Close More Deals with Effective Lead Scoring
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Check out this presentation to discover how to effectively use lead scoring to close more deals and drive revenue!
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Close More Deals with Effective Lead Scoring
- 1. Close More Deals with Effective Lead Scoring Stacey Thornberry Sr. Enterprise Field Marketing Manager Marketo @Stacey_T
- 2. Marketo: Engagement Marketing Platform Engage people in a meaningful, lifelong and personalized way across channels Measure and maximize impact of marketing investments across channels Generate awareness and ensure potential customers can find you Manage, coordinate and plan the marketing activities across your teams CUSTOMER • Marketing calendar • Web / Mobile Personalization • SEO • Social Marketing • Revenue Cycle Analytics • Marketing Automation • Web / Mobile Personalization • Social Marketing
- 3. Attract Engage Close Drive more inbound website traffic Convert web visitors to leads Right message Right person Right time Accelerate the sales cycle Increase quality leads to sales Win more deals
- 4. Attract Engage Close Drive more inbound website traffic Convert web visitors to leads Right message Right person Right time Accelerate the sales cycle Increase quality leads to sales Win more deals
- 5. Agenda • How can you benefit from sales and marketing alignment? • Steps to effective alignment & how lead scoring leads to more deals won • Examples from Marketo’s own teams
- 6. Companies that have aligned sales and marketing teams achieve up to 19% faster growth and 15% higher profitability.* Why Alignment is Important *Source: 2015 B2B Buyer Benchmark Study by SiriusDecisions.
- 7. Page 7Marketo Proprietary and Confidential | © Marketo, Inc. 3/7/2016 Why Alignment is Important Companies that have aligned sales and marketing teams achieve up to 19% faster growth and 15% higher profitability.* *Source: 2015 B2B Buyer Benchmark Study by SiriusDecisions.
- 8. Page 8Marketo Proprietary and Confidential | © Marketo, Inc. 3/7/2016 Improves Conversion Rates
- 9. Exceeded “meetings scheduled” quota by Leads Generated by Sales Development 97% Sales Development Revenue Pipeline 101% Tighter alignment of marketing and sales yields more leads, more opportunities, and more deals closed at LiveIntent “Marketo gives us visibility into what’s working and who is actually engaging. We can prioritize outreach in our CRM system; the right leads are coming in and we’re reaching out to them and getting great results.” -Scott Daily, Digital Marketing Manager 50%
- 10. How Do You Achieve Alignment?
- 11. • Marketing Qualified Lead (MQL) • Sales Qualified Lead (SQL) • Opportunity • ROI Step #1: Define Common Terms
- 12. • For new business at Marketo, we create an MQL based on: • A sort score of 100+, which is a combination of: • Demographic “Fit Score” • Engagement score • Buying intent • Can be a MQL once every 6 months What is a Marketing Qualified Lead (MQL)?
- 13. Lead scoring—a method of ranking leads for their sales-readiness, agreed upon by both sales and marketing—is essential to ensuring that your organization is aligned. Creating an MQL: Utilizing Lead Scoring Download our Definitive Guide to Lead Scoring http://www.marketo.com/definitive-guides/lead-scoring/
- 14. Why Score Leads?
- 15. • Demographic Scoring • Ex: Job role, job title, technology used, country, industry, etc. • Asset Scoring • Ex: Alignment to stage of buying cycle • Behavior Scoring • Ex: Website data (downloads, page visits), channel participation (PPC, events, inbound call) • Product Interest Scoring • Ex: Aligned to featured product in content engagement Types of Lead Scoring to Add Up to MQL
- 16. • Higher Win Rates • Shorter Sales Cycles • Higher Revenue Per Rep What do MQLs mean for you? Source: CSO Insights How Easy Is it To Get Information About Prioritizing Sales Efforts? Other Benefits of Fewer But Higher Quality Leads
- 17. • A lead that has been accepted by an Account Executive • Demonstrated BANT • Budget • Authority • Need • Time What Is A Sales Qualified Lead (SQL)?
