The New Rules of Marketing - Sanjay Dholakia
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The document discusses Marketo's approach to marketing, which focuses on personalized, multi-channel communications across the entire customer journey. It outlines five new rules of marketing: 1) using behavioral data to personalize engagement, 2) nurturing continuous relationships rather than one-time blasts, 3) integrating communications across multiple channels, 4) making decisions based on data and automation rather than intuition, and 5) measuring impact and optimizing the marketing process. The case study then details how Marketo applies these rules through content marketing, lead scoring, nurturing programs, and analytics to drive engagement and revenue.
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The New Rules of Marketing - Sanjay Dholakia
- 1. The New Rules of Marketing Marketo’s “Secret Sauce” Case Study Sanjay Dholakia Chief Marketing Officer Marketo @sdholakia
- 3. The Rules of Marketing are Being Rewritten
- 4. So, what are these new rules?
- 5. Page 5 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Find customers Be found THEN NOW New Marketing Rule #0
- 6. Page 6 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Demographic Behavioral Segmentation THEN NOW New Marketing Rule #1
- 7. Page 7 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Mass Advertising 1:1 Communication THEN NOW New Marketing Rule #2
- 8. Page 8 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Point in time Blasts Continuous Relationships THEN NOW New Marketing Rule #3
- 9. Page 9 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Few / isolated channels Exploding / integrated channels THEN NOW New Marketing Rule #4
- 10. Page 10 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Intuitive decision making Data-driven automation THEN NOW New Marketing Rule #5
- 11. So, how has Marketo put these to work?
- 12. Page 12 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Source: The Corporate Executive Board Company, “The Digital Evolution in B2B Marketing,” 2012. Degree of Progress Through Purchase Process Before Engaging Sales
- 13. Page 13 © 2014 Marketo, Inc. Name Awareness Friend Engaged Target Marketo’s Guided Journey: A Revenue Cycle TOFU MOFU Opportunity Customer Lead Sales Lead Nurturing Database BOFU
- 14. Page 14 © 2014 Marketo, Inc. Name Awareness Friend Engaged Target OpportunityCustomer Lead Sales Lead Nurturing Database Retain Advocate Enable Adopt Marketo’s Guided Journey: A Revenue Cycle Drive customer success to keep and grow relationships
- 15. Page 15 © 2014 Marketo, Inc. Awareness & Top of Funnel (Rule 0: Content, Social, and Automation)
- 16. Page 16 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Rent vs. Own
- 17. Page 17 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Content Marketing for Brand & Affinity Brand awareness Brand preference Risk reduction Blogs Definitive GuidesResource Center VideoWebinars
- 18. Page 18 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Blog, e-books, research data, funny videos, curated lists, infographics, webinars NO YES Build the brand Help buyers find you when they are looking for solutions Help buyers evaluate or reaffirm selection Buying guides, RFP templates, ROI calculators, definitive guides, analyst reports Pricing, demos, services information, 3rd party reviews, customer case studies Gated?Early Stage Middle Stage Late Stage NO
- 19. Reach&Engagement SocialLift Social Lift Social Lift SocialLift SocialLift Landing Pages Website Facebook Pages Online Ads Email SocialLift Events Get The “Definitive Guide to Social Marketing” http://marketo.com/DG2SM
- 20. Page 20 © 2014 Marketo, Inc.#mktgnation14 @sdholakia
- 21. Page 21 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Automation Enables Scale 60+ Programs a Month Set and Use Tokens Integration Clone to Reuse 25 Best- Practice Templates
- 22. Driving Engagement in the Middle of the Funnel (Rule 1 & 2: Personalization, Nurturing, Behavioral Triggers)
- 23. When it comes to marketing, nobody wants to get blasted
- 25. Page 25 © 2014 Marketo, Inc.#mktgnation14 @sdholakia
- 26. Page 26 © 2014 Marketo, Inc.#mktgnation14 @sdholakia
- 27. Page 27 © 2014 Marketo, Inc.#mktgnation14 @sdholakia For visitors in B2C industries
- 28. Page 28 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Nurturing: Building relationships people over time through engaging conversation
- 29. Page 29 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Purchase ready (Pass to sales) Source: RainToday 25% 50% 25% 2% Need More Nurturing Disqualified
- 30. Page 30 © 2014 Marketo, Inc. A B C D 1 2 3Stages 1. BUYING STAGES • Early: Be a Better Marketer • Mid: Why Marketing Automation • Late: Why Marketo • Customer: Success 2. BUYING PROFILES • B2B Marketer • Consumer Marketer • Seller
- 31. Page 31 © 2014 Marketo, Inc.#mktgnation14 @sdholakia
- 32. Page 32 © 2014 Marketo, Inc.#mktgnation14 @sdholakia What isn’t an engaging conversation?
