Reporting growth and demand generation is something few organizations are doing successfully. Without a process in place to measure and assess your campaigns, acquisition, and revenue, it’s hard to decide your future marketing investments and know how your marketing efforts are performing. It’s important to prioritize setting targets and objectives, but many other practices and metrics are often ignored. In this blog, you’ll learn about 3 key pillars you can implement to get the most out of your data – resulting in a more organized, streamlined process to successfully and accurately measure results.
- Build A Demand Generation Command Center
- Report on Marketing’s Impact on Sales
- Build Your Account Based Marketing Hub
1) Build A Demand Generation Command Center
Having all of your marketing metrics in one Command Center provides you with an ability to monitor and continuously adjust course. The Command Center should be easily available for all your stakeholders outside of marketing, including Sales Leadership, Revenue Performance, Product Marketing and the rest of the C-Suite.
Decide Where to Report
You can leverage reporting platforms like Tableau, Microsoft PowerBI, or DOMO which pull data from different company sources, or you can work directly within your marketing automation platform using Marketo Revenue Explorer, Oracle BI EE, or HubSpot Analytics. It makes sense to report where most of your company leadership can easily access and make decisions based on this information.
Include All Your Demand Gen Practices
The effectiveness of initiatives like Account Based Marketing (ABM), Marketing Qualified Leads (MQLs) trends and Partner Marketing activities can all be monitored in one place. We suggest categorizing your marketing activities and campaigns in your marketing automation platform, this way the Command Center can report trends, sources, and categories. Whether you’re dividing by marketing type (physical or digital), acquisition activity, channel (paid or unpaid) or new/existing business, categories help keep you organized. Below are few insights which must be easily accessible in your Command Center:
Focus on New Logos and Year-Over-Year Growth
Marketing Sourced New Logos, MQLs, Pipeline and Bookings
What is year-over-year growth? Year-over-year (YOY) is the comparison of one period with the same period from the previous year. The period is typically a month or quarter.
Understand the Performance of Your Global Team
MQLs, Opportunities, Pipeline, and Bookings for Regions and Sub-regions
Global business regions are usually categorized as NA, EMEA, LATAM, APAC and ANZ. These geo clasifications can be further broken down into sub-regions depending on your strategic approach.
Take a Closer Look at Marketing Sourced Opportunities
Understand both the volume and value from different sources
A bubble chart is a neat way to show Opportunity Numbers and Opportunity Values replaced with bubbles. The Number and value of Opportunities in the pipeline is represented in the size of the bubbles.
2) Report on Marketing’s Impact on Sales
When it comes to revenue impact performance, sales and marketing alignment is key. The Command Center has to report on the impact that your marketing metrics have on sales pipeline and revenue. Report in the same Command Center to align both metrics. When marketing and sales departments work together, firms see 36% higher customer retention and 38% higher sales win rates from those teams. (Hubspot, 2017) Let your company numbers speak for themselves.
Track Opportunities Sourced By Different Departments
Monitor Pipeline generated by Sales, Partners and Marketing sourced opportunities
You have to give credit to different sources of Opportunities. Some Opportunities might be sourced by Marketing or by Sales teams themselves or you might use a network of Partners to source Opportunities. To learn more about Partner Marketing, read about the 5 Key Partner Marketing Strategies we recommend.
Measure Paid vs Unpaid
Compare Your Channels and their MQLs, SQLs, and Won Opportunity Value
To better understand your sales metrics, the amount sourced in your marketing activity pipeline can be attributed to opportunities and then organized by revenue generated. These can be further split into:
- Opportunities by Source
- Opportunities by Region
- Opportunities by Products & Services
- Revenue by Source
- Revenue by Region
- Revenue by Campaigns
- Revenue by Direct Services
- Revenue by Business Units
- Overall Pipeline Value Generated
- Value of Won Opportunities
- Physical vs Digital
3) Build Your Account Based Marketing Hub
Your Account Hub looks at your whole universe of accounts. This allows you to prioritize your top target accounts and further segment your account tiers.
Create Your Target Account Lists
How do you go about creating your ideal Target Account List? Use these common strategies to identiy your Target Accounts profiles based on your Buying Personas and already Won Opportunities.
- Look at your highest value, closed, won opportunities and identify lookalikes in your data.
- Complete your account Buying Personas and find Qualified Accounts in your data.
Understand Your Total Addressable Market
Total addressable market (TAM), refers to analyze the overall revenue opportunity available for your services. TAM helps you to prioritize strategies and serves as a useful, identifiable metric to quantify potential.
Complete Your Data
If you don’t have data on all your accounts in your target universe, then look into data vendors to complete the missing information. You should complete both missing contacts at your Target Accounts and also bring in all missing Accounts from your TAM. Use the following data vendors to help you:
Know Your Demand Units and Segments
The Account Hub of your Command Center allows you to keep an eye on your Segments, Regions, and Expansions into Existing Customers. If you are using the Demand Unit Waterfall then you should monitor two new stages:
- Target Demand is the total potential, expressed in demand units, of the market that is being targeted.
- Active Demand is the number of demand units that are in a purchase process. Not all potential buyers are active in a purchase cycle at once.
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