Increase AUM with Marketing Automation Part 3: Marketing Analytics to Prove ROI
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For too long, financial services marketing departments have been seen as a cost center. It's time to prove—and improve—marketing's contribution to the bottom line using marketing automation and metrics that matter. Watch "Increase Assets Under Management with Marketing Automation: Marketing Analytics to Prove ROI" to learn how leveraging marketing automation can help you prove ROI on marketing programs and grow AUM.
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Increase AUM with Marketing Automation Part 3: Marketing Analytics to Prove ROI
- 1. Increase Assets Under Management with Marketing Automation Part 3: Marketing Analytics to Prove ROI Mike Madden Demand Generation Program Manager Marketo Joe Paone Manager, SMB Marketing Marketo
- 2. • This webinar is being recorded! Slides and recording will be sent to you after the webinar concludes. • Have a question? Chat in the bottom right and I’ll get to your questions after the webinar. • Posting to social? Use our hashtag - #mktgnation • There is a brief survey after this webinar. Housekeeping
- 3. 1. Why Marketing Analytics to Prove ROI is a Challenge for Asset Management Firms 2. What Metrics are Important 3. How to Track Programs 4. How to Leverage Marketing Analytics to Optimize Campaigns (and ROI) 5. Case Study: Financial Firm Paradigm Life Agenda
- 4. Only 32% of marketers pursue a data-first strategy, and less than half of marketers feel prepared for a data-driven marketing future. B2B Marketing and Marketscan April 2015
- 5. Only 1 in 4 marketers can prove their impact on the business.
- 6. Why Are Metrics So Challenging for Asset Management? Marketing Data Sales Data Email Analytics Web Analytics Client Data
- 7. Why Are Metrics So Challenging for Asset Management? Acquisition Retention Asset Consolidation For each client journey, the data you need may exist in multiple locations. This makes driving business intelligence extremely difficult.
- 8. Tracking for the win! 1 • Lead Source 2 • Acquisition Program 3 • Successes 4 • Cost 5 • AUM or Revenue Set yourself up for success!
- 9. The Right Metrics: • New Names • New Qualified Names • Cost per new name Early TOFU • MQLs • SQLs Mid MOFU • Opportunities • Pipeline • Revenue or AUM Won Late BOFU TOFU Attract MOFU Engage BOFU Close
- 10. TOFU Analysis Channel Cost Members Successes New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 7023 6671 6597 $31 $32 75% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99%
- 11. Targets vs. New Names Channel Cost Members Successes New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 7023 6671 6597 $31 $32 75% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99% New Name New lead to your database Target New lead with specific qualities
- 12. Channel Cost Members Successe s New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 7023 6671 6597 $31 $32 75% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99% Cost per new name vs. cost per target Cost per new name Total cost / total new names Cost per target Total cost / total targets
- 13. % New Names vs. % Targets Channel Cost Members Successes New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 7023 6671 6597 $31 $32 75% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99% % New Names % of members are new names – high percentage are good programs for filling the top of the funnel % Targets % of new names are targets – high percentage means you are receiving the right quality names
- 14. TOFU Analysis Channel Cost Members Successes New Names Targets Cost per new name Cost per target % New Names % Targets Content Syndication $210,000 8923 8923 7421 7398 $28 $28 83% 99% Email - Sponsored $140,000 10061 10061 4859 4733 $29 $30 48% 97% Events $165,000 15087 2154 3651 2641 $45 $62 24% 72% Virtual Events $9,000 4055 699 1642 360 $5 $25 40% 22% Webinars $20,020 21873 3761 2087 2001 $10 $10 10% 96% PPC $104,720 1387 1387 965 872 $109 $120 70% 90% Social $49,000 1021 1001 712 602 $69 $81 70% 85% Website $0 761 749 695 690 $0 $0 91% 99% Which channels are the best for TOFU objectives? Which channels are bringing in the most new names? Which channels are bringing in the most targets (the right names)? Which channels offer the best value for new names and targets?
