A blog post about the importance of evaluating the how and why of your marketing automation setup and making adjustments to improve the effect of your marketing efforts.
Our consulting company was recently contacted by a client where Eloqua was implemented little over a year ago and just in time for their evaluation of Eloqua components the client had some turnover of personnel tied to key roles of their B2B marketing team. Prior to the turnover of personnel the client had seen a downward trend on some of their key metrics. For that reason, this evaluation was very important so a decision to bring in outside help was made. The client in question still had a good amount of leads entering their funnel, but prospects were not converting like they used to. The challenge was to come in as Eloqua experts and identify the problem and assist in regaining control of the funnel.
The client is an industrial equipment company who is manufacturing and selling heavy machinery to other industries.
Approach and Measurable
In order to identify the cause of the declining metrics, we reached out to managers within both marketing and sales in order to learn their perception of what is working and what is not. Together, we started by doing research on the ideal customer. We also reviewed funnel stage definitions, lead scoring models and thresholds, existing personas and persona journeys. We were able to identify some discrepancies between how we wanted things to be and how Eloqua was setup. In order to measure the effect of any adjustments, we had to have a before and an after value of the metrics we wanted to turn around. Together with stakeholders from marketing and sales, we reviewed insight reports and campaign dashboard and decided on few key metrics that we would use to measure the effect of our changes.
The metrics we decided on were:
- Conversion by lead stage
- Sales Qualified Oppurtunities
- Campaign Response
- Campaign Activity
- Campaign Hand Raises
During our review of the client’s lead scoring model and thresholds, we found a decreasing conversion rate between the prospect stage and the marketing qualified lead stage of the clients funnel. We also saw an increasing number of pass-backs from sales to marketing. Sales accepted too many leads where an opportunity couldn't be qualified simply because the quality of the leads wasn't good enough. The numbers were really trending in the wrong direction. We also found some content misalignment where content that was designed to prove edge over competitors and incentive to buy now content was presented in too early stages of the funnel. During a meeting with regional representatives, we also learned that a few countries wanted to populate their email assets with title but the client did not a have a high enough contact field completeness on the title field in their database.
Actions and Results
- Based on updated persona journey, we aligned content to better address the pain-points of each funnel stage. Edge over competitors content has been moved from the early stages of the funnel to the marketing qualified lead stage of the clients funnel and incentive to buy now content has been moved to the justify stage of the clients funnel. Thus far, the updated persona journey has proven to engage contacts of all funnel stages more as campaign responses, campaign activity and hand-raises has increased since implementing the new persona journeys.
- In order to minimize the pass-backs from sales to marketing, we raised both engagement and profile threshold that prospects need to achieve in order to be nurtured in the marketing qualified lead stage of the clients funnel. The client is now marketing to a lower amount of marketing qualified leads and sales are also accepting a lower amount of leads but are still able to qualify more opportunities due to the marketing qualified leads being more ready when contacted by sales.
- In order to start collecting the title field desired by certain European countries, we made the title field mandatory in every type of form a suspect or prospect would use when interacting with assets of certain languages. Together with content re-alignment and updated persona journey, the more formal use of title have really contributed to a big turnaround of campaign metrics in those regions specifically.
After implementing our changes we have seen the predefined metrics climb past the levels they were at prior to the start of their decline. We have already seen a small increase in revenue but as sales are able to qualify more opportunities, a significant increase in revenue seems imminent and that is as we all know the ultimate metric. Moving forward, we will be investigating the cultural aspects of different regions where the client has contacts they are marketing too. Similar to the use of title giving a great increase in campaign metrics there might be additional cultural aspects our client can leverage in order to expand their business. Perhaps a process of self targeting through preference center will be in their future.
Courses that helped
B2B: Revenue Performance Management
B2B: Fundamentals of forms