The Definitive Guide to Marketing Metrics and Analytics: Key Take-Aways

I recently got my hands on Marketo’s latest white paper, titled: The Definitive Guide to Marketing Metrics and Analytics.

Here are some of the gems I found in the 70-page paper and which I cover in the video above.

  1. Define targets for each of your marketing campaigns as you plan them. Consider setting a ‘best possible outcome’, ‘worst case scenario’ and ‘most likely outcome’. Express these targets in terms of number of leads, amount of incremental revenue to be generated, or in terms of anticipated ROI.
  2. Keep 10% of your marketing budget for ‘Marketing R&D’. Experimentation can lead to new best practices. Acknowledge that you are experimenting with some of your programs and detach those from revenue targets.
  3. Don’t Measure Just for the Sake of Measurement. Before you invest time and resources in measuring a data set, you should know what you would do if the answer turned out to be X or Y.
  4. Define Distinct Stages in your Customer’s Buying Cycle. Especially in B2B, with longer sales cycles, you need to acknowledge the fact that there are several stages in the buying cycle. Marketing’s work will not only generate leads, but also help move leads forward through these stages. This requires fixed definitions – understood across the marketing and sales organization – based on business rules.
  5. Marketo's Demand Generation Funnel (simplified)

  6. Measure Flow, Balance, Conversion and Velocity of Leads. Once you have lead stages defined, the following metrics will be most important: Flow (# of people entering the stage), Balance (current inventory in that stage), Conversion (% of names, on average, that make it from the previous stage) and Velocity (time it takes, on average, to complete the stage).
  7. Aim to knowing the answers to these crucial questions: What would be the expected ROI if your marketing budget increased by 10%. What would be the impact on sales closed? Alternately, what would be the impact on sales if the budget was decreased 10%? Questions like these test marketing’s maturity.

This paper is a must-read for marketing executives that are aiming to improve their departments’ efficiency and accountability.

What is Google Wave (2 minute video)

Google Wave has been the talk of the town over the past few days. Techies everywhere have been clamoring to the 100,000 invites which were sent out last week. It has been a trending topic on Twitter and the first reviews are coming in. As luck would have it, I`m not one of the fortunate 100,000 who received an invite, and can`t give my own opinion on it yet. But if you`re looking for a quick, simple explanation of how Wave may change the world as we know it, check out this video from EpipheoStudios.com.

And if you`re very patient, remember that there is still the original video: Google Wave Developer Preview at Google I/O 2009 which runs at just over 80 minutes.

Reviews of Google Wave to date have been mixed. Here are what some influential bloggers are saying:

It will be good for CMOs, but it won’t replace social media favorites among the masses. – Steve Rubel on Forbes.com

Google Wave crashes on beach of overhype – Robert Scoble on Scobleizer.com

…extremely stable and much faster than anticipated. For a “preview” release, Wave is very good, especially considering the complexity that is involved. – Louis Gray on louisgray.com