Account Based Marketing Measurement Gets Real
•Download as PPTX, PDF•
0 likes•754 views
Presentation from #FlipMyFunnel's account-based marketing roadshow in San Francisco
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Account Based Marketing Measurement Gets Real
Similar to Account Based Marketing Measurement Gets Real (20)
More from #FlipMyFunnel
More from #FlipMyFunnel (20)
Recently uploaded
Recently uploaded (20)
Account Based Marketing Measurement Gets Real
- 1. © SevOne, Inc. All Rights Reserved.© SevOne, Inc. All Rights Reserved. Account Based Marketing Measurement Gets Real
- 2. © SevOne, Inc. All Rights Reserved. Identifying Target Accounts Understanding Your Target Accounts’ Demand Cycle Executing Programs Analyzing Results 4 Critical Components of a Successful ABM Strategy
- 3. © SevOne, Inc. All Rights Reserved. Measuring Marketing Is Easy!
- 4. © SevOne, Inc. All Rights Reserved. SevOne Targets Large Enterprise Everyone Else Global 2000
- 5. © SevOne, Inc. All Rights Reserved. Tommy Jenkins Director, Global Demand – SevOne @jenkinstp linkedin.com/in/jenkinstommy
- 6. © SevOne, Inc. All Rights Reserved. SevOne: The Digital Infrastructure Management Company 59% CAGR Over past 5 years Global presence with key offices in Boston, Bulgaria, London, and Singapore 500+ employees $200 Million Funding since 2012 24% Aenean eu euismod sem. Aliquam nulla dolor, malesuada quis mi a, consequat 79.5 Billion Data points per day monitored by just 1 customer
- 7. © SevOne, Inc. All Rights Reserved. What Does a SevOne Deal Look Like? May 2014 June 2014 July 2014 Aug 2014 Sept 2014 Oct 2014 Nov 2014 Dec 2014 Jan 2015 Feb 2015 Mar 2015 Apr 2015 May 2015 June 2015 July 2015 Aug 2015 Mgr of Network Trade- show Mgr of Network Trade- show Mgr of Service Down- load White- paper Dir of Infra White- paper IT Ops White- paper IT Mgr White- paper Analyst White- paper White- paper Opp Created Opp Resumes Opp WonOpp Stalls
- 8. © SevOne, Inc. All Rights Reserved. Mgr of Network Tradeshow Rep has meeting Opp CreatedRep calls Mgr of Network Tradeshow Converts to ContactRep calls Mgr of Service Download Converts to ContactRep calls Dir of Infra IT Ops IT Manager Analyst Whitepaper Abandoned Lead The Funnel?
- 9. © SevOne, Inc. All Rights Reserved. If Not a Funnel, Then What?
- 10. © SevOne, Inc. All Rights Reserved. Building the Foundation for Measuring ABM Data Platform
- 11. © SevOne, Inc. All Rights Reserved. The Right Data Campaign Hierarchy • Campaign Type • Campaign Type Detail • Play (Parent) Account Hierarchy • Account Type • Target Account • Geo / Region
- 12. © SevOne, Inc. All Rights Reserved. Campaigns Campaign Hierarchy • Campaign Type • Campaign Type Detail • Play (Parent) Offers vs. Tactics
- 13. © SevOne, Inc. All Rights Reserved. Offers and Tactics Together
- 14. © SevOne, Inc. All Rights Reserved. Accounts Account Hierarchy • Account Type • Target Account • Geo / Region
- 15. © SevOne, Inc. All Rights Reserved. Piecing Together the Puzzle
- 16. © SevOne, Inc. All Rights Reserved. What is Marketing Attribution? Marketing attribution is the measure of marketing’s impact on sales opportunities based on a combination of relevant interactions in an account throughout the sales cycle. The purpose of attribution is NOT to give marketing credit for sales. Its purpose is to help us make better decisions.
