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One of the awesome things about Marketo is you are not constrained by any lead source structure, you can build whatever makes sense for you.
Are you adding a Marketo form to your page? If yes, as long as you have set-up your form to capture the string with a hidden field and all the links are set-up with the string in place then tracking would work.
Hope this helps,
Thanks Jeff for your response. Yes, we have marketo forms with hidden lead source fields on all pages. But here's the problem, even if a lead comes to the page via organic search, the lead source always is updated as from ads because of the hidden field utm parameter from the URL string. Is there a way to tell Marketo not to use utm parameter for leads source if the original referrer contains e.g. "google" or "bing.com"?
Sure, add another parameter to the tracking fields. Then when you capture that parameter on a lead record you can have a workflow that overwrites what Marketo auto fills in.