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Lead to-Revenue Best Practices - Driving Pipeline Growth Across the Enterprise
- 1. © 2013 Marketo, Inc. Marketo Proprietary and Confidential Lead-to-Revenue Best Practices: Driving Pipeline Growth Across the Enterprise May 21, 2014
- 2. © 2013 Marketo, Inc. Marketo Proprietary and Confidential Lori Wizdo Principal Analyst Forrester Sanjay Dholakia CMO Marketo
- 3. How Does Forrester Define L2RM? Practices, Processes and Technologies deployed to acquire, retain and enrich customer relationships
- 4. 24% 15% 11% Expanding or upgrading Using or implementing, not expanding Planning to implement in the next 12 months “What are your firm’s plans to adopt lead management automation software technologies?” L2RM is a well-established practice Base: 328 marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012 US And Europe B2B Marketing Tactics And Benchmarks Online Survey Initial adopters use L2RM to help with: • increasing demand for leads; • revenue accountability; • changing buyer behavior, • need to better align with sales
- 5. © 2012 Forrester Research, Inc. Reproduction Prohibited Contribute more to the sales pipeline. . . . Fifty percent of marketers have implemented L2RM Platforms, and are seeing these results: Realized Gains From L2RM Automation.
- 6. © 2012 Forrester Research, Inc. Reproduction Prohibited 7 Base: Marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012 US and Europe B2B Technology Marketing Tactics And Benchmarks Online Survey L2RM Automation Platform Implemented (N=136) L2RM Automation Platform Not Implemented (N=69) Using your best estimate, what percentage of your sales pipeline (opportunities) can be attributed to leads your marketing function has generated? 44% 34% L2RM Platform users contribute more to the pipeline.
- 7. © 2012 Forrester Research, Inc. Reproduction Prohibited Contribute more to the sales pipeline. Have higher levels of process maturity . . Fifty percent of marketers have implemented L2RM Platforms, and are seeing these results: Realized Gains From L2RM Automation.
- 8. © 2013 Forrester Research, Inc. Reproduction Prohibited 9 L2RM Platform Users more marketing process maturity
- 9. © 2012 Forrester Research, Inc. Reproduction Prohibited Contribute more to the sales pipeline. Have higher levels of process maturity Measure results more holistically . Fifty percent of marketers have implemented L2RM Platforms, and are seeing these results: Realized Gains From L2RM Automation.
- 10. © 2013 Forrester Research, Inc. Reproduction Prohibited 11 L2RM Platform users measure more aspects of performance.
- 11. © 2012 Forrester Research, Inc. Reproduction Prohibited Contribute more to the sales pipeline. Have higher levels of process maturity Measure results more holistically Collaborate better with their sales colleagues Fifty percent of marketers have implemented L2RM Platforms, and are seeing these results: Realized Gains From L2RM Automation.
- 12. © 2013 Forrester Research, Inc. Reproduction Prohibited 13 L2RM Platform Users have better alignment with sales
- 13. © 2012 Forrester Research, Inc. Reproduction Prohibited Contribute more to the sales pipeline. Have higher levels of process maturity Measure results more holistically Collaborate better with their sales colleagues Fifty percent of marketers have implemented L2RM Platforms, and are seeing these results: Realized Gains From L2RM Automation.