- 33. Page 33 © 2014 Marketo, Inc.#mktgnation14 @sdholakia An engaging conversation • Relevant and meaningful • Tells a story • Listens and responds
- 34. Page 34 © 2014 Marketo, Inc.#mktgnation14 @sdholakia The Key to Relevance is Behavioral Targeting Top Tactics to Increase Email Engagement
- 35. Page 35 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Epsilon Q4 2013 North America Email Trend Results
- 36. Driving Conversion at Bottom of Funnel and Throughout Lifetime (Rule 3: Scoring)
- 37. Page 37 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Lead Scoring Defined “Shared sales & marketing methodology to determine sales readiness” Score > 100, Pass to Sales Fit Engagement Buying Intent E.g. Buyer profile E.g. Attend webinars, download whitepaper E.g. Pricing page, demos, contact request, etc. I love you You love me Ready to be in happy family
- 38. Page 38 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Lead Scoring Defined • Early stage content +3 • Attend webinar: +5 • Visit any webpage / blog : +1 • Visit careers pages: -10 • Decay inactivity: -1, -5, -10 • Pricing pages: +10 • Watch demos: • +5 overview • +10 detailed • Mid-stage content +8 • Late-stage content +12 • Searches for branded keyword “Marketo” +8 Get The “Definitive Guide to Lead Scoring” http://marketo.com/DG2LS
- 39. Stars and Flames show priority
- 40. Page 40 © 2014 Marketo, Inc.#mktgnation14 @sdholakia No Lead Left Behind: Service Level Agreements Day 0 Notification Day 1 If untouched, reminder Day 2 If untouched, reminder cc boss Day 3 If untouched, alert executives Day 7 If stale, reminder Day 8 If stale, reminder cc boss Day 9 If stale, alert executives
- 41. Page 41 © 2014 Marketo, Inc. Marketo Buyer’s Journey: A Revenue Cycle Drive customer success to keep and grow relationships Retain Advocate Enable Retain
- 42. Page 42 © 2014 Marketo, Inc. Customer Nurture Streams
- 43. Page 43 © 2014 Marketo, Inc. X-S Scoring Based on Product Interest (PIS)
- 44. Page 44 © 2014 Marketo, Inc. Communicating Across Channels Throughout Lifetime (Rule 4: Integrated Multi-channel)
- 45. Page 45 © 2014 Marketo, Inc.
- 46. Page 46 © 2014 Marketo, Inc. Marketo Multi-Channel Behavioral Listening Web, Email, Social, CRM, Campaign History, Transactions
- 47. Page 47 © 2014 Marketo, Inc. Select Contacts to Target, Adds to Marketo Campaign
- 48. Page 48 © 2014 Marketo, Inc. Package is Automatically Sent
- 49. Page 49 © 2014 Marketo, Inc. Upon Delivery: Personalized Email Sent, Tasks Created for Call
- 50. Page 50 © 2014 Marketo, Inc. Optimizing the Revenue Cycle (Rule 5: Analytics & Multi-touch Attribution)
- 51. Page 51 © 2014 Marketo, Inc.
- 52. Page 52 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Why Measuring Return is Hard • Multiple touches. 7 • Unclear success. Click • Multiple influencers. 5-21
- 53. Italian Workspace Joe Smith: Acme Inc. Community Help Search… + Search… + Recently Updated Practical B2B Lead Generation Added Mar 30, 2013 Sent 12,105 82 Thought Leadership Edited Mar 25, 2013 Sent 12,105 70 Lead Scoring Best Practices Edited Mar 22, 2013 Sent 12,105 55 Lead Management Best Practice D… Added Mar 18, 2013 Sent 12,105 35 Lead Scoring Best Practices Edited Mar 10, 2013 Sent 12,105 9 Engagement Over Time Dec Jan Feb Mar Apr May 100 80 60 40 Summary 1.5% Unsubscribe 65 Engagement 55d Next Cast Members In Track Exhausted Paused 3,450 50 35 Mar 18, 2013 Engagement: 60 2013 Marketo’s Secret Sauce Definitive Guide to Events Lead Nurturing Lead Scoring Best Practices Lead Management Best Practic Practical B2B Lead Generation Thought Leadership Email Performance Report Program Performance Lead Nurturing Streams Setup My Tokens Members View: Dashboard ▼ Streams: All Streams ▼
- 54. Page 54 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics
- 55. Page 55 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Example: Multi-Touch Attribution A deal worth $100,000 recently closed. Three people were involved in the deal: • Moe attended Webinar and Tradeshow • Larry attended Tradeshow • Curly responded to Direct Mail $100,000 Revenue $25,000 $25,000 $25,000 $25,000 Webinar $25,000 Tradeshow $50,000 Direct Mail $25,000
- 56. Page 56 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Source: Marketo Revenue Cycle Analytics, 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 Inbound + Nurture = 42% of (MT) Pipeline Paid Programs = 58% of (MT) Pipeline
- 57. Page 57 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Measuring ROI: Program Contribution to Pipeline Screenshot: Marketo Revenue Cycle Analytics
- 58. Page 58 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Revenue Cycle Modeler Screenshot: Marketo Revenue Cycle Analytics
- 59. Page 59 © 2014 Marketo, Inc.#mktgnation14 @sdholakia
- 60. Page 60 © 2014 Marketo, Inc.#mktgnation14 @sdholakia
- 61. Page 61 © 2014 Marketo, Inc.#mktgnation14 @sdholakia Key Takeaways 1. The buyer journey has changed forever – the way we market and sell must change as well 2. Content creates your own attention 3. Most prospects are not “ready to buy” – nurture relationships over time 4. Create personalized & engaging interactions throughout the journey, across channels – and speed matters 5. Use analytics to shift marketing from a cost center into a revenue driver 6. Think big, start small, move quickly @sdholakia
