Revenue Performance Management - LD Flashcards
What are the five key factors of RPM?
Sales Pipeline Demand Generation Lead Management One View of the Truth Revenue Discover
What should key metrics should be benchmarked prior to implementing changes?
Contact Field Completeness
Campaign Engagement
Deliverablity Rates
Poor data quality leads to:
- Lost productivity
- Lack of Marketing and Sales alignment
- Lost Trust
- Last of campaign analysis
- Bad reporting
What are the five steps to Data Quality Management?
- Commit to Data Quality
- Analyze Existing Data
- Choose your Data Quality Methods
- Automate
- Optimize
How do you commit to data quality?
- Identify key stakeholders
- Define and prioritize your goals
- Define metrics of success and benchmark current data health
- Create a plan
What are samples of data quality goals?
- Increase completeness for Job Title field
- Overhaul consistency of Country or State
- Replace old data with refreshed data
- Update old forms to only use single select lists for fields like Industry, Country, Language Preference, etc.
What are steps to analyze existing data?
Data Sources
Data Weaknesses
Data usage
Who owns responsibility for data quality?
IT
Marketing Ops
Sales Ops
Governance Council
What are some weaknesses you may see when you are looking at your existing data?
Not Complete
Not Current
Not Consistent
Not Correct
Name field that can be standardized using lists.
Job Level Revenue Range Number of Employees Country State or Province Language
Which fields are priorities to standardize?
- Fields you need for targeting
- Field you need to scoring
What kind of data might you want to append?
- Purchase History
- Zip Code, City, State
- Census and Neighborhood data based on address
- Individual Details: Age, gender, income, occupation, etc.
- Account Details: Company Size, Revenue, etc.
- Klout score
- Social Media Accounts
How does a Contact self target?
- Subscription Management
- Preference Center
- Respect the preferences
What audience targeting methods are found within a marketing org?
- Creating persona(s)
- Identify Key Segments such as demographic and buyer types
- Match target Audience to message
What are the guiding principles for a Preferences Center?
- Build only what you can support
- If you provide choice, you must honor it.
What are the three categories of tools for tackling data quality?
- Validate and Verify
- Standardize and Cleanse
- Enrich
What are some states to integrate and automate data?
- Set up picklists
- Add form vaildation
- Set up one time database wash using contact washing machine
- Use 3rd party cleaning
- Use Eloqua’s Contact washing Machine on a continual basis
- Integrate data enrichment
What should be included in a preference center?
- A description of email subscription topics
- Set a frequency of communication
- Make it quick easy and obvious
T or F: It is legal to have a visitor click more than once to unsubscribe.
False. They must be able to unsubscribe with one click.
It is also illegal to force visitors to enter additional information beyond their email address.
What are RPM subscription metrics?
Unsubscribe rate Subscription rate Complain rate Sender score Deliverablity Rate
What are personas?
Personas are fictional characters that represent your ideal buyer and types.
Name the standard buyer types.
Economic Buyer User Buyer Technical Buyer The Coach/ Champion The Influencer
List the Buyer’s Journey
Interest Learn Evaluate Justify Purchase
Match the Buyer Type with the following Buyer Journey Stages: Interest Learn Evaluate Justify Purchase
Interest - The Coach/ Champion Learn - The Influencer Evaluate - User Buyer Justify - Technical Buyer Purchase - Economic Buyer
What are the five steps to building personas?
- Research Ideal Customers
- Gather the Team
- Brainstorm and create personas
- Map the Journey
- Apply RPM
T or F: Segments and personas are the same thing.
False.
T or F: A positive trend in contact activity means that you should scale back communication immediately.
False.
A positive trend in activity indicated that communications are effectively engaging your audience.
Define nurturing.
Nurturing is an action that helps move a buyer through the buying cycle and is a perpetual process.
List the reasons to nurture.
- Increase leads
- Minimize lost leads
- Create and maintain prospect engagement
- Measure the readiness of prospects
- Complete contact profiles
- Demonstrate thought leadership
Name three things to benchmark during nurture.
- Volume
- Reach
- Engagement
Define Volume
Total activated campaigns / tactics and email frequency
Define Reach
Number of Individuals in each campaign or tactic
Define Engagement
All campaign activity or Total number of campaign responders
T or F: The total number of campaign responses equals the number of new leads generated.
False.
A response to a campaign does not equate to a new lead.
Why are naming conventions important?