- 14. Page 15 © 2011 Marketo, Inc. Marketo Proprietary and Confidential Marketing Automation Integrated Marketing Revenue Performance Management Basic Marketing Automation • CRM Integration • Scoring • Automated Nurturing Utilize the entire Sales Funnel & its Stages • Targeted Marketing • Detour Stages • Dynamic Lead Routing • Triggers & Alerts Create a multi-touch attribution model and use it to tweak performance • Attribution Model • Operational Reporting • Sales Empowerment via CRM campaign execution Aetna’s L2RM Approach PROVIDER ActiveHealth Management iTriage Medicity Neonatal Management Program Practice iQ EMPLOYER ActiveHealth Management iTriage Neonatal Management Program WellMatch Wellness 2.0 Workforce Availability PAYER ActiveHealth Management WellMatch
- 15. Page 16 © 2011 Marketo, Inc. Marketo Proprietary and Confidential Optimizing the Leads • Early Awareness • Pref. building Demand Gen. • Known Names • 2-way dialogue Nurture • Handoff to Sales • In Rep’s Pipeline Qualify Revenue Demand Generation Nurturing Qualification to Close Revenue • Ads • Branding • Social • SEM/SEO • Web • PR • Events • Email opt-in • Webinars • Invite only events • Direct Mail • Thought Leadership • White Papers • Phone calls • Demos • Visits • LOI • Sales methodology kicks in at this phase • Reports • Dashboards • Win/loss analysis • Reverse engineering of pipeline by conversion values Marketing Leads Sales Leads
- 16. Page 17 © 2011 Marketo, Inc. Marketo Proprietary and Confidential How many of you have adopted the L2RM methodology? A. Already adopted B. In discussions to adopt C. No plans to adopt Polling Question
- 17. © 2012 Forrester Research, Inc. Reproduction Prohibited Great Lead! Can I get 2000 more just like that?
- 18. © 2012 Forrester Research, Inc. Reproduction Prohibited L2RM is In Transition Savvy marketing leaders are going beyond ‘demand generation’ This is your chance to: Transform Marketing From: Top-notch supplier of leads for the load-bearing sales channel To: Architect of customer engagement across the entire customer life cycle
- 19. This is The Age of the Customer
- 20. © 2012 Forrester Research, Inc. Reproduction Prohibited 21 This is L2RM in The Age of the Customer
- 21. Page 22 © 2011 Marketo, Inc. Marketo Proprietary and Confidential Your Customer Base is your Strategic Asset Traditional Marketing Marketing Automation Integrated Marketing Revenue Performance Management Basic Marketing Automation • CRM Integration • Scoring • Automated Nurturing Utilize the entire Sales Funnel & its Stages • Targeted Marketing • Detour Stages • Dynamic Lead Routing • Triggers & Alerts Create a multi-touch attribution model and use it to tweak performance • Attribution Model • Operational Reporting • Sales Empowerment via CRM campaign execution
- 22. © 2014 Marketo, Inc. Marketo Proprietary and Confidential 50% 20 Building Enduring Customer Relationships Personalized Durable Directed Individualized
- 23. © 2012 Forrester Research, Inc. Reproduction Prohibited 24 THEN NOW Driving Transformation in Marketing Demographic Behavioral Segmentation Mass Advertising 1:1 Communication Point in time Blasts Continuous Relationships Few / isolated channels Exploding / integrated channels Intuitive decision making Data-driven automation
- 25. © 2012 Forrester Research, Inc. Reproduction Prohibited A Thorough Evaluation
- 26. © 2012 Forrester Research, Inc. Reproduction Prohibited ENGAGE ASK USE BUY EXPLORE DISCOVER
- 27. © 2012 Forrester Research, Inc. Reproduction Prohibited The Way Deals Start Today
- 28. © 2012 Forrester Research, Inc. Reproduction Prohibited Source: The New Yorker, October 5, 1998 (http://www.newyorker.com/) How Deals Start Today: Known Need
- 29. © 2012 Forrester Research, Inc. Reproduction Prohibited How Deals Start Today: Unknown Need
- 30. © 2012 Forrester Research, Inc. Reproduction Prohibited The right mix drives people to your site
- 31. © 2012 Forrester Research, Inc. Reproduction Prohibited The right mix can be hard to figure out Source: Forrester B2B Technographics Buyer Sources of Influence: Awareness All Technologies All Countries 0% 5% 10% 15% 20% 25% Texting/short codes Signage Vendor-affiliated community Blogs Procurement/GSA Email (news/sub) Direct email White papers Vendor print TV/radio IT forums/message boards Industry association Vendor sales tele/email www.busprint/news Business print/news Trade shows www.techinfo Vendor sales in person www.vendor
