The Secret Sauce to Accelerated Revenue, as presented by Jon Miller and Bill Binch at the 2010 Marketo User Summit
 

The Secret Sauce to Accelerated Revenue, as presented by Jon Miller and Bill Binch at the 2010 Marketo User Summit

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With the acquisition of over 700 customers in less than three years of selling, Jon Miller and Bill Binch will share their secret sauce for Marketo's accelerated success. They will walk through their ...

With the acquisition of over 700 customers in less than three years of selling, Jon Miller and Bill Binch will share their secret sauce for Marketo's accelerated success. They will walk through their demand generation strategy and closed loop process using Lead Management and Sales Insight as well as reporting tips and best practices using Revenue Cycle Analytics.

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The Secret Sauce to Accelerated Revenue, as presented by Jon Miller and Bill Binch at the 2010 Marketo User Summit The Secret Sauce to Accelerated Revenue, as presented by Jon Miller and Bill Binch at the 2010 Marketo User Summit Presentation Transcript

  • Secret Sauce to Accelerated Revenue Jon Miller, VP of Marketing Bill Binch, VP of Sales Marketo © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 1
  • Two Key Ideas © 2009 Marketo, Inc. Marketo Proprietary and Confidential Page 2
  • Marketo’s Revenue Cycle MQL All Names Recycled Prospect SQL Engaged Awareness SAL Oppor- Cust- Sales Lead Lead & tunity omer Nurturing Database Marketing SDR Sales © 2010 Marketo, Inc. Page 3
  • Revenue Cycle Modeler © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 4
  • Smart List Transitions © 2010 Marketo, Inc. Page 5
  • Marketo Prospect Generation 1H2010 Source Prospects Cost Opps Nurture Impact 3rd Party Email Blast 2,476 $35 22 Medium Trade Show –Virtual 2,019 $33 28 Medium Sponsorship 1,296 $81 12 Medium Trade Show 929 $104 38 High Alliance 743 $40 13 Medium PPC 686 $182 28 High Content Syndication 89 $98 0 Medium Website 2,586 178 Low Partner 358 21 High AppExchange 308 18 Low Referral 302 49 Low Sales Outbound 178 56 High Inbound Call 91 33 Low Blog 55 3 Medium © 2010 Marketo, Inc. Page 6
  • Last Year’s Nurture Campaign One Smart Campaign  Send email, wait, repeat… Positives:  Automated drip; fire and forget  Easy to add a/b email testing Things to Consider:  It’s siloed  Only considers criteria for membership once  Limited safeguards against over/miss-communicating © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 7
  • This Year’s Nurture Campaign Triggered Traffic Cop Early Stage (Latent) Mid Stage (Active) Late Stage (Opps) Master Master Master Wait Step Wait Step Wait Step Email 1 Email 1 Email 1 Email 2 Email 2 Email 2 1. Traffic Cop prioritizes and assigns best nurturing campaign (title, buying stage) 2. Master campaign for program decides which email to send • If NOT received email 1, then send email 1 and remove from flow • Else, if NOT received email 2, then send email 2 and remove from flow • Etc. 3. Email campaign sends email (A/B testing) then requests wait step 4. Wait step campaign waits, then checks to see if lead should continue in program – if so calls Master to restart cycle 5. Accelerators: When change occurs that necessitates moving lead to new nurturing program (e.g. becomes a Lead), triggers in Traffic Cop request new program © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 8
  • Last Year’s Lead Scoring © 2009 Marketo, Inc. Marketo Proprietary and Confidential Page 9
  • Top Lead Scoring Rules © 2009 Marketo, Inc. Marketo Proprietary and Confidential Page 10