- Organize Assets for easy renewal
- Simplify reporting
- Document internal knowledge
List the naming convention components
- Campaign Codes
- Asset Codes
- Offer Codes
- Country Codes
- Fiscal Code
- Theme code
- Business Unit
- Product code
- Date
What are the three action to start targeting?
- Defining Campaigns and Costs
- Creating Segments and Target Audiences
- Benchmarketing
Define a Campaign.
A campaign is a specific set of assets used to communicate messages to move individuals until one buyer stage to another.
Give examples of Campaign assets.
- Landing Page
- Automated Campaign
Define Offer.
An offer is an incentive to respond to the Campaign.
Define an activity.
An activity is an inbound activity on a campaign/tactic.
Define a response.
A response is a specific activity, defined in advance by user with a response rule.
Define a segment.
A segment is a portion of your database you plan to target in a marketing communication.
Define criteria that you can use for segments.
Job title Geography Purchase history Behavior Company Size Company Revenue
T or F. Segments and Personas are the same thing.
False.
Define Campaign Objectives.
Contact acquisition. Lead generation On-Boarding/adopting Renewal Up-sell/cross-sell
What is the most important element about implementing a naming convention?
That the naming convention be consistent.
Map the steps to develop a Campaign Strategy
- Persona Journey
- Content Audit
- Channel Audit
- Campaign Map
What are some discoveries you might be completing a content audit?
- Uneven distribution of content across the buyer’s journey
- More Content than you thought
- Old Content
- Too much or too little content about certain pain points
Define the steps as a Content Audit
- Brain Content types (blog, whitepaper)
- Align content types to the buyer’s journey
- Brainstrom content for each phrase of the journey
List samples of content types
Blog Whitepapers website customer reference/testimonials Industry awards and industry reports Features/benefits sheets video demos Social engagement Success Stories Pricing and cost comparison sheets 3rd party content webinars
Define active recycle leads.
Sales person active passed lead back to Marketing
Define passive recycle.
Lead becomes inactive and expires from lead stage.
Is the Buyer’s journey one way?
No.
What are the steps in the recycle process?
- Communicate with Sales
- Establish a list of reason codes to make the process as smooth and consistent as possible.
- Based on reason codes, draw the paths for active and passive recycles
- Regularly check the recycle campaigns to engagement level and lead score of the recycled leads
Outline the five steps of a tactical Campaign Plan
- Set a campaign goal
- Choose the target audience
- Develop the relevant message
- Create a compelling offer
- Set the integrated tactics
Name the different ways a campaign message can be relevant.
- Interest
- Responsibilities
- Pain points
- Vertical
- Phase in buyer’s journey
Name the goals that offers that should meet.
- Fulfill a perceived need
- Have a good perceived value
- Be practical
- Should be appropriately aligned to the customer
- have a clear connection with the brand
Define outbound communications.
Marketing reaching out to communicate with a contact
Define inbound communications.
Potential buyer finding you on their own.
What are the goals of the using the variety of channels in a campaign?
- Matching channel to buyer’s journey
- Matching content to appropriate channel
- Matching channel to target audience
List the steps for a successful campaign execution
- Get sign-off from governance
- Involve stakeholders and key people
- Gain required approvals
- Create a communication plan
- Create a training plan
- Create a checklist
- Identify a process to execute
- Test
- Launch
Why are checklist important?
Checklist are important to ensure that your campaign is executed flawless every time.
What are automation opportunities?
- Locates tasks that are currently manual
- Determine if automation will improve efficiency
- Prioritize
- Automate
- Benchmark before and after
What are some possible triggers that could result in nurturing?
- Purchase
- Visit to website
- Whitepaper download
- Product trial download
- Abandoned shopping cart
- Event attendance
Why is it worthwhile to create an integrated Marketing and Sales funnel and map it to the buyer’s journey?
- Improved segmentation
- Increased alignment
- Enhanced reporting and accountability
- Increased revenue and growth
What funnel metrics should be benchmarked?
Form Submission Number of new prospects Number of qualified leads Lead score distribution Conversion
Define the four steps of the Marketing and Sales funnel.
- Identify Stakeholders
- Document Definition
- Online Roles and responsibilities
- Document Assignment Rules
List the stakeholders who should define the integrated Marketing and Sales funnel.
- Marketing Operations
- Marketing Management
- Product Marketing
- Sales Operations
- Sales Management
- Data Governance
- The best and the brightest
What are the stage of the funnel stage definitions?
- Be specific
- Define what
- Define who
- Define how long
What should funnel stages definitions should be based on?
Marketing Requirements.
T or F. The definitions of a Marketing Qualified Lead should be created by Marketing.
False.