- 17. © SevOne, Inc. All Rights Reserved. What is Marketing Attribution? May 2014 June 2014 July 2014 Aug 2014 Sept 2014 Oct 2014 Nov 2014 Dec 2014 Jan 2015 Feb 2015 Mar 2015 Apr 2015 May 2015 June 2015 July 2015 Aug 2015 Mgr of Network Trade- show Mgr of Network Trade- show Mgr of Service Down- load White- paper Dir of Infra White- paper IT Ops White- paper IT Mgr White- paper Analyst White- paper White- paper Opp Created Opp Resumes Opp WonOpp Stalls
- 18. © SevOne, Inc. All Rights Reserved. The Right Platform Speed to value Data Credibility Flexibility Complete view of an account Choosing an Account Based Marketing Attribution Platform
- 19. © SevOne, Inc. All Rights Reserved. Flexibility Robust filters Data hierarchy Multiple attribution models Look through the lens of campaign, account, and opportunity
- 20. © SevOne, Inc. All Rights Reserved. Using ABM Attribution Data for Planning
- 21. © SevOne, Inc. All Rights Reserved. The Salesforce Gap Accounts Contacts Opportunities Leads
- 22. © SevOne, Inc. All Rights Reserved. May 2014 June 2014 July 2014 Aug 2014 Sept 2014 Oct 2014 Nov 2014 Dec 2014 Jan 2015 Feb 2015 Mar 2015 Apr 2015 May 2015 June 2015 July 2015 Aug 2015 Mgr of Network Trade- show Mgr of Network Trade- show Mgr of Service Down- load White- paper Dir of Infra White- paper IT Ops White- paper IT Mgr White- paper Analyst White- paper White- paper Opp Created Opp Resumes Opp WonOpp Stalls
- 23. © SevOne, Inc. All Rights Reserved. A Complete View of an Account
- 24. © SevOne, Inc. All Rights Reserved. Funnels and ABM Living Together???
Editor's Notes
- I was having lunch with a former colleague last week and the conversation turned to account based marketing. He was expressing frustration about a new account based marketing team that had been formed at his company. He explained that the team was paralyzed and was having difficulty getting started. My guess is that there are many of you hear feeling the same frustrations. Getting an ABM program up and running can be very challenging, and once you do get it up and running it can be difficult to tell if it’s actually working. In my mind, there are 4 key components of a successful ABM strategy: identifying target accounts, understanding your target accounts’ demand cycle, executing programs and analyzing results. Today I am mostly going to talk about how to understand your target accounts’ demand cycle and how to analyze ABM results. You are hearing a lot of great ideas on ABM programs and strategy today. My goal is to give you a road map for measuring account based marketing so that you can leverage all of the other great ideas you are picking up here.
- Any Marketo users out there will recognize this. When I started at SevOne a couple of years ago I asked the team to map out our lead process. This is what we came up with. Pretty simple, right? After looking at this model, we quickly decided to never show this to anyone outside of our team. Not only does this look insanely complicated, we quickly discovered that it didn’t really describe the evolution of how a SevOne deal gets done. When you cut through the clutter of all of the lines and arrows, this model makes the traditional linear demand generation funnel assumptions (prospect downloads whitepaper -> sales rep calls prospect -> prospect is delighted that sales rep called -> sales rep creates an opportunity -> opportunity closes). The traditional demand generation funnel works in a simple, transactional sale. Unfortunately for us, our sale is neither simple nor transactional.
- As we got deeper into mapping out our demand cycle, we encountered an interesting challenge. What do you do when Account Based Marketing isn’t just a program you run? A lot of companies are focused on ABM as a pilot, or a small program. For SevOne, all of the marketing we do has to be account based. There is an entire industry that has sprung up around helping companies identify their ideal target customer. SevOne is in a unique situation where we know exactly who we are going after. Our secret sauce is being able to handle tremendous scale in data while maintaining unprecedented speed. When we go to market, we don’t need to talk to the entire world. We need to talk to the most connected companies in the world. We need to talk to companies that have massive infrastructures and obsess over milliseconds. The trouble with these companies with enormous infrastructures is that their purchase process doesn’t look anything like the linear process I just showed you.