- 15. • FT = First Touch • Acquisition Program = 100% of the credit • MT = Multi Touch • Programs in between acquisition and opportunity = divided credit FT vs. MT Event Clicked on email Attended Webinar Clicked on Email Downloaded White Paper Opportunity Opened ($250M) FT Program that generated prospect (acquisition program) = 100% of credit MT All programs that touched the lead and contributed to an opp = divided credit (20% each in this example) Example customer journey: Acquisition Program Opportunity
- 16. MOFU Analysis Channel Cost FT Opps Cost/FT Opp FT Pipeline FT Pipeline/Cost MT Opps Cost/MT Opp MT Pipeline MT Pipeline/Cost Days to Opp Content Syndication $2,759,296 285 $9,682 $15,681,555 6 216 $12,775 $13,321,197 5 115 Email - Sponsored $1,976,644 210 $9,413 $14,769,720 7 196 $10,085 $18,637,134 9 98 Live Events $1,652,304 116 $14,216 $6,268,524 4 118 $14,003 $5,304,563 3 107 Virtual Events $294,910 97 $3,040 $3,693,372 13 35 $8,426 $4,990,658 17 124 Webinars $495,695 110 $4,506 $1,707,090 3 196 $2,529 $10,444,562 21 99 PPC $1,829,315 267 $6,854 $14,902,411 8 238 $7,686 $12,204,289 7 87 Social $991,915 104 $9,538 $2,877,160 3 104 $9,538 $3,612,412 4 127 Website $0 320 $0 $22,737,280 N/A 450 $0 $32,176,800 N/A 74
- 17. FT vs. MT Pipeline Channel FT Pipeline MT Pipeline PPC $410,000 $525,000 Webinars $220,000 $903,000 Content Syndication $325,000 $117,000 More efficient at pushing leads through funnel More efficient at acquiring the right leads
- 18. MOFU Analysis Channel Cost FT Opps Cost/FT Opp FT Pipeline FT Pipeline/Cost MT Opps Cost/MT Opp MT Pipeline MT Pipeline/Cost Days to Opp Content Syndication $2,759,296 285 $9,682 $15,681,555 6 216 $12,775 $13,321,197 5 115 Email - Sponsored $1,976,644 210 $9,413 $14,769,720 7 196 $10,085 $18,637,134 9 98 Live Events $1,652,304 116 $14,216 $6,268,524 4 118 $14,003 $5,304,563 3 107 Virtual Events $294,910 97 $3,040 $3,693,372 13 35 $8,426 $4,990,658 17 124 Webinars $495,695 110 $4,506 $1,707,090 3 196 $2,529 $10,444,562 21 99 PPC $1,829,315 267 $6,854 $14,902,411 8 238 $7,686 $12,204,289 7 87 Social $991,915 104 $9,538 $2,877,160 3 104 $9,538 $3,612,412 4 127 Website $0 320 $0 $22,737,280 N/A 450 $0 $32,176,800 N/A 74 MOFU Analysis Determine which channels are responsible for generating the most opportunities and pipeline to determine ROI
- 19. TOFU + MOFU Analysis Channel FT Opps FT Pipeline/Cost MT Opps MT Pipeline/Cost Content Syndication 285 6 216 5 Email - Sponsored 210 7 196 9 Live Events 116 4 118 3 Virtual Events 97 13 35 17 Webinars 110 3 196 21 PPC 267 8 238 7 Social 104 3 104 4 Website 320 N/A 450 N/A Channel Cost per new name Cost per target % New Names % Targets Content Syndication $28 $28 83% 99% Email - Sponsored $29 $30 48% 97% Events $45 $62 24% 72% Virtual Events $5 $25 40% 22% Webinars $10 $10 10% 96% PPC $109 $120 70% 90% Social $69 $81 70% 85% Website $0 $0 91% 99% TOFU + MOFU Analysis Some programs are good at acquiring new names and other a better at pushing leads through the funnel
- 20. Program Analysis Program Name Opportunity Name Opportunity Value Success FT Opportunities Created FT Pipeline Created MT Opportunities Created MT Pipeline Created Volatility Email #1 Firm 1 $150,000 1,000 0 $0 0.10 $15,000 Firm 2 $45,000 1,000 0 $0 0.33 $15,000 Firm 3 $60,000 1,000 0 $0 0.25 $20,000 Firm 4 $90,000 1,000 0 $0 0.20 $18,000 Firm 5 $25,000 1,000 0 $0 0.01 $250 Firm 6 $185,000 1,000 0 $0 0.10 $18,500 Firm 7 $20,000 1,000 0 $0 0.20 $4,000 Grand Total $575,000 1,000 0 $0 1.19 $90,750
- 21. Opportunity Analysis Opportunity Name Opportunity Value Program Channel Program Name FT Opportunities Created FT Pipeline Created MT Opportunities Created MT Pipeline Created Firm 6 $185,000 Email – Batch Volatility Email #1 0 $0 0.10 $18,500 Volatility Email #2 0 $0 0.10 $18,500 Volatility Email #3 0 0.10 $18,500 Website DG2WP 0 $0 0.10 $18,500 Pricing 0 0.10 $18,500 Email - Nurture Nurture Email #1 0 $0 0.10 $18,500 Social – Organic LinkedIn 0 $0 0.10 $18,500 Event – Live XYZ Event 0 $0 0.10 $18,500 Webinar XYZ Webinar 0 $0 0.10 $18,500 PPC Google – FA AUM 1 $185,000 0.10 $18,500 Grand Total $185,000 1 $185,000 1.00 $185,000
