Don't Let the Wrong Marketing Automation Solution Stunt Your Growth
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Marketing is changing at an extraordinary pace. And you have to keep up! Choosing a marketing automation solution that won't grow with you can do more harm than good. Check out this presentation to learn what to look for when evaluating marketing automation solutions that will keep up with the continuous changing directions of marketing.
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Don't Let the Wrong Marketing Automation Solution Stunt Your Growth
- 1. Don’t Let the Wrong Marketing Automation Solution Stunt Your Growth Renata Bell Lizzy Funk Sr. Product Marketing Manager, Marketing Programs Manager @TheRenataFactor @lizzymfunk
- 2. • This webinar is being recorded! Keep an eye out for the slides and recording sent to you via email later today • Posting to social? Use #mktgnation Housekeeping
- 3. What you can learn at the surface level What you need to dig for
- 4. BEWARE THE POWER OF THE CHECKBOX Automation Workflows Automation Workflows Vendor A Vendor B Beware of the power of checkbox
- 5. 1. A solution that reduces your stress levels by letting you do the things that you do every day really quickly 2. A solution that lets you build nurture programs that work for today’s complex multi-channel buyer journeys 3. A solution that integrates with your CRM solution seamlessly and delivers highly actionable intelligence to your sales team 4. A solution that provides you with metrics that are meaningful to your business Your Goals for Marketing Automation….
- 6. Balance Ease of Use vs. Impact EASY HARD HIGH IMPACT LOW IMPACT A B C
- 7. THINK 3 YEARS OUT Landing Pages Emails Reports and Data Workflows Think 3 Years Out
- 9. SPEEDSpeed
- 10. Individual asset (e.g. email) Entire Campaign (e.g. emails, landing pages, automation workflows, etc.) Ability to Replicate Success
- 11. Replicate Webinar Email Invite 1 Email Invite 2 Email Invite 3 Email Confirmation Email Reminder Email Follow-up No Show Email Follow-up Attended Landing Page Register Landing Page Thank You Workflows List Email Invite 1 Email Invite 2 Email Invite 3 Email Confirmation Email Reminder Email Follow-up No Show Email Follow-up Attended Landing Page Register Landing Page Thank You Workflows List Copy Edit Email Invite 1 Email Invite 2 Email Invite 3 Email Confirmation Email Reminder Email Follow-up No Show Email Follow-up Attended Landing Page Register Landing Page Thank You Workflows List 22 Laborious Steps – 2+ Hours
- 12. Replicate Webinar Email Invite 1 Email Invite 2 Email Invite 3 Email Confirmation Email Reminder Email Follow-up No Show Email Follow-up Attended Landing Page Register Landing Page Thank You Workflows List Email Invite 1 Email Invite 2 Email Invite 3 Email Confirmation Email Reminder Email Follow-up No Show Email Follow-up Attended Landing Page Register Landing Page Thank You Workflows List Clone Program-level fields 1. Webinar name 2. Webinar title 3. Speaker name 4. Speaker title 5. Webinar Description 6. Date 7. Time Push 8 Quick Steps – 3 Minutes
- 13. • What happens to all your assets when you update a template (such as when changing the event location)? • How are things in the system organized? Is everything easy to find? • How easily can you build assets like landing pages and emails? • Can you get things done quickly without IT help? • Is there an active and helpful user community? Other Productivity Considerations
- 14. • Make sure you select a Marketing Automation tool that lets you do the things that you do every day really quickly. Takeaway:
- 15. Drip vs. Advanced Nurture
- 17. Online Events Email Offline Events Mobile/SMS Social Direct Mail Web Multi-Channel
- 18. Marketers Don’t Control the Journey… …Customers Do
- 19. Nurture
- 21. Name: Glenda Age: 77 Gender: Female Income: $30K - $50K Location: Eastern US Target artists: Roy Orbison Neil Diamond Willie Nelson Tony Bennet
- 22. Effective Nurturing Adapts Based on Behaviors
- 23. Standard Nurture Behavioral Nurture Open % 21.7% Open % 34.0% Click to Open % 23.4% Click to Open % 37.1% Click % 5.1% Click % 12.6%
- 24. IS • Web behaviors • Purchase behaviors • Social behaviors • Content consumption • Specific email interactions • Offline behaviors Behavior-based Nurture IS NOT • Sending an email again if not opened or clicked first time • Sending a different email if the last one was opened or clicked
- 25. • Look for a Marketing Automation solution that makes it easy to do behavior based nurture Takeaway:
- 26. VS . Deep and Seamless CRM Integration
- 27. • Out of the box 2-way data exchange • Automatically adapt to changes in CRM • Instantly trigger marketing activities from CRM • Instantly send sales alerts and follow-up tasks • Provide sales intelligence in a highly digestible, and highly actionable manner CRM Integration Capabilities
- 29. • Talk to other companies, research compelling use cases, and choose wisely. There are very significant differences when it comes to CRM integrations. Takeaway:
- 30. VS . Sales Intelligence or Sales Distraction
- 31. Information that helps sales reps sell more effectively, in order to: • Close more deals • Shorten sales cycles • Increase deal size Sales Intelligence Defined
- 32. Really no different from how marketers think about marketing more effectively: • Right message – relevant message • Right person – person who is a potential buyer • Right time – person who is ready to engage with sales How To Sell More Effectively?
