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Marketo's Secret Sauce: Smarter Marketing for Better Results
 

Marketo's Secret Sauce: Smarter Marketing for Better Results

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You've heard the buzz about marketing automation and how it can help maximize your marketing efforts. But do you really understand how to use it effectively to drive amazing results? In this webinar, ...

You've heard the buzz about marketing automation and how it can help maximize your marketing efforts. But do you really understand how to use it effectively to drive amazing results? In this webinar, Jon Miller, Co-founder and VP of Marketing at Marketo presents an up-close and exciting look into the content marketing, lead generation, and marketing automation strategies that are driving Marketo’s growth.

You'll see how the experts at Marketo do it themselves, including actual examples of how Marketo’s smart and innovative programs produce such eye-popping results as:

-147% increase in nurture email click rates
-50% gain in marketing qualified leads at 33% less cost per lead
-40% improvement in sales productivity

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  • 1. Customers (Line Chart of active customers.). Second axis of net new customers as a bar chart. ( new less churn). Note in looking at the board slide the new customer less churn numbers don’t equal the net change in active customers in a couple of quarters. May be a good reason but I couldn’t explain. I think the net adds must tie to net increase in active customers.
  • Our #1 secret is that we believe that buying has changed forever, and that marketing and sales need to change as well.Not that long ago, there were few 3rd party sources of information – information scarcity – which meant that a buyer had to get most of their information from sales. In this world, it made perfect sense for marketing to pass all leads over to sales. It also meant we lived in a world of attention abundance, with fewer channels competing for a buyer’s attention. Traditional marketing, characterized by Mad Men-style marketing, grew up in this era.
  • But now, there is an explosion of readily available information… According to IBM, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone.This is a recent phenomenon…When Marketo was founded in 2006, the iPhone didn’t exist, Twitter had not launched, and Facebook was only for college students. All this data = buyers today are more empowered. The Web provides them with instant information gratification. They can access detailed specs, pricing, and reviews about goods and services 24/7 with a few flicks of their thumbs. Meanwhile, social media encourages them to share and compare, while mobile devices add a wherever/whenever dimension to every aspect of the experience. Result: Forrester Reports that 65-90% of buying process is complete when consumer is walks into store/branch/dealer, or contacts salesRequires deep changes in how we market to consumers. That’s how we approached our marketing process at Marketo.
  • With this change, marketing has the opportunity to seize the day and take a much larger share of revenue – since Marketing is responsible for that 70%. Requires Marketing to think as rigorously about their process as Sales typically thinks about their. Here’s Marketo’s…. Let me explain.
  • Many names are not yet our friendsNames 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 on 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.]
  • So how are we responding to this? Not good.So between the marketers that are still batching and blasting, or sending personalized messages that aren’t relevant right now, this is kind of what it feels like to be a consumer today.  On any given day, the average customer will be exposed to 2,904 media messages, will pay attention to 52 and will positively remember 4 – SuperProfile 2010  
  • 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}
  • Content also gives us offers for links + to use for paid lead generation + lead nurturing + behavioral scoringSEO + SOCIAL + OUTBOUND
  • So that’s who we use Inbound and Social to drive Prospects…. But we also use paid programs to grow even faster, so let’s dive into what works best there.
  • Top of funnel – first metrics you use to evaluate a program. Opps take a while to develop, so while you’re waiting….Old school metrics: Cost per name, cost per new name, cost per click, cost per million, etc – none of this matters, you want the RIGHT names.But the real question is – what’s driving PIPELINE??
  • HERE IS THE MONEY SLIDE! (Literally and figuratively.)Summarizes our ROI… = PPC + 3rd party emails
  • How do we run 40+ programs a month?Marketing automation makes it easy. For example, we run a roadshow series of events we call the Revenue Rockstar tour… 14 cities, two events in each (100-150 people for 3 hours, plus 10-15 execs for a breakfast). Each program comes with multiple landing pages, multiple campaigns, and more than a dozen emails for invites, reminders, follow-ups and so on. The complexity could be overwhelming, but using Marketo’s Program functionality, we can simply create the program one time. Then, when we are ready to use the next one, we simply clone the program and update the parameterized values called Tokens, e.g. the date, location, registration URL, and so on. Then, all the emails and landing pages automatically use those values – no additional effort is required!That’s an example of offline events… But we also do online events like webinars, where we get even more automation by integrating with the webinar provider so we automatically get the registration and attendee information. In fact, we have a total of 25 different program types – and have built best practice templates for type [including tradeshows, emails, display advertising, content syndication, and so on], so our program managers can simply clone the template each time… The result is we can run so many programs easily and efficiently!
  • Key point – paid ads don’t work great in social, but being authentically social does…So how do we take advantage of that learning?
  • See customer preso
  • Make every sharing trackable, then testable and optimize over time
  • OK, so we’ve generated Prospects from Inbound and Outbound sources…. What next?
  • What needs to be different?Dance analogy:Broad top of funnel – use social and paid to get as many people to dance as possibleBut then do you just stand around waiting for someone to dance? No. Better to flirt a little (nurture). And look at their body language to see when they might be read to dance (scoring).
  • This is a screenshot of Marketo Customer Engagement. You can see it is very friendly looking and it is very easy to use and run.
  • For twitter: For every one self-serving tweet, you should re-tweetone relevant tweet and most importantly sharefour pieces of relevant content written by others. – Joe Pulizzi and TippingPoint labs
  • 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). Welisten 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
  • Mention Positive and Negative Demo Score
  • 12% points higher revenue growth vs average17% more sales time spent selling40% growth in sales productivity
  • Here’s how Marketo does it. Latent behaviors – interestActive behaviors – buying intent
  • OK, so we’ve generated Prospects from Inbound and Outbound sources…. What next?
  • Many marketers are perceived as a cost center. You can’t expect your organization to place value on something you’re unable to quantify. But when you do use the right metrics and processes, there is nothing more powerful to help marketing earn it’s rightful seat at the revenue table.Here I show you how Marketo does it.
  • Let’s talk about measuring what the CXO cares about.. While you may not be doing all this analysis now, you most likely will in their future. [Be sure to focus on this point a lot so you don’t lose them.]ROI: First investment – then revenueMeasureROItofind not just what works, but what works betterEstablish goals upfrontMake sure programs are measureableFocus on decisions that improve ROI
  • Next, let’s focus on “Investment” side of ROI. Notice it’s investment, not cost. You “invest’ in growth, marketing is a growth driver.-Then you enter and track your budget plan-as invoices come in from your financial system, you can map them to line items-you can also map your Marketo programs to specific budget categories or line items-you can track planned, forecasted and actual spend, and indicate whether forecasted spend is committed or optional
  • Step 1: Important to track all touches
  • Step 1: Important to track all touches
  • Different pipeline allocations – first / even
  • Here we see what works for Marketo over the last 12 months to generate prospects. Explain columns…Website+Blog = 38% of all oppsBut I’d be a bad stock picker if I put all my money in one stock, and I’d be a bad marketer if I bet all my prospect generation on one source. The reality is you need a portfolio of prospects and channels to achieve the best results. In fact, Marketo runs an average of 40 different Prospect generating programs each and every month across all these sources.
  • ModelNote Success Path and Detours; Inventory and SLAs
  • Google Analytics for Revenue