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Driving customer obsessed agenda
- 1. Driving Customer Obsessed Agenda: How to Make Your Customers Successful and Grow Revenue Anastasia Pavlova Sr. Director of Marketing, Marketo @digijinni
- 2. Driving Customer Obsessed Agenda: • How to Make Your Customers Successful and Grow Revenue
- 3. Driving Customer Obsessed Agenda: • How to Make Your Customers Successful and Grow Revenue Acquiring a customer costs 5-10 times more than retaining one1 A 5% increase in retention yields profit increases of 25-95%2 1. eMarketer, 2. Bain and Company 5X-10X 25%-95%
- 4. STRATEGY: Design a winning customer DG strategy PROGRAMS: Execute programs at scale MEASUREMENT: Measure marketing impact ALIGNMENT: Focus teams on the same goals Agenda
- 5. Design a Winning Customer Demand Generation Strategy
- 6. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 1. Document Customer Journey
- 7. Marketo Proprietary and Confidential | © Marketo, Inc. , 2017 ONBOARDING ADOPTION GROWTH ADVOCACY Matching expectations with the customer experience Drive up usage, platform adoption and retention across all segments Optimization and growth through cross-sell ENGAGEMENT MARKETING MATURITY & VALUE REALIZATION Grow the influence of our advocates within the Nation 2. Define Goals for Each Stage
- 8. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 • Online or live survey to understand the current state and future desired state • Sample questions around topics: • Sales & Marketing are aligned to drive revenue • Marketing goals are aligned to business strategy • Lead scoring is used for prioritization • Content is used strategically • Website content is personalized 3. Conduct Marketing Maturity Assessment
- 9. 4. Gap Analysis to Move Across Maturity Curve Personalized, Automated Campaigns. Point in Time, Single-channel Campaigns. Strategic Engagement at Scale. Real Relationships Built Across Multiple Channels. Email – Drip Campaigns Landing Page Creation Forms and Progressive Profiling Basic Segmentation Email/Landing Page Templates CRM/Data Source Integration Ad-hoc Campaign Reporting Email Deliverability Optimization Website Visitor Tracking Email – Trigger Campaigns Basic Nurture Campaigns Basic Email Personalization Demographic Segmentation Engagement Scoring Events, Webinar Programs End-to-End Reporting Insights for Non-Marketing Teams Social Marketing Integration Personalized Landing Pages Personalized Web Content Target Account Based Marketing Multi-Channel Campaigns Advanced Nurturing Advanced Email Personalization Behavioral Segmentation Revenue Model Attribution Program & Campaigns Analyzers Mobile Integration (SMS & App) Predictive Web Content Multiple Integrated Data Sources Look-Alike Ad Targeting Lifecycle Nurturing Multi-Channel Predictive Content Omni-Channel campaigns Advanced revenue analytics Global/Enterprise-Wide What’s Next: LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 What’s Next: What’s Next: What’s Next: You are here You want to move here
- 10. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 5. Develop Ideal Customer Profile (ICP) Organization Industry Size Territory Revenue Long Term Customer Product FitStrategic $$ Mktg. Maturity Leverage Internal Data + Predictive
- 11. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 6. Create & Prioritize Account Tiers Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Revenue (ARR) Retention Rate, $ Adoption score Maturity level Align resources to desired outcomes
- 12. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 7. Map Products to Accounts & ID White Space Own —> Accounts | V Product 1 Product 2 Product 3 Product 4 Product 5 Account A Account B Account C
- 13. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Account/Contact Detail View in CRM
- 14. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 8. Create Personas Executive User Product 1 User Product 2
- 15. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 9. Develop Content & Map to Stages ENABLEMENT STAGE GROWTH ENABLEMENT FOR EXECs FOR USERS ONBOARDING ADOPTION / RETENTION STRATEGY , ORG ALIGNMENT, VALUE REALIZATION, REPORTING, KPI’s PRACTICAL HOW-TO TIPS ON HOW TO USE YOUR PRODUCTS & WHY TO BUY
- 16. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 10. Use Integrated, Cross-functional Approach Global Professional Services Customer Account Management Global Product Support Marketo Community & LaunchPoint Global Education MARKETING
