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All About Revenue Success Tour
Thursday was a great day. In addition to perfect weather, Eloqua was hosting their 4th Toronto All About Revenue Success Tour. Located on the 18th floor rooftop of the Park Hyatt in downtown, thirty marketers from south-western Ontario gathered to compare notes on marketing automation techniques, learn what Eloqua has in store for them, and enjoy ‘Happy Hour at the Hyatt’.
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Organizing for Marketing Automation Success
The afternoon started off with an introduction by Eloqua’s Melissa Madian. Following that I took the mic and discussed common reasons why marketing automation fails to reach its goal and tips on how to avoid these pitfalls. This included organizing your marketing and sales department around a Chief Revenue Officer and a Revenue Operations group. The Revenue Operations group is the combination of Marketing and Sales operations but functions with the single goal of driving revenue through process and technology. Learn more about the presentation in an upcoming blog post.
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Revenue Performance Management
Next up was event organizer, host, and Eloquan Jason Pemberton (@jasonpemberton). In a very interactive session he discussed Revenue Performance Management (RPM). This included what it is, how it has evolved, when organizations should start looking at it, and how to approach it. He offered plenty of stats to back up Eloqua’s claims that RPM will be the next frontier for marketers. He gave tips on how to start preparing for RPM by implementing the practices even before you implement a technology to support it.
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The Cost of Bad Data
The final speaker of the day was Mike MacFarlane (@mikemacfarlane) from Couch & Associates (@couchassociates). Mike’s presentation, titled The Cost of Bad Data, discussed how inaccurate data can cause a leaky funnel. He offered monetary costs associated with keeping bad data then described a method of automated cleaning called a ‘Contact Washing Machine’. Mike is also rumored to be the guy who actually invented the Contact Washing Machine. You can read more about his presentation, including a link to his slides, here.
Twitter was alive with #EloquaTour tweets including:
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- @jomoon: Joe Gelata shares thoughts on organizing for mktg automation success – don’t “boil the ocean” out of the gate #EloquaTour
- @jomoon: Dirty data slows your success #EloquaTour
- @jomoon: Dirty data is costly-deal w/it on the way into the database proactively @mikemacfarlane #EloquaTour http://yfrog.com/h214755126j
- @jomoon: Trouble brewing? Forms and list uploads (ie tradeshows) are bad data hot spots!! Via @mikemacfarlane #EloquaTour
- @grieben: Talking data strategy, data is the new black and blacks always in style @RevenueEngineer at #eloquatour
- @EloquaDrake: Great tips from @JoeGelata -keep data clean, get Mgt & Sales buy-in, allocate resources for marketing automation success #EloquaTour
- @HenriettaSung: Thks @RevenueEngineer! Good suggestion to data cleanse first b4 a campaign #eloquatour
- @HenriettaSung: Interesting fact: Eloqua customers implementing RPM 1.0 strategy outperform the S&P. #eloquatour
- @zainab__a: @mikemacfarlane talks about the cost of bad data. First signs of bad data: leaky funnel #EloquaTour #TO
- @zainab__a: Find source of problem, set plan of attack & set it/dont forget it- @mikemacfarlane on data cleanliness #EloquaTour
- @jasonpemberton: Data quality is a company wide responsibility #eloquatour
- @jasonpemberton: 10-25% of contacts in your database contain critical errors #eloquatour
- @ehCordeiro: Looking dapper discussing dirty data due diligence @mikemacfarlane at Toronto’s #eloquatour http://t.co/7MSJHU8
- @RevenueEngineer: Quote of the week via Richard @Quarry “Content is the fuel for marketing automation” #MarketingAutomation #EloquaTour
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Break Out Sessions
Following the presentations were several interactive breakout sessions where attendees could learn more about topics such as sales enablement and automation. These sessions offered a wonderful environment for networking, idea sharing, and brainstorming among peers. New connections were made and many problems solved as we collaborated and shared our experiences and points of view. Although this is done daily in the social media realm, nothing can replace in person collaboration. True to form, Eloqua ended the event with a happy hour…or several of them.
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It was a productive day for marketers. A big thanks goes out to Jason and the Eloqua crew putting on a great event.
Throughout the day it became apparent that marketing is more focused on revenue than ever before. They are also more focused on aligning with sales to help realize this revenue.
An in depth post on Why Marketing Automation Can Fail and How to Ensure it Doesn’t has been posted.