How to measure the effectiveness of your marketing activities with prospects?
Dealing with prospects is a real challenge:
- You often have only fragmented data of them
- You often don’t know their interests, or you only have a little bit of information that can easily mislead you
- Nowadays people quickly “run away” when feeling pushed – or even when feeling watched
On the other hand you have a lot of prospect data records available:
- Prospects show interest on your website
- They are active on Facebook, Twitter & Co
So certainly you want to reach them with the products of your company and win them as customers.
But how to measure the success of your marketing activities? How to really be able to follow-up on your actions you have taken so that you can improve them further?
First of all I would recommend to get the data of your prospects into SAP CRM
See also some blogs related to this topic:
Now I would like to explain how you can measure your success in a very simple way:
Phase 1: Set up
- Make sure that the responses of your prospects are tracked: Use the OData Service CRM_MKT_PROSPECT_ODATA to create
interactions for your prospects per response.
- Make sure that for each of these responses the correct marketing campaign gets referenced in the response: Use the BAdI CRM_MKT_INTERACTION_OBJECT to implement the correct logic for referencing always the right campaign.
- Make sure that for each kind of response a score value is defined: Define this score value in Customizing -> Customer Relationship Management -> Master Data -> Business Partner -> Marketing Prospects -> Define Score for Interaction Objects. – Each response will then increase the score of the prospect.
- Decide at which score level you want to convert a prospect to an account (BP). – This is the time when you consider a prospect being converted to a customer.
- Decide also when you delete (= “give up”) a marketing prospect, for example after which time, after how many or which marketing campaigns at which score level.
Phase 2: Execution
- When evaluating the right target groups for your campaigns consider also the interactions (including the ones that reflect the responses). With doing this you can be more specific, and you can address really the right people in the right way. Because you not only consider their more or less static master data but also their behavior and their reactions to your marketing activities.
Phase 3: Measurement
- Analyze based on your campaigns (now with detailed data about the number and kind of responses) and based on the “prospect-to-customer” conversion rate the overall effectiveness.
More details about what is offered in the area of nurturing and targeting of marketing prospects can be found in SAP Note 1896854.