- 32. © 2012 Forrester Research, Inc. Reproduction Prohibited Key Features We Evaluated To Help You Excel at the “Fine Art of Being Found” 33 • Multi-channel engagement • Personalized content and offers • Social listening, publishing, engagement
- 33. Page 34 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Generate Demand Drive Campaigns Across Channels EMAIL WEBINARS SEMINARS TRADESHOWS SOCIAL MOBILE DIRECT MAIL SMS
- 35. © 2012 Forrester Research, Inc. Reproduction Prohibited ENGAGE ASK USE BUY EXPLORE DISCOVER
- 36. © 2012 Forrester Research, Inc. Reproduction Prohibited
- 37. © 2012 Forrester Research, Inc. Reproduction Prohibited Content is the currency for engagement
- 38. Information abundance attention scarcity Q4 2013 North America And Europe Executive Buyer Insight Online Survey I usually scan the information then throw it in the trash. Vendors give me too much material to sort through. Much of the material is useless. 59% 75% 62% Business and IT decision-makers (N = 319) and senior-level IT and business executive decision-makers at companies with 1,000 or more employees
- 39. © 2012 Forrester Research, Inc. Reproduction Prohibited 12% 12% 12% 13% 16% 17% 18% 19% 20% 22% Business Print/News Catalogs Tech Analysts Trade Shows Tech Print www. Search Engines www. Tech Info www. Tech Print Vendor Sales in Person www. Vendor 12% 13% 13% 14% 15% 15% 17% 17% 21% 24% Tech Analysts Trade Shows Catalogs Vendor Sales Tele/Email Tech Print www. Search Engines www. Tech Info www. Tech Print www. Vendor Vendor Sales in Person 11% 12% 12% 13% 15% 18% 19% 19% 20% 22% www. General Interest Business Print/News Catalogs Trade Shows Tech Print www. Tech Info www. Tech Print Vendor Sales in Person www. Search Engines www. Vendor Discover Explore Buy Source: Forrester’s Tech Marketing Navigator: “Most Influential Vehicles: All Technologies/ All Roles” Website May Be The Most Important Channel
- 40. © 2012 Forrester Research, Inc. Reproduction Prohibited Is this really useful?
- 41. © 2012 Forrester Research, Inc. Reproduction Prohibited This is useful Personas OUTCOMES
- 42. © 2012 Forrester Research, Inc. Reproduction Prohibited The Fine Art of Being Relevant › Design your site to speak to buyers … › … and buyer needs › Use onsite behavioral targeting › Increase site ‘stickiness’ with targeted content › Provide content based on visitor behavior
- 43. © 2012 Forrester Research, Inc. Reproduction Prohibited Key Features We Evaluated To Help You Excel at the “Fine Art of Being Relevant” 44 • Segmentation and targeting tools • Ability to implement contextual nurturing at scale • Ability to trigger based upon behavior • Content and offer personalization
- 44. Personalize to be Relevant Automatically recommend the best content or offer
- 46. © 2012 Forrester Research, Inc. Reproduction Prohibited ENGAGE ASK USE BUY EXPLORE DISCOVER
- 47. © 2012 Forrester Research, Inc. Reproduction Prohibited You gotta give your sales reps the right leads!
- 48. © 2012 Forrester Research, Inc. Reproduction Prohibited Key Features We Evaluated To Help You Excel at “Lead Scoring” 49 • Multiple lead scoring models supported • Multiple lead scores per person • Enterprise-level score
- 49. © 2012 Forrester Research, Inc. Reproduction Prohibited Are your salespeople really prepared? Buyers
- 50. © 2012 Forrester Research, Inc. Reproduction Prohibited Key Features We Evaluated To Help You Excel at the “Sales Enablement” 51 • Native delivery of buyer insight in CRM • Native delivery of marketing toolkits in CRM
- 51. Boost Sales Productivity Sales teams can focus on win-ready leads
- 54. © 2012 Forrester Research, Inc. Reproduction Prohibited Key Features We Evaluated To Help You Excel at the “Continuous Improvement” 55 • “Slice and Dice” reporting • Analytics • Predictive Analytics • Multi Touch Revenue Attribution
- 55. Measure & Optimize Better understand your buyers’ journeys
- 57. © 2012 Forrester Research, Inc. Reproduction Prohibited Are you customer obsessed? 58 Customer obsession: A customer-obsessed enterprise focuses its strategy, its energy, and its budget on processes that enhance knowledge of and engagement with customers and prioritizes these over maintaining traditional competitive barriers. strategy energy budget enhance knowledge of and engagement with prioritizes
- 58. © 2012 Forrester Research, Inc. Reproduction Prohibited leading
Notas del editor
- Sanjay, Marketo has also been leading in this transition…. First bringing people to ‘revenue performance management’ and now leading them toward a new philosophy of customer engagement. How does Marketo help your customers become customer obsessed in the Age of the Customer?