- 17. Execute Programs at Scale
- 18. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Meet Customers Where They Are
- 19. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 TV EVENTS WEBPRINT SOCIAL MOBILEDIGITAL Think Multi-Channel
- 20. NOAM Nurture January 19, 2015 Customer Nurture (Adoption & Growth)
- 21. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 How to Segment Customers for Nurturing Growth/Cross-sell • Account tiers (maturity level) • Products NOT purchased • Product interest score • Role: • Executive v. user Adoption / Retention • Account tiers (maturity level) • Products purchased • Product usage / adoption score • Role: • Executive v. user
- 22. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Email # Offer Email Name Email 1 Roadmap to Success Introduction to Adoption User Series Email 2 Microsite Customer Engagement Engine Email 3 Doc site, video Segmentation (Basic & Advanced ) Email 4 Benchmark report Benchmark data – how you compare to other customers Email 5 Launch point LaunchPoint Partner offer – finding the right partner for your needs Email 6 Doc site, video Trigger campaigns (definition, smart lists, activation, triggers for Sales, Auto cleanup Email 7 Doc site + webinar Smart Campaigns Email 8 Webinar + ebook A/B Testing - Power of A/B Testing Email 9 Webinar + ebook Advanced Analytics - Simplified Marketing Analytics Webinar Email 10 Docs site Digital Campaign ROI- Set Up Revenue Attribution for Digital Advertising Campaigns Email 11 University & cert Training and Certification Email 12 Ebooks + webinar Sales and Marketing Alignment Email 13 Ebooks + webinar Content/Personas : How to use personas to power content webinar Create Adoption Nurture Story Arc
- 23. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Example: Adoption Content
- 24. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Example: Adoption Nurture Email
- 25. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 • We created custom audiences in Facebook and Twitter to then serve ads to these audiences in addition to Emails. • The click-through rate (CTR) on this stream was 20% higher than the CTRs of most of the other nurture streams and the CTR on social was 30-35% higher than other campaigns. Example: Nurture on Social
- 26. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Example: Web Personalization 131% more conversions
- 27. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Example: Events & Partner Programs
- 28. Marketo Proprietary and Confidential | © Marketo, Inc. , 2017 Example: Product Live Demo Webinars 2016 Results: 31 demos, 1041 attend, 259 opps, $15M ARR
- 29. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Example: User Groups, Community Results: 4 Meetings; 28 opportunities
- 30. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Example: In-Product
- 32. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 • Customer satisfaction • Net Promoter Score (NPS) • Customer account temperature • Adoption score and maturity levels changes • Retention, renewals and churn rates • Subscription dollar retention rate • Customer lifetime value Retention Metrics: Annual or Long-term
- 33. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Early Mid Late Growth / Cross-sell Metrics
- 34. Focus Teams on the Same Goals
- 35. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Align Teams & Hand-off Processes MARKETING SALES DEVELOPMENT SALESSERVICES, SUPPORT CUSTOMER SUCCESS
- 36. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 Stars and Flames show priority List of Interesting Moments Prioritize Customer Leads Follow-up
- 37. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 • Content: organize and make it easily findable • Invest in data enrichment • Train frequently & develop playbooks • Communicate frequently • Align teams and incentives to goals Invest in Content, Data Quality, Enablement & Training
- 38. Marketo Proprietary and Confidential | © Marketo, Inc., 2017 1. It’s 10X cheaper to retain an existing customer than to acquire a new one 2. Focus on optimizing customer experience, throughout the ENTIRE customer lifecycle 3. Create value, grow business and marketing maturity by delivering authentic and personalized experiences across channels 4. Invest in data quality, content, training & development 5. Align teams and incentives to the agreed upon goals & KPIs Takeaways @digijinni
- 39. Thank You!