- 23. • Evaluate programs against metrics that matter • Cost per new name and target • Lead Source – track which sources marketing is responsible for • Amount of pipeline generated compared to program spend (ROI) • Number of opportunities created Key Takeaways
- 24. • Look at programs at different time points • Immediately – did it have the response I expected? (# of new names) • If not, what went wrong? How to optimize? • 2-4 months later – did it generate opportunities? Pipeline? • Continuous reassessment – how does the program do over time? • Is the program still performing as it did in the beginning? Key Takeaways
- 25. Case Study – Paradigm Life “We didn't have a lot of analytics. We didn't have a lot of data. We were just shooting in the dark hoping we'd hit our target. Marketo allowed us to take our marketing strategy from inefficient, chaotic, and slow to quick and efficient. We wouldn't be where we are today without Marketo.” - Janae Telford, Digital Content Marketing Manager
- 26. Questions?
Hinweis der Redaktion
- ©2006 Marketo, Inc. CONFIDENTIAL
- And with that let’s get going! Brief introduction of Joe and Mike.
- I wanted to lead with an interesting stat. According to B2B Marketing and Marketscan, only 32% of marketers pursue a data-first strategy, and less than half of marketers feel prepared for a data-driven marketing future.
- Even more interesting, only 26% of CEOs feel they are able to measure and report on the contribution of marketing programs to the success of the business. 40% of CEOs feel that marketing programs made a difference but the contribution to the business goals were not measured or reported. 28% of CEOs say marketing appears to have made some impact on the business, but it is not clear whether or not the impact was material, nor could it be measured. Lastly, 6% of CEOs say marketing programs made no difference at all. And the there is no clarity as to how marketing is contributing to your business. This is generalized across industries and not specific to financial services, however based on our experience, it may be that these numbers are slightly higher for financial services companies. For too long, marketing departments have been viewed as a cost center. But with the right analytics and program measurements, you can rightfully take your seat at the revenue table.
- But it’s easier said than done. Traditionaly, tracking marketing metrics has been extremely difficult for asset managers. Depending on size and complexity of your firm, it can truly be a silo’d org which makes it very difficult to drive business intelligence from data. Why are metrics so challenging? The answer is usually multiple data sources. CRM (SFDC): You may be depending on Sales activity or analytics to prove whether or not campaign was successful – this is an incomplete picture Marketing data (SQL Tables): Prospect and marketing data may be managed by a different team (SQL) Email Analytics: which could be an email service provider like Yesmail, Constant Contact, or Mail Chimp Web Analytics: which might be Google Analytics or Adobe Site Catalyst Paid programs for generating new names at the top of the funnel (Adwords, Sponsored emails) And lastly, a place to store your client data, because typically client and prospect data does not co-mingle. In order for your to consolidate you will have to become a vlookup expert. But even if you are, it will still be an incomplete picture and will be extremely difficult to attribute success to a specific campaign. Ultimately, your goal is to drive business intelligence through data and optimize your dollars spent. Multiple data sources makes it challenges to piece together the big picture and understand where dollars spent generate the best ROI.
- And the challenge of multiple data sources goes beyond new client acquisition. Your goal isn’t just to acquire clients but also to grow AUM through asset consolidation and client retention. For each client journey, the data you need to prove ROI and the success of your programs may exist in multiple locations. This makes driving business intelligence extremely difficult.