- Why do I care? Marketing has changed more in the last 2 years than the last 200 – much of this is due to the fact that buying has changed. Not that long ago, there were few 3rd party sources of information – information scarcity – which meant that a buyer had to get most of their information from sales. It also meant we lived in a world of attention abundance, with fewer channels competing for a buyer’s attention. But now, there is an explosion of readily available information— so much that 90% of the data in the world today has been created in the last two years alone. All this data = buyers today are more empowered. The Web provides them with instant information gratification. They can access detailed specs, pricing, and reviews about goods and services 24/7 with a few flicks of their thumbs. Meanwhile, social media encourages them to share and compare, while mobile devices add a wherever/whenever dimension to every aspect of the experience. Given these changes in buying and marketing, one pattern emerges: your customer base is a strategic asset. It is as strategic, if not more so, than your IP, your physical plant, etc. Included in this view, is not only your existing customer base, but also the potential customers and relationships that you can develop to grow and nurture this base. You make investments (money, people, resources) to nurture and grow this base and engage them over the course of their buying cycle. You have the power and responsibility to be the architect of customer engagement across the entire customer life cycle. The sooner that you realize this is a strategic asset, the sooner you can gain an unfair advantage over your competitors to maximize the yield of that strategic asset. Marketo’s platform is focused on elevating your customer engagement: how do you grow the size of the customer portfolio, and maximize the return on the customer asset portfolio. The powerful customer engagement platform allows you to have the ability to document and report on the performance of the asset over time, and how those investments pay back.
- Your relationships with your customers are of the upmost importance and should be the primary point of focus given that your customer base is your strategic asset. To capitalize on this opportunity requires building relationships, let’s explore the 4 principles of enduring customer relationships: Personalized – focus on customer’s behavior instead of demographic, timely & meaningful interactions Durable – last a life time across various stages in life or buying cycle: ie. Credit card (younger) to mortgage rates to life insurance (older) Directed – Clear customer journeys with call to actions in place Engage LearnEvaluate BUY Buy Enjoy Trust ADVOCATE Own UseValue RENEW Individualized – Get to know me as a person (when I wanted to be contacted, how I wanted to be contacted, at what times I want to be contacted, etc..) Marketers can control more than advertising & awareness and guide the customer journey and directly own the consumer relationship. But most brands are still running campaigns Campaigns are company centric, not customer centric Campaigns are time-bound Campaigns have no memory; they lack context Marketers must build relationships with consumers over time Help new customers feel like an existing customer They’ll know you, trust you, buy from you when they’re ready Keep existing customers coming back Why now? The marketer with the most customer relationships will win.
- It’s a new world…with new marketing rules Whether you market to ten thousand or 10 million…whether you are in ecommerce, consumer packaged goods, education, healthcare, or any other business, you can market to engage consumers just like Amazon.com has for years Everyone can build personal relationships with their customers and drive higher conversions and ever greater revenue. We believe that buying has changed forever. Not that long ago, there were few 3rd party sources of information – information scarcity – which meant that a buyer had to get most of their information from sales. It also meant we lived in a world of attention abundance, with fewer channels competing for a buyer’s attention. But now, there is an explosion of readily available information— so much that 90% of the data in the world today has been created in the last two years alone. All this data = buyers today are more empowered. The Web provides them with instant information gratification. They can access detailed specs, pricing, and reviews about goods and services 24/7 with a few flicks of their thumbs. Meanwhile, social media encourages them to share and compare, while mobile devices add a wherever/whenever dimension to every aspect of the experience. Result: Forrester Reports that 65-90% of buying process is complete when consumer walks into store/branch/dealer, or contacts sales. This translates to an organizational power shift from Sales to Marketing, and a corresponding responsibility shift to Marketing for a much greater share of the buying cycle. All this requires deep changes in how we market.
