The hidden value of the marketing budgetPresented by:Liz WoodbridgeAccount Director@mardevdm2
marketing objectives & optionsObjectives – What?Increase revenues – build relationships that createan increase in demand for more products/servicesExample: nurturing programs based on customer needsIncrease speed – accelerate the considerationprocess by getting the right information at the righttime to the buyersExample: behaviour-based auto-respondersOptions – How?Increase conversion – optimise CTAs to get morebuyers to raise their handsExample: landing page testing and optimisationIncrease efficiency – leverage and scale integratedmarketing communications to maximise ROIExample: communication templates for re-use or p ppromotion of campaigns via additional low cost channels
where the strategic budget goes Marketing objectives that th t commandd budgets Top 3 priorities demand generation product marketing marketing operations Source: Forrester Research Inc
where the tactical budget goes Website DesignManagement | Optimisation 69% 5% 25% Social Media 69% 4% 27% Marketing tactics Virtual Events | Webinars 60% 6% 34% that get more/less SEO 60% 5% 35% B2B budget Email Marketing 59% 6% 35% increasing investment Paid Search 49% 11% 40% decreasing investment Public Relations 40% 11% 50% no charge Telemarketing 32% 13% 54% Direct Mail 24% 28% 48% Tradeshows 22% 30% 48% Print Advertising 15% 39% 47% Source: MarketingSherpa B2B Marketing Benchmark Survey
measuring ROI in stages Attraction Conversion Life-time Retention Value How much What is your What does it cost to conversion How many percent age attract each from visitor to transactions of your opt-ins new visitor or opt-in? does the become paying prospect? average customers? customer make over time? At what value?
challenges measuring ROIMany marketers do not build metricsin from the start: 62% of marketers struggle with “turning data into action 57% say their top bottleneck is measurement, analysis, and learning 53% of marketers use social media marketing but find it difficult to measure the value 44% of marketers are using mobile apps and are just starting to integrate with email Source: 2011 Unica Marketing Survey
the role of demand generation in ROIDemand generation is critical for B2B marketers who needto get most value from their marketing budgetcustomer profiling – what does your customer look like?database segmentation – start simple, group contact data by a commonset of criteriaautomated/triggered campaigns – test and see what works, nurtureactive customersoutbound promotions – target the same characteristics and behavioursas your test responderslead scoring – assign a score to each action that a prospect takeseconomic impact – given the current economy, the marketing team needsto accomplish all of the above in a measured and cost-effective manner
strategic campaign workflow pass to field sales microsite whitepapers case studies competitions lead blogs forums scoring webinars podcasts RFQ pass to tele salestracking and scoringmonitor level of interest based on:email opens; visits to microsite ; downloads; reading/posting on Blogs
lead generation: tactical ROI-basedCampaign Objectives reportinglead definition & qualificationwhitepaper download, appointmenttarget audience leadscompany size, business sector, job title email resource optimisation Channel Selection email, digital, telemarketing Collateral Creation online nurture case study, whitepapers, y webinars Analyse, Optimise and Adapt increase what’s working – adapt or switch off what’s not tele Deliverables marketing prospects volumes, timescales, CPL reporting
customer retention/developmentWho? leads not ready to buy customers for upsell/cross-sell trial/pilot customers, etc.Marketing challenges/pain points: leads t l d not qualified b i id or fi ld sales lifi d by inside field l old/dormant leads sitting in CRM lack of a method to prioritize no structure to nurture to “sales readiness”Bottom line wasted investments in lead generation decreased marketing department credibility “We’re changing our sales plan. decreased sales productivity From now on, instead of trying to get lots of customers, we’re going to find just one really, What? really rich person to buy a whole lot of stuff. segmentation personalisation relevant call-to-actions
improve ROI with lead scoring Lead scoring and nurturing improve ROI Objectives: improve conversion to qualified leads improve quality of leads prioritise follow-up follow up harvest dormant leads and re-engage helps measure channel effectiveness“We felt that this way, at least your bonus would reflect some element of personal skill.”
strategic nurturing objectives Lead/customer nurture strategy: Build trust within your customers and prospects Educate them: who are you? what does the company do? how does it benefit them? Establish credibility as experts Be relevant to the issues/pain points of your different segments All of the above will help you differentiate your organization as a partner to the prospect as opposed to a vendor
lead nurture: rules of engagement1. do not initiate contact without a clear objective2.2 start with the customer not with your customer, product/service3. pick-up where the interaction left-off p p4. don’t ask the prospect for the same thing more than once5. make the interaction personal and personalised6.6 deliver information that reflects what you’ve you ve learned about them7. learn about the customers/prospects in bits p p ... not all at once Source : Peppers, D., Rogers, M., One to One Fieldbook, 1999
defining your lead nurturing program1.1 define your objective2. define the WHO3. define collateral needed Touch point: emails | postcards phone scripts | letter Content assets: white papers | webinars analyst reports | podcasts articles | flash demo research papers Interactive media: poll | survey scorecard | rank yourself4. map ou the cus o e e pe e ce ap out e customer experience5. test and launch6. ongoing evaluation and monitor7. keep content fresh
dynamic lead scoring modelScore on profile fit and level of engagementProfile Fit Level of EngagementA = Target fit (BANT qualified) 1 = Showing buyer interestB = Potential fit (nurture) 2 = Showing some interestC = N t hi h enough now Not high h 3 = N t enough i f Not h information tiD = Not a fit 4 = InactiveDon’tD ’t send unqualified l d t sales… nurture d lifi d leads to l tNurturing programs generate on average: 7-10% increase in marketing qualified lead (MQL) generation > 50% acceptance from sales (SAL)“Marketing dashboards help address one key tenet Marketingof marketing accountability – the transparent communication of results.”Forrester Research
lead scoring and nurturing: best practicesBest practices: KISS – do not score on too many criteria as it will be unclear what values are defining the score sales and marketing SLA with protocol around MQL to SQL, follow-up, etc. focus on scoring criteria that has standardized values this will facilitate values, program execution and ease refinement, as needed continuously re-evaluate and tweak the re evaluate scoring system conduct a closed-deal analysis to uncover insights into conversions
measure what mattersMeasure what matters for your businessFunnel valueon track to meet revenue targets?how much revenue from each source?what is th quality of th pipeline? h t i the lit f the i li ?Channel performancetopt campaigns b l d acceptance i by lead ttop campaigns by number of high scoring leadsInvestment effectivenessI t t ff tiwhich campaigns yield the best returns?
marketing performance benchmarks Performance benchmarks track improvement over time against KPIs prioritise & launch enhancements based on business objectives monitor demand generation process and measure its impact to revenues“It has come to my attention that you are taking performance enhancing drugs. Keep up the good work.”
thank you Liz Woodbridge Account Director t: 020 8652 4515 e: firstname.lastname@example.org @lizwoodbridgeJoin Us: @mardevdm2
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