Marketo Channels Reporting
Marketo Channels and cross-channel reporting is the subject of 2 of the 5 patents issued to Marketo at the time of writing. From US2014081740A1 'Metadata-based cross-channel reporting marketing analytics' summarizing "Specifically, marketing/sales departments do not have an effective tool to... compare otherwise unrelated marketing programs and measure their effectiveness ...on producing sales revenue."
From US2013253981A1 'Providing marketing analytics related to a sales opportunity over a timeline in a marketing management system', and quoting directly "Specifically, marketing/sales departments do not have an effective tool to gather and organize information about what marketing/sales interactions may have influenced a an individual sales opportunity".
No kidding. These 2 sentences hit on a topic that frustrates CEOs, confounds CMOs, aggravates VP Sales, wastes many person-hours of sales and marketing operations time every year, results in purchase of BI tools (that don't help) and/or creation of complex spreadsheet models (that make it worse).
This excludes all the meetings and discussions about why you can't get accurate information, who's to blame and the evaluation of ideas and options to remedy the situation. But it isn't that hard - here are the 5 basic steps:
Step 1: Marketo Channels - Top-Level Comparison
With reference to 'Metadata-based cross-channel marketing reporting analytics' above, I like to think of Marketo Channels as the top-level categories of 'unrelated programs' that I am going to compare. These are the comparison buckets you'll have on your Board slides that you use to report progress and explain how your investments will be changing in 2017. But more about that in a minute.
Here's an example. Trade shows, industry conferences, meet-ups, field events, partner events and professional association gatherings are all 'in-person' events that follow the same basic 'invite' - 'register' - 'attend' - 'meet' - 'no-show' process, where the goal is an in-person meeting. Other categories are 'online' events ('invite' - 'register' - 'attend' - 'attend on-demand' - 'no-show') where the goal is, say, attendance, content syndication/gated content ('click' - 'register' - 'download') where the goal is a content download, a blog ('click' - 'subscribe' - 'comment') where the goal is subscribers, trial software ('click' - 'register' - 'download'- 'install') where the goal is a download. You get the picture. As you'll know from the The 10 Key Salesforce and Marketo Terms blog we signify the goal with the 'Success' flag. Here's how these Programs might look in Marketo:
Step 2: Program Steps, Status and Success
But see what happens when we visually aligned the 'Success' of each of these Marketo Channels. The columns represent the sequential Steps and each cell is a Program Status. Do you see this more clearly now?
As Marketo highlights in its patent claims, the definition of 'Success' allows you to compare otherwise unrelated marketing programs and measure their effectiveness in a number of ways.
Step 3: A little Marketing Automation
When you set-up a new Program in Marketo you can select a Channel and it will default the Program Status, Steps and 'Success' values into your new Program. Better still, the Program can be replicated in Salesforce as a Campaign with one-click in Marketo; it is as simple as going to Salesforce Campaign Sync in Program Settings and selecting 'Create New' from the pick-list.
This activates the Salesforce Campaign, setting the Campaign Type and populating the Member Status, Default and Responded values so they are completely aligned to Marketo.
Step 4: Actual Costs and ROI
Be sure for each individual program to enter the planned and/or actual costs, and the system will do the rest for you, including tracking number of responders, number of responders achieving 'Success', number and value of opportunities created (and closed) and the overall ROI.
Since these Programs were created from a Channel, the aggregate of costs, responders, 'Success', created and closed opportunities and ROI is available at the Channel level.
Step 5: Marketo Channel Reporting
So how does this help in your Board meeting?
Hopefully you can hear yourself saying something like "Our main marketing goal in 2017 is cost efficient pipeline growth. Since online events generate the largest overall pipeline volume and are comparable in ROI terms, we will be allocating 30% more, etc..."?
Marketo and marketing automation offer huge benefits in automation and analytics, but if you cannot answer basic business questions to make informed investment decisions based on all this sophistication, it's doubtful you are maximizing your marketing budget.
With some simple set-up and configuration and a little discipline on entering costs, you can start see this cross channel Marketo reporting in under a month.