Marketo Secret Sauce: Modern Marketing Case Study - Jon Miller
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Jon Miller, VP of Marketing and Co-Founder of Marketo, dives into Marketo's "secret sauce" and how to achieve better marketing results.
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Marketo Secret Sauce: Modern Marketing Case Study - Jon Miller
- 1. Page 1 © 2014 Marketo, Inc.#MKTGNATION14 Marketo Secret Sauce: Modern Marketing Case Study Jon Miller VP and Co-Founder, Marketo
- 2. Page 2 © 2014 Marketo, Inc.#MKTGNATION14 What Is The Marketo Secret Sauce? • A detailed case study of how Marketo drives our own business • Covers content marketing, lead generation, marketing automation, analytics and more • Focuses on “lead generation” but also has insights for consumer-oriented companies • Illustrates an example of one company doing it right – meant to inspire and educate • Not a commercial for Marketo!
- 3. Page 3 © 2014 Marketo, Inc.#MKTGNATION14
- 4. Page 4 © 2014 Marketo, Inc.#MKTGNATION14
- 5. Page 5 © 2014 Marketo, Inc.#MKTGNATION14
- 6. Page 6 © 2014 Marketo, Inc.#MKTGNATION14
- 7. Page 7 © 2014 Marketo, Inc.#MKTGNATION14 ABUNDANCE INFORMATION
- 8. Page 8 © 2014 Marketo, Inc.#MKTGNATION14 Source: The Corporate Executive Board Company, “The Digital Evolution in B2B Marketing,” 2012.
- 9. Page 9 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle TOFU MOFU Opportunity Customer Lead Sales Lead Nurturing Database BOFU
- 10. Page 10 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle Opportunity Customer Lead Sales Lead Nurturing Database Exposed to us via content, brand, or word of mouth
- 11. Page 11 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle Opportunity Customer Lead Sales Lead Nurturing Database Feels a relationship and trust with us
- 12. Page 12 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle Opportunity Customer Lead Sales Lead Nurturing Database Names are just names.
- 13. Page 13 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle Opportunity Customer Lead Sales Lead Nurturing Database Meaningful interaction with us
- 14. Page 14 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle Opportunity Customer Lead Sales Lead Nurturing Database Nurture until ready for next step Qualified potential customer
- 15. Page 15 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle Opportunity Customer Lead Sales Lead Nurturing Database Marketing qualified lead (score > 100) – Sales Development Rep (SDR) reach-out
- 16. Page 16 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle Opportunity Customer Lead Sales Lead Nurturing Database Qualified as sales-ready by SDR
- 17. Page 17 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle Opportunity Customer Lead Sales Lead Nurturing Database Accepted and actively worked by sales: marketing quota attainment
- 18. Page 18 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target OpportunityCustomer Lead SalesLead Nurturing Database Retain Advocate Enable Adopt Drive customer success to keep and grow relationships
- 19. Page 19 © 2014 Marketo, Inc.#MKTGNATION14 Awareness and Top of Funnel
- 20. Page 20 © 2014 Marketo, Inc.#MKTGNATION14
- 21. Page 21 © 2014 Marketo, Inc.#MKTGNATION14 Blog, e-books, research data, funny videos, curated lists, infographics, webinars Thought leadership and enjoyable content to build brand, awareness, and desire Tools that help buyers find you when they are looking for solutions Company-specific information to help evaluate and reaffirm selection Buying guides, RFP templates, ROI calculators, definitive guides, analyst reports Pricing, demos, services information, 3rd party reviews, customer case studies Early Stage Middle Stage Late Stage
- 22. Page 22 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
- 23. Page 23 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
- 24. Page 24 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Inbound creates the best leads by far: high conversion, high velocity…
- 25. Page 25 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. …but just creating more content won’t scale inbound – need to convert
- 26. Page 26 © 2014 Marketo, Inc.#MKTGNATION14
- 27. Page 27 © 2014 Marketo, Inc.#MKTGNATION14 For visitors in B2C industries
- 28. Page 28 © 2014 Marketo, Inc.#MKTGNATION14
- 29. Page 29 © 2014 Marketo, Inc.#MKTGNATION14 For companies using competitive solutions
- 30. Page 30 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. But we also use a Portfolio of programs
- 31. Page 31 © 2014 Marketo, Inc.#MKTGNATION14
- 32. Page 32 © 2014 Marketo, Inc.#MKTGNATION14 JUNEDATE:
- 33. Page 33 © 2014 Marketo, Inc.#MKTGNATION14 Middle of the Funnel Durable Relationships over Time
- 34. Page 34 © 2014 Marketo, Inc.#MKTGNATION14
- 35. Page 35 © 2014 Marketo, Inc.#MKTGNATION14 Sales Ready Source: RainToday 25% 50% 25% 2% Need More Nurturing Disqualified
- 36. Page 36 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Average days to Opportunity: 327 days
- 37. Page 37 © 2014 Marketo, Inc.#MKTGNATION14 Nurturing: Building durable relationships with prospects and customers over time through engaging conversations
- 38. Page 38 © 2014 Marketo, Inc.#MKTGNATION14 What isn’t an engaging conversation?