- As you build your database and determine the right mix, Marketo lets you drive highly-relevant outbound marketing campaigns intended to further engage your audience members. These campaigns can be driven across channels, not only online, but offline as well. And through our LaunchPoint Partner ecosystem, many solutions exist to enhance the capabilities of Marketo, such as extending the number of channels you can reach prospects and customers through, including Direct Mail and SMS to name a few.
- And that’s what our customer the Economist has been doing Customers interact with them through a multitude of channels The web to social media to webinars to live events They know that @philf217 is the same person as phil@marketo.com and ‘score’ each of those interactions as part of full picture of me And, then they communicate with me based on a full 360 view of what I --- and every individual customer -- has done across all of those channels This makes every communication highly relevant – resulting in deeper insight into customers and higher conversions
- “… Considering the material you receive from sales people, how much do you agree with the following statements about the content you are provided?”
- I mentioned that we can send the right lead to a sales rep at the right time. Most solutions simply alert sales reps in real-time when just about any “event” happens. A person opens an email, the rep is alerted. A person clicks a link, the rep is alerted. A person visits the website, the rep is alerted. The result is an endless stream of alerts that are usually meaningless, as they aren’t a good indicator of buying intent. Sales reps usually find these alerts interesting for the first hour, annoying for the 2nd, and then they ignore them completely. Marketo Sales Insight, which is a sales intelligence tool delivered natively within the CRM, is different, in 3 major ways: It presents the sales rep with a prioritized list of leads to follow-up The list is prioritized based on lead score, which takes into consideration both interests (as determined by behaviors) and fit (determined by demographic and firmographic criteria). In other words, if a person is heavily engaged, but isn’t a fit, it won’t bubble up to the top of the list. Rather, the list will contain leads that are both interested and a fit on top, meaning they are much more likely to be receptive to contact attempts by the sales rep. In other words, they’re win-ready! All this insight is delivered natively within the CRM. Sales reps that use Marketo Sales Insight find it to be an incredibly valuable tool, because it isn’t a novelty. It really helps them sell more…more quickly.
- Citrix markets to more than 260,000 companies, in 19 languages, in over 100 countries, and they just recently zoomed past their two billion dollar a year gross revenue goal. Despite this phenomenal growth, Citrix was still using an antiquated points-marketing system with ad-hoc scoring that was difficult to track and only applicable to North America. As a result, Citrix would at times take up to two to three weeks to pass qualified leads onto Sales. What Citrix needed was a centralized marketing platform powerful enough to be used as a worldwide system, yet agile enough to adapt to the needs of local marketing teams. Citrix also realized that the revenue cycle does not end with opportunity conversion or when a deal closes. Thus, Citrix wanted to ensure a positive customer experience that in turn could lead to new sales opportunities from existing customers. Highlights: Doubled lead-to-opportunity conversion from 10 to 20 percent; Aligned four different geographic regions on a single marketing platform in just two months; Reduced lead velocity from 2 to 3 weeks to a matter of minutes; Generated a 23% increase in marketing contacts; and Citrix’s marketing has achieved a 21% reduction in deactivated leads, by increasing lead quality
- Source: The New Yorker, December 6, 2010 (http://www.newyorker.com/)
- Speaking of the incremental improvement, this involves having the sophisticated tools to test and retest. Marketo helps you gain deep insight into the journey your customers are taking and is the only solution that allows you to see multi touch revenue attribution across the customer journey. You can see visually each and every touch point along the way, along with the campaign that drove it. By understanding the buying journey, you can find ways to accelerate it, reducing the time to make a sale. This ties back into the Sales Insight that your reps can get access through this analyzer through the CRM (if SFDC), letting them see who is engaging with your company’s content, regardless of whether or not the rep is dealing with them directly or not. It provides them with helpful insight as they navigate their deals.
- Marketers like the ones at Slimband. Slimband is the largest surgical weight loss center in Canada. They have many, many people that are interested in their solutions, so they scoring every new visitor and possible consumer They then use a data-driven model to look at past and current customers to *predict* who will purchase from them and target those consumers with specific communication When you know who’s most likely to purchase, you can focus marketing dollars on the most valuable efforts And that results in higher conversions and greater sales.