Over the past year, B2B Marketers have given a lot of lip service to the Buyers’ Journey. Armed with the insight that prospects wait as long as possible to connect with sales, we have taken up the gauntlet to create better richer, more engaging pre-sales experiences. That said, it seems surprising that so many of us are more-or-less in the dark about what’s happening mid-funnel. An understanding of your buyers’ journey is impossible to achieve if you only look at marketing influence through a single-touch lens. What’s more, without that understanding, you cannot make informed decisions and allocate spend, intelligently.
For the data-driven marketer, it’s critical that your KPIs measure the ROI of your efforts, and do so using multi-touch attribution. If you’re not sure where to start, this guide should help, by outlining four KPIs that you need to track.
I. Amount of revenue influenced by marketing.
If a sales person touches a lead, you can bet they’ll get credit for their part in closing the deal. Is your marketing team getting credit for their work? Even after sales converts a lead, we continue to help shepherd prospects along the path to sale.
We have found that on average, marketing’s influence is 3-5 times higher than what Salesforce reports using first-touch only attribution. Knowing the actual amount of marketing-influenced revenue is critical to helping you secure and protect budget.
II. Lead to Deal Lifecycle
While analysts like Forrester and Sirius have reported that Marketing is responsible for anywhere from 67-90% of the B2B buyers’ journey, every company’s sales cycle is a little different. You need to know the average amount of time and touches it takes for your leads to convert to opportunities, and for opportunities to become sales. Tracking this over time will help you learn what efforts shorten the sales cycle and where the tipping points are, so that you give your prospects the most direct path to sale possible.
III. Top Campaigns by Influence
If a friend described their month-long road trip to you by only telling you where they started or ended up, you’d be missing most of the story. Likewise, measuring campaign effectiveness by single-touch is short-sided. Mid-funnel experiences become under-valued, while others get too much credit.
Janelle Donovan, Sr. Director of Marketing for ServiceMax, reports that by measuring campaigns by influence (rather than source), they learned that in the past two years, virtually every deal won, involved 2-3 live events some time before closing. They would have never known the importance of events for warming existing leads, had they only weighted campaigns on a single-touch model. In fact, since events weren’t great at creating net-new leads, ServiceMax was considering cutting budget. Knowing your top campaigns by influence will help surface those critical mid-funnel touches, and allow you prioritize appropriately.
IV. Predicted Revenue/Pipeline
Based on past performance, can you predict how much revenue or pipeline Marketing will bring in next quarter? What will you have to spend and how will you allocate that money to ensure that you hit your targets? If you’re in danger of missing goals, can you quickly course-correct? Having a reliable prediction algorithm allows you to make informed decisions and remove the guesswork when planning out your next quarter and even year.
Being data-driven doesn’t just mean collecting data, it means using that data to make informed decisions. This requires reporting ROI holistically and measuring the entire buyers’ journey. Know how much revenue your team is actually responsible for. (Hint: it’s more than you think!) Know the amount of steps along the way by measuring your lead lifecycle. Know what campaigns influence the most deals, regardless of where those campaigns lie in the funnel. Have a trusted prediction model to help you plan and invest for coming quarters. Now you can identify what’s working, plan and forecast confidently, and finally take control of marketing.
This content was originally posted on Invoca’s blog and has been reposted with permission.