Every forward-thinking business today is focusing on being more data-driven. This holds true even for Marketing departments which are often assumed to be more creatively-focused.
In fact, according to Forbes, businesses that have more data-driven marketing are up to six times more profitable year over year than business that have marketing teams that don't run by data. That's a huge incentive to care more about your data.
But what good is gathering all that data without a way to compare and contrast the information and come up with valuable insights required to be competitive?
"The North America Field Marketing team tackled this head on, we've moved from insights from weeks to seconds," says Dave Ewart, Director of Digital Marketing in Oracle's North America Field Marketing team. "We wanted to gain better visibility and understand the levers that run our business to help us make smarter decisions and more quickly optimize Marketing's investments to drive incremental revenue for the Sales organization."
Even a company like Oracle encountered these marketing challenges when it came to becoming more data-centric around our lead-flow engine. First off, our traditional dashboards were limited and difficult to customize to meet different stakeholders' needs. Secondly, because of the limited customization functionality on our dashboards, the team ended up exporting massive amounts of data on a weekly basis, making our data reports up to seven days old.
Finally, I relied on a team of up to six people to regularly pull lead reports for different stakeholders, making this effort manual, time-consuming and resource-heavy.
Since having access to our business intelligence tools, Oracle Autonomous Analytics Cloud has completely changed the way our marketing organization looks at lead data. Our data is now visible in real-time, customizable and completely low-effort, freeing up human resources. Instead of constantly building reports, we can now extract more insights and inferences.
"The beauty of these dashboards is that they equip us with predictive insights as to which marketing programs or channels are performing best—and therefore, should be actioned first by the Inbound BDCs," says Sami Halabi, Oracle Lead Development Specialist
Here are the seven views we included in our MQL dashboard in order to make our marketing dashboards more actionable and provide better insights:
Being able to track lead volume on an even day-to-day basis is crucial for our business. Daily lead volumes can dramatically impact a sales representative's productivity if either too many or too few leads are being sent over. Having this visibility helps marketing managers better pace their campaigns.
Identifying which channels are driving the most leads - and the top converting leads—is great feedback for marketing. Having the insight to tell if the social media tactics are driving demand, or if our paid channels aren't optimized, helps marketers react more quickly and adjust tactics.
Marketing programs can be costly, so being able to see which programs are hitting the mark and which ones aren't on a regular cadence gives marketers greater control to turn off initiatives that aren't working and double-down on the ones that are.
Seeing where on the map most of our leads and top converting leads are coming from is not only interesting, it can inform where we may choose to host our next event or spend more of our advertising budget to target.
Most marketers have pipeline and opportunity targets to meet throughout the fiscal year or quarter, so a regular pulse check on where we are towards hitting our goal is critical for running our business. Seeing trends over time can help us foresee if there are roadblocks ahead and help us course-correct.
While lead volume is very important, equally important is understanding what channels are driving more high quality and high converting leads.
Finally, visibility into what channels and programs are sourcing the highest volume of converted leads and pipeline for our business is data every marketer should track regularly. Including spend data could also help us calculate ROI and prioritize our programs that way.
This dashboard is just one of many marketing analytics dashboards we're building for our Field Marketing organization using the data visualization capability in Oracle Analytics Cloud. While according to Econsultancy, only 33 percent of marketers have the right technologies for data collection and analysis, that's not the case at Oracle. Start your Oracle Analytics Cloud trial today and get one step closer to becoming a more data-centric marketer.
Guest author, Veronica French