What if you could make the website experience for your anonymous users as personal as your email?
-also mention program cloning
Build relationships by taking all the digital queues that customers give you about what want and don’t want, then engaging in regular communications that put their needs first.
… if all they wanted were names, you could give them the phone book. They want LEADS!
For Marketo, it takes 327 days to nurture.. That’s an average… some fast, some for 3 or 4 years! Need to keep in touch.
Lead nurturing plus the leaky funnel, but now marketing owns 50-70% of the sales cycle Marketing now has to learn what it means to communicate to customers in each of their buyer journey stages
The old batch and blast model doesn’t work anymore Don’t blast – that doesn’t “feel good”. It hurts.
Therefore, strive for these three things!
So how can we be more relevant and engaging? You can’t be relevant if you’re broad.
We know batch and blast does not work – it is simply less engaging. One way is to be more targeted – smaller sends = more engaging.
So, how do you get to relevance? One way is segmentation.
Best practice is to segment on 2 dimensions (3 or 4 can get complex). Marketo segments on buying stage and role (marketer, sales, exec).
(Engagement Score enables marketers to quickly judge how effectively each piece of content is engaging prospects and customers over time… combines open, click, unsubscribe, conversion, and so on into a single metrics.)
This is a conversation over time It listens It’s segmented to be relevant
As people engage with your campaigns, Marketo’s Customer Engagement engine makes it easy to deliver relevant dialogues with each individual, across channels, at scale. CEE has completely re-invented lead nurturing by making it easy for marketers to drive cross channel conversations that adapt quickly and in real-time based on customer behaviors. Plus, its unique Engagement Score let’s marketers instantly determine what content is engaging audience members, and what’s not. And best of all, you can set communication limits and let the system manage how many messages an individual can get in a specific time period, reducing the number of unsubscribes due to a communication frequency that’s too high.
This is what it looks like to the SDR or Sales rep inside CRM Leads are sorted by a single score, but reps can if the lead is scored high due to fit or engagement/buying intent, or both 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
Earlier I mentioned that there’s a service level agreement, so the sales rep has 7 days to decide to accept, and we’ve automated this process within Marketo. So when a lead becomes a lead, if after the first day they haven’t touched it, they get a nice incredibly friendly reminder. And Marketo does this by looking For changes in the CRM system. So, has the rep changed the lead status to contacted, or have they logged an activity against the lead. If not, and day 2 passes, now they get another reminder, but their manager is copied. And if after 3 days, it still isn’t touched, another reminder goes out and a lot of people that you don’t want copied, are copied, including our CEO. So, as you can imagine, there are very few leads that aren’t followed up within a 3-day period. And by the way, some leads are followed up much more quickly. For example, when someone exhibits certain behaviors, such as filling out a demo request form, we call those leads “Act Nows”, and the reps are notified and expected to follow up more quickly.
Now, this may seem a bit harsh, but hey, that’s an SDR’s job. Their primary mission is to call and qualify our best leads and pass them to an AE if they think an opportunity exists.
So that’s the overall process, from generating targets at the top of funnel, to nurturing them in the middle of the funnel, to passing them to sales as win-ready leads at the bottom of the funnel.
One of the biggest pain points we hear from marketing leaders is not having the ability to PROVE the impact that marketing has on revenue. By contrast, sales does a really good job presenting their forecast and what they expect to bring in in terms of revenue The CRM system makes it easy for them to convey these meaningful revenue metrics to the exec team.
CMO’s and other marketing leaders have been sick of being second class citizens in this regard. The want to earn their seat at the revenue table because this is the best way to maintain and increase your marketing budget.
And today, given that marketing owns 50% to 80% of the revenue cycle, they should have an equal voice in revenue discussions Marketo helps provide marketing with the data they need to have this voice.
Measurement is hard because is takes multiple touches to convert a prospect to a customer. On average, for Marketo, it takes 7 program successes before a purchase is typically made With Marketo, instead of just attributing the revenue to the first program that touched the prospect, you can spread the revenue across those 7 programs That’s called multi-touch and you’ll see it throughout our Analytics as “MT”
-- But you know, marketing measurement is hard. And it’s hard for a number of reasons. First of all, people who buy Marketo don’t simply respond to one of our marketing campaigns and then buy. Rather, it’s a journey where, on average, they are responding to 7 different campaigns. So maybe they come in via a tradeshow, then download a definitive guide, then watch a webinar, and so on. It takes 7 campaign successes before a purchase is typically made.