  • This Year’s Lead Scoring Demographics Show Qualification Active Score Shows Buying Intent • Third party data or manual • Visit pricing pages: prospect review • +10 regular, +15 detailed • Timeline < 3 months: +15 Latent Score Shows Engagement • Watch demos: • Attend webinar: +5 • +5 overview, +10 detailed • Download thought leadership: +3 • Download Marketo reviews: +12 • Visit any webpage / blog : +1 • Download buyers guides: +8 • Click any email: +1 • Download data sheets: +8 • Visit careers pages: -10 • Searches for “Marketo”: +8 • Heavy web activity: +5 Lead = 55 Lead = 25 “overall score” “behavior score” © 2009 Marketo, Inc. Marketo Proprietary and Confidential Page 11
  • Lead Follow-Up Processes High Score / Latent High Score / Active Buying Buying Immediate Sales Enterprise Unrealized Need Follow-Up Immediate Target Unrealized Need Qualification Low-Priority Other X Qualification © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 12
  • Lead Follow-up Process © 2010 Marketo, Inc. Page 13
  • No Lead Left Behind Day 0 Notification Day 1 In untouched, reminder Day 2 If untouched, reminder cc boss Day 3 If untouched, alert executives Day 7 If stale, reminder Day 8 If stale, reminder cc boss Day 9 If stale, alert executives © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 14
  • Sales Insights © 2010 Marketo, Inc. Page 15
  • Competitive Parity “Test your competitiveness and execution” © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 16
  • How Marketo Uses Revenue Cycle Analytics © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 17
  • Revenue Cycle Modeler © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 18
  • Understand The Metrics that Matter Trends over time Metrics that matter: • Balance • Flow • Conversion • Velocity Page 19 © 2010 Marketo, Inc. Marketo Proprietary and Confidential
  • Drill into Ad Hoc Analytics © 2009 Marketo, Inc. All rights reserved. Page 20
  • Create Custom Dashboards © 2010 Marketo, Inc. Page 21
  • Marketo Revenue Cycle Model New Customers 65% of all deals ($5,800) follow this model Lead Type Variants 34.5% 8.4% of leads / • Source Opportunities 1.4 leads per opty • Channel ($2,000) = 6% lead to opty • Division • Size 46% of prospects Leads eventually become a lead ($120) 3.0% / month 75% 28% Paid Active Prospect Names Prospects Database ($33) 2/3 paid ($83) 40% 1/3 unpaid ($0) Unpaid ($55 average) 72% Names 15% Inactive (Last 6 ($0) Months) © 2010 Marketo, Inc. Page 22
  • Board Dashboard Prospect Lead Opportunity Win © 2010 Marketo, Inc. Marketo Confidential and Proprietary Page 23
  • Conversion Over Time Predict conversions from one stage to another over time Create plans / forecasts about future Marginal Conversion Cumulative Conversion 70 2,000 1,800 60 y = 50.749x-0.571 1,600 50 R² = 0.4301 1,400 y = 994.2x0.1352 40 1,200 R² = 0.9551 1,000 30 800 20 600 400 10 200 0 - 3 13 23 33 43 53 63 73 3 13 23 33 43 53 63 73 © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 24
  • Marketing Forecasts Prospects Q2 2010 Q3 2010 Q4 2010 Plan 6,635 7,814 9,150 May 7,000 7,520 Jun 8,380 8,500 Jul 8,500 Aug 8,800 10,000 Leads Apr May Jun Jul Aug Sep Oct Nov Plan 760 800 825 1000 1069 1374 1434 1512 Mar 810 850 875 Apr 685 850 875 925 May 818 875 900 915 Jun 909 1000 1069 1374 Jul 924 1200 1374 1434 Aug 1280 1414 1450 1512 Opps Apr May Jun Jul Aug Sep Oct Nov Plan 67 81 82 90 94 100 104 109 Apr 83 83 90 93 May 81 88 90 94 Jun 91 93 95 101 Jul 70 90 100 103 Aug 92 101 104 109 Plan Forecast Actual © 2010 Marketo, Inc. Marketo Confidential and Proprietary Page 25
  • Program Effectiveness Reporting © 2010 Marketo, Inc. Page 26
  • Program Effectiveness Forecasting Conversion Model 70 60 50 y = 50.749x-0.571 40 R² = 0.4301 30 20 10 0 3 13 23 33 43 53 63 73 © 2010 Marketo, Inc. Page 27
  • Key Takeaways 1. Your revenue cycle model is the foundation to success 2. Grow revenue by making sales more productive, not just by hiring more reps 3. Differentiate active buying behaviors from latent buying behaviors 4. No lead left behind / service level agreements 5. Use forecasting and analytics to build credibility for marketing 6. Continual evolution and closed-loop optimization Page 28
  • Thank You! Page 29
