Adding Campaign Influence to Your Marketing Metrics
- AUTHOR Josh Rosenberg
- February 6, 2014
- No Comments
I read an interesting blog post by Silverpop‘s segment marketing director, Adam Steinberg, called 5 Marketing Metrics to Stop Using Today. What I really like about this article is that it stresses the importance of measuring actionable metrics rather then vanity metrics. If you want to get a little more info about the vanity metrics he is talking about definitely check out the post, but it essentially says things like website visits and email opens do not give you enough information to really make critical decisions. The bottom line is you need to get more granular with that data to find any real actionable insights.
Going along this vein I want to talk about a marketing metric that is very important to us at Full Circle CRM – campaign influence. Campaign influence lets marketers get more granular with their campaign attribution metrics and gain those actionable insights that let them truly optimize their marketing mix. This metric is able to show marketers exactly how every one of their campaigns or programs played a role in creating new opportunities, closing deals, and generating revenue. The models for campaign attribution that many companies use, first touch/last touch association or an even spread across all campaigns, does not provide the level of insight needed to understand what is working. To me this almost makes these methods of attribution more like vanity metrics. Sure they tell you some information, but can you actually derive anything real insights from them?
Imagine this: a company closes a $3 million deal and the only campaign associated with that opportunity is the last touch campaign that happened to be a sales follow up call. Does that call deserve all the credit for this closed deal? No way! In today’s complex, multi-touch B2B marketing and sales environment there were most likely at least another 5 campaigns that played a role in either closing that business or moving it further down the funnel. Just associating the last touch (or first touch) campaign doesn’t provide any insight into what happened.
So let’s say you instead of using a first touch/last touch model and you associate every campaign touch on a closed deal equally. Definitely a step in the right direction because you can at least see everything that played a role in closing that deal. However how can you tell which campaign actually drove that deal to close? Or had a large impact in moving the deal down the funnel? In this model that follow up sales call (that maybe didn’t even connect) gets the same amount of credit as a live webinar that perhaps 4 people from that account attended. Again not a chance that follow up sales call deserves as much credit as the webinar.
The point is this – we need to not only move away from tracking vanity metrics about our website and emails, but should do the same thing with all our marketing campaigns as well. Just seeing that a campaign touched an opportunity is not enough. As marketers we need to know exactly how much each campaign influenced every deal to close and what each touch was worth. Taking it one step further it is not only critical to see which campaigns influence closed/won revenue, but also open pipeline, closed/lost revenue, and much more. This way you can see the exact role every marketing campaign plays in revenue and pipeline growth and optimize your marketing mix accordingly.
If you want to learn a little more about campaign influence and how it can provide a lot more visibility into the impact of your marketing efforts check out our Campaign Influence white paper.