- 33. Right Person Names in Database
- 34. Right Person Names in Database
- 35. Right Person Sales Ready 15% Not Sales Ready 60% Junk 25% Names in Database
- 36. Right Person Sales Ready 15% Not Sales Ready 60% Junk 25% Names in Database
- 37. Right Message
- 38. Page 38 Types of Lead Scoring • Demographic Scoring • Asset Scoring • Behavior Scoring • Product Interest Scoring
- 39. Page 39 Stars and Flames show priority Full list of Interesting Moments
- 40. Page 40 Alerts: No Lead Left Behind
- 41. Multi- touch ROI Multi-touch Revenue Single-touch Revenue Opportunities Won Conversion Based (Form Fill) Meaningful Measures of Success
- 42. The Right Metrics: • New Names • New Qualified New Names • Cost per new name Early TOFU • MQLs • SQLs Mid MOFU • Opportunities • Pipeline • Revenue Won Late BOFU TOFU Attract MOFU Engage BOFU Close
- 43. • FT = First Touch • Acquisition Program = 100% of the credit • MT = Multi Touch • Programs in between acquisition and opportunity = divided credit FT vs. MT Content Syndication Clicked on email Attended Webinar Attended Demo Downloaded Definitive Guide Opportunity Opened ($43K) FT Program that generated name (acquisition program) = 100% of credit MT All programs that touched the lead and contributed to an opp = divided credit Example customer journey: Acquisition Program Opportunity
- 44. FT vs. MT Pipeline Channel FT Pipeline MT Pipeline PPC $410,000 $525,000 Webinars $220,000 $903,000 Content Syndication $325,000 $117,000 More efficient at pushing leads through funnel More efficient at acquiring the right leads
- 45. Key Takeaways • Supercharge your nurturing with behavioral segmentation • It’s all about the 1:1 conversation on the cadence and channels our customers prefer • Pick a solution that let’s you work fast will make you look like a superstar (and reduce stress too) • Choose a solution that will give you multi-touch metrics that show accurate program ROI • CRM integration that empowers sales can drive big time results @therenatafactor @lizzymfunk
- 46. Dangers of a “Good Enough” Marketing Automation Solution
Editor's Notes
- Beware of the power of checkbox, ex. buying a car- both get you both A to B but one will get there much faster and efficiently. Same for features, while you might be able to check a box, how that task is completed can be quite different and make a big impact on your future efficiency. We’ll go through some of these examples later.
- Balance ease of use vs impact. Some platforms are easy to use because they’re very basic. When you stick to basic capabilities, you’ll be hindered later on. You often lack the ability to grow with the system and make a big impact. It doesn’t mean it’s more difficult to use. When sending an email you can do that in both systems, but with a more powerful system you can make a bigger impact. Some examples are more advanced Nurturing, more automation, more powerful workflows, more sophisticated Reporting. There’s a big difference between a basic system and one that’s more robust. And then on the other end you want to avoid systems that can make impact, but are difficult to use, ones that require IT resources to get anything done. Really take a look at the systems out there and keep in mind that balance that’s right for you for ease of use vs impact.
- You don’t want to think this is good enough for a year. I hear that a lot from folks that think that this will get us down the road for the next year. In fact in a previous life this happened to me, we chose a solution that was fairly basic and the limitations of what we wanted to do were so overwhelming, we swapped it out for Marketo just a year later-- and that’s how I ended up working at Marketo. So you can quickly outgrow your system, and it might happen quicker than you thought. and you’ll create assets, emails and workflows and all things you’ll need to replicate in the new system. So the lesson here is to think 3 years out.
- So when we look at buying a MA system, you might be looking at features and functionality, but just as important is to look at the ecosystem. Rapidly growing marketing tech can be overwhelming and integrating them all can take time. We have Launchpoint with several hundred solutions that work with Marketo out of the box. Examples include Facebook custom audiences, Direct mail, measuring video engagement. I speak to many of our high growth customers that tell me Launchpoint is the first place they go when shopping for marketing tools, because they know it will work. Also take a look at the community. We have 50K active members. These are people become your network and will help you succeed with questions and tips. requested features from the Marketo Community It’s easy to understand surface level differences, but if you don’t know what you don’t know it can lead you don’t the wrong path. So I want to dig into a few of these areas on questions to ask and things to consider. The first item is speed.
- Some will be very focused on ease of use, step one do this, step 2 do that. Others might be more flexible. And with flexibility you can get speed. Specifically, let’s talk about the ability to replicate success.