- 18. Name Awareness Friend Engaged TargetTOFU MOFU Opportunity Customer Lead Sales Lead Nurturing Database BOFU Step #2: Define Your Revenue Funnel
- 19. Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Exposed to us via content, brand, or word of mouth Step #2: Define Your Revenue Funnel
- 20. Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Feels a relationship and trust with us Step #2: Define Your Revenue Funnel
- 21. Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Names are just names Step #2: Define Your Revenue Funnel
- 22. Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Meaningful interaction with us Step #2: Define Your Revenue Funnel
- 23. Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Nurture until ready for next step Qualified potential customer Step #2: Define Your Revenue Funnel
- 24. Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Marketing qualified lead (score > 100) – Sales Development Rep (SDR) reach-out Step #2: Define Your Revenue Funnel
- 25. Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Qualified as sales-ready by Sales Development Rep (SDR) Step #2: Define Your Revenue Funnel
- 26. Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Accepted and actively worked by sales: marketing quota attainment Step #2: Define Your Revenue Funnel
- 27. Step #3: Set Common Goals & Plan Smartly Goal Team Responsible Targets Marketing MQLs Marketing SQLs, Opportunities Sales Development Representatives, Marketing Wins, Revenue Sales (Account Executives)
- 28. Step #4: Plan Together, Succeed Together 31%increase in MQL acceptance 63%improvement in Marketing’s contribution to total revenue
- 29. Step #5: Structure Organization for Alignment
- 30. Stars and Flames show priority Step #6: Automate for Success
- 31. Step #6: Automate for Success
- 32. Step #6: Automate for Success
- 33. • Businesses are 67% better at closing deals when sales & marketing work together • Sales and marketing alignment extracts 208% more value from marketing with 108% less friction • Effective alignment starts with a consistent language, SLA’s and a measurement system Tweetable Takeaways @Stacey_T
- 34. Thank You!
Notas del editor
- Marketo provides the leading engagement marketing software and solutions designed to help marketers develop long-term relationships with their customers - from acquisition to advocacy. Marketo is built for marketers, by marketers and is setting the innovation agenda for marketing technology. With offices around the world, Marketo serves as a strategic partner to large enterprise and fast-growing small companies across a wide variety of industries. In addition to our own solutions, we also provide leading-edge knowledge through LaunchPoint® partner ecosystem, and the vast community that is the Marketo Marketing Nation®
- As noted, Marketo helps you along the entire buyer’s journey, starting with how to attract and acquire new prospects and engage them across different channels with the right message until they are sales ready.
- Today, we will focus on the later stage of the buying journey. We’ll cover the topic of Sales and Marketing Alignment and how to increase the quality of leads to Sales and help them win more deals quickly.
- So here’s the agenda for today.. Let’s dive right into it…
- Sales and marketing alignment is the process of getting these two departments to effectively work together towards a common goal. I don’t think anyone doubts the importance of alignment. According to a study by Sirius Decisions conducted in 2015, companies that… Clearly more companies need to align their organizations to be successful
- <25% of New Leads are Sales-Ready In fact, if all they wanted was names, our job as marketers would be pretty easy. We’d just hand them a phone book.
- Other benefits of S&M alignment include … higher revenue, shorter sales cycle, better conversion rates and forecast accuracy
- Let me give you another example from Marketo’s customer, LiveIntent. Since implementing Marketo, they now have visibility into what’s working and what leads are actually engaging; they prioritize all outreach in CRM system. So due to tighter alignment b/w M&S they exceeded meetings quota by 50%, almost doubled SDR generated leads and grew pipeline by over 100%. Now that’s impressive!!! ------ The customer LiveIntent helps 450+ top brands deliver marketing and advertising messages to more than 92 million unique, engaged people each month, in emails sent by 750 top U.S. publishers and brands. The Marketo solution Prior to implementing Marketo Sales Insights, SDRs were constantly switching between the old marketing automation tool and salesforce.com, so it was hard to focus on business development. Marketo brought extensive automation and tight integration with Salesforce, which eliminated the need to switch between two systems. SDRs can now prioritize outreach in salesforce, which is where the salespeople work. Emails go out through Marketo Sales Insight, and data on which how prospects are responding is fed back into Salesforce to keep sales people up to date. Results With Marketo, LiveIntent has been able to closely align marketing, sales development, and sales, move prospects through the funnel at a faster pace, and increase lead velocity by engaging prospects in two-way conversations based on their behavior. For the initial email campaign, Sales Insight sent the email messages and reported on who was opening, clicking, and engaging, providing deep visibility that enabled SDRs to book 50% more meetings than ever before in the first week alone. In the first quarter after implementation, the team increased leads generated by 97% over the previous quarter and increased the sales development revenue pipeline by 101%.
