Do you need to help your company find new business? If your answer is yes, you may need to plan a Demand Generation Campaign. The planning process is EASY. First, you will want to use our Campaign Planning Brief to help you define goals, target results, budget, risk/dependencies (i.e. product release schedule), target audience and campaign components.during the initial planning phase. Next, you will want to use the Eloqua's Demand Generation Tool to help you define the proper channel mix, set of assets, targeted personas, Eloqua segments etc.. Are you still unsure of things? Do you need more guidance on channel mix, activation and optimization and reporting tactics? READ ON!
FIRST Step: Select Your Channel Mix
You should begin to plan your channel mix by calculating back from your organization's revenue goals and timeline. (i.e. if you're asked to contribute X amount in additional revenue within the second half of the fiscal year and you're in the first month of the fourth quarter of that fiscal year with 3/4 of your revenue goal left to go - you may need to select specific channels that will offer your organization the fastest "speed to lead" at the lowest cost.)
I have worked with clients that have found success in leveraging their channel partner relationships through referral networks, website, forms and call center. Although, an effective channel partnerships can be costly (due to items such as terms, agreements, reimbursement, cost of administrating reimbursements, communications and collateral etc.) - not to mention channel partnerships may take more time to activate relative to other lower costs channels such as, PPC and webinars. Most modern marketers leveraging channel partnerships are awarded with the fact that channel partnerships typically deliver a greater percentage of highly qualified/valued leads that move to WON CLOSED BUSINESS (WCB) faster. Just as most modern marketers know industry events, although associated as a relatively high cost channel with a very slow time to close WCB, is the most effective means to get face time and close business with the C-levels.
As a modern marketer, you should identify the appropriate channels that you will use to fuel your New Customer Acquisition program given your organization's timeline and revenue goals. You will need to carefully consider your target audience, historical cost per channel/source (i.e. cost per lead, cost per-customer, cost per-customer-per-source) and available budget to make your final selections of each channel to include in your Demand Generation program. Below is a list of possible standard and additional channels.
- Inbound (PPC, online media, blogs, social networks, webinars)
- Outbound (telemarketing, radio, direct mail, magazine, print advertisement, trade shows, commercials, mobile, tradeshows, e-blast etc.)
- Sales (inside sales and/or outside sales)
- Channel Partner
- Referral Networks
- Free Trails
- Community Events
TIP: Renting a list of contacts to help your New Customer Acquisition program could hurt your sender score and brand. Buying or Renting a list of contacts should be used as a last resort (Why Buying a List is Never OK!). As a best practice, you would want to check the background of the list provider. You would need to test a small batch of contacts prior to signing an agreement with the vendor.
Second Step: Activate Your Channel(s)
You should make sure that you have the ability to activate your channels with the correct content, assets, tracking codes, vendor relationships and budget.
Third Step: Track, Report and Optimize each Channel
- Eloqua allows you to track the track unique visitors to your website and landing pages in one of two ways - tracking scripts or query strings. Query Strings offers you a very specific way to track the original source.
- Eloqua provides you with multiple reports to help you track the campaign performance of anyone channel through Eloqua Insight. I recommend that you to pull the Campaign Analysis and Website reports. In addition, I recommend you consider your actual cost structure per channel and attribution of that channel to help further your efforts to calculate your Campaign ROI.
- You can also receive further revenue performance metrics if you have enabled Closed Loop Reporting and entered your actual costs of your New Customer Acquisition campaign.
- Select a set of stakeholders. Ask those stakeholders "What would you define as KPIs". Establish the set of metrics based on the final set of KPIs. Identify the appropriate reports within Elqouq Insights. Create and distribute the reports to the stakeholders on a regular basis. Set meetings with stakeholders to gather feedback. Give a follow-up email to all stakeholders outlining the action items you will take given the feedback to optimize. Always remember to make sure the executive sponsor of the New Customer campaign is OK with you distributing reports to a larger group.
- Optimize your channel mix based off Eloqua Insight reports. For example, it maybe time to adjust your channel mix if you are seeing your PPC channel is delivering the highest number of unique visitors to high value landing page or registrants for webinars at the low cost per-lead, but a low number of unique visitors and registrants at a higher cost per-lead from those sourced through direct mail or events.
Now that you have identified the proper channel mix given your audience, budget, historical cost-per source and audience, you should begin to plan your Demand Generation program and lead process flow for your high value, lost cost net-new prospects.
- Best Practice: Campaign Planning Template
- Best Practice: Demand Generation Tool
- Best Practice: Gain Your Hours Back: Strategic Campaign Planning
- How to Capture Referring Sources to Landing Pages and in Forms using Query Strings
- Eloqua Insight Report Details Guide
- Eloqua Insight Report User Guide
Recommended Eloqua Education Course(s)
- E10 Fundamentals
- E10 Eloqua Insights