- 39. Page 39 © 2014 Marketo, Inc.#MKTGNATION14 When it comes to marketing, nobody wants to get blasted
- 40. Page 40 © 2014 Marketo, Inc.#MKTGNATION14 Marketing is NOT a gumball machine!
- 41. Page 41 © 2014 Marketo, Inc.#MKTGNATION14 What is an engaging conversation? • Communications flow one to the next • Listens and responds • Relevant and meaningful
- 42. Page 42 © 2014 Marketo, Inc.#MKTGNATION14 More Targeted Emails are More Relevant 0 50 100 150 200 250 300 350 400 100 1000 10000 100000 EngagementScore Email Send Size Source: 100s of Marketo campaigns
- 43. Page 43 © 2014 Marketo, Inc.#MKTGNATION14 A B C D 1 2 3 Stages 1. BUYING STAGES • Early: Be a Better Marketer • Mid: Why Marketing Automation • Late: Why Marketo • Customer: Success 2. BUYING PROFILES • B2B Marketing • Consumer Marketing • Sales
- 44. Page 44 © 2014 Marketo, Inc.#MKTGNATION14
- 45. Page 45 © 2014 Marketo, Inc.#MKTGNATION14 Dynamic Content Industry, Geography, Company Size, Customer vs. Prospect, etc.
- 46. Page 46 © 2014 Marketo, Inc.#MKTGNATION14 Behavioral Targeting for Maximum Relevance: Topic of Interest Triggers • Attends event • Downloads content • Click email • Fills out form • Score is changed Email Social Content Technology
- 47. Page 47 © 2014 Marketo, Inc.#MKTGNATION14 Standard Nurture Triggered Interests Lift Open % 21.7% Open % 34.0% 57% Click to Open % 23.4% Click to Open % 37.1% 59% Click % 5.1% Click % 12.6% 147%
- 48. Page 48 © 2014 Marketo, Inc.#MKTGNATION14 Scoring and Lead Management
- 49. Page 49 © 2014 Marketo, Inc.#MKTGNATION14 Scoring Defined Fit Interest Buying Stage “Methodology for ranking leads and customers in order to determine their readiness to buy” Nurture DisqualifyNurturePass to Sales Pass to Sales
- 50. Page 50 © 2014 Marketo, Inc.#MKTGNATION14
- 51. Page 51 © 2014 Marketo, Inc.#MKTGNATION14 Short (5) Conversion: 13.4% Cost per: $31.24 Medium (7) Conversion: 12.0% Cost per: $34.94 Long (9) Conversion: 10.0% Cost per: $41.90
- 52. Page 52 © 2014 Marketo, Inc.#MKTGNATION14 • 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
- 53. Page 53 © 2014 Marketo, Inc.#MKTGNATION14 Engagement & Intent One Way to Identify Marketing Qualified Leads A Lead Lead Lead B Lead Lead C Lead D 4 3 2 1 Fit
- 54. Page 54 © 2014 Marketo, Inc.#MKTGNATION14 Stars and Flames show priority Full list of Interesting Moments
- 55. Page 55 © 2014 Marketo, Inc.#MKTGNATION14 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
- 56. Page 56 © 2014 Marketo, Inc.#MKTGNATION14 Customer Lifecycle
- 57. Page 57 © 2014 Marketo, Inc.#MKTGNATION14 BUYEVALUATELEARNENGAGE Different Goals for Different Stages TRUSTENJOYBUY ADVOCATE RENEWVALUEUSEOWN
- 58. Page 58 © 2014 Marketo, Inc.#MKTGNATION14 Customer Nurture Streams
- 59. Page 59 © 2014 Marketo, Inc.#MKTGNATION14 X-S Scoring Based on Product Interest (PIS)
- 60. Page 60 © 2014 Marketo, Inc.#MKTGNATION14 Gainsight for Customer Success
- 61. Page 61 © 2014 Marketo, Inc.#MKTGNATION14 Sample Filters from Gainsight
- 62. Page 62 © 2014 Marketo, Inc.#MKTGNATION14 Revenue Analytics
- 63. Page 63 © 2014 Marketo, Inc.#MKTGNATION14
- 64. Page 64 © 2014 Marketo, Inc.#MKTGNATION14
- 65. Page 65 © 2014 Marketo, Inc.#MKTGNATION14 Accurately Tracking “Investment” vs Budget
- 66. Page 66 © 2014 Marketo, Inc.#MKTGNATION14 Why Measuring Return is Hard • Multiple touches. Seven touches needed to convert a cold lead into a sale • Multiple influencers. Typical buying committee has 5-21 people
- 67. Page 67 © 2014 Marketo, Inc.#MKTGNATION14 Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics
