Marketing Automation Webinar Series, Part 2: Buying and Becoming Successful with Marketing Automation


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In this presentation, Jon Miller (Marketo) and Lorena Harris (Vantiv) share their experience and advice around buying and implementing a marketing automation platform.

You'll learn:
- How to select the right marketing automation vendor
- How to think big, start small, and move quickly with marketing automation
- How to manage your people, process, and technologies for success
- How Vantiv sold marketing automation to internal stakeholders
- How Vantiv managed change internally to create impact with marketing automation

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  • Hello, and welcome to today’s webcast, “The Definitive Guide to Marketing Automation: Part 2 - Buying and Becoming Successful with Marketing Automation
  • My name is Jon Miller, VP Marketing and co-founder at Marketo, and author of the DG2MA.Today, I’m thrilled to be joined by Lorena…I’m @jonmiller, and Lorena is @harrilor, so please feel free to engage with us during or after the presentation on Twitter using #DG2MA
  • Please note that today’s webinar is being recorded. It will be available on-demand soon after the conclusion of the webcast.We will conclude today’s event with a Q&A session. Please feel free to submit your questions throughout and we will get to as many of your questions as we can. You can enter questions by typing your question in the box on the left-hand side of your screen. <pause>
  • Today’s topic ishow to select the right marketing automation vendor and ensure success with implementation and beyond.  You will learn:How to think big, start small, and move quickly with marketing automationAn unbiased, best practice process for selecting the right marketing automation vendorHow Vantiv sold marketing automation to internal stakeholdersHow Vantiv managed change internally to create impact with marketing automation
  • Last week’s webinar covered an introduction to marketing automation. Let’s set the stage by reviewing the definition of marketing automation.The technology combines email, social, web analytics, and events with a workflow engine and analytics to simplify and streamline the marketer’s world, automate relationships across the customer lifecycle, and help to measure and prove marketing ROI.
  • In the last webinar, I spent a lot of time on the value and ROI of investing in marketing automation. In fact, I showed that companies that invest in MA saw 45% more pipeline from marketing, 22% more sales time spent selling, and 25% higher overall revenue plan attainment. But that is not the entire story… in this section, I’ll explain why.
  • The key reason is that in the last webinar, I also discussed that marketing automation is NOT a solution that delivers value without effort. It would be great if only you could just buy marketing automation technology, then sit back and watch the results produce themselves. But no. To deliver value, it requires the support of a comprehensive strategy that integrates the right processes, people, content, data, and more. In other words, success is not guaranteed. You need to invest in it.Would you buy a Ferrari and then keep it in the garage? That’s what happens when companies purchase marketing automation without a strategy or plan for using it. In fact, 9 times out of 10, success with marketing automation is determined NOT by the technology you select, but the strategy and process you put in place.
  • But here’s the big idea – this is one of the most important ideas in today’s webinar: Your MA strategy is not an all or nothing proposition. In reality, there is a maturity curve as companies go from no marketing automation, to basic and then sophisticated use if MA.To explain this point, I’ll first introduce the four levels of maturity. The first level, represented by companies with no MA, is called “traditional marketing”. Characterized by: read…According to the Marketo Benchmark for Revenue Performance, 18% of the companies we looked at were in this category.
  • The next level is BASIC demand generation. This is where a companies starts to use marketing automation, but in only the most basic ways, without taking advantage of the more sophisticated capabilities like lead scoring, lead nurturing, and ROI analytics. 43% of our responders were in this category.
  • The integrated pipeline stage represents more sophisticated use of marketing automation, including behavioral segmentation, real-time targeting capabilities, nurturing and scoring. These companies are creating more integrated sales and marketing processes that are ultimately about a more efficient revenue engine. Achieving this level is a good goal for many marketing automation users; 30% of the companies in our survey were at this level.
