Tutorial: Learn 4 ways to put campaign responses to work for you

http://rc.crm.dynamics.com/RC/2011/en-us/online/5.1_CTP/campaignresponses.aspx
http://rc.crm.dynamics.com/rc/2011/en-us/online/5.0/campresproutingdiagram.aspx
http://blogs.msdn.com/b/crm/archive/2008/01/31/crm-4-0-campaign-vs-quick-campaign-flow-chart.aspx

Lesson 1: Create a new campaign response manually

Sales and marketing teams can use Microsoft Dynamics CRM Online to manually enter customer responses as campaign response records, based on a direct marketing campaign activity. You can create responses manually by creating a campaign activity and then converting it, or by creating a new campaign response in a Campaign form.
For example, when your company launches a new product, you may set up a campaign from start to finish in Microsoft Dynamics CRM Online. As part of your campaign, you may also decide to set up a booth at the county fair to promote this product. You create only one campaign activity for the event itself. You use a printed sign-up sheet on a clipboard to collect contact information from people who are interested in learning more about your product. Back in your office, you can add each of these potential customers into Microsoft Dynamics CRM Online as a campaign response activity associated with the campaign activity for the event.
Only the following activities can be converted to campaign responses:
Appointment
E-mail
Fax
Letter
Phone Call
By opening the campaign record for your product launch and clicking Campaign Responses under Common, you can see the list of all campaign responses collected to this point. You can then click New to create the campaign response in Microsoft Dynamics CRM Online and automatically associate it with the parent campaign.
Tip
Although you can create campaign responses manually in Microsoft Dynamics CRM Online, for situations where you receive contact information outside the system, you may want to consider entering the potential customers as leads instead. You can then convert these leads to opportunities. When you convert a lead to an opportunity, you can also record the fact that the opportunity was generated from a campaign response, as described in the next section.
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Lesson 2: Convert an activity to a campaign response

When someone responds to the marketing material you've sent, you can convert the corresponding campaign activity, such as a phone call, e-mail, or appointment, to a campaign response.
Tip
In Microsoft Dynamics CRM Online, you directly promote an activity to a campaign response, or you can create campaign responses from activities when you convert an individual activity to an opportunity.
For example, to help promote your new product to retailers, you create phone call activities that you distribute to your telesales representatives. One of the retailers on your call list responds favorably to your organization's offer. With the Phone Call activity form open, your telesales representative clicks Promote to Response in the Convert Activity group. Alternatively, the representative can also click To Opportunity in the Convert Activity group, and then locate and select data for the Customer field and Source Campaign field. By default, the Record a closed campaign response option is selected, which will automatically generate a campaign response and associate it to the campaign in Microsoft Dynamics CRM Online.
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Lesson 3: Automate creating campaign responses

For e-mail activities that are included in your campaign, you can use Microsoft Dynamics CRM Online to generate the campaign responses automatically. When customers respond to e-mail activities, you can choose to have Microsoft Dynamics CRM Online create the corresponding campaign response records automatically.
For example, from a campaign record, you create a campaign activity and choose e-mail as the channel. Because you created the activity from within the campaign record, the e-mail activity is automatically associated with the marketing campaign. After selecting a marketing list, distribute the activity. Microsoft Dynamics CRM Online then creates individual e-mail activities with the Regarding field displaying the information that was entered in the Subject field of the Campaign Activity form. If the recipient sends an e-mail back to your organization, Microsoft Dynamics CRM Online will automatically match the incoming message with the needed e-mail activity, based on information in the e-mail subject line. If Microsoft Dynamics CRM Online finds a match, it creates a corresponding campaign response activity.
Important
This option is available only if e-mail tracking is enabled. This is a setting your system administrator can set. If you are a system administrator, follow these instructions:
In the Navigation Pane, click Settings, and then click Administration.
Click System Settings.
In the System Setting dialog box, click the E-mail tab.
Select the Track e-mails sent between CRM users as two activities option.
Click the Marketing tab, and then verify that Create campaign responses for incoming e-mail is set to Yes.
Click OK to save your changes and close the System Setting dialog box.
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Lesson 4: Import campaign responses

In addition to creating campaign responses in Microsoft Dynamics CRM Online, you can also create them outside the system and then import them. By importing campaign responses, you can capture a record of the responses received as part of campaign efforts performed outside Microsoft Dynamics CRM Online.
For example, instead of hiring additional telesales representatives to handle the temporary increase in call volume during the product launch, you may outsource some of this work to a vendor. You may not want to provide access to Microsoft Dynamics CRM Online to these temporary telesales representatives. You can have the telesales representatives add the responses received during the week to a file, and send the file to you. You can then import this file into Microsoft Dynamics CRM Online. When you import the file, Microsoft Dynamics CRM Online creates individual campaign responses and associates them with the campaign you specify.