As part of this two-part series, we cover the basic elements of your Marketing Automation Strategy. Part one covered data strategy and sales and marketing alignment. Part two will cover lead management and measurement and attribution strategy.
Focus on Lead Management and Campaign Development
- Rolling out a welcome campaign
- Prioritizing lead nurture tracks
- Develop criteria and programs for lead scoring
We can develop a cohesive engagement strategy to educate and enable buyers to seamlessly navigate the buyers’ journey while keeping sales in the loop with lead scoring.
Welcome Campaign Development
Creating a welcome campaign should be a priority and first step in continued engagement with your company’s prospects. A good welcome campaign will introduce the sender, let them choose their preferences ie cadence of messaging as well as provide other engagement channels ie social media, 800# etc. Check this link out for a good welcome email example.
Another critical step is creating and prioritizing a few nurture tracks to keep the engagement going. Once a prospect is through the welcome campaign and depending on if further action was taken, it’s important to guide them through your products and services in a meaningful and customized way. There are various messaging tracks to do that, whether it’s through a subtle competitive differentiator campaign if you’re organization is in a heavily populated space, a lead accelerator campaign with meaningful calls to action to help prospects through the funnel, or simply an education campaign – this could yield big results! After conversion, it’s important to keep the conversation going as well, through timely onboarding messages and retention and loyalty campaigns. Remember, your best customers are your best champions. For more details on lead nurture tracks, Oracle’s blog is a great resource to get started.
Once engagement strategies are in place, we can focus on lead scoring to deliver the MQLs to sales. Developing a rubric that aligns profile and engagement scoring with your organization’s needs is important.
Identify who the buyers are – both decision makers and influencers, which industries are being targeted as well as other key questions to segment your target audience will result in lead scoring success.
Once the profile measurement parameters are calibrated, it’s important to assessment engagement. What makes a lead highly engaged, how many email opens, form submits etc? What are your high-value content pages? What time periods are relevant and at what point does lead decay set in?
These are all important questions to assess and create a lead scoring model which makes sense. Lead scoring should be revisited quarterly to tweak and optimize the calibration and get hot leads delivered to sales.
For a how-to guide as well as more valuable resources to get lead scoring rolled out, check out this Admin’s Survival Guide to Successful Lead Scoring.
Develop a Measurement and Attribution Strategy
- Identify KPIs
- Ensure attribution is being tracked
- Develop a Closed-Loop Reporting (CLR)
Moving beyond vanity metrics like click-throughs and opens is essential for turning marketing into a revenue center. Campaign level attribution is necessary to an effective attribution strategy. Tracking individual campaigns and conversion can provide meaningful data to optimize future campaigns. Setting a meeting with executives and the sales team can really hone in marketing metrics and effectiveness. Be sure to have an agreed upon number of MQLs to be delivered and at which cadence.
Develop closed-loop reporting to determine sales pipeline impact, revenue, and ROI. While it may take some time to set up, it is well worth it for the myriad of out-of-the-box reports which are available, including:
The following closed-loop reports are available to assess campaign effectiveness:
- Campaign Cost Metrics report. It shows the results of campaign spend in terms of cost per lead and cost per opportunity.
- Campaign Revenue Analysis report. It shows the attributed revenue results for a campaign, the resulting return on investment (ROI), and the cost metrics for a campaign.
- Opportunity Overview report. It shows the list of opportunities and their details.
The following closed-loop reporting dashboards are available for evaluating campaigns:
- Opportunity Influence. It shows the influence that a contact or set of contacts has on an opportunity.
- Return: Revenue Performance Dashboard. It shows the overall revenue results, overall campaign revenue performance, and best and worst performing campaigns.
- Revenue Analysis by Campaign Region. It shows revenue results by campaign region.
- Revenue Analysis by Campaign Product. It shows revenue results by campaign product.
- Revenue Analysis by Campaign Type. It shows revenue results by campaign type.
If you’re unsure of where to start or need some guidance, get in touch with us to launch your marketing automation strategy today!