Notas del editor
- Case study of how Marketo using Marketo to drive our business. One of the fastest growing software companies of all time. So doing something right. Showing examples of our actual campaigns.
- So how are we responding to this? Not good. So between the marketers that are still batching and blasting, or sending personalized messages that aren’t relevant right now, this is kind of what it feels like to be a consumer today. On any given day, the average customer will be exposed to 2,904 media messages, will pay attention to 52 and will positively remember 4 – SuperProfile 2010
- I’ll give you the punch-line first – every marketer in the world, regardless of size or industry – can, and should, market like Amazon.com Raise your hand if you are an Amazon customer…? (we’re proud to call them a Marketo customer by the way) I spend more money with them than I ever intended to…and, I’m usually happy about it. Why? Because they have created a relationship with me, seemingly anticipating my every need – an enduring, personal relationship. They have embodied the new rules of Marketing….<next slide>
- Let’s talk about TOFU. I mentioned that we really focus on content to build awareness for our brand. And the reason why is that we’ve moved from a world of information scarcity to information abundance. In a world of information scarcity, it was easy for people to pay attention to what marketers had to say. But with so much information available, that attention is pretty much gone. People just don’t have the time or capacity to pay attention to every marketing message thrown in front of them today.
- New Rule #1 is that marketers need to make a shift from demographics-driven marketing to behavior-driven marketing I can tell my friends and colleagues anything I want about how much I am working out, but this Nike device on my wrist actually *knows* and can What I *do* tells you a lot about what my interests and intent are – well before I ever express anything explicitly Think about Amazon in this context – they are playing close attention to what I like and don’t like….not making assumptions about me based on who I am, how old I am, or where I live….it’s that behavior that they are using to think about what will be most relevant and useful to me…<Next slide>
- New Rule #1 is that marketers need to make a shift from demographics-driven marketing to behavior-driven marketing I can tell my friends and colleagues anything I want about how much I am working out, but this Nike device on my wrist actually *knows* and can What I *do* tells you a lot about what my interests and intent are – well before I ever express anything explicitly Think about Amazon in this context – they are playing close attention to what I like and don’t like….not making assumptions about me based on who I am, how old I am, or where I live….it’s that behavior that they are using to think about what will be most relevant and useful to me…<Next slide>
- New Rule #2 is that marketers need to use that behavioral data to make a shift from communications that are general in nature to communications that are truly individualized on a 1:1 basis Think about Amazon again in this context – they are noticing that I was exploring fall and winter boots, but didn’t buy anything yet. They sent me a note saying “Hey Sanjay, just wanted to let you know those boots you were looking at 2 weeks ago just went on sale.” It was a message just for me. Not even a general email about “boots” – something specific about me. I love that – that makes me pay attention because it is relevant. …<next slide>
- New Rule #3 is that marketers need to shift from point in time communications that are disconnected from each other like these puzzle pieces – and therefore never form any kind of cohesive thread or picture – to communications that form a continuous relationship that gets deeper and deeper over time This level of personalization means that you no longer have to market AT customers You can build long-term relationships WITH customers. These relationships start the first time a consumer hears about you Grows as they engage with you, purchase from you, and become advocates for you Think about Amazon again in this context – they are not just talking to someone about their point in time needs, but they are continuously learning about me. They are using their accumulated experience with me about what I like and what I don’t like to communicate with me about particular genres of books and authors…and, importantly, not about others. It’s now our responsibility to create these relationships with more people, faster than we ever have before And we can do it…<next slide>
