Earlier this month, I joined a few thousand other marketers at Oracle Modern Marketing Experience. Kevin Akeroyd's keynote aptly captured the challenge that lays before today’s marketers: the dichotomy of Wall St. vs. Main St. While marketers are getting revenue focused and becomingly responsible for contributing more to sales pipeline with each passing quarter, they are simultaneously charged with delivering ever better customer experiences – in part to accomplish this end result.
Oracle Marketing Cloud customers have built best-in-class marketing tech stacks aimed at nurturing prospects and creating customers. When you combine the power of the Oracle Eloqua marketing automation platform with innovative advancements such as the recently released Oracle ID Graph that connects user data from various channels and devices into a single identity – great experiences are possible. But there is still a vast disconnect in the marketing lifecycle. These systems used to engage prospects at nearly every stage of the customer journey are completely separate from the processes marketers must rely on to identify new prospects in the first place. This lack of a seamless experience at the source of origination is a sure-fire recipe to negatively impact customer experience.
Most marketing organizations, in order to capture the volume of new prospects required to meet growing revenue goals, rely on various outbound demand generation tactics – like lead gen, content syndication, event marketing, etc. These activities all occur outside of core tech stacks and today are executed via mind-numbingly manual processes and the resulting prospect data must be manually uploaded into Eloqua nurture tracks. Numerous consequences result from the disparate nature of this whole process, such as: wasted marketing resources, unstandardized or inaccurate data, delayed marketing/sales follow-up and poor customer experience.
There is a better way. Oracle Eloqua customers can overcome these devastating results via a three-step approach to automating manual data processes:
Step 1: Set all third-party partners and data sources up to directly inject prospect data into Eloqua
Ultimately, your ability to accomplish this on a per-partner basis does depend on each partner’s level of sophistication, but media companies and other fulfillment sources are adapting to meet this growing demand through various APIs. Accomplishing this goal does become infinitely easier when you manage all partners and sources from one dashboard. However, whichever path you take, the results are worth the effort. You save up to 20% of your team’s time by eliminating manual data processes. New prospects get into nurture tracks significantly faster than relying on spreadsheets and manual uploads. The increased velocity enables you to quickly engage these prospects immediately following their first interaction.
Step 2: Apply data governance software to validate & standardize data before it hits Eloqua
It’s important to clarify that you only want to apply Step 1 if you’re prepared to also implement Step 2. When you allow third-party sources to post new contacts directly into your marketing automation database, you give up any control over exactly what data is going in. We know that on average 40% of all data generated by third-party sources fails to meet the marketers’ end criteria. By implementing data validation software before prospects hit your MA, you can ensure that only clean, qualified data enters your nurture and sales follow-up tracks – ultimately reducing costs, improving conversion rates and increasing ROI. Accurate data also supports your mission to deliver the right messages to the right people at the right time.
Step 3: Implement a closed-loop integration to tie KPI data from Eloqua back to the prospect source
Once all prospect data is governed and posted directly into Eloqua, the most important step to driving maximum marketing impact is to be able to understand which sources, campaigns and content are meeting your key performance indicators. Often time, marketers rely on excel to extract these insights at the end of every program, month or quarter, allowing little-to-no opportunity to act on any learnings obtained. Integrate recently released the Closed-Loop Media Optimizer app to provide point-and-click implementation of closed-loop KPI reporting directly within your Eloqua Campaign Canvas – enabling real-time program optimization. We’ve seen marketers like Docusign cut cost-per-opportunity in half as a result of closed-loop implementation.
Each of these steps will ultimately impact either top- or bottom-line revenue, while arming you with the insights you need to delight audiences and produce stellar customer experiences. You can learn more about our approach to helping Eloqua customers create new opportunities in this new whitepaper: “Integrating Third-Party Programs with Eloqua to Fully Automate Demand Gen.”