Revenue Performance Management & Email – a Powerful Duo by Kath Pay
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Revenue Performance Management & Email – a Powerful Duo by Kath Pay
- 1. Revenue Performance Management & Email – a Powerful Duo Kath Pay Plan to Engage
- 2. Your presenter – Kath Pay • 12+ years of experience in email marketing • Email Marketing Consultant, Trainer & Speaker • Lead trainer for Email Marketing for Econsultancy & the IDM in the UK @kathpay ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com 2
- 3. About Plan to Engage • Email Marketing Strategy • Email Design & Coding • Deliverability Support • Email Vendor Selection • Conversion Optimization • Workshops & Training Courses www.PlanToEngage.com ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 4. What is Revenue Performance Management (RPM)?
- 5. RPM is a data-driven strategy based on eCRM principles, that uses marketing automation technology to align the sales and marketing departments within an organisation, and focus them on the company’s primary objective: generating more revenue. ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 6. Simply put….. Customer intelligence provides marketers with analytics to value the customer accurately, target the right audience and improve effectiveness of marketing budgets “The Marketing &Customer Analytics Software Landscape” Forrester Research, 2009 ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 7. RPM • Transcends the traditional silos of sales and marketing teams; • Profiles customer information and behavior accurately; • Guides the customer through the stages of their buying process with messages delivered at the right time and delivered through the right channel; and • Can be measured and managed at every stage. Eloqua ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 8. ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 9. It uses the same principles as eCRM …but is focused on the conversion of prospects to being customers, whereas eCRM focuses on retention of customers. • It combines: 1.Understanding (data & analytics) 2.Customer Insights (informs planning & ideas) 3.Relevance (segmentation, targeting & timing) 4.Testing ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 10. 5 core principles of RPM • Reach • Value • Conversion • Velocity • Return ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 11. #1: Reach • How many people can we contact? • How can we make that number grow? • What do our best customers look like? • Who are most likely to convert? • Are we targeting them? ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 12. #2: Value • Understanding the value of each stage in the pipeline • How many prospects are within each of those stages • How much are they likely to spend? ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 13. #3: Conversion • Test and optimise this process • Identify any bottlenecks throughout the conversion journey • Measure the rate they move through each stage in the sales cycle ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 14. #4: Velocity Measuring the time it takes to become a customer ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 15. #5: Return Measuring the costs against the return brought in ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 16. Why use RPM? And why email?
- 17. Marketo announced its research-based belief that its form of revenue performance management (RPM) could help grow global GDP by US$2.5 trillion by 2015. http://www.ecommercetimes.com/story/72609.html
- 18. Also according to Marketo…. “Organisations that excel at Revenue Performance Management achieve 128% more revenue against their targets than average companies.” ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 19. Identify warm leads for conversion • RPM allows you to identify the best (most qualified) sales leads. • These in turn can be sent to the Sales Department – thus ensuring that time is spent on leads most likely to close • Whilst unqualified or less qualified leads are put back in the marketing programme to be ‘warmed’ ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 20. Deliver customised communications • Customer’s are savvy • They’re busy people • They expect a certain amount of personalisation and recognition of where they’re at in the cycle • RPM and marketing automation helps you to meet their expectations ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 21. Marketing is now accountable • Sales & Marketing are more often than not the biggest single cost in most companies – sometimes accounting for 40%. • Marketing Department is now seen as a revenue generator not a cost centre • Speak and report in the language of COO & CFO ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 22. Automate process – reduce costs • By using marketing automation via email organisations can see a higher return on the B2B marketing investment ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 23. Allows to forecast and predict future revenue • Lead quality can be determined by observing what type of content is consumed at the beginning of the buying process • Use these findings to predict future revenue ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 24. Business optimise resource allocation • Identifying what content and initiatives drives the most qualified leads means you can allocate resources to these initiatives on a per stage basis • Whilst reducing the budget for the content which results in poorer leads ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 25. Email as a tool to deliver RPM • Cost-effective • Timely • Can be automated and responsive • Trackable and measurable • Infinitely personalisable • Ideal for eCRM • Ideal for marketing automation & RPM • Ideal for building relationships • Ideal for driving revenue ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 26. How to implement RPM
- 27. Step 1: Whole process • Sales & Marketing both have the goal of revenue generation • Need to work together – customer doesn’t distinguish between marketing, sales & Customer service • Sales funnel and marketing funnels no longer exist – they are united in a centralised revenue funnel • It’s not a process to be added on to an existing campaign – the process Is the strategy ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 28. Step 2: Map journey and automate • Demand Gen uses both inbound marketing and outbound marketing to generate leads • Map all touch points through each stage and automate wherever possible to maximise ROI ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 29. Step 3: Content & Contact strategy • Using the mapped touch points, create a contact strategy leveraging the appropriate channels • By offering additional content at each stage you can then also use this information (based upon their actions) to continue developing the lead scoring ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 30. Step 4: Implement triggered sequences, automation & scoring • The implementation of the automated sequences needs to be carefully considered and thoroughly tested • Implement various triggers using the information you have such as requested data (filled in forms), and behavioral data based on their actions/inactions). • Use dynamic content and segmentation