Marketo Secret Sauce: Modern Marketing Case Study - Jon Miller

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Jon Miller, VP of Marketing and Co-Founder of Marketo, dives into Marketo's "secret sauce" and how to achieve better marketing results.

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  • Many names are not yet our friends
    Names are NOT leads, don’t call them leads
  • Majority of leads NOT sales ready. This is OK since human interaction is part of developing the relationship (nurturing). These Lead are recycled back to Target for additional nurturing until Sales Ready.
  • Sales does one call, and converts if Opp
  • This is how Marketing gets paid… carry a quota for Opportunity created.
    Only Sales can create the opportunities.
    [Requires very solid definitions of what is an opp, since people get paid on it – can’t be subjective.]
  • Doesn’t end with the customer buying… continues as we deepen and develop relationships.
  • In traditional marketing, companies needed to rent (or beg) attention from other people’s media. Whether it’s a display ad on a website, a booth at a tradeshow, or an email sent to a third-party list, companies are essentially “renting” attention that someone else built. This can be effective, but it’s also expensive – and become less effective with attention scarcity.

    In contrast, with inbound marketing, companies build up their own audience and attract their own attention.
    Marketing needs to become like a publisher. Build your own audience and attention.

    Examples: superbowl add, regular tradeshow booth = rented attention. Examples of owning: rockstar tour vs tradeshow booth; blog vs traditional PR; our weekly webinar
  • Map content to the buying stage {keep it short}
  • This is our TOP of the funnel… what works for us.
    $ per target is ONLY program dollars, not people / time.
    % opp is the conversion to opp in 12 months…
    Index is same as % opp, but scaled to an average one 1
    Days is time to opp…
  • Check boxes show which channels rely on content….clearly important
  • Need conversion – that’s where personalization comes in
  • 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.

    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
  • Use dynamic content to be EVEN more relevant
  • Here’s an example of how Marketo created even more relevance.

    Topic of interest nurturing: Nurture tracks based on four different topics that we thought our customers were interested in (email, social marketing, marketing automation, and Microsoft Dynamics). We listen for signs that may be interested in this (events attended, web visits, keywords used etc.), and if so assign them to the specific track nurture track.

    If they get to the end of that specific track, we put them back to regular until they do something else specific.
  • Result: Big lift!
    More on our blog about this: http://blog.marketo.com/blog/2013/06/topic-of-interest-based-nurturing.html
  • And we score across 3 dimensions. Fit, interest and buying stage.

    Fit tells me, am I interested in you.
    Interest tells me, are you interested in me.

    So they need to be interested in me (or my company), and I need to be interested in them. Actually, this is starting to sound a lot like dating, and that’s because it is. And in dating, timing also plays a role. So, maybe they are locked into another solution. Maybe they don’t have the budget. And this all relates to where they are in the buying stage.

    So when we think about passing a lead to sales, we need to look at fit, interest and timing (or buying stage).
  • To get data for FIT / demographic scoring, don’t ask for it on forms. You’ll get crappy data….
  • … and hurt yoru conversion rate.

    Better to BUY the data… we use Reachforce, Builtwith, etc.
  • Latent behaviors – interest
    Active behaviors – subset of behaviors that show real buying intent
  • Good to think about these 3 dimensions…
    But that’s hard to communicate with sales… so we took all 3 and came up with “sort score” calculation to deliver a single # that we can use to communicate with sales.
    This was better, since easier communication… but kept the nuance behind the scenes.
  • This is what it looks like to the SDR or Sales rep inside CRM
  • SLA process… we can see automatically f Rep updated the lead record or logged an activity… and can follow-up accordingly
  • Once someone is is a customer, the process doesn’t stop… new goals, like cross-sell, advocate, renew….
    Each get their own nurture track, own scoring process, etc.
  • Special nurture streams for each nurture goal
  • For customers. Scoring is primarily about product interest…
  • Here we see what works for Marketo (over the last 12)…
    Explain first 3 columns – again, investment is only program dollars (not people / time).
  • So inbound good… but also need paid to grow faster than inbound alone
  • MT Ratio is the ROI…
    Given OUR economics as a SaaS business targeting a Customer Acquisition Cost (CAC) ratio of 1, >10 is a great MT Ratio.
  • … but you also need to look at individual programs… e.g. overall tradeshows have a good average, but some great, others stink… need to drill into individual programs
  • Remember this?
    Understanding the funnel is other key part of revenue analytics
  • Same funnel, but built into our product
    Note Success Path and Detours; Inventory and SLAs
  • Customer version
  • Google Analytics for Revenue

    Explain the four key metrics: balance, flow, conversion, velocity
  • Here are out actual metrics…

    Focus on the very low conversion from MQL to SQL… since we are lose about MQL definition and don’t want to miss any deals…. But strict about what we pass to sales.
    We want that 75% SQL to Opp, since you want sales to value marketing leads… if it goes below 50%, sales doesn’t jump on SQLs as fast.
  • When you can look forward, not just back – that’s true credibility.
    Forecast your pipeline… especially since you have visibility further out than sales.
    Each row adds a month, shows how accurate the forecasts are, whether they go up or down, etc. Good for building credibility and trust.
    When you do this, nobody thinks of marketing as “arts and crafts”!
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