Chart of the Week: Which Industries Are Poised To Tackle Big Data?
Big Data, Big Deal?
Big Data is, well, a big buzzword right now. Solution providers are working furiously to solve the challenge of big data. Many organizations are left wondering, "Should this be a strategic focus?" According to The CMO Survey, approximately 5.5% of marketing budgets currently are spent on marketing analytics, and this is expected to increase by 58% in the next three years! Capturing, analyzing, and visualizing large data sets is a tremendous feat, but making decisions based on that data is even more taxing. Before an organization considers "going big", it needs to start small.
With this in mind, we wanted to see to what degree marketing analytics is being adopted in various industries. Is there a correlation between the number of reports executed, and the performance of marketing communications? Are the companies pulling and analyzing more data making smarter business decisions based on the results?
When evaluating our customer data by industry we see that an increase in reports generated results in a corresponding increase in engagement, with engagement being measure by forms submitted and emails clicked. A logical conclusion is that companies that analyze marketing performance can better implement A/B testing, identify and exploit top performing web pages and social channels, develop more accurate personas, and more successfully tie revenue to marketing activity.
Who's Out Front? Life Sciences, Services, and Retail are leading the way. Over a 12 month period, they all began to increase their data analysis and saw an uptick in their marketing performance. On the other hand, Finance, Education, and Non-Profit decreased their evaluation of marketing metrics - and experienced a decline in their engagement.
Based on the engagement performance, it appears that Life Sciences, Services, and Retail are better positioned to explore big data opportunities. Does this mean only those organizations evaluating marketing analytics should consider a big data strategy? Not necessarily, but they may be better poised to execute on big data and see faster returns on their big data investment.
Shows how to deliver more unified communication and drive better engagement by integrating Sitecore and Eloqua.
Eloqua Sitecore CMS Web Connector turns Sitecore and Eloqua into a unified engagement platform, guiding people through consideration to commitment, effectively nurturing online shoppers throughout the buying cycle for more conversions.
Since Gmail rolled out their new inbox tabs, there has been lots of buzz in the market concerning their impact on marketing campaigns. It’s been about 3 months since Gmail announced their new inbox tabs so we decided to look at the total number of email opens per email sent to the gmail.com domain to see if there has been any change in the weeks leading up to and after the change. The short answer is there has been no significant impact to date.
One of the interesting benefits to Gmail tabs is that when a user is looking at a particular tab, they are consciously aware of the type of email they are going to read. While there have been concerns about drops in opens, by looking at opens per send we noticed a slight increase in some weeks. One theory is that while fewer people might see your emails, the people that do may be reading them more than once, because they have consciously gone to the appropriate tab and are mentally prepared to review and absorb a message that may be of a commercial nature, indicating more qualified interest.
One thing everybody agrees on is that only time will tell what the true impact of Gmail Tabs is for marketers. It will also be interesting to see if this same trend applies more generally for organizations using Gmail as their mail service with their own domain.
We took a look at the email activity trends over the last five years, and attempted to determine if overall email activity was on the decline. Today we send over 2 billion emails per quarter, so we thought that was a pretty good data set to analyze. We then normalized the email usage by the size of the contact database to account for customer growth and list fatigue. The results were very clear. Emails sent per 1,000 contacts has grown over 42% over the last five years. This may seem counter intuitive to what many marketers are saying, that email as a marketing channel is over. But when we examined what our customers were doing with email, it became obvious that this activity wasn't just plain ol' "batch n' blast" email campaigns.
Here is what we learned, and why email marketing (automation) continues to grow and be effective for Eloqua customers.
1. If you know your buyer's digital body language, you can target and personalize your email campaigns by interest level, making them very compelling. 2. If you leverage marketing automation to engage with your buyer's on their timeframe (and not your campaign calendar), you drive a much higher level of engagement. 3. If you provide email campaigning tools to your sales team, they can continue to connect with buyers deeper into the buying process. 4. If you learn from your marketing analysis and benchmark yourself against others, you can continue to increase your email campaign activity with a focus on the best content, and right target segments. 5. Finally great email design - still goes a long way in keeping your audience engaged.