Editor's Notes
- Let’s make sure you’re in the right place The topic of this presentation is … A couple of housekeeping points … this presentation is being recorded and we’ll get the slides to you in the next few weeks Make sure you rank this session in your mobile app – it helps us with developing the right content And don’t forget to be active on social – use #MKTGnation and @digijinni My name is Anastasia Pavlova, Sr. Director of Marketing at Marketo I run Demand Gen teams that focus on the entire customer lifecycle from acquisition to retention and cross-sell How many of you focus on Adoption, Retention or cross-sell programs? Great, to you’re in the right place, so let’s dive in
- In the new engagement economy, where everything and everyone is connected, marketers must focus on the entire customer lifecycle … from acquisition to adoption, cross-sell and advocacy And if they don’t … they leave money on the table…
- But many companies still focus primarily on acquisition According to eMarketer, acquiring a customer costs 5-10 times more than retaining one Based on data from Bain & Company, a 5% increase in retention yields between 25% - 95% increase in profits
- The first step is to map customer journeys. Document your customer journeys today, including all touchpoints Recognize that depending on the size of the company, maturity, size of the team and budget and whether they are a first time buyer or switching from a competitive solution, their journey may be different. Ask these questions: How long does each stage take? (not always linear) Who’s involved (both on the customer and your company’s’ sides How do you accelerate customers from each stage to the next What services and support are needed at each stage? What content is needed? How do you measure success at each stage? How do you do that? Typically you assemble a cross-functional task force and a project lead and you conduct both internal and customer interviews to gather this information, conduct online surveys and then assemble and analyze the data.
- Onboarding: successful transition, matching expectations between what was promised to customer during the initial sale to the reality post-sale onboarding and enablement. We’ve made org. changes at Marketo in that the same GM & head of Sales for the business oversees the entire customer lifecycle – from the initial sale through Growth stage; the new biz sales people work in collaboration with CSM to make sure customers have a good experience KPIs: cust. Sat, Adoption goals: drive up usage, platform adoption, grow customer maturity (both business and marketing maturity) KPIs here: Growth: Optimizing experience, driving maturity and enabling growth through cross-sell Our goals are tied to cross-sell revenue, pipeline and opportunities Advocacy: grow the influence of our advocates; special programs/rewards for the Champions and advocates – you should be familiar with Purple Select and our Revvy Award programs I will focus in more detail on Adoption and Growth stages throughout the presentation
- One of the key aspects of driving adoption for our platform is to determine a current level of customer’s Marketing Maturity and their desired future state so that we can match our programs to their specific needs. Often this assessment takes place during the initial selling cycle, but it’s also important to conduct regular assessments during each stages on the customer lifecycle. So, we ask customers to complete a Marketing Maturity assessment – this is a survey that we conduct online or live Sample questions include topics such as …. And we ask them to rank the importance of these and whether they practice any of them and how often. Now for your business, the categories of questions will be different but the principles are the same
- All this data from Maturity assessment is populated into a map like this, personalized for each account. CSMs together with Services conduct Gap Analysis on a number of different dimensions: Strategic value assessment (recognizing inefficiencies in current state, building momentum internally, measuring campaigns or revenue) Marketing competency: moving from point in time single channel campaigns to lifelong relationships built across multiple channels) Organizational / Business competency (short-terms v. multi-year goals, cross-functional or multiple BU/ global alignment, predictive insights) From this gap analysis, a roadmap to desired future state can be developed with content delivery ranging from automated campaigns to high-touch personalized services by internal consultants or partners We make sure that this data is available to CSM, Sales and Marketing and can be acted on.