  • Finally, we call the highest level revenue performance management. This is characterized by using marketing automation to transform their sales and marketing into a single revenue team that is aligned around continuous measurement and improvement to the revenue process, much like six-sigma was about continuous measurement and improvement to the manufacturing process. I believe Marketo is at this level in our own use of marketing automation, and personally I can attest to the benefits it brings… both to the company, but also to the marketer’s who help drive it, since it enhances their credibility and careers.
  • So what’s this all mean in terms of driving marketing automation success?With limited investment in your marketing automation strategy, you can usually move from “traditional marketing” to at least the second or maybe third level of maturity. And this is pretty good – in our research, companies who move from the first to second level, sales reps spent 15% more time on selling activities and were able to generate 32% better revenue plan attainment. So that’s pretty good, and to me that’s a sign that just getting started can deliver nice ROI quickly, even if you don’t have the strategy perfectly worked out.But at the same time, our research shows that the more you invest, the higher you move up the curve, and the better your return on investment. At RPM companies, sales reps spent 52% more time on selling activities, and a whopping 80% better revenue plan attainment. It’s not easy to achieve this level of maturity – in fact only 9% of companies in our study were at this level. But the ROI benefit of getting there is truly amazing.The key is to “think big, start small, and move quickly”. In other words, the best results usually come from getting started with a basic strategy, and then incrementally investing over time to move up the curve.So, what do you need to do? It comes down to three main areas: strategy and process, content and lead generation, and people. Let’s talk about each.
  • First, strategy and process.As Bill Gates famously said, “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”So, don’t just automate your old processes when you are introducing marketing automation into your organization. New technology requires new ways of doing things. When it comes to automating marketing, the most important thing to understand is that you “still have to think.”Sales and Marketing AlignmentMarketing automation can drive the most results when a company uses it as an opportunity to realign its entire revenue engine around the modern customer’s new buying cycle. Some of the key questions are….Measurement and MetricsWith marketing automation, marketers can look beyond traditional metrics (clicks, opens, etc.) and starting measuring (and forecasting) what executives really care about: current and future pipeline, revenue, and profits. Make sure you think through how you will use the capability to take your measurement to the next level.Data QualityQuality data is an essential underpinning of any successful marketing automation implementation. You can get started with MA if you have data problems, but to achieve the significant levels of success we just talked abuot, you may find you need to invest in your data over time.Remember; thing big, start small, quick wins.
  • If marketing automation is the rocket, then content and lead flow are the fuel. ContentHaving enough content is often the most underestimated challenge for successful marketing automation. Simply put, content is a must-have for consistent lead generation and nurturing. Ideally, this is based on a solid understanding of your buyer personas, so that your content and messages resonate with your audience. Without this, even the most finely crafted marketing automation programs can fail to deliver results. Make sure you have a defined content calendar, andthat you have content for each stage of the buying process, by persona.If you don’t, then you’ll need to make progress in this area as you move up the maturity curve.Lead FlowSome companies, especially new and small businesses, don’t have enough leads. Marketing automation can help leads flow through the funnel more efficiently, and done right, it can nurture leads to make them sales-ready. But if you have nothing coming into the top of your funnel, you will have nothing to nurture. So,if you don’t have enough sales leads, put a plan in place to get more. Fortunately, marketing automation technology can be a key help in this area… Complete systems include functionality for lead generation, including: PAID online and offline events, pay-per-click, social media amplification, online direct response advertising, and tradeshows…. AND organic programs such as social and content marketing.I should take a moment to point out here that MA is NOT just for big, mature companies. At Marketo, we started using our product when the entire marketing department was just me and another person and we only had one or two whitepapers. The key to our success is that we started with what we had, and them we never stopped adding and evolving to our usage.
