by Alison Weiss
May 2013Every day, more customers are using online channels to interact with businesses—and are leaving records of Web pages viewed, videos watched, forms filled out, and shopping carts abandoned. These clues—or “digital body language,” as Paul Teshima, group vice president of product management at Oracle, calls them—are giving chief marketing officers (CMOs) a more complete view of the online purchasing process than ever before.
This trend is having an impact on marketing IT budgets. The CMO Survey (cmosurvey.org) in February 2013 reported companies with sales revenues of US$10 billion or more will spend 13.7 percent of their marketing budgets on analytics over the next three years compared to 7.3 percent in 2012.
According to Teshima, marketing analytics enable CMOs to make decisions and modify priorities to drive more results. “You need to continually experiment using analytics to drive innovation,” he says. “And you need to get enough information so you can make marketing analytics actionable.”
The Oracle Eloqua marketing automation platform tracks the digital body language of potential buyers, both through company-owned channels and on other platforms, such as LinkedIn and Webinar provider WebEx.
When this profile data is combined with the Insight feature of Oracle Eloqua Marketing Cloud Service, CMOs can do high-level analytics and drill down to see individuals assigned to specific projects in the system. The Insight feature allows users to review dashboards customized to their operations and take action to modify or change marketing priorities.
Percentage of marketing budgets that companies with sales revenues of US$10 billion or more will spend on analytics over the next three years (Source: cmosurvey.org)
But marketing campaign analytics are of marginal value without context. Because Oracle Eloqua Marketing Cloud Service solutions are offered as software as a service, the system can create a summary report of the performance of all campaigns managed on the platform. Indeed, anonymized data from users has been used to present revenue performance benchmarks across 20 key metrics. “We have provided benchmarks that are standard across hundreds of thousands of monthly campaigns because Oracle Eloqua Marketing Cloud Service sees the standard metrics for every customer in every campaign that’s ever sent,” says Teshima.
With CMOs facing pressure to justify marketing campaigns and budgets, marketing automation technology can show CEOs a view of the integrated marketing and sales pipeline. By combining data that reveals a user’s experience with analytics and benchmarking information, marketers can demonstrate how many sales leads are being generated—often broken down by various stages in the buying process or by region or product line.
You need to get enough information so you can make marketing analytics actionable.”
When there’s agreement about the numbers between sales and marketing groups, then it’s easier to collaborate. “You can make decisions on where you need to allocate either field marketing spend, awareness spend, or late pipeline development,” says Teshima, “to really drive the right results.”
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