- So you know you need to measure all of these programs, but how do you actually track these metrics from your programs? Marketing automation can help you track all of the right key performance indicators to prove that every marketing dollar spent is worth the investment. Here are some of the important things we track at Marketo: Lead Source – tracks the channel in which a lead enters our database – this could be PPC, Social, Sponsored Email or even the website Acquisition Program – tracks the specific program that brought the lead into our database, for example if a new lead was brought in via PPC, the lead source would be PPC and the acquisition program would be the specific program that brought it in whether that is a keyword or geography Successes – measure engagement within each channel. We classify successes differently for each channel. For example, if someone registers for a webinar – they are not a success, but if they attend, they are a success. Successes track how much our leads are engaging with us directly. Cost – you want to constantly track cost so you can keep track of how much each channel and program is costing you Revenue, but in your case, AUM – by tracking revenue you can track which programs and channels are contributing the most revenue to growing your AUM Alright, with that, I’ll hand it off to Joe. Joe, take it away.
- Thanks Mike, I hope that everyone is doing well today. As Mike mentioned we both have many years experience in the asset management industry and we understand how challenging it can be to run a full analysis of your marketing programs. But we also understand the extreme importance of being able to do so. If marketing is to have a seat at the table and is looking to be considered something other than a cost center, it is absolutely necessary to be able to track all programs you are running and all of the touch points of your prospects. Is also means, you can no longer simply measure success by saying an email had a 30% open rate, for example. You have to be able to tie all prospect activity to whether or not they become a client and conduct a full attribution analysis to truly understand which marketing programs helped drive new client acquisition and Assets Under Management. Ideally, you would be able to do this through a single platform like marketing automation. Otherwise, this could become extremely complex and cumbersome if you are working off of multiple platforms and have to export data and run vlookups. Let’s take a look at how you can measure each marketing program you run as it relates to the funnel. For the next few slides, let’s consider that you are a focused on marketing to other financial firms and you are looking to increase the assets under management in a specific fund that you manage. You can also use a similar methodology if you are marketing to individual investors, but in the interest of time we’ll just go through a “B2B” example. At the top of the funnel, you should be looking at your early stage programs and track the number of new names, the number of new, qualified names and how much you are paying for each one of those names. This type of top of the funnel analysis is important as it provides a basic indicator of how successful your programs are. It obviously doesn’t tell the whole story as you may run programs that are very targeted and yield a smaller number of leads, but those leads convert at a much higher percentage. For that, we’ll look at middle of the funnel analysis. Here is where you can track how those new leads are converting – how many MQLs (or Marketing Qualified Leads; which is a lead that marketing deems qualified for sales to follow up on) are your marketing programs generating and of those MQLs how many are being accepted by sales to become a SQL (or Sales Qualified Lead; which is an MQL that was accepted as qualified by the sales team after a phone call or an email validated that lead). And finally, we’ll review late stage or bottom of the funnel analytics. This is where we tie back our programs to opportunities created, pipeline generated and revenue or assets under management won. Notice that no where are we analyzing email open rates or click to open rates or your PPC program click through rates or any other program level metrics. Those metrics are obviously important, but we are assuming that you already have solid understanding of how to optimize your campaigns at a program level. Senior management doesn’t care about those “in the weeds” metrics. If you have a meeting with your Chief Investment Officer, what they are interested in is how much did marketing spend and how much did AUM grow as a result from it.
- Starting at the top of the funnel Here is an example of SOME of the channels we leverage and what our TOFU analysis looks like. We track how much we are spending on each channel, total number of members in each program, the number of successes for each program, new names and new targets acquired, cost per new name and target and percentage new names and targets.
- It is important to track both new names and targets. New names are just new leads to your database – this could be anyone. Could be someone with an HR title or Sales title or any other attributes that you consider to be not a specific target for your Sales team. Targets will track qualified new names to your database – in your case, you may only consider people with “portfolio management” or “analyst” or “research” titles as people that are targets. All other titles would just be a new name that you added to your database. You can also add a behavioral filter to this and only count people as Targets if they meet your demographic or firmographic threshold and meet specific behavioral requirements as well, such as visiting a specific page on your website, or downloading a specific piece of content. This again, works for those marketing to individual investors. You would most likely set an assets threshold to define your Target (such as people with over $500k in investable assets) and everyone else would be considered a new name. You could also use age, location, or any other attribute that is relevant to your firm to define what a Target is.
- By organizing your marketing by channel, like we’ve just gone through, you are able to analyze which channels are the… But this doesn’t tell the whole story. As I mentioned before, you may run programs that are very focused and yield a lower number Targets at a higher cost per Target, but they end up converting at a much higher rate. For that, we dive into MOFU analysis.
