Julie Persofsky - 4 Commandments of Advocacy ROI
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This document discusses the 4 commandments of advocacy ROI according to Julie Persofsky from Influitive. The 4 commandments are: lead generation pipeline acceleration, content creation and earned media, lifetime value. The document is from a session at AMP Talks on the ROI of advocate marketing.
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Julie Persofsky - 4 Commandments of Advocacy ROI
- 1. AMP TALKS: SESSION #5 4 COMMANDMENTS OF ADOVOCACY ROI JULIE PERSOFSKY Director of Customer Strategy| Influitive @julie_per #ADVOCAMP
- 7. ROI of Advocate Marketing Lead Generation Pipeline Acceleration Content Creation + Earned Media Lifetime Value
- 8. AMP TALKS: SESSION #5 4 COMMANDMENTS OF ADOVOCACY ROI JULIE PERSOFSKY Director of Customer Strategy| Influitive @julie_per #ADVOCAMP
Editor's Notes
- Before you came to AdvocAMP, or at least now, you’ve shown an interest in implementing an advocate marketing program. But how can you justify the spend, the resources and time? I’m going to walk you through a framework that we work with our customers on how to demonstrate the value of their customer marketing initiatives. First I would like to take everyone back through a brief history of marketing. ------- Way back to the advertising days. When “ad men” ruled the world. Those untrackable, impressioned based marketing stunts had its run, but eventually, marketers got wise and realized that it’s not worth it, unless you can track it. Todays’ gold medal marketing’s aren’t just creative mad men, they are sophisticated and data driven. Onto the next era of our marketing journey.
- Below the advertising line basically anything you can track and it starting becoming a much bigger deal, direct mailers, call to actions, unique codes all started giving marketers a better sense of the value of their spend.
- And with each new trend in marketing, came it’s trackability, it’s ROI measurement tools and expectations that if you were going to spend a dollar, you knew what it got you.
- It’s customer centricity is the next big thing. Over the past year and even more so this year, CMO’s analysts are calling 2015 the year of the customer. If you aren’t customer centric then you will get left behind. But the problem is, customer centricity is really hard to implement and harder to measure. But like the emergence of social media, companies know – they better get on this train or its leaving without them. In 2014, Bob Peterson from Sirius Decisions said “From startups to venerable blue chip organizations, b-to-b companies of all sizes and industries are striving to meet the challenges of focusing on customer marketing.” Everyone in this room has either implemented a customer/advocate marketing initiative or has it on their to do list this year. But what happens when you need to justify the spend. You can no longer just say: “we need to put customers first”
- Today you wouldn’t run an email campaign without tracking it, Pay per click, etc. You need to measure and justify the value of these programs, so why not your marketing program? The problem that most companies run into, is that it’s really easy to see the ROI of a marketing campaign now with all the tools and tracking ID”s, you can see how many leads were generated, how many turned into qualified opportunities and so on. So, if you implement a customer marketing initiative sooner than later, someone is going to be asking for some ROI. But right now, it’s still tough to do. The good news is that starting to do studies that demonstrate the value of advocate marketing initiatives
- So, here’s my call to arms, you must be tracking the value of your advocate marketing program, you can track it, and here’s how. There are four main categories of tracking ROI of your customer marketing initiatives. Lead gen is the easiest one to track, leads come in, they convert, they drive revenue. Form of Referrals, US/CS/References/Unique URLs This is most obviously demonstrated by referrals. The wharton school of business found that the life time value of a referral customer is more than 16% higher than non-referred customers. I hope you all catch David Coates’ from Iron Mountains’ presentation, he’s done an amazing job at building a trackable dashboard that attributes US/CS to their customer marketing initiatives and Jenny Bertheume from Oracle Marketing Cloud who’s diligently tracked the influence of all references on their pipeline. This next one, unique URL’s is something that very few do, but is’ so easy to implement. Tracking URLS. Your social media team is tracking how well their URL’s are doing, through clicks, and more importantly the impact on gated forms for content, or webinar registration. Do this for your advocate marketing program, ask for a separate URL for your advocates to share so you can see the leads that they drive from all that social sharing. Lead Generation: Blackbaud generated a year’s worth of referrals in only 3 months at a 37% close rate. Pipeline Acceleration Sales Acceleration: InsightSquared's goal was to generate 10 reviews across these sites within the first quarter of launch. They achieved 100+ customer reviews across leading review websites. Lifetime Value Total ARR, Churn Rate, Customer Sat/NPS LifeTime value: Iron Mountain gathered detailed feedback from 60+ customers in a matter of days and uncovered a multi-million dollar crossell opportunity at one of their Insiders customer events. Content Generation and Earned Media BszzAgend found that advocates write and share more than twice as many online communications than non-advocates and are 70% more likely to be seen as a good source of content. Do you know what revenue your case study brought in. Case Study, blog Post, webinar speaker participants, clicks from content shared Content creation and distribution: Readytalk sourced 2 case studies, 2 eBooks, 2 infographics, 4 guest blog posts and 10 video testimonials PLUS: 1 whitepaper and testimonials for product support materials Sentiment: You know you need people talking about your company online, you know you need reviews , but we don’t really know exactly why. Reviews, Forum Discussions, Community interactions, replies to twitter Everyday is worth money, if you can accelerate sales cycles everyone knows there. I’ve taken you through the generations of how marketing has evolved from a couple of whiskey’s in the morning, to calculated and measured marketing campaigns. So if you leave today with nothing else, it’s that you must be tracking the value of your advocate marketing initiatives.