Editor’s Note: Today’s post comes courtesy of Dave Liloia, Director Sales Operations and Marketing Automation at Vertafore. Dave is sales and marketing geek who believes that any problem can be solved by asking the right questions first. With an academic background that started in Horticulture, he has taken the scientific method as his approach for tackling any and all business challenges. His experience spans product management, inside sales leadership, e-business, marketing automation and sales strategy.
Have you ever wanted to ask a modern marketing expert a question? Oracle Marketing Cloud is hosting monthly twitter chats where you can ask Oracle experts and Topliners the things you have always wanted to know. During the last #Eloquestions Twitter chat we fielding your questions about Oracle Marketing Cloud’s fourth tenet of Modern Marketing, “Analytics.”
Here are two key takeaways from the Twitter chat:
1. Analytics could reshape your sales funnel. The traditional “sales funnel” is being mutated as more in-depth metrics are being applied. Nurturing leads from the top of the funnel to the bottom is no longer a descent down the vertical “waterfall.” Now, additional metrics allow marketers to understand when Sales Accepted Leads need further nurturing on horizontal and even ascending workflows.
In relationship driven commerce, a "do or die" mentality when it comes to converting leads to sales is not necessarily the road to success. When detailed and relevant analytics are applied to the sales process, the traditional "funnel" evolves into something more like a "pinball machine."
2. Marketing Analytics and Public Relations are the same. Public Relations itself, is, in fact, a form of Marketing Analytics. PR and Analytics are both about "finding the right story to tell" to ultimately "sell an idea."
Tools such as Google Analytics can be used to decipher where web referrals are being attained, but points out the limitations where offline media placements are concerned.
Lara Tokarz recommends taking engagement metrics into account, when proving ROI for your online PR and outreach budgets. She also proposes a formula for engagement rate to apply to traffic and collected shares and likes.
Engagement rate = (DL + Shares + Likes) / (Traffic)
But company buy-in is a must before starting any PR efforts. To ensure that your brand communications convey a unified voice to improve brand identity and, ultimately, increase lead generation.
Join us for the next Twitter chat Friday June 27 at 4pm GMT/11am EST. Follow and tweet your questions @kristinconnell, including the unique hashtag #Eloquestions.