Once you properly configure your demand generation system—your revenue engine–you immediately start creating and collecting data. One of the great advantages of marketing automation, compared to traditional marketing techniques, is the availability of this data, both at the individual lead level and in aggregate.
Did you know there are four types of data inside your demand generation ecosystem? Each has its own value, and each helps you to contribute meaningfully to your company’s revenue discussion.
1. Demographic/”firmographic” data
Who are your prospects, leads and customers? What do you know about them personally, professionally, and organizationally? Examples of demographic/firmographic data include company name; geographical information; professional role, function and title; and purchasing plans (such as BANT). This data allows you to target your marketing messages accurately for different market segments and buying personas and allows you to identify and focus on ideal opportunities.
2. Tactical campaign and non-campaign tracked activity
To tactically manage marketing activities, you need to know if your campaigns are executing. How many emails are sent? How many are opened? How many bounce? What is my click-through rate? Is anyone visiting my landing pages or downloading my offers? Keep in mind that marketing automation allows you to track visits to web assets outside of your campaigns as well, so you can measure the engagement of prospects and leads across your entire web presence, not just within a single campaign. This data allows you to spot problems in campaigns early, make adjustments and to report accurately on your tactical marketing activities.
3. Strategic campaign and non-campaign tracked activity
Over time, the data about your campaigns is invaluable for analysis and optimization of your marketing activities. You can spot which elements, offers, subject lines, and techniques are most effective at delivering the desired conversions and which are not. You can manage and use data collected from split tests and determine what you should cancel, improve, replace, or swap out. This data is also key to proving and improving Marketing ROI. Marketing automation software allows you to associate specific costs with each lead source and each marketing activity, and the campaign (and funnel—see below) data quickly give you an accurate measure of cost per lead, cost per conversion and cost per campaign.
4. Funnel and ROI performance metrics
How is the health of my funnel? Four dimensions of your funnel are key to your ability to participate meaningful in the revenue discussion and to forecast and plan strategically:
- Depth or reach—how many prospects, leads and customers are in what stages of my funnel?
- Flow—how many prospects and leads are moving into, out of and through each stage of my funnel at a given time or for a given period?
- Conversion—how many prospects and leads are reaching the key conversion thresholds I have built into my funnel?
- Velocity—how fast do prospects and leads move through each stage and each conversion threshold in my funnel? What is my true sales cycle?
There are many ways to slice and dice the wealth of data available to the demand gen marketer, but these four categories will give you a good starting place and a real handle on the data you need to collect, manage and report within your revenue engine. And if you want a closer look at how this data is collected and how it’s used, contact us today and schedule a marketing automation demo.