The four pillars of measuring marketing ROI are key to improving sales says Jonathan Rowe, Chief Marketing Officer at nCino. “It’s really understanding your costs specific to the activities you are doing in marketing, tying those activities to your sales opportunities, and then measuring results.”
Rowe says that taking in data on sales prospects and making it available to salespeople can drive results: “When you are bringing all of the data into one real-time place, then you can start empowering salespeople to use the data. You can track your customer journeys in real-time.”
Jonathan Rowe, Chief Marketing Officer at nCino, discusses how to use data to track and improve marketing ROI in an interview with James Carbary, the founder of Sweet Fish Media on the B2B Growth Podcast:
The Four Pillars of Measuring Marketing ROI
Knowing Your Costs
There are four variables that we use to measure ROI that have proven very successful for us. It starts with your costs. Whether it’s headcount costs where you are investing in people, whether it’s the cost of investing in PR, whether you are doing webinars or podcasts, whether you are advertising, etc., it’s really making sure that you have a good understanding of here’s where I’m actually spending my money and how much. So it starts with your costs.
Identifying Marketing Activities
The next step from there is here are all the different activities that we are spending money on. It’s advertising, attending conferences, or doing podcasts. Here are the activities. You have your costs and you have your activities.
Connecting Activities to Sales Opportunities
Then the next big step is connecting those activities to actual sales opportunities. As a B2B marketing organization at nCino, we are selling and marketing to banks. Whenever we initiate a conversation with a financial institution it often takes us 9-12 months from that initial interaction to hopefully when they become a nCino customer.
Over that 12 months, there are hopefully going to be a lot of different marketing activities where that bank and different individuals at the bank interact with nCino. We want to be able to capture that information. So we take the activities that we are doing and we actually connect them to a specific sales opportunity at the financial institution and the individual at the financial institution.
ROI: Measuring Results
The fourth pillar is the results, where we actually turn that prospect into a nCino customer. Then we can say that marketing played this role. At the end of the day, we are in a business where it’s more than marketing. We have sales groups and others involved.
When we sign a financial institution to become a nCino customer I’m always very proud to say here are all the different marketing activities (that led to the sale). Whether it’s white papers and thought leadership or press releases or attending a conference in a booth, how all those activities played an influential role.
It’s really understanding your costs specific to the activities you are doing in marketing, tying those activities to your sales opportunities, and then measuring results.
You Have to Be Committed to Data Analytics
One, you have to really be committed to data analytics. You want to have that marketing driven organization knowing it’s going to take time and costs to get there. Then two, you want to make smart decisions around the technology you use because connecting all of the dots around your data is probably the most important thing. I want to be able to go onto two or three systems which are what we have at nCino and be able to look and see all that data together.
I can see, for example, that Mary who works at a financial institution that we are talking to was on our website yesterday, that she looked at all of these different pages, that she spent seven or eight minutes on each page, and she actually downloaded one of our whitepapers. Then I find out that we are going to see Mary at a banking conference that we are going to in a few weeks.
With all of that automation, I know that the salesperson will log in and see all of that information on the financial institution and Mary.
Track You Customer Journeys in Real-Time
That sales rep will have literally on their phone before they have that face to face conversation at the conference all of Mary’s interactions. Some things you probably don’t want to tell Mary, which is hey, by the way, we’ve been tracking all of your website activity on the nCino website. But what you can have is a conversation around the fact that she downloaded our artificial intelligence whitepaper around banking and you can talk about that.
When you have fewer systems and you’ve made the commitment and you’ve gotten to the place where you are bringing all of the data into one real-time place, then you can start empowering people to use the data. You can track your customer journeys in real-time.
>> Listen to the complete B2B Growth podcast interview.