Marketo Performance Insights (MPI) dashboards track your entire funnel from lead acquisition to revenue—without much work from you. This is a huge win for performance management.
MPI includes three out-of-the-box dashboards: Engagement, Pipeline, and Revenue. Combined, these dashboards give you a bird’s-eye view of 12 valuable metrics, as discussed below.
MPI Dashboards Make Performance Management Easy
MPI is designed to help you track the health of your marketing efforts broadly and spot areas in need of improvement. You will probably use just the handful of metrics that align with your team’s performance management strategy. You can use the Quick Charts tool to display only your top metrics from across all three dashboards.
For each metric, MPI lets you compare across channels (i.e., all email versus all direct mail) or across individual programs. To get a sense of overall marketing performance, you can compare to past periods and view the trends for all channels over time. To drill down, you can filter categories like opportunity type or a specific program tag. If you have the account-based marketing (ABM) or revenue cycle model (RCM) add-ons, you can drill down by additional attributes as well.
Here are the 12 metrics that MPI tracks:
On the MPI Engagement Dashboard:
- Program Success (#): Number of people in each program that met the “Program Success” criteria
- New Leads (#): Number of new leads generated by program
On the MPI Pipeline Dashboard:
You can view each of the following by first-touch or multi-touch attribution.
- New Opportunities (#): Number of new opportunities created per program
- Pipeline Created ($): Dollar value of pipeline generated by each program
- Pipeline Open ($): Same as above, but only for opportunities that haven’t closed yet
- Expected Revenue ($): Revenue expected to be generated by each program (expected revenue is the opportunity’s value multiplied by the probability that it will close)
- Cost Per Opportunity Created (%): Program cost divided by the number of new opportunities the program influenced
- Pipeline-Created-to-Cost Ratio (%): A program’s pipeline influence divided by the program’s cost
Note: With any of the above metrics, you can expect to see some decimals. If multiple leads are involved in each opportunity, programs will get a percentage of the credit depending on which leads they touched. In multi-touch attribution, programs get a portion of the credit based on the number of programs that influenced each opportunity. The same logic applies to program costs: Marketo will only count a percentage of costs to each opportunity.
On the MPI Revenue Dashboard:
- Opportunities Won (#): The number of won opportunities that each program influenced
- Revenue Won ($): The amount of won revenue that each program influenced
- Cost Per Opportunity Won ($): Program cost divided by the number of new won opportunities
- Revenue-Won-to-Cost Ratio (%): Dollar value of opportunities influenced divided by program cost
Like the pipeline dashboard, the revenue dashboard gives each program partial credit for revenue. The numbers you see are fractions of the total revenue and costs involved.
The Usual Caveat: Garbage In, Garbage Out
As with all analytics, the quality of your insights will depend on the quality of your data. Because these are out-of-the-box dashboards and there is a limit to how much you can fiddle with them, that caveat is especially true here.
Before confidently presenting MPI insights to your CMO, review your own data and have a conversation with sales. Make sure both teams understand the kind of data quality needed across Marketo and your CRM, along with any areas for growth that may show up in your metrics.
Thankfully, Marketo has anticipated some lax data management—both in Marketo and in Salesforce or Microsoft Dynamics. Here’s what you need to make each metric meaningful, along with your setup options for each:
MPI Dashboard Data Quality Requirements in Marketo:
- Each Marketo program needs a channel (email, webinar, etc). Ideally, you’ve been defining each program’s channel as you go. If not, you can go back through manually (don’t forget archived programs) or use Marketo’s API to bulk update.
- Each program needs a success state. The meaning of program success will vary based on channel, but should be consistent within channels over time for this report to be the most useful. Program success data is hard to change after the fact.
- Each person needs an acquisition program (the program that is responsible for first bringing them in). This should happen automatically, but double-check.
- Each person needs an acquisition date. This is used for calculating first-touch attribution. Acquisition dates should be being logged automatically, but it’s good to confirm.
- Each program needs a program cost. If you haven’t assigned a cost for each program, do so manually (don’t forget archived programs) or use Marketo’s API.
- Program costs should be consistent. Have a default cost for standard program types that users put in. You can also add or change costs after the fact.
MPI Dashboard Requirements in Your CRM (and in Conversation with Sales):
- Deal with duplicate person records. Make sure your CRM administrator has a strategy for taking care of duplicates quickly so that you don’t have multiple records per person skewing your first-touch and multi-touch attribution tracking.
- Choose an attribution strategy. Marketo knows that sales teams handle their opportunities differently. If your sales team consistently tracks contact roles on opportunities, Marketo can use that data for attribution. If not, or if you want to capture a broader view of Marketing’s influence, Marketo can do attribution reporting based on everyone on the account.
- Create opportunities after programs. The “new opportunities” metric captures opportunities that are created after marketing programs start. If your sales team has a habit of creating open opportunities for repeat customers at the beginning of the calendar year, for example, those opportunities will not show up. Make sure you understand you sales team's processes.
- Make sure you can trust expected revenue. For this metric to be most meaningful, sales reps need to be consistent. If each rep uses different criteria for updating stages or accepting leads, expected revenue gets messy. Make sure you understand how confident your sales team is in this metric.
Want help cleaning up your data or kicking off a performance management conversation with sales? Let’s talk.
Looking for more marketing performance management resources? Check out these blogs: