New Marketo Product Solves the Budget Problem for Marketers
Marketo has partnered with Allocadia to develop Marketo Financial Management (MFM), which combats some of marketers’ greatest problems including budgeting and integration.
Marketing automation leader Marketo officially presented the latest addition to its suite of products last week at their 2013 User Summit, and it’s one that will have many marketers breathing a sigh of relief…
Many marketers still struggle with budgeting. Most use the marketer’s reliable friend Excel – creating massive workbooks to plan and manage complex marketing program budgets; these countless spreadsheets aren’t really adequate to the task. In addition to creating version-control issues, they don’t offer the integration, visibility, or control today’s marketing teams need to track returns and justify spending. This creates confusion and frustration within the marketing department, and results in financial reporting that doesn’t meet the needs of the CFO or CMO who ultimately controls the purse strings.
I could feel the excitement at the 2013 Marketo User Summit #MUS13, when CEO Phil Fernandez introduced Marketo Financial Management (MFM), a tool that combines a familiar, Excel-like interface with exciting new functionality.
Here’s some of what we can do with MFM:
- Get budgeting and campaign management tools under one roof
- Tame version-control issues (and assign access rights to team members)
- Track planned, forecasted, committed, and actual spending for each line item
- Use cool dashboards and reports to get and share up-to-date data
This will give marketers reliable access to the data they need, associate actual expense with marketing programs running in real time, and it also lets them share it with external decision-makers in a format they’ll understand. That means it will not only help us make better use of available budgets, it can also help justify spend and secure additional funds based on actual performance.
Here’s the rub: although MFM is now available, it hasn’t been integrated directly into the Marketo platform yet. The good news is that full integration is just around the corner. MFM was developed with Allocadia, a company that specializes in SaaS marketing software. Learn more about MFM and Allocadia’s LaunchPoint integration here.
Until the upcoming official integration, MFM can be integrated with Marketo using a SOAP API.
Allocadia is one of a quickly growing number of respected OEM partners building on the Marketo LaunchPoint ecosystem, a platform that integrates more than 65 essential marketing solutions, including lead creation and management, social engagement, sales enablement, mobile experience, SEO, demand generation, web conferencing.
Budget management was one of the very few missing pieces in this integrated array of marketing tools, which is why I’m looking forward to taking a closer look.
Learn more about Marketo's new Program API capabilities for Enterprise editions (Marketo log-in required)