- My name is Tommy Jenkins and I am responsible for Demand Generation at SevOne. SevOne is based out of Boston, most of my team is based of Newark, Delaware and (in case you weren’t catching the southern accent) I’m based out of my house in Raleigh, North Carolina. Most recently before joining SevOne a few years ago I spent about ten years at Red Hat. I’m married with three boys (10, 8 and 3). As you can imagine, my house is not a quiet place. It can make working from home quite the adventure. When I’m not busy flipping my funnel you can usually find me at a youth soccer game, cheering on my favorite sports teams or playing music.
- SevOne has been around since 2005. It was founded in Delaware by a husband and wife that had graduated from the University of Delaware. SevOne has seen amazing growth over the past 5 years and has truly become a global company while enabling the largest, most connected companies in the world to manage their digital infrastructures. We live in a mobile world now. It’s a world with 5 billion IoT devices, 3.5 billion mobile broadband subscriptions and 1 billion fixed broadband subscriptions. It takes a complex digital infrastructure to power this mobile world, and SevOne makes sure that those complex digital infrastructures keep running.
- I mentioned that SevOne’s sales cycle doesn’t look like the traditional linear demand generation funnel. So what does it look like? Let’s look at a new logo deal we closed last year. The opportunity was created in June of 2014, and after a couple of conversations the deal went completely cold. Then suddenly, in January of 2015, it came back to life, and after a lot of back and forth (and a tremendous amount of effort) the deal finally closed in August of 2015 (14 months after it was created). Next, let’s overlay the marketing activities that happened in that account during the same time frame. As it turns out, the opportunity was originally created after a conversation that happened with two prospects at a tradeshow. Then, when the opportunity came back to life it was with a different prospect that downloaded a free trial of our product. After that things really started to take off with multiple contacts consuming SevOne content. This is exactly what successful Account Based Marketing looks like. I often talk about surrounding target accounts. We have a long sales cycle. There are multiple decision makers and influencers involved. For SevOne to win a deal in one of our target accounts we have to be able to surround the account. It has to be a joint effort between Marketing and Sales. But how do you measure this kind of demand cycle?
- Well, let’s first try to measure using the traditional linear funnel. If you remember, the entire deal started with two prospects at a tradeshow. If we trace the first prospect through the funnel, things kind of work. But what about the second prospect that was at the tradeshow? An opportunity has already been created so the rep converts him to a contact in Salesforce. Uh oh. From a funnel perspective it’s almost like nothing happened at all. And then the same thing happens to the prospect that downloaded a trial. And these last few contacts, it’s like they never existed at all. The rep was already working the deal so he basically ignored these leads in Salesforce. If we took the funnel view of the world that first tradeshow would look great. But we wouldn’t know the real story of how the deal happened We wouldn’t know all of the activities that had impact along the way. And we certainly wouldn’t know the right marketing mix to drive revenue in our target accounts.
- So if we can’t use a funnel to measure this kind of Account Based Marketing, what do we use? Ultimately, we established a system of measurement that puts our target accounts as the focus and then allows us to evaluate all of the ways we surround those accounts to create and accelerate opportunities. When we look at our demand cycle in this way we can fit the pieces together to really understand what works and what doesn’t.
- To establish this system of ABM measurement we needed two critical pieces: the right data and the right platform to interpret that data. I’m going to guess that almost everyone here is using Salesforce.com. Salesforce is a tremendous tool, but it doesn’t exactly make the account based marketer’s life easy. If you want to understand the impact of your account based marketing activities you first have to configure Salesforce to deliver the right data model. If you don’t get your data model right, no platform in the world will be able to help you.
- There are a lot of components to building the right data foundation in Salesforce but today I am going to focus on two main areas that you have to get right if you want to properly measure Account Based Marekting: campaign hierarchy and account hierarchy.
