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Pierce, we do both. If there is a common theme (e.g. telemarketing campaign, conference recruitment, etc.), we put them in one program. If they are separate, somewhat unrelated offers (e.g. series of new research reports) or multiple channels, we use different programs.
This is a challenge because Marketo doesn't have a Parent Program model. See this idea:
we use one program with a specific channel, we insert all the touches as distinct campaigns with separate engaged campaigns (to push interesting moment to our CRM). We can then track results at a touch level or at the program level
if we have to use another program (e.g. webinar), we still add touch and engaged campaign into the first program
Cécile @ Talend
This is very helpful! We've been trying to figure out the best way to do it and aren't sure if what we have started using is how we like it.
We set up a channel for multi-email campaigns and then have our progression steps showing open email 1, click links email 1, opens email 2, etc. It works, but I'd much rather have a parent/child relationship like Salesforce.