- So all of that is great, but how do you actually go about achieving alignment? So now we’re getting into the meat of the presentation. So let me give you some actionable tips and share with you how we do it at Marketo
- You don’t make these decisions in isolation. Several teams need to come together and define these terms – Marketing, Sales, Sales Development (Inside Sales), Marketing and Sales Ops.
- At Marketo, an MQL is a combination of “fit score”, which says how well the lead matches the ideal target, “engagement score”, a metric that scores the lead’s level of interaction with content, and “buying intent”, which tracks purchase indicators. Based on a combination of these factors, qualified leads are passed on to sales. This may be very different for your business … Another important consideration is the length of your buying or revenue cycle for your business, which would influence the decision on how often can your prospect achieve an MQL stage. Marketing has monthly, quarterly goals around MQLs and reports on these weekly
- To get to your values for MQLs & SQLs, you need to work together to use lead scoring. What is lead scoring?
- Lead scoring might sound like a daunting process, but there are extremely important to get YOU the right leads at the right time, and not waste your time and marketing’s $$$.
- We use lead scoring for demographics fit (a VP of mktg. is scored higher than a marketing coordinator) For Asset scoring, we look at whether it’s an early stage or late stage asset and the level of engagement that’s required to consume it (for example, an infographic is just 1 point, but a 100+ page Definitive guide is 10 points) Behavior scoring: again, this is different depending on the early-mid-late stage of content and whether the behavior represents buying intent or not. E.g. visit to a pricing page +10, visit careers pages – minus 10 And of course, you need Marketing Automation software to activate the lead scoring and use it for all your campaigns.
- EASY = easy to access information on Prospect/Customer’s market/industry AND which past/current marketing programs this prospect/customer has been exposed. HARD = significant effort required to get information on Prospect/Customer’s market/industry AND which past/current marketing programs this prospect/customer has been exposed. Note: HARD outnumber EASY 3:1
- Sales Qualified Lead: Marketing passes MQLs on to a section of the sales department, sales development reps), that will determine which leads should be given to an account executive to close the deal. In general, an SQL is a lead that has high potential to actually purchase the product. Once a lead is passed to Sales, an AE has 1 week to determine if an opportunity exists and start an active sales cycle.
- Now we can take these terms and apply them to the revenue funnel 1) This is the revenue cycle we use at Marketo; it’s broken into 3 buckets, starting with TOFU, where leads enter the funnel, MOFU is middle of funnel, where the focus is on marketing getting leads ready to have a conversation with sales, and BOFU is bottom of funnel, once sales is engaged. This is central to everything we do at Marketo. In fact, defining these stages rigorously in alignment with sales was the #1 most important thing we did in building our revenue process at Marketo. We’ll walk through each of these stages in a bit more detail, as it’s foundational for much of what I’ll cover in today’s presentation. You may have different stages for your business, and that’s okay…the important thing is that you define them, marketing and sales sits down and agrees what they mean, what are the definitions for moving from one to another, and what are the business process and rules for responding at each stage.
- First stage is awareness, which is all about building our brand. And we do that through content marketing and inbound strategies, not with broadly targeted and expensive advertising.
- 3) Next we have a subset of awareness we call Friend, not just someone who has heard of us, but someone that has a positive association with our brand – they’ve learned to like us.
- 4) The red line is when people enter our database, when we have their contact information. This is where semantics really matter. These people are NOT leads. These are really just names – think about names scanned at a trade show. Many of these folks are not interested, and never will be interested in buying from you.
- 5) The next step is engaged. Someone who is engaged is in our database and has had a meaningful interaction with us. For example, they have downloaded a white paper or attended a demo.
- 6) The target stage represents someone who is engaged and has the right demographics. For example, at Marketo, this is a VP of Marketing who watched a demo. That target number is the first metric that we really care about. We don’t report on names that much, but we care about targets, because it tells us whether or not our marketing efforts are attracting potential customers, and not just names.