  • The last area of your MA strategy to think about is your People. This includes your internal employees as well as external service providers.I often get asked, what kind of skills should I have on the team for MA success. Some important skills for success are:Business processes design and implementation.  Can your team envision demand generation and lead-lifecycle processes that align to today’s modern buyer? Can they work cross-functionality to implement across the organization?Analytics. Do you have someone who can absorb, visualize, and discuss large amounts of data and complex concepts, and make decisions to solve problems based on available information?Technical aptitude. Marketing is increasingly becoming a technical profession that includes proficiency with technology solutions. This represents a huge shift in the job description of a marketer, which previously required little to no technical abilities. Although today’s marketing automation platforms are much easier to use than previous systems, users still need to be comfortable using technology. Basic levels of technical acumen are a must; having a “marketing technologist” on staff is even better.You’ll want to evaluate the skills of your team. If you don’t have the right skills on-staff, over time you’ll want to add training to develop them, or hire external consultants and/or additional hires to build your MA rockstar team. Fortunately, this is where a vendor like Marketo can help. More companies use Marketo for marketing automation than any other vendor in the world. We have more than 27,000 members of our user community. That means there is a great network of trained, experienced users who are experts in Marketo marketing automation – and there is a wide variety of third party experts available to help your company upgrade your usage or even to help you run the system. We call this network the Marketing Nation, and I passionately believe it’s a key part of how we at Marketo make customers successful.
  • My last topic before I hand the presentation to Lorena is to share a best practice process for how to select the right MA system for your company.
  • While I admit by bias and believe that Marketo is the right answer for you, here’s an unbiased process you can follow. This is based on research by David Raab, author of the VEST Report on Marketing Automation, and an expert at helping companies with their marketing automation evaluations. First, write down your goals for the projectTo get where you want to go, write it down. Statistically, you increase your likelihood for success simply by putting your goals on paper. 2. Identify your requirementsCheck out the RFP template Remember, picking the right solution involves more than just picking the right technology. Who will use the system? How important is ease of use? What level of additional services, training, and support will you need?How important is easy and powerful? Verify you’ll get what you need today – and what you’ll want in the future. David Raab, marketing automation expert: “Plan for growth. No matter how carefully you define your needs, they’ll evolve in ways you don’t expect. You need a vendor that is likely to support future needs, whatever they may be. So look beyond for specific features for flexibility and a history of product improvement.” 3 Evaluate potential vendors against your scenariosSelect vendors to evaluate. Ask each one to demonstrate how they would deliver your specific processes and scenarios. Alternatively, ask for a free trial of the solution being considered.Scour the technology. Check all boxes to cover your administrative, integration, and technical needs. Look beyond the technology. Evaluate each vendor’s ability to make you successful through access to best practices, community, consulting, support, and training.4. Talk to referencesNow it’s time to find out if your vendor can actually make customers like you successful.Ask your vendors for references. Solicit others from your personal and social networks. Look for references that are similar to your organization. Chances are, you’ll succeed with a particular vendor to the degree that companies similar to yours have done, so look for references that are similar to your organization. Find out whether your situation is similar to theirs. If you do, you’ll drill into whether you’re likely to succeed with that particular solution as well. As David Raab points out, you need to ask more than “Are you happy?”Don’t forget to ask about technical AND non-technical factors. How long was implementation? How much training and additional services were needed, if any? How did the vendor handle any problems that were encountered along the way? 5. Focus on value, not costThe time has come. Choose the vendor that can best make you successful in line with the goals you created at the beginning of this process. While this does involve comparing subscription costs and contract terms, the revenue benefits you’ll enjoy when you achieve your goals are usually much more significant – so it’s best to choose the solution that will help you be the most successful. See guide for a more complete process
  • I’m happy to be here with you today, because I believe that Marketing is changing. My view – shaped by 25 years in B2B marketing for large service companies – is that this decade will see the corporate marketing function change shape dramatically. Marketing Automation Systems (such as Marketo, Silverpop and Eloqua) tied to sales automation systems such as will become ubiquitous -- and with them, an emphasis on measuring and analyzing all marketing functions. Marketing will be evaluated on ROI and revenue participation. CMO’s must embrace and soon-to-be CMO’s must lead the change.In each of my roles, I’ve focused on three key initiatives that redefine the Marketing function as a change agent, revenue center, and partner to the Sales process. As soon as I’ve introduced you to Vantiv, I’m going to give you a quick look at those techniques…
  • Vantiv is a 40-year old payment processing company that was the payment processing division of Fifth Third Bank until June of 2011. The new company IPO’d in March of 2012 with a market cap of $3B. We’re the ones making sure your transaction is approved and the money is moved when you swipe your card at Kroger, Macy’s or Target.In many ways, Vantiv is a big small company. We’re still putting foundational pieces in place, yet we have the revenue goals of a mature public company. So Marketing has challenges ranging from introducing a new brand to supporting a large diversified sales force. Not only that, but management tends to have an old-school view of Marketing as an “arts and craft” cost center. So change is critical – and miracles are required.
