Utilize Salesforce to Turbo Charge Your Marketing Analytics
- AUTHOR Josh Rosenberg
- March 7, 2014
- No Comments
Origami Logic came out with a blog earlier this week called Survey Says Marketing Analytics is Important But Not Used about the results of the annual CMO Survey done by Duke University’s Fuqua School of Business. The main reasons they give for this are the lack of marketing people to leverage metrics, tracking too many vanity metrics, and not being able to track metrics that matter. The other really interesting piece from this survey they discussed was that despite spending on marketing analytics being projected to go up by 72% over the next 3 years, most projects don’t use the marketing analytics available to them.
While it is great that spending on marketing analytics is expected to rise over the next few years the key piece for me that this blog discussed was the inability to track the “metrics that matter”. When tracked and measured properly marketing metrics provide critical insights into campaign performance, which programs influence closed deals, and prove how marketing contributes to each company’s bottom line. In order for marketers (and companies as a whole) to get value from increased spending on marketing analytics you have to be able to track key marketing metrics such as the volume, conversion rates, and velocity through your sales and marketing demand generation funnels or the campaign influence of all your marketing programs. Metrics like these provides solid, actionable insights for marketing and help companies determine which programs play a role in driving revenue and which programs need to be re-thought.
At Full Circle Insights, we believe the best way to track your marketing metrics is in your CRM system (in our case Salesforce). This provides one source of truth for all demand generation metrics, providing insights across marketing and sales. Sales already tracks their metrics in Salesforce. Finance and the executive team are already looking their as well – so it makes sense for marketing to set up Salesforce to track its metrics as well. Plus all the data ends up there anyway so that platform provides more flexibility for drilling down and really customizing your reports.
Once your organization is properly set up to track the “metrics that matter” that help marketers drive business, it is much easier for everything else to fall into place. You will know what needs to be fixed and can hire people with strengths in those areas, your data with provide actionable insights that go way beyond what vanity metrics offer, and marketing will be able understand what is driving revenue and what needs to be changed.