All funnel stage definitions should be scoped and agreed upon by both Sales and Marketing stakeholders.
T or F. Lead Expiration: As soon as lead is beyond the SLA compliance timeline it should be auto- revert to Marketing in the prospect phase.
Maybe.
Your business culture and requirement need to dictate when lead expiration occurs.
What are reasons you might see a spike in the number of leads on a sales person’s aging report?
- Too many leads
- Poor quality leads and therefore a loss of trust
- On vacation
- Time management
Some reason for sales passing back leads to marketing are:
- Lost to competitors
- No budget authority
- Timeframe to buy wasn’t right
- Opportunity has simply stalled
T or F: Marketing should not communicate with buyers that are in the later funnel stages.
False.
Marketing may take a secondary role in later stages of the buyers process.
Marketing and Sales should work together to define primary and secondary communication roles at each stage of the funnel.
List the 5 steps for breaking down the lead process flow:
- Identify Core Team
- Document and assess current state
- Audit system requirements
- Document Future State
- Manage Change
What question should you ask to document your current lead process flow?
What is happening?
Where is it happening?
When is it happening?
Who is doing it?
What are two key metrics to measure when revising and optimizing lead process flow?
- Funnel Stage Conversion
- SLA Compliance
What are the primary benefits to having a process flow diagram?
- Share understanding of process
- Ability to highlight opportunities for improvement
- Closed-loop process development
What are some systems that should be audited?
- CRM
- Eloqua
- Accounting database
- Purchase system
- Reporting
What is critical to do after completing a system audit?
Document your finding.
What are four key areas of change management?
Stakeholder Vision
Imperatives for change
Communication and Training
Capacity for change
What are four questions asked during change Management?
- What is going to happen to me?
- Who decided?
- How did we decide to make this change?
- What was wrong with the old way?
What are the method for change management?
Regular communication Access to the defined process flow diagram On demand Training Live Q&A sessions Execution Checklists Feedback loops
Define Lead scoring
The predictive ranking of one inbound response v. another
An automated scoring program is objective
What are the two components in Eloqua’s Lead scoring program?
A letter - A-D which represents the lead profile
A number - 1-4 which represents their level of engagement
T or F: In lead score, the profile score looks at information on the contact record, such as region, job role and industry.
True.
Profile looks at business card style information.
Engagement looks at activity and recency of that activity.
Is lead scoring a one-time action or a continuous process?
Continuous.
Lead Scoring is meant to show the potential worth of a lead at a point in time, but the process of lead scoring is continuous.
List the 5 Steps for building a lead scoring model.
- Choose your stakeholders.
- Define profile score.
- Define Engagement Score.
- Map Score.
- Build it.
What is the limit for the number of response value per category?
No limit.
You can have as many values as you wan but they must be split into no more than three tiers per category.
What is best practice for number of Lead Scoring Categories and why?
No more than five because more you have have the harder it is to get an accurate score.
What are three thing to beware of when establishing your profile criteria?
- Too Many Scoring Categories
- Scoring on Open- Text Fields
- Scoring BANT Questions from a form
What are the two most important dimensions to the engagement score?
- Recency
- Frequency
List Integrated Tactics available for Channel Variety.
- 3rd Party site
- phone call
Define Campaign Activity.
Any inbound activity on a campaign sucha as a Clickthrough.
Define Campaign Response.
A Particular activity on a campaign that is designed as showing official interest in that campaign. EX. Form Submit
Define a Campaign Hand Raise.
Combination of activites and/or response across multiple campaigns that are particularly relevant in demand conversation. EX. 2 forms submissions; visit high value web page, 3 click throughs.
In lead scoring, how much should your Response Weights add up to?
100.
The 100 is then to break down the weight to ranges of 1, 2,3,4.
In lead scoring, what is a threshold?
Threshold means certain scores are eligible to be passed to Sales and other are held back inside Eloqua until they are Sales- Ready.
Once Lead scoring is mapped, what are the steps to pilot it?
Step 1 - Integrated with CRM
Step 2 - Pilot with Sales Stakeholders
Step 3 - Sales training
For lead scoring when is the best time to coordinate the pilot and launch times?
At the beginning at the fiscal Quarter to ensure full attention of sales
What are the key tips to build a lead scoring model?
- Involve marketing and sales
- Use personas to define scoring criteria
- Start with a maximum of 5 categories / 3 tiers
- Multiple score can have the same follow-up action
- Be mindful of the sales cycle
- Keep it simple
What are the five steps of the RPM model?
