Samsung engaged Veryn for help in connecting marketing investments with revenue outcomes. The goal was to increase topline revenue by identifying and growing most profitable marketing investments.
Veryn lead the initiative to build out an Attribution Reporting solution that would ensure every dollar spent on each individual digital channel in any marketing campaign is accurately tagged, captured, and tracked through to a closed won opportunity. To date, MASS enabled Samsung to achieve:
57%
200%
60%
Challenges
To keep customers and partners abreast about products, offers and other activities, Samsung relies heavily on email marketing. While an effective communications channel, the team was having difficulty gaining insight into campaign outcomes and improvement options. They wanted to move away from managing results by just creating more campaigns.
Madeleine Thom, Senior Manager for marketing automation and pipeline management, explained,
We were not getting the results we wanted, but lacked the data to explain why. We needed more information, beyond just opens and clicks.
Veryn was recommended to evaluate and provide insights into Samsung’s Eloqua environment, because of its expertise in funnel diagnosis and its ability to implement effective lead management solutions.
Veryn's evaluation made it clear that our inability to support the systematic attribution of revenue to campaigns limited the insights that can be leveraged to maximize Marketing’s investments.
In order to achieve our goal to enable accurate tracking and reporting for every lead that enters the funnel as a result of a marketing investment, changes needed to be made. We wanted to be able to increase topline revenue by identifying the most profitable marketing investments.
Solutions
1. Marketing, Sales and Operations Alignment
Veryn focused on team alignment and developed a process for better communication between key stakeholders. The communications strategy ensured a regular cadence of updates regarding initiatives and activities between the key funnel teams (demand generation, marketing operations, inside sales, and sales operations). The process significantly improved conversations regarding low MQL quality and made it easier for the teams to work together to cut down on junk inquiries, send better qualified leads, and drive higher conversions. Veryn also set up a governance process allowing the unified funnel team to accept, process and act upon input from any stakeholder.
2. Design and Develop Reporting Capabilities
Veryn designed and developed reporting capabilities to increase lead flow visibility for stakeholders, and provided a systematic way to measure progress and inform stakeholders with tangible evidence and recommendations. The reporting capabilities enabled attribution, making it possible to determine ROI for activities.
3. Attribution through Funnel to Revenue
A critical part of effective attribution reporting was stopping leakage between Eloqua and Salesforce. Veryn designed and developed an attribution reporting system that provides full visibility and accountability for all MQLs that marketing generates. Every MQL is trackable through the funnel with details such as date in each stage, who touched it, what actions were required, and what happened. Reporting enabled the team to see how much revenue is attributed to marketing spend.
Results
Since launching the attribution reporting system, Veryn has continued to work with the team on conversion optimization, helping Samsung generate revenue by reclaiming leads lost through the funnel due to the system and process inefficiencies. This work includes analyzing funnel conversions and identifying areas for additional optimization, such as Web forms and MQL qualification.
By better understanding the outcomes of inquiries along with the sources and drivers, targeted improvements could be made within marketing and sales processes. For marketing, this was done with better qualification for web submissions. With sales, tighter SLAs and enforcement of outbound engagement with prospects helped.
The insights gleaned from reporting on revenue outcomes allowed the team to improve funnel conversation and gain insights into rejection sources. Junk leads were cut resulting in a 60% reduction in MQLs, while Opportunities increased by 10%. Sales rejected leads were reduced by 67%. Lead velocity was radically increased cutting mean days in MQL status by 91%, mean days in SAL status by 90%, and mean days in Opportunity stage by 88%. These improvements resulted in a 183% jump in Marketing contribution to pipeline and a 60% jump in Marketing contribution to revenue.
Veryn brings a wealth of knowledge to the table, not just specific to Eloqua, but also to overall best practices and processes from both a technical and business requirements perspective.
- Madeleine Thom, Senior Manager For Marketing Automation And Pipeline Management