- Next step, is to identify your ideal customer profile based on certain criteria (ARR, size of the company, how long they’ve been a customer, strategic considerations (brand), product fit, where they are in mktg. maturity, industry, territory, etc. You can use your team’s internal knowledge and first hand data to define the ICPs or engage a partner specializing in predictive modeling; keep in mind that different models apply do different stages, so you may have different models built for adoption, retention v. growth or advocacy
- Next step, is to create account tiers; Here’s a sample matrix that you could repurpose You will be looking across a number of dimensions, including revenue, retention rate, adoption score (which is fueled by product usage), maturity level Your goal is to prioritize the different tiers and align your internal resources and incentives
- Going a level deeper, you need to look at individual accounts, ID what products are owned and where the white space is Then, you’ll need to group accounts with similar characteristics, essentially creating account segments for adoption nurture and cross-sell/upsell So based on this map, you know that Accounts A&B own products 2&3 and therefore you should be nurturing them on how to successfully use those products; whereas accounts B&C own products 1 and 5 and you’d be nurturing them on how to use those. For Account C, you can market products 2,3,4 as cross-sell / upsell use segmentations in Marketo to group accounts and contacts on those accounts with similar characteristics for your campaigns Where do you get this data? In you CRM system, and because it syncs with Marketo, you can create these marketable segments in your engagement platform and market to either leads or contacts on the account (if you have lead management solution) or to groups of accounts (if you have marketo ABM )
- At the individual account contact level, here’s a Sales view in CRM (SFDC); check boxes represent product ownership ok, now let’s switch to something more fun …
- create buyer personas for each product; these may be similar to your prospect personas (which is a good starting point), but there may be some differences. For example, a user of Marketo’s advanced analytics product may have very different needs from a user of web personalization. And the needs of a user are different from those of an executive who is making purchase decisions. their needs will also evolve as they go through each of the journey stages – from onboarding to adoption and growth
- Content is the fuel for your marketing programs Determine content needs for each persona and stage of the customer journey; content can take different forms – ebooks, training videos, cheat sheets, etc. Determine the best formats and delivery methods. For example, executive’s needs will be very different from users’; and as we mentioned earlier, the needs at each stage are very different For example, at the onboarding stage, we want to welcome customers to our product, introduce them to key CS team members and provide them with a road map to success During the adoption stage, the exes. will need to develop strategy and know about how to leverage your product to drive business results; what’s important for execs is how to derive value from your product, how to justify the investment by showing impact on revenue and the bottom line; a user needs to learn how to use the product and its most important features to deliver the results (and revenue is what matters at the end of the day) And once they master the basics, then you can start introducing other products for x-sell
- Marketing can’t do it alone It requires an integrated, cross-functional approach across services, EDU, Support, Customer Success, Community and Partner programs Marketing is well positioned to be a steward of customer experience and lead other teams in delivering the best possible personalized and authentic experience for customers across multiple channels
- Let’s look at some program examples and how we leverage Marketo to execute Adoption and retention programs at scale
- Think multi-channel CHANNEL-BASED SILOS ARE NOT EFFECTIVE IN AN AGE WHERE CUSTOMERS EASILY FLOW ACROSS CHANNELS With Marketo, you can listen to customers and track their engagement across channels and respond accordinly
- Customer nurture is the process of building personalized relationships with customers Let’s look at how we approach customer nurture from adoption and growth standpoint
- Segmentation is an important consideration For adoption/retention you segment your customers by prioritizing account tiers based on maturity level Based on products they purchased Based on product usage or adoption score Where do you get this information? We use Gainsight, CSM platform that measures specific feature usage in our platform; This data is available in SFCD via integration and is also available to us in Marketo to trigger campaings We also developed an adoption score for each critical feature and an overall adoption score for each account or group of accounts; I won’t go into too much details here, but if you have questions, we can talk afterwards You also want to segment by role – executive v. user as these audiences have very different needs For growth/cross-sell nurture You segment or identify audiences that haven’t purchased your cross-sell products You also track product interest based on engagement with your product related content and programs
- Here’s an example of how we create a story arc for adoption nurture and what topics we communicate on a weekly basis It’s a lot of work and it’s important to make sure that your story makes sense for the audience Do you have the assets / content to use as a CTA?