- New Rule #4 is that marketers need to graduate from siloed communications to integrated, multi-channel engagement that actually shows someone that you know who they are and that you are listening to them There’s no longer a separation between television advertising and direct mail There’s not even a separation between offline and online, or traditional and digital Amazon has been integrating engagement across channels for a long time – specific behaviors on a webpage by an individual trigger a unique communication in email that is aware of exactly what I did on that webpage As marketers, we have to coordinate campaigns that make the most out of every channel. …<next slide>
- Finally, New Rule #5 is that marketers must finally move beyond subjective, gut level decisions to data-driven ones that allow them to finally put John Wanamaker (or at least his infamous quote) to rest In our new world, marketers no longer have to guess at which campaigns drive results Marketers no longer have to guess which customers are ready to buy And they can prove their value, illustrating how every marketing touch impacts every revenue dollar Amazon uses data to not only know what is working, but also to predict what might work in the future – they are able to detect patterns and correlations that might suggest that if someone has purchased a book about baby names and a baby outfit that maybe they might be in the market for a crib Every marketer can now rely on data to use the right campaigns across the right channels …<next slide>
- Let’s talk about TOFU. I mentioned that we really focus on content to build awareness for our brand. And the reason why is that we’ve moved from a world of information scarcity to information abundance. In a world of information scarcity, it was easy for people to pay attention to what marketers had to say. But with so much information available, that attention is pretty much gone. People just don’t have the time or capacity to pay attention to every marketing message thrown in front of them today.
- If you look across all sorts of studies, you’ll find that people today are somewhere between 50 and 90% done with their buying process before they want to engage with a salesperson. They have so much access to information, that they are actively resisting sales interactions until they feel they have equal information to what the sales person has. 1,500 customers from 22 large B2B companies. So at Marketo, what we said, “ok, if the buyer doesn’t want to talk to sales until let’s say they are 2/3 done with the process, then Marketing needs to step up and “own” that 2/3 of the buyer’s journey. Sales still has the last 1/3, but marketing has to have a more explicit role in the revenue process. In the old days, maybe marketing had about 10% and then sales took over. Today it’s a very different process. “Marketing needs to step into the void.” So everything we do at Marketo is based on this foundation of don’t pass leads to sales people until they’re ready, and in the meantime, marketing owns the relationship until that happens.
- With this change, marketing has the opportunity to seize the day and take a much larger share of revenue – since Marketing is responsible for that 70%. Requires Marketing to think as rigorously about their process as Sales typically thinks about theirs. Here’s Marketo’s…. Let me explain.
- Doesn’t end with the customer buying… continues as we deepen and develop relationships.
- Let’s talk about TOFU. I mentioned that we really focus on content to build awareness for our brand. And the reason why is that we’ve moved from a world of information scarcity to information abundance. In a world of information scarcity, it was easy for people to pay attention to what marketers had to say. But with so much information available, that attention is pretty much gone. People just don’t have the time or capacity to pay attention to every marketing message thrown in front of them today.
- Renting vs. owning attention Content marketing is our strategy to own attention Most marketing that evolved from the Mad Men era is all about renting the attention that someone else has built. The superbowl is a perfect example. They get all these people to watch the game, and they rent out people’s attention in 30 second slots for $4.5 M An ad on the side of a website is rented attention. Even a booth at a tradeshow. You’re physically renting space on the floor, and getting people’s attention as they walk by. Now, renting attention is fine, and we still do plenty of it…BUT, it is becoming less and less effective, and harder to do well, in the age of information of abundance, so what you need to in addition, is to own your own attention, and that means publishing your own content. Marketo actually started writing its blog before they wrote a single line of code, and now more than 100,000 people every month who read it. It would cost us at least $10K per shot to reach a similarly sized and similarly qualified audience. We stopped doing a lot of 3rd party tradeshows and only did the big ones, and took that money and put it into our own events. Get 100 people in hotel room for $20K and have them listening to our story for 3 hours, and then give them drinks and food. We’re getting their undivided attention. So for the price of a crummy booth at a tradeshow, we get their undivided attention for 3 hours. Again, we get to own our own attention.