- Before we dive into MOFU, let’s quickly define first touch and multi-touch. Some people like to do FT attribution; First touch is the first interaction that you defined as a success. It is essentially the program that brings in the Target. A person may see an ad about your company, they may do they’re own research, but the program they engage with first, will get credit as being the first touch. Other people like to do MT attribution; Multi-touch attribution is equally dividing credit among all the programs where that prospect has a success. As an example, let’s say you are sponsoring a Morningstar event and meet an Institutional investor at your booth. This is the very first interaction with that person, and therefore this event would receive the FT attribution credit. They generated the prospect and when you analyze your programs, the Morningstar event would get 100% FT attribution for this prospect. Let’s say after the Morningstar event, that same prospect is added to your email list and they click on an email. They then later attend a webinar, click on another email and download a white paper all before becoming an opportunity. You would then equally divide the credit among all 5 of those interactions, meaning each would receive 20% MT attribution. In Marketo, we do all of this attribution for you in real time. If you are not using marketing automation, this is where it gets complex and you will most likely run into issues when trying to tie back attribution to specific programs.
- Looking at MOFU analytics, you want to be able to track Cost, number of FT opps created, cost per FT opp created, FT pipeline, FT pipeline to cost ratio, number of MT opps created, cost per MT opp created, MT pipeline, MT pipeline to cost ratio, average number of days to opp.
- By looking at first touch and multi-touch pipeline you can measure different types of effectiveness. A higher amount of pipeline generated for FT indicates which channels are more efficient at acquiring the right type of leads. A higher amount of MT pipeline generated indicates which channels may be more efficient at pushing leads through the funnel.
- By leveraging this type of MOFU analysis you are able to determine which channels are responsible for generating the most opportunities and pipeline to determine ROI
- When you combine TOFU and MOFU analytics, you are able to tie back the channel or program cost to opportunities or pipeline. This is the type of metric that Senior management will be most interested in. How much did we spend and what did we get for it. You can then leverage this information to help shape future campaigns and determine which channels or programs need to be reviewed or further optimized.
- Finally, You can look at programs on aggregate or dive into specific program level detail. With the previous slides we were primarily looking at different marketing channels. Of course you can and should dive into specific program details. Here is an example of a program that we ran at the beginning of the year. Many of you may have been part of it. We put together a series of emails about market volatility and how marketing automation can help you acquire and retain clients during volatile times. These, of course, are ficticous numbers. But let’s say we received these results. We had 1,000 successes within this program and 7 different opportunities were created. But with this analysis, we can see that we have generated 0 FT opps and 0 FT pipeline, This makes sense as we are looking at an email and all the people we sent the email to would have been acquired through different programs. All 7 opportunities were MT opportunities. As a result, we receive partial credit for each opp and a percentage of the total pipeline. In total, this email program yielded just over $90k in MT pipeline. Let’s say you want to dive into a specific opportunity. Let’s take, for example, the largest opportunity value that we got. If we want to look at Firm 6 to see what other programs influenced this opportunity, we can.
- We can dive into the opportunity to see all the different programs where this firm had successes in. We can see that multiple emails, website visits, a webinar, event, paid search and organic social all contributed to the opp. We see that Paid search, and specifically, the Google Financial Advisor AUM program is responsible for the first success and receives the FT opp credit.
- In Marketo, you can also see a visual representation of this opportunity. You can see all the different touch points that influenced the opportunity and the dates associated with them. You can also see the specific people that were part of the program.
- As we conclude today’s presentation, let’s review the key takeaways Remember to evaluate programs against metrics that matter: Cost per new name and target Lead Source – track which sources marketing is responsible for Amount of pipeline generated compared to program spend (ROI) Number of opportunities created
- In addition, it’s important to look at programs during different time periods: Immediately – did it have the response you expected? (# of new names) If not, what went wrong? How to optimize? 2-4 months later – did it generate opportunities? Pipeline? And then Continuous reassessment – how does the program do over time? Is the program still performing as it did in the beginning? Hopefully this presentation was helpful for you to better understand the type of metrics you should analyze and how you can use them to drive business intelligence.
- With that, I’d like to end with a quote from one of our customers. Paradigm life is a financial brokerage that focuses on whole life insurance. Janae Telford, a Digital Content Marketing Manager for Paradigm says: “We didn't have a lot of analytics. We didn't have a lot of data. We were just shooting in the dark hoping we'd hit our target. Marketo allowed us to take our marketing strategy from inefficient, chaotic, and slow to quick and efficient. We wouldn't be where we are today without Marketo.”
- ©2006 Marketo, Inc. CONFIDENTIAL