- At the campaign level, we focus on three main levels of hierarchy: play, campaign type, and type detail. I won’t spend much time on play, but think of it as a parent campaign or theme that you want to roll up various campaign types to. I am a firm believer in not trying to compare apples and oranges. For that reason we have two different campaign types: offers and tactics. Offers are the “what” and tactics are the “how”. Our offer campaigns represent the content that we are using to surround our target accounts. Our tactic campaigns are the channels we are using to promote offers to our target accounts. When I am evaluating the performance of marketing campaigns I want to compare similar things. When I am evaluating offers I am asking the question “what kind of content is performing the best?”, and when I’m looking at tactics I want to know “which channels are the most effective?”
- But it’s not enough to just build separate campaign types. You have to be able to matrix the data to see how the campaigns relate to each other. I’ve edited out the actual numbers here, but this chart is pulled from Salesforce and shows how we can get a holistic view of our campaigns by both offer and tactic. To accomplish this, when someone responds to one of our marketing activities we associate them to two separate campaigns: the offer and the tactic. This wasn’t the easiest thing to figure out how to do with Marketo and Salesforce. Fortunately, I have a very clever team. We first add the responder to the tactic campaign. We also store the tactic information on the lead in a custom field we created. Next we add the responder to the offer campaign. As that happens, we search the tactic field on the lead and pull the value over to populate a custom field we added to the campaign member record. The last bit is a lookup logic we use to map to the proper tactic campaign. We have the same type of matrixed views between our offers and plays as well. This allows us to roll things up to see which themes are best resonating with our target accounts.
- Getting things right on the account side is a little bit easier. It just takes a good deal of discipline and a great partnership with Sales Operations. I mentioned at the beginning that SevOne knows exactly who we are going after. Last year we set our sights on the Global 2000. Having that kind of focus netted us tremendous results. This year we have refined things even further. Marketing and Sales Operations partnered up to build a very targeted account list. We analyzed our win data and honed in on a key set of verticals were we had demonstrated success. We also found by looking at the data that within these key verticals there was significant lifetime value once we landed an account. I won’t share the exact multiple with you, but we were able to show that once we won these target accounts they would spend more in every successive year. The result of all of this analysis was a very refined list that the entire company could get behind. We then tagged these accounts in Salesforce and partnered with Sales Ops to make sure we kept the data clean. To get a complete view of these accounts we also went through and wrote a series of logic to identify whether or a not a lead is in one of our target accounts (or within an existing customer). All of this work gave us the data structure to be able to look through the lens of a campaign and see it’s impact on the accounts we care about.
- This brings us back to where we started. We knew we needed something other than a funnel. We needed to put our target accounts as the focus and then measure how we were doing at surrounding those accounts. All of the work I showed up until this point was just the table stakes. The data foundation was necessary so that we could measure marketing attribution.
- I try to not often put a bunch of words on a slide but these words are really important and I always show this slide when I talk about marketing attribution. Marketing attribution is about understanding impact. It is not about taking credit. I have seen a lot of marketing and sales conversations over the years that have gone really wrong because marketing walked in to them trying to take credit.
- A Marketing Attribution Model helps me take my long sales cycle, filled with multiple decision makers and influencers, bring order to it, and quantify the impact of multiple marketing touches spread throughout the sales cycle. Salesforce wouldn’t give me this kind of view, so I had to go in search of a platform that could show me the impact of my account based marketing.
- When I went looking for an ABM Attribution Platform there were a few must-have’s that I could not compromise on: speed to value, data credibility, flexibility, and having a complete view of our target accounts. Ultimately we found that Brightfunnel could meet all of our must-have’s. Speed to value was absolutely top of mind for me as we went about trying to solve our marketing measurement challenges. When I was at Red Hat we bought a BI tool and built our own marketing attribution model. It took us over 6 months to build and required 3 FTE’s. Now Red Hat has 6 people working on their platform. I didn’t have that kind of time or the luxury to throw that many bodies at the challenge. SevOne is growing fast and to continue to meet our growth expectations we needed to ramp up our marketing efforts while making sure we were being effective with our spend. With Brightfunnel, we were up and running and using data to make decisions within a month-long proof of concept. Data credibility is central to any measurement platform. The second you have people questioning if the data is right you might as well retire the platform because no one will use it. Brightfunnel is synced with Salesforce so all of our efforts in building the right data foundation transferred right over. As we were going through our proof of concept we invited marketers from across SevOne to use real world use cases to test the data. We were able to build enough confidence in the data to use Brightfunnel to help make our 2016 marketing plans.
