Christopher Penn, VP of Marketing Technology at SHIFT Communications kicked off the morning with a question on “what is big data?”. Referencing Tom Webster, Edison Research, “Any data that you don’t have a story for or doesn't fit on an Excel spreadsheet.” But how do we store all this stuff and what does this stuff tell us? Join MassTLC’s Big Data group for answers to the first question, but today’s marketing session tackled the 2nd question – what do we need to look at and how? Christopher discussed 3 reasons why data-driven marketing fails; 1. Asking bad questions of good data 2. Having the wrong focus 3. Assuming what = why. Christopher’s presentation can be found here.
Next Raj Vysetty, Manager e-commerce & Analytics, at DYN presented three classes of analytics:
1. Known-Known’s = reporting
2. Known-Unknown’s = analysis
3. Unknown-Unknown’s = exploration
Raj shared DYN’s data sources and tools including Google analytics, Zuora, salesforce.com and SimplyMeasured for social data. Some of the more strategic metrics DYN looks at: % of revenue vs % of customers, time to upsell contracts, discounting vs. monthly price and cross-sell ratio. Raj’s presentation can be found here.
Prashant Kaw, Inbound Marketing and Operations at SmartBear Software presented on cultivating a “feed the bear”. Everyone in your organization has to know the metrics that drive your biz - from most senior to its junior members. Prashant shares his marketing technology stack led by HubSpot, InsightSquared, Salesforce and yes, Excel. The takeaways which can be found in Prashant’s presentation are develop a culture of monitoring, define top metrics and don't be afraid to go granular.culture of data to help keep the sales team fed with leads -
During the q&a portion of the event, there was a good dialogue around outbound marketing – how much email is too much? Definitely monitor performance through Google analytics or your marketing automation system.
Prashant was asked a question on how comp plans help align marketing and sales. At SmartBear, marketing is measured on trial volume but the marketing team is also measured and compensated on billings and of course, growth goals.
Thanks to Constant Contact for hosting and to our Sales and Marketing cluster sponsors; KnowledgeVision, PegaSystems and ZoomInfo.
Watch for our next event on sales enablement. Interested in sharing a case study on the topic? Contact Christine@masstlc.org.