- Customer version
- Most companies focus on late stage content…For us the pyramid goes the other way. Owned attention, at its core, is all about content. We think about content in terms of 3 different stages, early mid and late stage, and this framework is really important for our process. Early stage content is going to be educational or entertaining to your target audience, even if they never buy your or your competitor’s products. For us, it’s about “how to be a better marketer”. It’s not about marketing technology, not about marketo. The goal of early stage content is to build a brand. To build awareness. So we never gate early stage content behind a form, because the goal of this content is not to generate leads. It’s to go wide, and broad, and have you see it, and share it with your friends, and have it get picked up on other sites. Now mid-stage content is the tool we create to help a buyer find us when they happen to be looking for marketing software. To help them with their buying process, so a buyer’s guide, an RFP template, 3rd party content works great here like analyst reports, and we always gate this content, because if you’re looking for that sort of information, we want to talk to you. And late stage content is all about us. Now, at many companies the majority of content is late stage. For us, the pyramid goes the other way. This content is what will help someone learn more about US and either help them make a decision or reaffirm their decision. And wherever possible, we are not going to gate that content, because frankly, if you want to learn more about us, we don’t want to get in your way, we want to make that as easy as possible.
- Social plays an increasingly large role in the cross channel experience. We believe social is just a channel. Don’t do social campaigns… make every campaign social.
- Another example – these roadshows!!
- How do we run 40+ programs a month? Marketing automation makes it easy. For example, we run a roadshow series of events we call the Revenue Rockstar tour… 14 cities, two events in each (100-150 people for 3 hours, plus 10-15 execs for a breakfast). Each program comes with multiple landing pages, multiple campaigns, and more than a dozen emails for invites, reminders, follow-ups and so on. The complexity could be overwhelming, but using Marketo’s Program functionality, we can simply create the program one time. Then, when we are ready to use the next one, we simply clone the program and update the parameterized values called Tokens, e.g. the date, location, registration URL, and so on. Then, all the emails and landing pages automatically use those values – no additional effort is required! That’s an example of offline events… But we also do online events like webinars, where we get even more automation by integrating with the webinar provider so we automatically get the registration and attendee information. In fact, we have a total of 25 different program types – and have built best practice templates for type [including tradeshows, emails, display advertising, content syndication, and so on], so our program managers can simply clone the template each time… The result is we can run so many programs easily and efficiently!
- But they actually want leads, so as marketers we need to work to take all these targets, and turn them into win-ready leads.
- Don’t blast – that doesn’t “feel good”. It hurts.
- Because in most cases a “blast” will miss the mark. Hence, 20% open rates.
- The answer: our communications must be more trusted, more relevant, and more strategic. It must be more engaging. Traditional batch and blast feels like shouting, engagement marketing feels more like a natural conversation. Notice how these women are engaged in conversation. There’s talking, but also listening going on. And the conversation, at least by the looks of it, seems to have a flow to it. [Refer back to this throughout the presentation: how important it is to effectively listen to online body language.]
- Give a more relevant experience to the 98% of the people visiting our site anonymously…
- So lead nurturing is a really important idea, and is central to everything we do at marketo. And it is a complicated topic. In fact, we’ve written books about it, and you can find them on our website.
- This data is from RainToday. It’s a few years old, but it’s still very relevant. And this data is across many companies, not just Marketo. What it shows is when you generate a target, what’s the likely disposition of those targets. And on average, 25% are sales ready, 50% need more nurturing, and 25% are essentially junk. So that’s what the averages are. But if you look at Marketo, because are top of funnel is so wide and so broad, only 2% of our new targets become leads in the first 30 days.
- So how do we segment at Marketo. Well, first of all, we do it across 2 primary dimensions on a regional basis. One dimension we use is the buying stage, which maps really well to our overall revenue model, both to the high level funnel stages, TOFU, MOFU and BOFU, and also happens to map to the way we segment our content, EARLY, MID, LATE and CUSTOMER. The other dimension is the buying profile, which we typically define by personas. And by the way, we’ve kept it to 2 because even moving to 3 adds an exponential level of complexity. For instance, if we have 4 buy stages and 3 profiles, that’s 12 segments. If we add a 3rd dimension to segment off of, and that dimension had 3 options, now all of a sudden your taking your original 12, and muliplying it by 3, and now instead of 12 segments, we have 36.
- So what we do is, for each segment, send relevant content to them over time. This is what it looks like inside Marketo, with our innovative Customer Engagement engine. In this case, you can see that we have a different stream for each buying stage. With the CEE, it’s really easy to keep these streams fresh because they don’t work like traditional drip campaigns. They are smarter than that. So for example, when the newest Sirius Decisions report on MA was released, we created a mid-stage content offer for it, and simply dragged it and dropped it to the top of the mid-stage stream. And unlike a drip campaign,in which people can only travel one way down the drip, in this case everyone in the stream will get the sieius decisions report next - because we’ve put it at the top and made it the #1 priority. This makes life for a content marketer pretty easy, and allows us to update our nurturing really quickly. Now, we have another set of streams for each buyer profile, in our case, sales, marketing and an exec. In some cases, we re-use the same content, and maybe the same message. Or we might use the same content, and tweak the message. Or in some cases, the content just doesn’t fit, and we might not use it, or we may use different content. So this is one way we personalize.
