Let’s break down the critical building blocks to start using Marketo Measure.
So… you’re here because your team is investigating and doing the discovery work for implementing Bizible. If you want to know what Bizible is and what it can do, we recommend starting with Bizible (Marketo Measure) Attribution Explained.
The TLDR on Marketo Measure (Bizible); is that it’s a multi-touch attribution software that can provide valuable insights into an organization’s marketing efforts. First, it measures marketing initiative effectiveness. How? By attributing the perceived value (based on the model in use) that each touchpoint delivers along the prospect’s journey to a closed won deal.
By tracking marketing engagements (touchpoints) along a prospect’s journey, Marketo Measure will give a percentage of attribution to each touchpoint so that marketers can justify marketing spend, maximize ROI, and increase alignment in campaign initiatives across different teams, ultimately helping everyone make more intelligent decisions in their strategic efforts.
While that sales pitch may sound too good to be true, Marketo Measure truly transforms the way your team can report by taking your analyses from, say, # of emails clicked to generate “x” amount in the pipeline. However, to get to that point, you need to have the building blocks in place to allow Marketo Measure to read and analyze the data that’s being input accurately.
Break Down of Required Building Blocks:
- Tech Stack Foundation with a CRM, MAP, Tag Manager, and CMS platform
- Clean Data with at least six months of historical campaign data; a year is preferable
- Organizational excellence (a consistently implemented strategy and process) in your CRM, MAP, UTM, and Lifecycle Strategy
Do you believe your team has these foundational items for Marketo Measure? Then, let’s dive in further. If not, Etumos can help you get there by working with our platform operations consultants.
Tech Stack Requirements for Marketo Measure
Etumos recommends that an organization have a Customer Relationship Management (CRM) platform, Marketing Automation Platform (MAP), Tag Manager, and Content Management System (CMS) established to ensure that Marketo Measure has all of the support systems in place to function correctly.
- CRM (Salesforce or Microsoft Dynamics): a CRM platform that centralizes all customer and prospect information and ties engagements to revenue/pipeline. This is necessary for Marketo Measure to track touchpoints in relation to an opportunity and to distribute attribution to the different touchpoints accurately.
- MAP (Marketo): Marketo streamlines the creation and automation of the demand generation team’s campaigns, the creation of prospect data, audience segmentation, and lead scoring. While a CRM is focused on keeping the sales data clean and processes organized, Marketo helps to nurture and organize prospect data, track marketing initiatives, and pass those engagements to your CRM. This platform is imperative for Marketo Measure to receive accurate prospect data and engagements for offline purposes (activity not captured on the website).
- Tag Manager (any): A tag manager is instrumental in managing and ensuring that all online engagements are being tracked accurately for Marketo Measure and automates the script on every web page with a high priority to ensure all web sessions and form fills are tracked.
- CMS (any): A content management system is a website framework platform for content and website management. This helps to manage and update content quickly and at scale. It also keeps a person’s experience consistent and up to par during a single session.
Does your team have these platforms in place? If yes, fantastic! You’re one step closer to having Marketo Measure up and running efficiently. If not, Etumos can help. Connect with us here.
Once we assemble the platforms (and they are in place), we can then confirm that the data Marketo Measure reads is accurate, complete, consistent, and valid! The data provided by Marketo Measure is only as good as the data you put into the platform.
Checklist of Data Excellence:
- Accurate: is your data reliable and correct?
- Complete: Is your team seeing any gaps in data that are needed to complete business requirements?
- Consistent: Does the data between platforms match?
- Valid: Is the data measuring and answering what it’s supposed to?
Organizational Excellence in Strategy:
Using Marketo Measure to its fullest potential is essential. Your teams will need organizational excellence in the below processes. In addition, your teams need to have a clearly defined process for executing the strategy.
Campaign and Program Strategy:
This includes a consistent naming convention, use of campaign types (CRM) or program channels (MAP), and process for tracking statuses. Without this strategy, Marketo Measure won’t be able to group offline and online engagements accurately. Furthermore, without a consistent approach, you could create duplicate touchpoints. It’s imperative to understand what initiatives drive team decisions and how to track and capture those initiatives. This ensures you have a clear delineation to tell Marketo Measure how to track the engagement appropriately.
Online engagements are a HUGE part of Marketo Measure. Without a transparent and standardized UTM strategy, touchpoints that occur on your site could trace back to the wrong channels or not be captured at all. Marketo Measure can track UTM_Source, UTM_Medium, and UTM_Campaign. Your UTM_campaign strategy should also align with the campaign and program naming strategy. This supports the grouping of offline and online touchpoints into a single view.
Another critical feature of Marketo Measure is tracking those touchpoints against a prospect’s journey. This allows you to see the relationship between marketing engagements and lifecycle progression. Out-of-the-box Marketo Measure will track First Touch (FT), Lead Created (LC), Opportunity Created (OC), and Closed (Lost, Won). If your team has key leads, opportunity stages, or custom lifecycle stages, Marketo Measure allows users to track the direct relationship between touchpoints and your company’s custom stages. This is extremely useful for customized reporting that meets your team’s reporting goals.
Wow! It can seem overwhelming to gather the building blocks in preparation for purchasing and implementing Marketo Measure. We promise the rewards are worth it.