- Let me give you an example Roadmap to success Onboarding Requirements and Recommendations Drive Results Down the Funnel 3. Top-of-Funnel ,(MOFU) (BOFU) Activities Reporting: Measure and Prove ROI Resources for Marketing Success Benchmark report (how you compare to other marketo customers): -Marketing Organization & Technology Usage & Effectiveness Multi-Channel Lifecycle Marketing Section 5: Metrics & ROI Section Opportunities
- One of the challenges for someone adopting marketo is
- We recently tested a Topic of Interest stream as part of a multi channel nurture test. Anyone who had previously downloaded a social asset fell into this stream They were sent 5 emails with different social assets and were served the same assets on Facebook and Twitter while the emails were being served We created custom audiences in Facebook and Twitter to then serve ads to these audiences in addition to Emails. The CTRs on this TOI stream was 20% higher than the CTRs of most of the other nurture streams and the CTRs on social was 30-35% higher than other campaigns. 2 main approached - Program Based and Email Based Nurture End goals will dictate which approach is best for your company Program based allows more customizations Email Based allows easy of reporting
- In this example, we’re using our own web personalization product to drive web conversions; on the left hand side you’re seeing our default web site messaging; On the right-hand side, we’re personalizing the sub head with messaging targeting SMB companies When we A/B tested these programs, results show 148% higher conversions with personalized experience
- Don’t underestimate the power of partners – they can amplify your programs and bring a lot of value to your customers Check out the expo hall where you can see exhibit booths with our partners We work with services and technology partners on different types of programs Here’re some examples of joint events and webinars that we ran Co-marketing with partners – in this example on the
- Live Demo webinars are awesome for driving cross-sell pipeline They are product specific as you can see and are considered late stage programs Results are pretty good as you can see for 2016
- How often do you track these? Depends on your business You also need to measure changes in key indicators and trends over time
- Keep your audience in mind Your CEO/CFO or VP of Sales doesn’t care about clicks and opens; they care about revenue, so the only way to have a credible conversation with C-level folks is to be able to measure your program spend all they way to revenue. Always measure against your own historical performance, not “industry benchmarks”. What works for one company in the industry may not necessarily work for your company. Your measurement timeline depends on your company’s buying cycle and it will also be different
- Align teams and hand off process around the customer needs From first customer acquisition to successful enablement, hand off to CAM From marketing driving leads to SDRs to Sales and CAM Who engages with a customer and when Different when we talk about cross-sell and retention; different teams are involved SDRs and AE follow-up on customer leads What’s the role of SDRs and CAMs?
- Regardless of who follows up on leads, Sales need a way of prioritizing the volume. At Marketo we use our MSI tool (you see a screen shot here) that plugs in directly into SFDC to help with prioritization. This is what it looks like to the SDR or Sales rep inside CRM Interesting moments show the lead’s activity, so they can have a more relevant conversation This is how we help focus the sales rep on the hottest leads AND enable them to be more effective when they do connect with a prospect or customer
- Content: it exists in many places and groups within your organization; make sure you know who’s develoing what, audit and consolidate, categorize it and make it available for internal teams and your customers Data: without good data your marketing programs will misfire; I can do a whole session on data; invest in data quality, enrichment; work with vendors on optimizing data quality and building predictive models Training: train frequently your internal sales and customer success teams – on products, selling methodologies, provide playbooks including scripts, messaging tools, email templates, etc. Very excited about our acquisition of ToutApp – it will help us with enable sales,CSM and SDR teams Conduct joint account planning and roadmap development for your key strategic customers Align Marketing, SCM and sales teams on the same goals with specific incentives and comp. goals