- Here’s Dolly. As some of you might remember, Dolly was the first animal to ever be cloned. Most systems allow you to copy an email or individual email or landing page. But some systems allow you to duplicate an entire campaign or program. So thinking about a webinar, or an event, there are a lot of assets attached to that program and being able to replicate it all can save you a ton of time. Let me show you what I mean.
- When people buy MA, a primary reason is they want to better engage their customers across the entire customer lifecycle. One way that basic system to do that is though drip nurture. But effectiveness is drip nurture is often questionable, and that’s why they sometimes call it drip torture, not nurture. I hope you are all thinking about something more than the basic drip and thinking about advanced nurture.
- And on top of that we’ve all got iPhones, Pads, laptops and a desktop. And as consumers we demand a seamless experience between all of them. Scratching below the surface, looking at nurturing your customers across channels. We tend to understand multi-channel, but what’s the key that people often miss is the cross-channel listening. Using this information and how you react is incredibly powerful.
- Scratching below the surface, looking at nurturing your customers across channels. We tend to understand multi-channel, but what’s the key that people often miss is the cross-channel listening. Using this information and how you react is incredibly powerful.
- Customer nurturing is the ability to automate ongoing campaigns, which is constantly listening for behaviors to send the most relevant content. So start thinking about not just personalizing emails, but also personalize the journey you put your customers on with those emails with customer nurturing. Think about how SMS, Mobile notifications, Direct Mail all fit into a journey. By using customer nurturing campaigns to interact with your buyers and understand their interest and behavior, you gain deeper insight into their buying intent.
- Result: Big lift! More on our blog about this: http://blog.marketo.com/blog/2013/06/topic-of-interest-based-nurturing.html That’s good, but not enough. What is the actual increase in open rates and click through rates? There is actually a 56.68% increase in open rates and a 147% increase in click through rates, which means that so far our interest based nurturing track is producing results!
- We use lead scoring for demographics fit (a VP of mktg. is scored higher than a marketing coordinator) For Asset scoring, we look at whether it’s an early stage or late stage asset and the level of engagement that’s required to consume it (for example, an infographic is just 1 point, but a 100+ page Definitive guide is 10 points) Behavior scoring: again, this is different depending on the early-mid-late stage of content and whether the behavior represents buying intent or not. E.g. visit to a pricing page +10, visit careers pages – minus 10 And of course, you need Marketing Automation software to activate the lead scoring and use it for all your campaigns.
- Which Leads Should I Focus On First? So how do SDRs know which leads to follow up on first? At Marketo, once we have a lead, we need to get it to the sales team in a way that is easily digestible. So we have a sales intelligence tool called Marketo Sales Insight that lives natively within the CRM. We use SFDC. And it essentially provides the sales reps with a prioritized list of leads, with their best bets on top…which is why we call this the best bets list. The more stars and flames a lead has, the higher the quality. Stars measure relative lead score, and the flames is a measure of how quickly the score increased over time, which is essentially telling the rep how “hot” the lead is. So a lead with a very high score that has been doing a lot of research on the website over the past few days is someone that is likely to show up very high on their list. This is a great tool to help sales prioritize leads in their queue.
- At Marketo we have these in place and it is all automated. So when a lead becomes a lead, if after the first day they haven’t touched it, they get a nice incredibly friendly reminder. And you can see from this slides the reminders get less friendly. As you can imagine, there are very few leads that aren’t followed up within a 3-day period. And by the way, some leads are followed up much more quickly. Now, this may seem a bit harsh, but hey, that’s an SDR’s job. Their primary mission is to call and qualify our best leads and pass them to an AE if they think an opportunity exists.
- Next I want to look at measurement. It’s a key area for marketers. And when marketers tend to buy MA, it’s usually for 2 reasons: engage their customers or to have the ability to understand what’s working and what’s not. In that regard there are some big differences on how to measure success across platforms. Bottom is least useful, top is most useful Bottom- how successful your campaigns are based on how many people filled out a form. Next level of how many customers or opportunities are won. The problem here is that it doesn’t tie campaigns to revenue. Single touch revenue ties in revenue which is great, but the problem is that most customers won don’t take one touch. So the accuracy of your program measurement could be off because it will only attribute it to the first campaign that brought that customer in. This is where we get into multitouch revenue. It would show you the portion of the win that different campaigns that influenced that deal. ROI: Layering in the cost of that campaign, not only looking at revenue, but also based on the return on investment for that campaign.
- You can measure each program as they relate to the funnel At the top of the funnel, you can look at your early stage programs and track the number of new names, the number of new, qualified names and how much you are paying for each one of those names. In the middle, you can track how those new leads are converting – how many MQLs (stands for marketing qualified leads and is a lead that marketing deems qualified for sales to follow up on) are your marketing programs generating and of those MQLs how many are being accepted by sales to become a SQL (stands for sales qualified lead and is an MQL that was accepted as qualified by the sales team after a phone call or an email).