Now, the way the CRM works when measuring marketing success is it ties all revenue from a win back to the source campaign, which means that the first touch gets all the credit for the revenue. This worked great in the age of information scarcity, because as soon as a lead was generated by that campaign, it was tossed over the fence to sales. But we don’t live in that world anymore. In today’s world, those other 6 marketing touch points along that buyer journey may have had as much or more influence on a purchase decision as compared to the source campaign. So taking those other touch points into consideration when measuring campaign performance can be hard.
Further complicating matters is that there isn’t often just a single buyer. So what if you have two buyers, and both come into the process at different times, through different marketing campaigns. With Marketo, we’ve seen as many as 21 people involved in the buying decision. FWIW, we don’t recommend this.
So how do you measure ROI with that sort of complexity. It starts with actually having the data.
I’ve seen situations where sales will close a large deal, and marketers go through a manual effort to figure out, and show the different ways that marketing helped closed the deal, so that they get some credit for it. And that can get crazy pretty quickly.
So we use our Opportunity Influence Analyzer to do this really easily. The horizontal axis shows time, and the vertical axis shows the number of marketing interactions we’ve had with this account. The green portion represents the opening of the opportunity in the CRM, and then the opportunity closed won. Now, by default, we’re showing the people attached to this deal based on them having roles in the opp in the CRM system, and what you see is that sales interacted heavily with the primary contacts during the time that the opportunity was open. So it appears that marketing had little to do with this win because the number of interaction, or lack thereof, in the blue area, when it was a lead and not yet an opportunity.
But if you look more closely over at the contacts on the right, you can see that Sarah Miller had 11 interactions, and if we mouse over her name, we can see that she is their CEO. So if we click on her name…
We get a complete view of how this deal was won. Marketing was keeping in touch with Sarah before this opportunity was created. And the story behind this deal, which is a real deal we won, is that Sarah had downloaded a DG, gone to an event, and just before the opportunity was created, went to Manny, someone on her team, and asked him to investigate Marketo.
Only when you have a marketing system that can show you all of these touches across the buying journey, can you really understand how marketing is driving revenue.
So, this is how we measure ROI. We also like to look at the aggregate impact marketing is having on pipeline, and that comes back to the funnel that we started with. I know how our deals are moving through this funnel.
We know because we mapped the same pipeline we just saw in our product. This is the revenue cycle modeler in Marketo, and the stages across the green section represent the funnel stages we looked at before, so you see targets, leads and opportunities. Some stages are boxes because people can stay in those stages indefinitely, some are clocks, meaning there are SLA’s. Once this is setup and it begins tracking movement.
We get this report, which is like Google Analytics for revenue. For each of those stages I can see how many people are in there, and what is the flow from stage to stage, as well as the velocity at which people are moving between them. Conversion rates and velocities.
And I can see this over time so we can understand the trends, and even compare them to previous periods.
Having this data at your fingertips is so powerful for a marketer, because it really lets us understand the dynamics of the revenue process.
Once we understand how the revenue process works, we then use this information to set our budget. So at Marketo, we don’t simply say marketing should be 7% of revenue. What we do is say we need this many wins in order to achieve the revenue targets we set.
And since we have a deep understanding of how the revenue process works, including conversion rates and velocity, we can simply work backwards. We know how many opps we’ll need, how many SQL’s we’ll need, how many new MQL’s and Targets we’ll need, as some of the wins will come from existing targets and mql’s.
Then we can budget for a marketing program that drive the wins we need to hit our revenue targets.
That’s really powerful, because if someone comes to us and says “I need to take 10% out of your budget”, we can say “okay, that will have a 12% impact on revenue next quarter, what do you want to do?”
Having those numbers let’s you justify your budget.
It also lets us look forward, it lets us make forecasts. It lets us talk not just about what happened, but what will happen. At board meetings, they talk very little about what has happened in the past compared to how much time they spend talking about the future. And in too many companies, sales, and not marketing, is the only one participating in this conversation. Which might have been fine 10 years ago when they owned 90% of the revenue cycle, but today marketing owns 50 to 80%. If only sales is participating in the forecasting discussion, you’re missing out on a huge piece of visibility as to what the future holds. Marketing can use this data to step up and make forecasts about pipeline creation.
Managing marketing budgets across teams and regions in order to get an accurate picture of marketing spend can be a tactical nightmare.
MFM makes it easy to manage marketing budgets by tying together campaigns, purchases orders and invoices in a single, up-to-date view, so you can:
Increase visibility, spend to plan, and get accurate program cost data for ROI reporting.
MFM makes it easy for marketing teams to collaborate on budgets and gives marketing leaders the visibility they need to manage spending.
-show a community thread? Product enhancement idea… check with PM on number of ideas converted to features
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