- Montion Data completeness and benchmark Marketing and Sales effectiveness
- Build Lead Scoring Model
- Review metrics and Sales Feedback
- Optimize lead scoring model/process
How often should a lead scoring model be optimized and audited?
Every 3 -6 months
What report should be used to monitor data completeness?
Contact Field Completeness report
How does one measure if the impact of scoring is a success?
- Sales acceptance rate should increase.
- Average number of sales cycle days should decrease.
- The Average revenue per deal should increase.
When should you make change to your lead scoring?
- After the 3-6 month audit
- New Product launch
- Changes to go-to-market plan
- Reorganization
- Complaints for Sales
- Reporting
What are the Revenue Performance Indicators (RPI)?
- Reach
- Conversion
- Velocity
- Value
- Return
Define RPI: Reach.
Total Database Size minus (Unsubscribes and Hard Bouncebacks)
- Number of Marketable Contacts
For RPI: Reach, What trend do you want to see?
Trending up over time.
What are categories of RPI: Reach?
- Reach by Active Contacts
- Reach by Inactive Contacts
- Reach by Segment
- Reach by Lead Score
- Reach by Communication Channel
For RPI, what trend should occur for Reach by Inactive Contacts?
Decrease.
For RPI, what trend should occur for Reach by lead score of A1?
Increase.
For RPI, what trend should occur for Reach by Key Segment such as vertical?
Increase.
For RPI conversation, what is the average 5 of leads that who will eventually purchase?
5%
Define RPI: Conversion.
Conversion shows the percent of leads who will eventually purchase or move from one sales stage to another.
List different RPI: Conversion dimensions.
- Conversion by Lead Stage
- Conversion by Segment and/or Audience
- Conversion by Referral Source
- Conversion by Channel
- Conversion by Content and Messaging
- Conversion by Type of Offer
Quiz: Your Overall conversation rate is 7 %. When the rate is broken down by Offer Type, the following conversion rate are:
- Webinar : 8%
- White paper : 10%
- Trial or Demo : 8%
- Sweepstakes : 2%
Which offer should be revised or omitted?
The offer type of Sweepstakes due to the 2% conversion rate.
What must happen to a lead if there is no movement in a stage?
Leads must expire from the stage.
What is best way to calculate conversion by funnel stage?
1 - Set an lead expiring timeframe move them from a stage if the lead has no movement.
2 - Calculate Total Conversion based on Active Contacts (new and existing)
Define RPI: Velocity.
Velocity is how fast prospects are moving through the funnel. EX. How a lead move from one stage to another; become a closed/ won deal; etc.
Define RPI: Value.
Value give visibility into the potential revenue in the current Marketing Pipeline.
How is RPI: Value calculated?
- By stage, calculate the number of individuals in a stage multiplied by the probability to close.
- Add all stage calculations together
What are some dimensions for RPI: Value?
- Value by region
- Value by product
- Value by segment
What are some pitfall that make it difficult to tie marketing effort to revenue?
- Some Sales models are harder than others to retrieve data
- Lack of alignment between Marketing and Sales.
- Lack of open communication
- Campaign that have no cost attributed
- Systems are set up incorrectly and cannot speak to each other about revenue
Calculate RPI: Return.
Return takes the total attributed revenue divided but total campaign cost.
Define RPI: Return.
Defines the revenue that you can expect to earn for the every dollar spent in closing the deal.
What are some sources that should be calculated for RPI: Return?
Channel Sales Direct Sales Inbound calls Lead Gen Campaigns Database marketing
When is ROI impossible to calculate?
When Campaign Cost is $0.
What must be in place to see ROI?
Closed - Loop Reporting
List Closed Loop reporting metrics.
Number of Opportunities Attributed
Revenue Attributed to Campaigns
Revenue Influenced by Campaigns
Define Sourced ROI.
Sourced ROI is short term ROI that explains direct cause and effect. It is best employed as a way to identify when marketing investments that under-performance should be redirected to marketing investments that are better performing.
Define Influenced ROI.
Influenced ROI is a long-term ROI that explains cumulative influence over time. It can be used to deter other less tangible aspects of marketing effectiveness.
List traditional ROI / cost metrics.
- Cost Per Name
- Cost Per Qualified Lead
- Cost Per Opportunity
- Cost Per Win
- Cost Per Closed $
Why is it important about where and how an opportunity is created in the CRM?
Opportunities created at the account level can not be attributed to back to individual marketing efforts.
If the cost per Opportunity for campaign A was running higher than average, what would be the best next step?
Develop a hypothesis, test and optimize.