- Anyone that has spent significant time looking at marketing data knows that every question you ask leads to more questions. We can now easily answer questions like: What was the best performing whitepaper among our target accounts? Do webinars work better for new logos or existing customers? Which tradeshows should we invest in again next year? What was our ROI on paid search last year? Which channels do the best job of sourcing leads in our target accounts? To answer all of these questions we needed a good mix of out of the box functionality and flexible customization. The platform is simple enough for every marketer on our team to use, but robust enough for our power users to ask really tough questions of the data.
- Let me give you a quick example of the flexibility of an account based marketing attribution platform like we have. As we were putting together our 2016 plan we wanted to understand what levels of marketing efforts would be needed to get additional new logos in our target accounts. We were able to use Brightfunnel to analyze our new logo wins and see how many of the marketing touches were happening before the opportunity was created and how many were created after the opportunity was created. We then cross referenced that data with the deal size to see if the data changed any for our larger deals. As a result, we now have a target to shoot for. I can give my team goals on number of marketing touches in new logo target accounts. I can pair those goals with the campaign effectiveness data we have to make sure we are getting the right kinds of marketing touches. Based on this information, I know that if my team is exceeding their goals in getting the right number of the right kind of marketing touches SevOne will most likely be generating the right number of opportunities to hit our revenue targets. We used this methodology, along with our opportunity conversion data, to set company wide goals for number of new logo wins, number of new logo opps, number of new logo demos, number of new logo qualified leads, and number of new logo inquiries.
- The last piece we were looking for in an Account Based Marketing Measurement Platform was the ability to have a complete view of an account. I’m sure you all know that Salesforce doesn’t make this very easy. In Salesforce, Accounts, Contacts and Opportunities all relate nicely to each other, but leads sit over by themselves until a sales rep comes in and manually converts them over to a contact. Previously in my career I tried to go down the path of solving for sales rep behavior. Let me warn you, only go down this path if you are a connoisseur of frustration. I’ve talked to a bunch of different folks about this problem and people are solving it in different ways. I spoke with one company that got rid of leads all together. They create everything as a contact. There are some vendors that offer lead to account mapping as a bolt on to Salesforce. For SevOne, we decided that the best way for us to tackle this issue was to handle the mapping in our measurement platform. I don’t have time to go into the details today, but come find me later on and I can talk you through how Brightfunnel was able to map leads to accounts to give us a full view of our target accounts.
- Without mapping leads to accounts, more than half of the touches on that sample opportunity I showed earlier would have been invisible.
- Now that we have leads mapped to accounts we can start to look at some really interesting account based metrics. We can start at a high level and see how many of our target accounts are engaging with our marketing content. With our long sales cycle, this is extremely valuable as a leading indicator. We can also drill down in to specific accounts to see which campaigns are touching that account, how many opportunities are being created, and what the accounts engagement looks like over time. This is where measurement and execution can complement each other so well. For example, we saw that in the last six months 79% of our Global 2000 customers have interacted with marketing content. On the surface that seems great, but what about that other 21%? Could those be customer accounts at risk? We can use this information to work with the sales team on a custom engagement plan for these accounts. We are using this kind of data to take our account based marketing to the next level.
- Before I close, I should say that traditional funnels are not inherently bad. Even at SevOne, where all of the marketing we do is account based, there is still room for the traditional waterfall funnel. The funnel can be a great diagnostic tool for identifying gaps in your process. We use the funnel to tell where leads are getting stuck in the process. Are they getting contacted quickly enough? Are some reps more successful working leads than others? Are we sending leads to sales reps too early? Those are all important questions that we need to be able to answer in order to run a demand generation engine. When we use the traditional funnel to compliment an account based attribution view (where we can put the customer at the center), we can not only evaluate the effectiveness of what we have done in the past, but also plan our future activities for maximum impact.