Leveraging these five best practices, you too can continue to grow your use of email marketing (automation) for years to come.
This is the third installment in ReadyTalk series of pre, during and post webinar inforgraphics. The first one can be found here and the second one can be found here. The 3rd infographic allows you to benchmark your webinars vs. your peers in areas of qualified leads, marketing automation use and content re-purposing. Please feel free to share it with your colleagues!
Here is the 2nd in a series of infographics we made at ReadyTalk. This one focuses on the event itself. What is a good registrant to attendee conversion rate? What are the best days to hold a webinar and how many attendees are other organizations averaging?
An outdate manual lead distribution process can seriously undermine sales. So can generic portals and PRM's that create redundancies or don't actually get used. What's the solution? For a multi-billion dollar electronics manufacturer that wanted to empower its distributors with better leads, the answer was integrating Zift Solutions into their Oracle Eloqua Marketing Automation Platform (MAP). The results are impressive. That's why I am sharing this case study, so that you can learn best practices and grow your channel business.
In this instance, leads were being shared via Excel spreadsheet, manual data entry was time-consuming for both the dealers and the channel staff, details and pipeline visibility were limited and the entire sales process was slow. By deploying Zift Solutions, the manufacturer easily established a collaborative selling process with distributors, streamlined lead distribution and saw the following results in just six (6) months:
49% increase in leads sent to sales
33% increase in sales accepted leads
32% increase in sales qualified leads
18% increase in won deals
Today, distributors have the flexibility to receive leads via email, personalized portal or directly into their own CRM environments. Leads get to the right people faster, complete with valuable profile and historical data to help close deals.
I hope you find this resource helpful, and am happy to talk offline about leveraging Oracle Eloqua to streamline lead distribution and establish a truly collaborative selling process with your partners.
Wile do campaigning we are getting leads from Eloqua, if we integrate some statistical language like R, SAS,,,,,in Eloqua so we can easily do the statistical modeling in Eloqua itself and we can easily automate the process. Because of this analysis we can easily get more customers within short time.
Here is a nice little infographic we created over at ReadyTalk so you can measure your pre-webinar activity against that of your peers. If you have ever wondered what was the best channel for promotions or how many invites to send, wonder no more! Feel free to share the infographic.
Regardless of their position on the Salesforce maturity curve, salesforce.com customers are recognizing the benefits of effectively governing their implementations. To achieve the full benefits of the cloud, organizations must re-examine their governance structures, policies, and processes to ensure they address the challenges of cloud-based application development, deployment, and ongoing innovation.
As a yardstick, to optimize cloud applications ROI, the governance framework should support the fastest possible rollout of the newest functionality to the broadest base of users possible, so that the only limiting factor is the ability of users to absorb change. However, in reality, investments in governance must be justified through a solid business case that compares costs to returns and demonstrates a healthy ROI multiple—just like any other proposed business investment.
Bluewolf has developed a Cloud Governance ROI model. The model incorporates the six factors below and customer-specific factors to build a financial case demonstrating ROI. We are able to demonstrate an ROI of anywhere from 3x to 20x within a two or three-year horizon. Could I buy a $20 bill from you with the $1 bill in my wallet? Cloud governance delivers a healthy ROI and can be both modeled to underpin a business case for the investment.
The impact of cloud governance investment is seen in the following six ways:
Faster Release Cadence The earlier we put new application capabilities into the hands of end users, and train them to utilize them effectively, the earlier they can begin converting those capabilities into incremental revenue. An effective cloud governance framework allows organizations to make decisions faster, clarifies execution responsibilities, and delivers new functionality quickly through optimized and automated development and release processes.
Higher Quality New releases of applications which are bug-free, delivered on time, and on budget prevent costly downtime incidents and ensure that end users have access to the full set of application functions to serve your customers. Cloud governance ensures quality releases by instating best practice-based QA policies and processes, and automating key QA functions such as continuous integration and automated unit and functional testing. Go-live events are no longer dramatic: we already know the application we are deploying has passed 100% of tests, and we have practiced deployments many times before an actual production deployment.
