Introducing Proof Week: Boost Your ROI on LinkedIn
A week dedicated to proving LinkedIn’s power as a marketing platform
April 16, 2017
Today, we launch “Proof Week” at LinkedIn Marketing Solutions. Proof Week, which extends from April 16-23, celebrates the power of marketing metrics and data-backed ROI. This coming week, we’ll focus on how marketers prove that our marketing programs (on LinkedIn and elsewhere) are working and ultimately delivering JAWsome revenue.
During Proof Week, you’ll be able to sink your teeth into numerous blog posts examining ROI, how to measure it, and how to prove it. Here are some of the posts we’ll be sharing this week:
- An interactive infographic that makes the case for B2B marketing on LinkedIn.
- A deep dive into LinkedIn Conversion Tracking.
- The debut of two new guides focused on ROI.
- Insight into how marketers have achieved success on the LinkedIn platform.
Before the rise of data made marketing effectiveness easier to measure, spending on an ad campaign was an act of faith. Marketers believed their spending was working; they just had a hard time proving it. As the quote attributed to retailing pioneer John Wanamaker puts it, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Technology has made that old quote obsolete. As Russ Glass and I put it in a book we wrote, “The Big Data-Driven Business”: “The rise of big data is making that statement as dead as Mr. Wanamaker himself.”
And Proof Week is an acknowledgment that proving marketing ROI is not only possible, it is now an imperative. The capability to prove that marketing programs are driving leads, delivering opportunities to sales, filling up the pipeline, and ultimately contributing to the bottom line have made the CMO and the marketing department more important than ever before.
With that increased importance comes increased responsibility. Marketers must keep close tabs on the metrics they’re using, and they must emphasize the metrics that accurately measure marketing’s contribution to the business. In a digital world that is in constant flux, keeping tabs on your marketing metrics requires vigilance.
Read on to see how some of the most effective marketers in the world tell us in their own words how they’re measuring ROI.
Dayna Rothman, VP-Marketing and Sales Development, BrightFunnel
“Every member of my marketing team is required to track varying levels of ROI across their programs and content. The key metric we look at is how marketing programs source and influence pipeline and revenue for the business. The metrics that tie marketing investment to revenue are what the C-suite wants to see — this helps marketing get a seat at the revenue table. We also look at program metrics down the funnel — looking at quantity and quality of leads, program velocity — to determine how fast different programs and channels move folks through our funnel, and historical conversion averages--how our programs perform historically over time--to help with planning and goal setting.
“There are multiple best practices that we have here at BrightFunnel. First, make sure that you develop a culture of measurement on your team--everyone should know what to report and how to do it, and they should be held accountable for the results. Second, make sure that you set your programs up to be measurable--we take a lot of care internally to make sure that everything is set up correctly in Marketo, which syncs to Salesforce, which then syncs to BrightFunnel. Operational attention is critically important to measurement.”
Justin Gray, CEO, LeadMD
“We’re getting back to basics. Some organizations get more and more complex over time, expanding metrics down to very granular measures. At LeadMD I feel like we are actually devolving in terms of complexity and, with it, evolving in terms of efficacy. For 2017 I was very adamant about narrowing the organization’s optics down to a core level — so much so that we have only three dashboards that I present at our monthly all hands meeting. Net New Revenue, Account Attachment Growth, and Annual Recurring Revenue Retention. Between these three reports, I can run the entire business if I really needed to, as the output of everything we do shows up on one of those gauges. With these metrics we answering our key questions: Are we converting new business (Net New)? Are we doing well for those customers and therefore expanding our engagement within those logos (Attachment)? Finally, are we fighting attrition (ARR) by maintaining long-term partnerships? That’s really all we need to know. And, if your teams know what levers they need to pull daily to influence those metrics, it’s an incredibly effective way to focus your teams on real measures that matter.”
Meagen Eisenberg, CMO, MongoDB
“Here are my top nine metrics:
Marketing's contribution to pipeline - deals sourced by marketing, deals influenced by marketing
- Downloads of the product a. Enterprise downloads b. MongoDB Atlas downloads c. tooling downloads i.e. BI Connector
SiriusDecisions waterfall with conversion rates (MQLs, SALs, SQLs, SQOs, Customers) by sales team and region
Net new logos acquired per quarter
Share of Voice (SOV)
Reach and impressions on social and media
Website traffic and conversions
Retention / renewals
“We measure ROI by looking at the revenue generated by the campaign minus the cost over the cost. And the same for influenced revenue. And we rank each campaign by this ROI. For example, we look at all events we ran within the quarter and rank (all webinars, all white papers, paid search).”
Michael Brenner, CEO, Marketing Insider Group
“We measure the success of content marketing based on one metric: subscribers. Subscribers serve two important roles. First, they tell us if the content we are producing is seen as valuable by our target audience. So every optimization and decision we make on content and the digital experience is based on how well it produces subscribers. Second, subscribers have value. Subscribers are nearly 10x more likely to convert than non-subscribers. Subscribers are also 2-3x more likely to spend more and stay longer as loyal customers.”
Jon Miller, CEO, Engagio
“At Engagio, we recommend focusing on five categories of account-based marketing metrics to show ROI:
- Program Impact
“These new ABM metrics are meant to be layered on your existing metrics, such as leads velocity, pipeline, and revenue.
“Coverage is the most basic of ABM metrics. It measures the data quality and completeness of accounts. It tells you if you have the right people in your database and answers questions like, “How effectively is your team adding contacts at your target accounts?” and “How complete is your data for each target account?”
“The next metrics is awareness, which is notoriously difficult to measure. One effective way to track awareness at a high level is by measuring web traffic specifically from target accounts. If web traffic from target accounts is going up, then it’s a good sign that your ABM efforts are increasing awareness.
“Engagement is an important metric that tells you if the right people at the account spending time with your company, from web sessions and content downloads to demos and on-site meetings. Is that engagement going up over time? Higher degrees of engagement mean a deeper commitment. Before someone spends money with you, they will spend time with you.
“Reach is the next important AMB metric. Are reaching target accounts? Every marketer wants to know which programs are working. But, historically, it’s been hard to know which programs do the best job of reaching your specific named accounts.
“Lastly, you must look at influence. In ABM we need to look for correlations between the activities and key sales outcomes. Mine your data to find influence insights such as: 'Accounts in the top 25% of engagement have 18% faster sales cycles than those in the bottom 25%.' How are ABM activities improving sales outcomes such as deal velocity, win rates, average contract values, retention, and Net Promoter Scores?”
Andy Crestodina, Co-Founder, Orbit Media Studios
In this short video, Crestodina outlines his approach to proving ROI with a focus on two key metrics: traffic and conversion rate.