do our prospects find of value and what should we remove?
- and Lastly, do we have the proper data to be able to answer the above questions?
It is just these questions that are behind CaliberMind Insights and the Effectiveness measure.
Setting funnel stages and focusing on the effectiveness measure allows us to take vast amounts of analytics data and distill it down to actionable decisions.
Here are just a few examples of how we are using the Performance Dashboard, in combination with our Dashboards to Decisions framework, to drive actions.
Use Case #1: Evaluating Engagement Trends
Insight: Attribution Guide is Top Campaign for 1st Touch
The very top of the First Touch tab already gives us some food for thought:
- November peak - what caused this spike in engagement? Narrowing the date-range window helps clarify.
- Chain Based Attribution Guide is the top campaign for first touch. But, how does it convert to other stages?
- Top First Touch Channel is "Direct". How do we define this? Can we parse it out?
Recommendation: Create More Attribution-Related Content
There is a lot of interest in the Attribution Guide for those who are unaware of us at the moment - more than other types of content.
Recommendation is to create more content related to these topic areas.
Impact: Increase Number of Inbound Engagements
We would increase the number of inbound engagements from those previously unaware of us by doubling-down on these content topics.
Use Case #2: Campaign Timing
Insight: Product Content Effective at Driving Accounts Down Funnel
The content question takes me on a path of trying to understand what campaigns are the most "effective" at different stages of the funnel. As we saw before, content, and specifically the Attribution Guide, had high early engagement and based on the below data, 13.6% of accounts that interacted with it moved on to become MQAs.This is higher than the percentage of accounts that requested Demos in the same period of time! Looks like this content is a good campaign for early engagement and moving accounts to MQA.
In looking at a different period of time, an interesting differentiation between various content campaigns appears.While the State of the Revenue Report shows high engagement in terms of the number of engagements, the Account Scoring Guide has a much higher Effectiveness to MQA (just as the Attribution Guide above had).
It looks like content that is more closely tied to the product is more effective for driving accounts down the funnel.
Content order across stages in the funnel is starting to present itself.
Lastly, looking further down the funnel, we see that content is not nearly as strong in converting MQAs to Opportunities but the Demo requests, that were less effective earlier in the funnel, are now much more effective:
Recommendation: Promote Tactical Content to Engaged Accounts
While we understood that content related to attribution is a best fit for those who are unaware of CaliberMind, a more tactical piece of content is to be used for those already engaging. An example of such content is the Scoring Guide.
Impact: Increase # of Accounts that Move Deeper in the Funnel
Moving away from all content at all stages in the funnel to focusing only on those that best move accounts down the funnel will increase the number of accounts that move deeper in the marketing funnel.
Use Case #3: Budget Planning
Insight: 1000 LinkedIn Touches in MQA Stage = $1M Revenue Goal
An effectiveness measure on a channel/campaign with past spend data allows us to better estimate and plan for the number of leads necessary to hit a quarterly goal:
Let's assume a revenue goal of $1M in Q3 and an avg. opportunity amount of $100K.
We'll use the below sample data for the purposes of this use case:
⇢ With a close percentage of 10%, we'd be required to create 100 opportunities
⇢ Past data shows effectiveness of 10% for LinkedIn from MQA to Opportunity creation
⇢ Past data shows that 1000 Account touches in the MQA stage through this channel could help reach this goal. Depending on CPL and reach through such channels, a marketing spend breakdown becomes more tangible.
Recommendation: Re-allocate Budget From Google Ads to LinkedIn
Re-allocate budget from Google Ads (which shows a low Effectiveness measure) to LinkedIn Ads for targeting qualified accounts. Specifically, the majority of the budget should be allocated to the highest performing campaign, while the rest should be used for experimentation.
Such experimentation could bubble-up new effective campaigns.
Impact: Double New Opportunity Creation From Ad Spend
Re-allocating such budget from a campaign with a 5% effectiveness will double the new opportunity creation from the mix of that ad spend.
What did you think? Any suggestions on how you would use the "Effectiveness" measure?
Let us know and we will add it in!
Misha Salkinder Misha is Head of Insights at CaliberMind. His experience with marketing and machine learning fuels his passion for driving actionable business objectives through data analytics.
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