Higher Adoption Our goal is to achieve 100% adoption of cloud applications in the target user base, and we continuously measure adoption (frequency as well as “breadth” and “depth” of application use) to understand whether and how closely we are achieving that goal. Through effective cloud governance, we build mechanisms for efficient Enhancements and New Feature Request Capture, prioritization, scheduling for (Agile) development, QA/test, and production deployment that put functionality in the users’ hands, as fast as they can absorb it. Increased responsiveness to user requests leads to increased application adoption and a virtuous cycle ensues.
Improved Productivity Streamlined and automated development, testing, and deployment functions, boosts the productivity of the teams that produce new application functionality. By implementing user requests for new or enhanced functionality faster, we boost the productivity of end users, allowing them to do more in less time—selling to more customers or servicing more customers.
Better Support Traditional on-premise application support organizations are typically centralized and optimized for efficiency and standardization, often at the expense of providing quick resolution of issues. By adopting best practice-based cloud application support structures and processes, we are able to dramatically improve support responsiveness and end-user self-sufficiency, leading to faster and more satisfying support outcomes.
Reduced Risk Applications need to be deployed into the cloud in a responsible manner and with full consideration of security, privacy, and integrity of your corporate data and business processes. Salesforce.com’s cloud platforms—Force.com and Heroku—provide a solid foundation of services to protect corporate information. Cloud governance offers security recommendations to ensure that the applications deployed on these platforms are risk free. The impact is measured in either avoidance of direct financial impact or consequential financial impact arising from impacted customers or reputational harm.
Let me take you behind the scenes a little bit. At Eloqua, we have been doing the Chart of the Week for a long time. Every week. In fact, this week is our 120th edition. Putting them together is always fun, but can be challenging. When we are putting the chart together, we almost always start with data. Sometimes, a ridiculous amount of it. Then, we come up with a thesis, and start tearing into the data. Sometimes it supports it, and sometimes it doesn't. But, we always learn something.
I did a fairly popular chart almost 2 years ago, looking at what day of the week is the best to send emails. It turns out that it’s the weekend. I wanted to drill in a little more, down to the hour. So, I requested a listing of email sends over the last 3 months, with the time of day as well as metrics (total sends/opens/click throughs). This amounted to just about 1.1 billion emails sents. And, that was only over random segment of customers.
So, after a long time trying to open the file (that’s a lot of data!) and get it formatted, I needed to determine my metrics. I decided I was going to look at the following:
Email Open Rate: (Email Opens)/(Emails Delivered)
Email Click Through Rate: (Email Click Throughs)/(Emails Delivered)
Click to Open: (Email Click Throughs)/(Email Opens)
NOTE, this is done as a logarithmic scale. The outer ring represents 100%. The inner ring represents 10%
Now, the fun part, interpreting what it means. For emails that are sent during the day, the open rate is fairly constant. There is a improvement for those emails that are sent overnight. My assumptions are that those emails are either requests for information (such as form submissions) OR that they are being batched and read first thing in the morning.
The click through rate and the click to open rate actually mirror each other pretty closely (which is to be expected). The most interesting thing to note here is that the click to open rates are highest for emails sent between 6-9AM, as well as from about 11AM to 3PM. The lowest appears at 1AM.
So, it looks like people are opening and digesting the contents of emails that are sent at off peak times. People aren't clicking through those emails. Most likely this is because if they do open it, at off peak hours, they are not in a position to follow through. If they are going through emails in the morning, people might be less likely to follow up on them because they have so many emails.
The last piece is for me to come up with article title, to get you guys to read it. So, if Wilson Pickett was to give advice on when the best time to send an email is? My bet, he would suggest in the midnight hour. Good thing he stuck to R&B...
So, that's it for my behind the scenes take. Tell me how I did in the comments!