  • When To Ask For Registration? Early Stage One: Loosening of the Status Quo Thought leadership and best practices to build brand and awareness Two: Committing to Change Three: Exploring the Possible Solutions Middle Stage Buyers guides, RFP templates and industry information to Four: Committing to a Solution help structure research Five: Justifying the Decision Late Stage Company-specific information to help evaluate Six: Making the Selection and reaffirm selection Page 30
  • Transitions Automate Movement © 2010 Marketo, Inc. Page 31
  • The Importance of Timely Response © 2010 Marketo, Inc. Page 32
  • Interesting Moments No generic Interesting Moments (open regular mail, web visits); lots of specific ones © 2009 Marketo, Inc. Marketo Proprietary and Confidential Page 33
  • Sample Accelerator Campaign Set up: Auto drip Target: Leads who were recycled Goal: Acc. Re- LIKELY SKIP THIS SLIDE engagement if circumstances changed. Response: Great! © 2010 Marketo, Inc. Marketo Proprietary and Confidential Page 34
  • Marketing and Sales 2.0 Changing buyer behavior demand new marketing and sales processes Topic Old New Mass Media, Advertising and Content Marketing, Interruption, Lead Generation Inbound Outbound Lead Top of the Funnel Revenue Cycle Management Perception of Cost Center Revenue Driver Marketing The Result: Dramatic Improvements in Revenue Performance. © 2010 Marketo, Inc. Page 35
  • Anonymous Web Activity © 2010 Marketo, Inc. Page 36
  • Campaign Effectiveness Report Shows When to Adjust Rules © 2010 Marketo, Inc. Page 37
  • And Then It All Changed Again Your website is no longer the only source of information Buyers tire of “marketing speak” and search social sites as part of their research, interacting with other prospects to get and share recommendations Prospects less likely to register for early stage content You can no longer control the conversation, you have to participate. © 2010 Marketo, Inc. Page 38
  • Metrics: Prospect to Lead Transition Average time to 39.3% after 2 years convert: 4.1 months 4500 40% long-term 4000 3500 Assumptions 3000 • 10,000 initial prospects 2500 36.2% after 1 year • 20% conversion new prospects 2000 (month 1) 1500 • 4.0% conversion existing 1000 prospects (subsequent months) 500 • 10% go inactive each month 0 1 11 21 31 41 51 © 2010 Marketo, Inc. Page 39
  • Sales Insight © 2010 Marketo, Inc. Page 40
  • Awareness 8,900 a month 2,500 a month Goal: Be Everywhere! © 2009 Marketo, Inc. Page 42
  • Lead Follow-Up Processes High Score / Latent High Score / Active Buying Buying Immediate Enterprise Unrealized Need Qualification Immediate Target Unrealized Need Qualification Low-Priority Other X Qualification Inbound Calls, “Contact Us” forms, and qualified Free Trial requests get <5 minute follow-up. © 2009 Marketo, Inc. Marketo Proprietary and Confidential Page 43
  • Source Tells You Much About Quality • Search is the best performing “paid” tactic • Invest in word of mouth, awareness, buzz © 2009 Marketo, Inc. Marketo Proprietary and Confidential Page 44
  • Conversion Rates over Time Prospect Lead Opportunity Win All numbers three month averages © 2010 Marketo, Inc. (except Opportunity Sources) Page 45
  • Progressive Profiling © 2010 Marketo, Inc. Page 46
  • Personalized Sales Follow-ups © 2010 Marketo, Inc. Page 47
  • Content Mapping BUYING STAGES • Early (Pre-MQL) • Mid (MQL) Stages 1 2 3 • Late (Opportunity) • Customer A CONTENT B 1. Map your existing content 2. Blank cells determine your content roadmap 3. Short content is good! (YouTube approach) C 4. Test and optimize 5. Start small, think big and adapt quickly D BUYING PROFILES • Industry: 82% • Role: 67% • Company Size: 49% • Geography: 29% Page 48
  • Forms: Ask Only What You Really Need Short Form (5 fields) Conversion rate: 13.4% Cost per: $31.24 Medium Form (7 fields) Conversion rate: 12.0% Cost per: $34.94 Long Form (9 fields) Conversion rate: 10.0% Cost per: $41.90 © 2010 Marketo, Inc. Page 49