to create the personalised experience – offer them similar or complementing content based on their previous actions ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 31. Step 5: Testing What to test? • Test strategic issues such as offers, content, touch points… • Test the ease of the entire sales journey to ensure there are no obvious bottlenecks • Test tactical issues such as the various components within the emails ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 32. Email: What can you test? • Price points • Segmentation • Discount in value • Design • Discount in % • Layout • Free Gift/access to content • Tone of Voice • Bundles • Long/short Copy • From Field • Personalisation • Subject line • Number of links • First 6 lines • Landing Page • Day of week • Frequency • Time of day • Follow-up • Text/HTML/Flash/Streaming video • Phone response • Teaser • Accelerator ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 33. Step 6: Score the leads • Using systems such as Eloqua, Marketo, Silverpop and numerous other providers, you can score the lead based upon certain actions or quality of content consumed ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 34. Step 7: Measure, Review, Learn and Refine • The key to RPM is to be reviewing the reports and learning from them • Key metrics for tracking ROI are: • The number of leads generated • Lead counts at each of the different stages of the revenue cycle • Conversion rates at each of the different stages of the Revenue Cycle • The speed at which leads progress through the revenue cycle • The percentage of revenue sourced by marketing efforts • Continually be testing and optimising the process ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
- 35. So how important is email’s role in RPM? Very important! • Email (and Social) distributes the content to the prospects • Using the lead-gen technology which sends the email, scoring is able to be automatically performed based on the leads actions/inactions. • Email keeps the non-qualified leads ‘warm’ until they are qualified • Email sends the triggered sequences based upon the lead’s actions or non-actions ©2012 Plan To Engage – all rights reserved – www.PlanToEngage.com
Notas do Editor
- Reach - how many people can we contact and how can we make that number grow? ecrm and acquisition slides - LTV. not all customers are created equal
- Value - of each stage in the pipeline, how many prospects are at each stage and how much are they likely to spend? helps with forecasting. RFM
- 3: Conversion - ensures continued progress throughout each stage in the sales cycle. Measuring the rate they move through - identify any bottlenecks and where. Automation and triggers
- 4: Velocity - measuring the time taken to become a customer. Chris's slides on conversion window
- 5: Return - good reporting will show costs against the return brought in
- RPM accomplishes this by ensuring that only qualified sales leads are passed from the Marketing Department to the Sales Department, ensuring that time is focused on the leads that are most likely to close.
- Revenue Performance Management has different implications for differentdepartments within the organization. For the Marketing Department, itensures that marketing efforts are not wasted because all leads are eithernurtured or followed up by the Sales team. More importantly, it elevatesthe stature of the Marketing team within the organization. When marketinginitiatives can be measured and their effect on the bottom line can bedemonstrated, the Marketing department is seen as a revenue generator,not a cost center. In short, when marketing moves from magic to science,the Marketing department earns a seat at the Executive table.
- organizations see a higher return on their B2B marketing investment and are able to achieve predictable revenue growth.When an organization implements a Revenue Performance Managementsystem, the Sales team is able to focus time and energy on the leads that aremost likely to convert into customers. It no longer needs to waste resourceson unqualified leads or, even worse, ignoring leads from Marketing in orderto generate its own. When the Sales department’s resources are used moreeffectively, friction with the Marketing department
- RPM helps businesses better forecast long-term revenue. Whether you are private or public, investors want to understand the future. RPM lets executives form a relatively accurate picture of sales much farther into the future than ever before. By observing interactions at the beginning of the buying process – for example, lead quality based on type of content consumed – some businesses are able to determine not only a relatively accurate forecast six quarters ahead, but they can determine where that revenue is going to come from
- RPM helps business optimize resource allocation. By better understanding which initiatives have the most revenue impact at each stage of the revenue cycle, decision makers can begin “What we’re trying to do is correlate some reasonable patterns of behavior that will tell us how things are going to happen. We want to track that behavior and understand what that is typically turning into from an actual dollar revenue perspective six quarters down the road. It’s the equivalent of going from driving using the rear view mirror, to driving with GPS.” ~Dr. Christopher Boorman: Informatica“Is Marketing Really a Revenue Engine?” Dreamforce 2010 presentation, Dec. 7, 2010 Figure 1. Based on Eloqua research, RPM adopters grow faster and weather economic downturns better than their peersWHITE PAPER > REVENUE PERFORMANCE MANAGEMENT 4 doubling down on the right campaigns and cut those that may feel good but don’t drive the business. For example, foreseeing a potential revenue shortfall two quarters ahead, executives may decide to shift dollars towards ‘quick win’ campaigns that tend to accelerate opportunities but result in smaller average deal sizes.
- its not something that you do in arrears - after the campaign - it is the whole process - from start to finishThe Sales and Marketing departments have the same goal – revenuegeneration – and should be structured to ensure that they are alignedto pursue this goal together• There is no sales funnel that exists separately from a marketing funnel– it is all part of one large Revenue Cycle• With emerging technologies, it is possible to measure and rate differentmarketing and sales initiatives• Once companies learn to measure revenue through every stage of thecycle, they will be able to forecast their revenue generation
- involves mapping the journey and finding opportunities
- involves content strategy and developing contact strategy
- triggers (including behavioural), segmentation and dynamic content
- testing
- reviewing, learning and continually optimising the program.Every organization will want to set up specific metrics for success, but theoverall goal is to measure the ROI of your sales and marketing efforts. Hereare some of the key metrics for tracking this:• The number of leads generated• Lead counts at each of the different stages of the revenue cycle• Conversion rates at each of the different stages of the revenuecycle• The speed at which leads progress through the revenue cycle• The percentage of revenue sourced by marketing efforts