Part III—Why B2B Marketing is Difficult to Measure
Once marketers are enabled to tie campaigns to metrics deeper in the sales cycle such as closed deals, sales values, and sales-ready leads, determining which campaign to associate to the metrics becomes a complicated process. One closed deal could possibly have 10 or more different campaigns associated to it depending on the number of campaigns associated with each contact and the total number of unique contacts (both decision makers and influencers) on the account.To provide a meaningful solution to this problem, marketers should deploy a multi-campaign touch/source methodology and analysis which allows marketers to define multiple ROI campaign views from which to make marketing investment decisions. I recommend at least four different campaign views that are most important and influential to every closed deal:
- First source—which campaign/interaction sourced the account (not just the lead) into your database regardless of how long ago it happened.
- Marketing touched—that any campaign/interaction (defined as a meaningful exchange or interaction – i.e. they downloaded a paper, took the product tour, attended an event; companies can decide if they want to include less engaging metrics such as a click to a particular product or personalize landing page or click-through from an email.
- Last touch—The interaction just before the opportunity is created. I’m defining sales-ready opportunity as the phone or in-person meeting between a sales professional and prospect to review the solution (once the authority of the prospect and potential need or interest have been established). This last touch (also referred by some, as “progressed” i.e. Sirius Decisions) often demonstrates which interaction is most influential in getting the account to “meet” with you.
- Combination of marketing touched—this would be a report that would show you the combination of campaigns/interactions at an account level to show which interactions worked harmoniously to create the opportunity; this could also be created an roll up level to decide which combination of campaigns/interactions were the most common to a grouping of closed deals or created opportunities.
Looking ahead: Part IV—Slicing your B2B marketing measurement for prioritization. We’ll next discuss breaking your reports down into different classifications or views for reporting.Looking back: Part II—The Real Metrics & KPIs for B2B Marketing