  • The third key initiative is – Implementation of a marketing automation system linked to the company’s CRM. We use Marketo for lead generation and nurturing, email marketing, analytics, reporting, and interoperability with for a continuous pipeline.Marketo provided this “marketing maturity journey” slide, which corresponds to our experience pretty well. Like many companies our size, we’ve mostly transitioned out of traditional marketing, have implemented and integrated automation systems, and are working daily to integrate sales and marketing efforts.Getting to the nirvana of a continuous RPM system is going to take time while all the old dogs learn new tricks. But the journey is as important as the destination.
  • Planned integration of channels isn't enough. The mix needs to be constantly tested and adjusted. To be honest, that’s a challenge for us. Getting a team to plan at the outset is much easier than getting them back together regularly to evaluate. We have monthly meetings on the books for this purpose, but greater participation is needed.Our goal is to evaluate how channels are performing as a whole, which the bubble chart measures. Then we look at individual campaigns and how they channels are performing. We can even inspect certain accounts, such as the view of Macy’s responses to our campaigns shown on the right. It really helps Sales leadership to see all the factors in a buying decision.
  • To make the journey as effective and rapid as it can be, Vantiv marketing is learning to speak in numbers, just as Sales has always done. And it helps to have an elevator pitch as well. When I’m trying to get Sales’ attention, I say, “Did you know that marketing-generated leads have an 88% close rate once they are converted to an opportunity? That’s higher than any other lead source, including our traditional referral leads.” That usually gets their attention!Of course, the trick is getting Sales to pick up Marketing-generated leads and work them. But like I said… the journey is as important as the destination.
  • So there’s a lot to do in 2013:Improve brand awareness by continuing and enhancing the content marketing program. Add more channels and consultative tools to the mix. Improve their lead-generation effectiveness.Fill the sales funnel with warm prospects that have measurably high close rates. Give the Sales force something to talk about – thought leadership to use in cultivating the relationships.Integrate Marketing and Sales efforts by providing tools that support the entire sales process. Demonstrate value with measurable results.Continue to serve as a change agent to evolve the revenue generation process into a continuous marketing-to-sales pipeline.Thanks for your time. In the spirit of change, I look forward to learning from you all over the next couple of days.
  • And be sure to join us next week: Part 2: Buying and Becoming Successful with Marketing AutomationTuesday, March 5, 2013 at 10:00AM PT / 1:00PM ETSpeakers: Jon Miller, VP of Marketing, Marketo and Lorena Harris, VP of Corporate Marketing, VantivHow to select the right marketing automation vendor and ensure success with implementation and beyond.  You will learn:How to select the right marketing automation vendorHow to think big, start small, and move quickly with marketing automationHow to manage your people, process, and technologies for successHow Vantiv sold marketing automation to internal stakeholdersHow Vantiv managed change internally to create impact with marketing automation
  • My name is Jon Miller, VP Marketing and co-founder at Marketo, and author of the DG2MA. I’m @jonmiller, so please feel free to engage during the presentation on Twitter using #DG2MA
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