- Need to LISTEN
- Therefore, strive for these three things!
- The key to relevance is behavioral targeting. So you want relevancy and engagement – but this requires sophisticated targeting that combines online body language (web traffic, search behavior, email response) plus transactional data plus with lifestyle and demographic data (personas) When behavioral cues are not used, email can be experienced as a dissonant interruption. What the sender considers a coordinated "drip campaign" may feel more like water torture to the receiver.
- So the results of using behaviors in order to increase relevance are pretty compelling. Here are email engagement statistics for standard nurture versus nurture triggered by behaviors to determine interest. You can see there is almost a 60% lift in terms of open and click to open rates. And there’s a huge lift for click rate, which is a much more meaningful conversion rate than the open rate, assuming of course there is a call to action in the email. For click rate, we saw around a 150% lift, or 2.5 times better performance compared to the click rate of the standard nurture. Business As Usual (BAU) Email Trends The quarterly analysis is compiled from 7.0 billion emails sent by Epsilon in October, November and December 2013 across multiple industries and approximately 140 participating clients. The analysis combines data from Epsilon’s proprietary platforms. Triggered Message Email Trends Triggered message benchmarks are compiled from more than 297 million triggered emails sent by Epsilon in Q4 2013 across multiple industries. Results track campaigns deployed as a result of an action or trigger such as Welcome, Abandon Shopping Cart, Thank You and Anniversary.
- But they actually want leads, so as marketers we need to work to take all these targets, and turn them into win-ready leads.
- Fit… We use form augmentation to determine fit….so we keep our forms short but get all the data we need… In terms of interest and buying intent, we look at Behaviors…things like looking at our demo and see our pricing pages – see how fast we call you… The importance of scoring is twofold. Frist, it provides a shared… The key word is shared. In other words, it’s an opportunity, often for the first time, for sales and marketing to agree upon exactly what a high-quality, or sales-ready lead is. And since it’s a shared methodology, if sales reps are saying “these leads stink (or maybe you’ve heard harsher language)”, it means that sales executives need to work with marketing to tweak the scoring framework rather than simply blaming marketing for sending crappy leads their way. And the other thing scoring provides is a threshold for determining when it’s the right time to send a lead to sales, or push the right offer in front of a consumer. And we score across 3 dimensions. Fit, engagement and buying intent. You might be wondering why barney is on the slide. It’s a 2-way street. We need to like them (fit), they need to like us (engagement and buying intent). And of course, we never pass evil barney to sales…
- Fit… We use form augmentation to determine fit….so we keep our forms short but get all the data we need… In terms of interest and buying intent, we look at Behaviors…things like looking at our demo and see our pricing pages – see how fast we call you… The importance of scoring is twofold. Frist, it provides a shared… The key word is shared. In other words, it’s an opportunity, often for the first time, for sales and marketing to agree upon exactly what a high-quality, or sales-ready lead is. And since it’s a shared methodology, if sales reps are saying “these leads stink (or maybe you’ve heard harsher language)”, it means that sales executives need to work with marketing to tweak the scoring framework rather than simply blaming marketing for sending crappy leads their way. And the other thing scoring provides is a threshold for determining when it’s the right time to send a lead to sales, or push the right offer in front of a consumer. And we score across 3 dimensions. Fit, engagement and buying intent. You might be wondering why barney is on the slide. It’s a 2-way street. We need to like them (fit), they need to like us (engagement and buying intent). And of course, we never pass evil barney to sales…
- Stars show the fit, the flame shoes how hot it is..last interesting moment… Once a lead passes a scoring threshold, 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.
- When the entire customer lifecycle is taken into consideration, it really looks more like this, where the goals are to continue to drive engagement in order to keep the customers you have, and turn them into loyal advocates, which then builds additional awareness. In other words, it’s really not so much the typical funnel many of us are used to seeing, but it’s more of a cycle.
- Special nurture streams for each nurture goal
- One example of a goal is upsell/cross sell. One of Marketo’s customers, Dropcam, uses Marketo specifically for this purpose. Dropcam sells small video cameras that record directly to the cloud. They have customers who record different amounts of video in the cloud and access it with varying frequencies. They want to upsell a certain set of those customers to a better subscription, and they want to focus on the customers most likely to take advantage of that plan. So they capture this data in marketo and use it to automate their upsell marketing.