- 68. Page 68 © 2014 Marketo, Inc.#MKTGNATION14 Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics
- 69. Page 69 © 2014 Marketo, Inc.#MKTGNATION14 Example: Multi-Touch Attribution A deal worth $100,000 recently closed. Three people were involved in the deal: • Person A attended Seminar A and Trade Show B • Person B attended Trade Show B • Person C was sent Direct Mail C $100,000 Revenue $25,000 $25,000 $25,000 $25,000 Seminar A $25,000 Tradeshow B $50,000 Direct Mail C $25,000
- 70. Page 70 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5
- 71. Page 71 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 Inbound + Nurture = 58% of (MT) Pipeline Paid Programs = 42% of (MT) Pipeline
- 72. Page 72 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 (MT) Ratio = Pipeline / Investment >10 is Great and <5 is Fail Sponsored Email = 12.8, Tradeshow = 10.6, PPC = 13.0, Webinars = 25.4, Field Events = 6.6, Content Syndication 7.7
- 73. Page 73 © 2014 Marketo, Inc.#MKTGNATION14 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 % Programs with MT Ratio > 5 e.g. Tradeshow has good average but 49% programs “fail”
- 74. Page 74 © 2014 Marketo, Inc.#MKTGNATION14 Name Awareness Friend Engaged Target Marketo’s Revenue Cycle TOFU MOFU Opportunity Customer Lead Sales Lead Nurturing Database BOFU
- 75. Page 75 © 2014 Marketo, Inc.#MKTGNATION14 Revenue Cycle Modeler Screenshot: Marketo Revenue Cycle Analytics
- 76. Page 76 © 2014 Marketo, Inc.#MKTGNATION14 Customer Revenue Cycle Screenshot: Marketo Revenue Cycle Analytics
- 77. Page 77 © 2014 Marketo, Inc.#MKTGNATION14 Filter/Drill into data, e.g. by Program Type, Business Unit, Geography, etc. Key topic areas: • Balance (Reach) • Flow • Conversion • Velocity Trends over time Screenshot: Marketo Revenue Cycle Analytics
- 78. Page 78 © 2014 Marketo, Inc.#MKTGNATION14 Use Metrics to Set & Justify Budgets New Targets 60,000 Inventory Of Active Targets 131,000 New MQLs Score>100 23,000 15.3% Inventory of Active MQLs 10.5% 20,000 New Opps* 1,000 6 Month Created Opp Inv. 2,000 270 *Opps is bigger than SQLs because includes outbound and partner referrals SDR capacity driven Inbound/ Programs 120,000 (900K DB Total) New Names New SQLs 922 2.4% 1.9% 75% Wins 35% win
- 79. Page 79 © 2014 Marketo, Inc.#MKTGNATION14 Marketing Forecasts Get The “Definitive Guide to Marketing Metrics & ROI” http://marketo.com/DG2MM
- 80. Page 80 © 2014 Marketo, Inc.#MKTGNATION14 Tweetable Takeaways 1.The way buyers buy has changed forever – the way we market and sell must change as well 2.Define the stages of the revenue cycle cycle, in alignment with sales 3.Most leads are not “sales ready” – nurture relationships over time, use online body language to score leads 4.Use analytics to turn marketing from a cost center into a revenue driver 5.Think big, start small, move quickly #MKTG NATION14
- 81. Page 81 © 2014 Marketo, Inc.#MKTGNATION14 Q&A
Editor's Notes
- Many names are not yet our friends Names are NOT leads, don’t call them leads
- Majority of leads NOT sales ready. This is OK since human interaction is part of developing the relationship (nurturing). These Lead are recycled back to Target for additional nurturing until Sales Ready.
- Sales does one call, and converts if Opp
- This is how Marketing gets paid… carry a quota for Opportunity created. Only Sales can create the opportunities. [Requires very solid definitions of what is an opp, since people get paid on it – can’t be subjective.]
- Doesn’t end with the customer buying… continues as we deepen and develop relationships.