- 7 )And then, when they show sufficient buying signs, behaviors that indicate that they’re ready to have a conversation with a sales person, their score gets to 100 points, and at this point we call them a lead, or a MQL, and we pass them to a sales development rep, an inside sales person who calls and qualifies the lead.
- 8) Now, about 5 to 10% of them do get qualified and get moved into an active buying cycle, and are deemed sales ready (looking to make a purchase in the next 6 months), and get passed to our sales team (an AE) as a sales lead. The sales rep at that point has 1 week to determine whether or not an opportunity exists.
- 9) And if they believe an opp exists, they enter the opp in the CRM. Marketing doesn’t do it, the SDR doesn’t do it. Only the sales rep created the opp, and that’s important that they do it, because that is how marketers at marketo get paid. Marketing carries a quota. Not for closed business, but for the number of opps created by our customers, i.e. sales.
- Step #3 is Setting common goals after you defined your revenue funnel stages. Again, this step is extremely important. Sales and Marketing leaders need to work together to define these goals. At Marketo, the process starts with revenue goals for each segment and region (say North America SMB); and from there we derive the number of wins, opps, SQLs, MQLs and targets we need to get for the year, quarter or given month. My team is directly responsible for driving targets, MQLs, meeting, but we also carry quota for opp-ty creation even though our SDR team directly qualifies the leads and passes them to AE’s who open opps in the CRM. So marketing shares this Opp-ty quota with SDR’s and that’s where the real alignment on goals is happening.
- http://www.marketo.com/reports/2013-sales-and-marketing-alignment-study/ In a joint mathmarketing /marketo study, we surveyed 500 companies and found out that companies that had a shared Sales & marketing process an additional 31% uptick in MQL acceptance and a visible 63% improvement in Marketing’s contribution to total revenue Key to Success: Communication amongst teams and consistent training
- And the last step is structuring the organization for alignment. At Marketo, we have alignment across marketing – Sales Development and Account execs and a clearly defined process for passing the baton or the leads from one group to the next. In our model, the SDR team reports into the sales organization Do you have an SDR team in your organization? Or does Mktg. pass leads directly to sales?
- So how do SDRs know which leads to follow up on first? At Marketo, once we have a lead, we need to get it to the sales team in a way that is easily digestible. So we have a sales intelligence tool called Marketo Sales Insight that lives natively within the CRM. We use SFDC. And it essentially provides the sales reps with a prioritized list of leads, with their best bets on top…which is why we call this the best bets list. The more stars and flames a lead has, the higher the quality. Stars measure relative lead score, and the flames is a measure of how quickly the score increased over time, which is essentially telling the rep how “hot” the lead is. So a lead with a very high score that has been doing a lot of research on the website over the past few days is someone that is likely to show up very high on their list. This is a great tool to help sales prioritize leads in their queue.
- So how do SDRs know which leads to follow up on first? At Marketo, once we have a lead, we need to get it to the sales team in a way that is easily digestible. So we have a sales intelligence tool called Marketo Sales Insight that lives natively within the CRM. We use SFDC. And it essentially provides the sales reps with a prioritized list of leads, with their best bets on top…which is why we call this the best bets list. The more stars and flames a lead has, the higher the quality. Stars measure relative lead score, and the flames is a measure of how quickly the score increased over time, which is essentially telling the rep how “hot” the lead is. So a lead with a very high score that has been doing a lot of research on the website over the past few days is someone that is likely to show up very high on their list. This is a great tool to help sales prioritize leads in their queue.
- At Marketo we have these in place and it is all automated. So when a lead becomes a lead, if after the first day they haven’t touched it, they get a nice incredibly friendly reminder. And you can see from this slides the reminders get less friendly. As you can imagine, there are very few leads that aren’t followed up within a 3-day period. And by the way, some leads are followed up much more quickly. Now, this may seem a bit harsh, but hey, that’s an SDR’s job. Their primary mission is to call and qualify our best leads and pass them to an AE if they think an opportunity exists.
- According to research from Marketo and ReachForce, half of sales’ time is spent on unproductive prospecting, with sales ignoring as much as 80% of marketing leads. For both teams, that amounts to a lot of hard work for nothing. So what happens when sales and marketing do work well together? Businesses are 67% better at closing deals