In this article, you will learn how to connect Oracle Eloqua to Forwrd and how to use it as a source when creating a scoring model.
Introduction to this integration
Adding Elequa to Forwrd makes it easy to analyze and score your leads and customers by matching historical data (i.e., engagement, firmographics, demographics) against a business objective to predict who will convert and why.
Here are some examples of use cases:
Predict which leads will become MQLs
Predict which MQLs will become Opportunities
Predict which Opportunities will become Paying customer
Predict which Customers will Expand
Predict which Customers will Churn
In addition to Elequa, you are encouraged to add more data sources to develop a holistic, unbiased scoring model that takes into account ALL relevant user touchpoints.
Before you connect, please make sure that your Oracle Eloqua account has the following permissions:
Manage Data Import
Manage Data Export
Setting up the integration
1. Navigate to Forwrd to the 'sources' layer tab.
2. Now click 'New Source' and select Eloqua.
3. Add a name to your connector (for example, Oracle Eloqua Integration) and click 'Next.'
4. Set your related Eloqua user name and password (that has the permission mentioned in the `Prerequisites` section). Click `Authorize`.
Once the connection is completed, you will see the Integration source added.
You can click the 'three dots' icon to see more functions you can perform with this source. For example, you can share this source with another team member who uses Forwrd or test the connection to this source.
5. Define a decision base (micro data warehouse).
Next, you will need to define a ‘decision base’, which is a micro data warehouse that Forwrd can analyze to generate predictions.
A decision base can combine data from multiple sources. For instance, you can combine data from Elequa, Salesforce, and Mixpanel. The types of source you would combine would depend on your use case.
Click 'Create New', name your decision base, select the data sources and the respective objects you'd like to join together.
Once the decision base is created, I can see its size, date range, and when it was last synced – and I can even set it to sync to ensure my data is always fresh and up-to-date.
After you're done creating your decision base, you can apply filters to hone in on specific segments, user groups, and so on.
6. Define a metric (business objective).
Next, you should define your Metric, which stands for the business objective and business logic to guide your prediction.
Click 'Create New' and name your metric. Next, add the decision base you have just created (in step 5) and define an expression to teach Forwrd what a successful conversion looks like.
Next, you will teach Forwrd what an open record looks like so it will make predictions on these open leads.
Lastly, to generate the most accurate predictions, you must tell Forwrd how to recognize ‘lost’ leads that didn’t convert into opportunities.
7. Define a metric (business objective).
At this point, we can run an analysis. Go to the 'Projects' tab, create a new project and within it, create a new analysis that includes your ‘Decision base’ and ‘Metric’.
Once you're done, you can click 'Create'. This will run your analysis.
At this point, you can review your analysis – As you can see on the left side of the screen, Forwrd identified several factors that impact your business objective and by how much.
You can drill down to any of the factors that Forwrd detected to better understand what drives conversions and what does more damage than good.
8. Build a scoring model.
Now, you can go ahead and build a model that will help you predict whether your open leads will convert or not. To do that, we’ll click ‘build model.’
Forwrd will display the result and classify your leads into 4 buckets based on their conversion likelihood.
You can hover over each of the records and see a clear explanation of WHY Forwrd decided to give the lead its score.
9. Create An Automation
Go to the 'Automation' tab and create a new automation by clicking the 'Plus' button.
You’ll see a new line created for this automation. Press on the ‘Set’ button on the box that says: ‘DEFINE UPDATE SOURCE’:
In the drop menu that opens select your Eloqua source name defined in step # 3 (‘Choose Update Source’):
In the ‘Object’ field, choose the table you would like to write to (for example, ‘Leads’); in the ‘Record ID’ field, choose the record key you would like to use (for example, ‘Eloqua Lead Id’).
Now you can choose per the tabs: ‘SCORE’, ‘EXPLAIN’ and ‘TREND’ at the bottom the relevant dedicated fields you created in Eloqua (e.g. ‘Forwrd Score’, ‘Forwrd Explain’, ‘Forwrd Trend’).
At this point you can choose to add another field by pressing the plus button, you can choose per the tabs: ‘SCORE’, ‘EXPLAIN’ and ‘TREND’ and add a condition of either once or always. For example: you can choose to create a field for Forwrd’s first score by clicking on score + once, this way you can view the progression of your score record.
Once you are done, click on the Done button at the bottom.
Now, choose the frequency of the updates.
Click on the sync box, and you will be able to choose at what intervals you would like your fields to update. Choose the time (in UTC) it should be running every day (it can also run weekly or monthly), but If you choose daily, you can pick the hour you wish to receive the update; you can add multiple times each day by pressing the plus button.
Decide how far back you want to score the leads.
This is defined at the first box in the line, once you click it you’ll see a menu that allows you to define the criteria. For instance, leads created in the last 14 days. It is important to choose the correct time metric that is related to the prediction metric created for this analysis.
Last but not least, enable the analysis. Slide the On/Off button to the ‘ON’ position on the right corner.
FYI- A common automation would be to score Eloqua open leads and push them back into Eloqua once a day.
Thanks for taking the time to review these instructions.
If you need further help setting things up, or if you’d like to see a personalized, in-depth demo of Forwrd –book a demo with us. We'd love to help!