To measure marketing effectiveness and track numerous marketing assets/creatives against one initiative, at Eloqua we recommend utilizing the Campaigns Module. This module allows the user to identify and collect various communication touch points/call to actions and align them into a singlular spot.
The purpose of this feature is to allow you to have full visibility into a marketing campaign in its entirety and see the effectiveness of each individual asset, and compare how many leads were created from each asset. In addition, because sales representatives regularly convert leads into opportunities, you can then measure these opportunities against the cost of the campaign to calculate ROI. Essentially, the campaigns module measures any and all marketing aspects of Eloqua and allows you to:
- Associate Forms, Emails, Websites/Landing pages, Uploaded lists (ie: Tradeshow attendees) etc to a campaign for metric reporting and measurement.
- Create a series of rules to denote what types of responses are important to you and thus allow campaign membership creation. For example, a common scenario is that form submits are deemed as an immediate hand raiser. As a result, one would set this up as a response rule that allows for any submit from a form that is associated to a campaign to trigger the creation of a campaign member.
- Report on # of new leads, total # of members, effectiveness of assets, revenue generated from opportunities etc.
To first setup Campaigns, you need to think about your business and consider how you want to slice your report in order to begin building the Campaign Hierarchy. The Campaign Hierarchy governs how reporting is done and rolled up. For example, you can see the business operating firstly in fiscal year, then by region, then product line and lastly the actual campaign. This type of setup will yield a 4 level campaign resulting in a 4 tier Hierarchy of:
3) Product A
In the image above, we show a sampling of a campaign hierarchy. This shows that under FY2011, you have your numerous regions (APAC, EMEA, NA) and within each region there are varying products (Product A, B). Your actual marketing campaign will roll up under one product. Ultimately, this allows for both a graphical representation of how the business is analyzed/measured as all as a reporting measure to track the effectiveness of an individual campaign, but also allowing for the comparisons of products and regions. The structuring of the campaign hierarchy is an important aspect to the Campaigns module, as this ultimately governs how/what the Eloqua reporting will output.
Note that the Campaigns module will create leads/campaign members. In general, it is up to the sales team to action these leads and convert them to opportunities. Once opportunities are created and closed, dollars are brought back resulting from the marketing campaign, thus allowing ROI to be reported on. This is a powerful tool encompassing nearly every area of Eloqua and allows marketers to measure effectiveness. This is the first step to RPM: Revenue Performance Management.