- But they actually want leads, so as marketers we need to work to take all these targets, and turn them into win-ready leads.
- Today’s consumers move seamlessly across digital and offline channels. According to a recent Experian QAS® survey, 36 percent of U.S. organizations interact with customers and prospects in five or more channels. In retail banking, 61% of consumers use three or more channels each month (e.g. branch, phone, online, and mobile – in addition to email). However, Companies Not Prepared to Deliver Integrated Experiences QUOTE: “Fewer than 10 percent of brands are executing true cross-channel communications informed by one view of the customer.” - The 2013 Digital Marketer, Experian = Big opportunity to increase relevancy. Organization silos: Traditionally, marketing organizations are made up of either product or channel teams. Within this structure, each team works hard to optimize their siloed marketing efforts — and, in most places, have gotten really good at delivering their individual marketing programs and defending their individual marketing budgets Technology silos: Many of the tools are focused on a channel — email, mobile, catalog or Web. The big challenge for marketers is that message delivery within channels almost always happens via disparate platforms. Especially a problem with ESP. Email “grew up” with companies using stand-alone email service providers (ESPs) and outside agencies. This legacy hangs over email today. Traditional email service providers (ESP) = not multi-channel, not channel agnostic The modern, digitally-empowered consumer doesn’t think in terms of channels and doesn’t care about your silos. Uses whatever device they have in the moment… web, mobile, tablet So, companies shouldn’t expect the consumer to adapt; companies should adapt. This means moving from channel- or promotion-centric marketing plans to customer-centric marketing plans, and enabling those plans with marketing technology that is ready to deliver.
- …showing all the types of data Marketo collects, pointing in towards a person Web, Email, Social, CRM, Campaign History, Transactions…. Unified view of the customer with Marketo.
- Example of a Multi-Channel Marketo Campaign
- But they actually want leads, so as marketers we need to work to take all these targets, and turn them into win-ready leads.
- Let’s talk about measuring what the CXO cares about.. While you may not be doing all this analysis now, you most likely will in their future. [Be sure to focus on this point a lot so you don’t lose them.] ROI: First investment – then revenue Measure ROI to find not just what works, but what works better Establish goals upfront Make sure programs are measureable Focus on decisions that improve ROI
- But you know, marketing measurement is hard. And it’s hard for a number of reasons. Back in the age of information scarcity, it made sense to tie all the revenue for a win back to the source campaign, but today that doesn’t make any sense at all. Today there are multiple campaigns touches. For Marketo, our buyers engage with an average of 7 marketing campaigns before buying. At some companies, the number is as high as 25 to 30. Campaign success is also hard to measure. Often campaign successes are tied to meaningless criteria such as a click, which doesn’t correlate to the desired business outcome the marketer had in mind for the campaign. Further complicating mattes is that there isn’t often just a single buyer. You may have two buyers, and both come into the process at different times, through different marketing campaigns. With Marketo, we’ve seen as many as 21 people involved in the buying decision. Feel bad for the rep! So how do you measure ROI with that sort of complexity. It starts with actually having the data. I’ve seen situations where sales will close a large deal, and marketers go through a manual effort to figure out, and show the different ways that marketing helped closed the deal, so that they get some credit for it. And that can get crazy pretty quickly.
- Engagement Score enables marketers to quickly judge how effectively each piece of content is engaging prospects and customers over time. This proprietary metric takes many factors into consideration, and outputs a single number that gives marketers a fast, apples-to-apples method of measuring content performance… See trend over time, how updates to program improve engagement.
- We get a complete view of how this deal was won. Marketing was keeping in touch with Sarah before this opportunity was created. And the story behind this deal, which is a real deal we won, is that Sarah had downloaded a DG, gone to an event, and just before the opportunity was created, went to Manny, someone on her team, and asked him to investigate Marketo. Only when you have a marketing system that can show you all of these touches across the buying journey, can you really understand how marketing is driving revenue.
- Once you have the data, you can then start to allocate pipeline or revenue from a deal, across all those marketing touches, in order to understand the ROI for each campaign. We call this multi-touch revenue attribution. Let’s look at an example of how this works. So, that’s how multi-touch works as a framework for crediting campaigns with pipeline or revenue creation.
- And what you see is that the inbound and the nurture, together make up about 58% of our pipeline. And these are the channels without marginal program dollars, like the website, blog, nurture emails. The paid programs make up the rest – 42% of all pipeline. And this supports the point I made earlier, which is that while inbound is great, but if all we did is inbound, we’d be about half the company we are today. We need them both working together to drive the growth that we’re driving.