- In traditional marketing, companies needed to rent (or beg) attention from other people’s media. Whether it’s a display ad on a website, a booth at a tradeshow, or an email sent to a third-party list, companies are essentially “renting” attention that someone else built. This can be effective, but it’s also expensive – and become less effective with attention scarcity. In contrast, with inbound marketing, companies build up their own audience and attract their own attention. Marketing needs to become like a publisher. Build your own audience and attention. Examples: superbowl add, regular tradeshow booth = rented attention. Examples of owning: rockstar tour vs tradeshow booth; blog vs traditional PR; our weekly webinar
- Map content to the buying stage {keep it short}
- This is our TOP of the funnel… what works for us. $ per target is ONLY program dollars, not people / time. % opp is the conversion to opp in 12 months… Index is same as % opp, but scaled to an average one 1 Days is time to opp…
- Check boxes show which channels rely on content….clearly important
- Need conversion – that’s where personalization comes in
- Therefore, strive for these three things!
- So how can we be more relevant and engaging? You can’t be relevant if you’re broad. We know batch and blast does not work – it is simply less engaging. One way is to be more targeted – smaller sends = more engaging. Engagement Score enables marketers to quickly judge how effectively each piece of content is engaging prospects and customers over time… combines open, click, unsubscribe, conversion, and so on into a single metrics.
- This is a conversation over time It listens It’s segmented to be relevant
- Use dynamic content to be EVEN more relevant
- Here’s an example of how Marketo created even more relevance. Topic of interest nurturing: Nurture tracks based on four different topics that we thought our customers were interested in (email, social marketing, marketing automation, and Microsoft Dynamics). We listen for signs that may be interested in this (events attended, web visits, keywords used etc.), and if so assign them to the specific track nurture track. If they get to the end of that specific track, we put them back to regular until they do something else specific.
- Result: Big lift! More on our blog about this: http://blog.marketo.com/blog/2013/06/topic-of-interest-based-nurturing.html
- And we score across 3 dimensions. Fit, interest and buying stage. Fit tells me, am I interested in you. Interest tells me, are you interested in me. So they need to be interested in me (or my company), and I need to be interested in them. Actually, this is starting to sound a lot like dating, and that’s because it is. And in dating, timing also plays a role. So, maybe they are locked into another solution. Maybe they don’t have the budget. And this all relates to where they are in the buying stage. So when we think about passing a lead to sales, we need to look at fit, interest and timing (or buying stage).
- To get data for FIT / demographic scoring, don’t ask for it on forms. You’ll get crappy data….
- … and hurt yoru conversion rate. Better to BUY the data… we use Reachforce, Builtwith, etc.
- Latent behaviors – interest Active behaviors – subset of behaviors that show real buying intent
- Good to think about these 3 dimensions… But that’s hard to communicate with sales… so we took all 3 and came up with “sort score” calculation to deliver a single # that we can use to communicate with sales. This was better, since easier communication… but kept the nuance behind the scenes.
- This is what it looks like to the SDR or Sales rep inside CRM
- SLA process… we can see automatically f Rep updated the lead record or logged an activity… and can follow-up accordingly
- Once someone is is a customer, the process doesn’t stop… new goals, like cross-sell, advocate, renew…. Each get their own nurture track, own scoring process, etc.
- Special nurture streams for each nurture goal
- For customers. Scoring is primarily about product interest…
- Here we see what works for Marketo (over the last 12)… Explain first 3 columns – again, investment is only program dollars (not people / time).
- So inbound good… but also need paid to grow faster than inbound alone
- MT Ratio is the ROI… Given OUR economics as a SaaS business targeting a Customer Acquisition Cost (CAC) ratio of 1, >10 is a great MT Ratio.
- … but you also need to look at individual programs… e.g. overall tradeshows have a good average, but some great, others stink… need to drill into individual programs
- Remember this? Understanding the funnel is other key part of revenue analytics
- Same funnel, but built into our product Note Success Path and Detours; Inventory and SLAs
- Customer version
- Google Analytics for Revenue Explain the four key metrics: balance, flow, conversion, velocity
- Here are out actual metrics… Focus on the very low conversion from MQL to SQL… since we are lose about MQL definition and don’t want to miss any deals…. But strict about what we pass to sales. We want that 75% SQL to Opp, since you want sales to value marketing leads… if it goes below 50%, sales doesn’t jump on SQLs as fast.
- When you can look forward, not just back – that’s true credibility. Forecast your pipeline… especially since you have visibility further out than sales. Each row adds a month, shows how accurate the forecasts are, whether they go up or down, etc. Good for building credibility and trust. When you do this, nobody thinks of marketing as “arts and crafts”!