- Different pipeline allocations – first / even
- We know because we mapped the same pipeline we just saw in our product. This is the revenue cycle modeler in Marketo, and the stages across the green section represent the funnel stages we looked at before, so you see targets, leads and opportunities. Some stages are boxes because people can stay in those stages indefinitely, some are clocks, meaning there are SLA’s. Once this is setup and it begins tracking movement.
- Once we understand how the revenue process works, we then use this information to set our budget. So at Marketo, we don’t simply say marketing should be 7% of revenue. What we do is say we need this many wins in order to achieve the revenue targets we set. And since we have a deep understanding of how the revenue process works, including conversion rates and velocity, we can simply work backwards. We know how many opps we’ll need, how many SQL’s we’ll need, how many new MQL’s and Targets we’ll need, as some of the wins will come from existing targets and mql’s. Then we can budget for a marketing program that drive the wins we need to hit our revenue targets. That’s really powerful, because if someone comes to us and says “I need to take 10% out of your budget”, we can say “okay, that will have a 12% impact on revenue next quarter, what do you want to do?” Having those numbers let’s you justify your budget. It also lets us look forward, it lets us make forecasts. It lets us talk not just about what happened, but what will happen. At board meetings, they talk very little about what has happened in the past compared to how much time they spend talking about the future. And in too many companies, sales, and not marketing, is the only one participating in this conversation. Which might have been fine 10 years ago when they owned 90% of the revenue cycle, but today marketing owns 50 to 80%. If only sales is participating in the forecasting discussion, you’re missing out on a huge piece of visibility as to what the future holds. Marketing can use this data to step up and make forecasts about pipeline
- One of the things we hear a lot in talking with CMO’s is that their biggest pain point was not so much measuring engagement for their campaigns, but rather, having the ability to PROVE the impact that marketing was having on revenue. Sales typically does a really good job presenting their forecast, what they expected to bring in in terms of revenue, and the CRM system made it easy for them to convey these meaningful metrics to the exec team. CMO’s that were unable to prove their impact in terms of revenue, often weren’t part of the discussion when talking about revenue numbers. And CMO’s were sick of being second class citizens in this regard. They wanted to earn their seat at the revenue table. And today, where marketing owns 50% to 80% of the revenue cycle, they should have an equal voice in revenue discussions, and Marketo helps provide marketing with the data they need to have this voice. But this is hard to too…because it takes an average of seven touches before somebody converts to an opportuntiy and multiple people are interacting with you during the journey..
- So that’s an overview of the marketo secret sauce. So here are some tweetable takeaways. The way people buy stuff has changed, and we as marketers need to respond, and market and sell to them differently. Build your revenue cycle. Define those stages of the process. At minimum, define what a lead is, in conjunction with sales so you have a common definition, and common SLA’s for what happens when you have a lead. Build you content engine, mapped to the buyer’s journey. Educational and entertaining for early stage content, mid-stage content that is bait for lead gen, and late stage content that’s about you. And then remember, when you’re generating new “leads”, that there not really leads that are ready for sales, and that you need to keep in touch with them over time. And #5, what we just talked about, turn marketing into a revenue driver, and not a cost center, it has to do with the language you use, and the metrics you use. Now, I want to wrap with a 6th, and perhaps most important point. I just talked to you about all sorts of cool and sophisticated marketing strategies and tactics, and some of you may be feeling a bit overwhelmed. You might be thinking, “I can’t do all that” I don’t have enough people, enough content, enough time. Well, Marketo didn’t start doing all of this right off the bat. It started simple, and got more sophisticated over time. Before joining Marketo, I was head of marketing for a small technology company, that ultimately got acquired by a large company. But I deployed Marketo at this company with a team of ONE, and that was me. I started with the basics. Segmenting my database, creating nurture drips, and reporting on basic engagement metrics. I then brought our events manager into the fold, and she used it to drive attendance at our in-person events. And we had a team of 3, and the 3rd team member would use Marketo to automate the way we promoted our webinars. One year later, I was doing more sophisticated things. I had set up the revenue modeler, began to understand the revenue process, and you know what, it really changed the way I was perceived at my company, from the top down. I remember we had a very sarcastic engineer that clearly didn’t take marketing seriously, and in one executive meeting, he unexpectedly blurted out, “you know what, this is really cool, I never thought marketing could be so scientific”, and that’s where marketing is headed. Currently marketing is transforming from an arts and crafts function, to science. So if you’re feeling overwhelmed…think big, start small, move quickly. Adopting even some of the basics can produce big time results. I hope you found this information helpful. Thanks for joining us today.