You’ve heard the buzz about marketing automation and how it can help maximize your marketing efforts. But do you really grasp its full potential? Get the inside scoop from Jon Miller (@jonmiller), VP Marketing and co-founder at Marketo. In this session, Jon will share an up-close and exciting look into the content marketing, lead generation, and marketing automation strategies that are driving Marketo’s growth, including:
- Key trends driving marketing automation
- Designing programs to be measurable
- Key lessons to improve your performance, profitability, and credibility with marketing metrics and analytics
- How the experts at Marketo do it themselves, including actual examples of how Marketo’s smart and innovative programs produce eye-popping results
19. 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
20. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
21. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
22. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Inbound creates the best leads by far:
high conversion, high velocity
29. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Sponsored Email builds the
database, but low conversion
30. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Webinar, tradeshow, PPC, and virtual
tradeshow are top paid TOFU
31. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Paid Social & Display Ad drive
brand and amplify inbound as well
42. The Key to Relevance is Behavioral Targeting
Top Tactics to Increase Email Engagement
43. Example: Topic of Interest Triggers
• Attends event
• Downloads content
• Click email
• Fills out form
• Score is changed
Email
Social
Content
Technology
44. 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%
46. Lead Scoring Defined
“Shared sales and marketing methodology for ranking leads in order to
determine their sales readiness”
Nurture Nurture DisqualifyPass to
Sales
Pass to
Sales
Fit Interest Buying Stage
@jonmiller
47. Demographic “Fit” Score
Positive Demographic Score
• e.g., Marketing Manager title, known CRM customer,
known competitive solution customer
Negative Demographic Score
• e.g., Generic email address, illegitimate phone
number, non-existent company (unemployed, self,
looking)
Data Augmentation, Not Forms
49. • 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
50. One Way to Identify Marketing Qualified Leads
A Lead Lead Lead
B Lead Lead
C Lead
D
4 3 2 1
Fit
Behaviors
51. 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. 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
57. Track All Touches Across People
Screenshot: Marketo Revenue Cycle Analytics
58. Track All Touches Across People
Screenshot: Marketo Revenue Cycle Analytics
59. 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
60. Source: Marketo Revenue Cycle Analytics, Apr 2014
* Percentage of all programs in channel that achieve MT Ratio > 5
61. 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
62. 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
63. 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”
65. 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
66. 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
68. 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 buying cycle, in
alignment with sales
3. Map content and marketing to the buyer’s
journey: early, mid, late stage
4. Most leads are not “sales ready” – nurture
relationships over time, use online body language
to score leads
5. Use analytics to turn marketing from a cost
center into a revenue driver
@jonmiller
Our #1 secret is that we believe that buying has changed forever, and that marketing and sales need to change as well.
Not that long ago, there were few 3rd party sources of information – information scarcity – which meant that a buyer had to get most of their information from sales.
In this world, it made perfect sense for marketing to pass all leads over to sales. It also meant we lived in a world of attention abundance, with fewer channels competing for a buyer’s attention. Traditional marketing, characterized by Mad Men-style marketing, grew up in this era.
But now, there is an explosion of readily available information… According to IBM, we create 2.5 quintillion bytes of data
— so much that 90% of the data in the world today has been created in the last two years alone.
This is a recent phenomenon…
When Marketo was founded in 2006, the iPhone didn’t exist, Twitter had not launched, and Facebook was only for college students.
All this data = buyers today are more empowered. The Web provides them with instant information gratification. They can access detailed specs, pricing, and reviews about goods and services 24/7 with a few flicks of their thumbs. Meanwhile, social media encourages them to share and compare, while mobile devices add a wherever/whenever dimension to every aspect of the experience.
Result: Forrester Reports that 65-90% of buying process is complete when consumer is walks into store/branch/dealer, or contacts sales
Requires deep changes in how we market to consumers.
That’s how we approached our marketing process at Marketo.
Changed buyer
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 their.
Here’s Marketo’s…. Let me explain.
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 on 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.]
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}
We create a ton of content… go to marketo.com/resources
We create a ton of content… go to marketo.com/resources
Some systems are simple, but require manual repetition of basic tasks, over and over again. In Marketo, not only are campaigns launched rapidly, they can be replicated in a matter of seconds, as only Marketo offers the ability to clone a campaign, including all of its assets, in a single click.
Take a webinar for example. You’ll have the email invites, registration page, reminders, follow-ups, and more. Once the webinar is cloned, simply change the date, title, description and more, and all of the assets in the cloned campaign will be updated in one fell swoop.
Unlike Moz, we have a sales team (not ecommerce).
You can do this simply by creating more content, but we’ve found it helps to push your message sometimes!
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.
18 triggers
11 batches
19 campaigns to manage the whole thing
Not all segments need to be different email versions
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.
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
Here’s how Marketo does it.
Latent behaviors – interest
Active behaviors – buying intent
Active vs Latent Leads – very different follow-up. Active <5 min response. Latent, craft a personalized message.
Many marketers are perceived as a cost center.
You can’t expect your organization to place value on something you’re unable to quantify. But when you do use the right metrics and processes, there is nothing more powerful to help marketing earn it’s rightful seat at the revenue table.
Here I show you how Marketo does it.
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
Next, let’s focus on “Investment” side of ROI. Notice it’s investment, not cost. You “invest’ in growth, marketing is a growth driver.
-Then you enter and track your budget plan
-as invoices come in from your financial system, you can map them to line items
-you can also map your Marketo programs to specific budget categories or line items
-you can track planned, forecasted and actual spend, and indicate whether forecasted spend is committed or optional
Step 1: Important to track all touches
Step 1: Important to track all touches
Here we see what works for Marketo (over the last 12)
58% of pipeline from Inbound activities
Here we see what works for Marketo (over the last 12)
58% of pipeline from Inbound activities
Here we see what works for Marketo (over the last 12)
58% of pipeline from Inbound activities
Here we see what works for Marketo (over the last 12)
58% of pipeline from Inbound activities
Model
Note Success Path and Detours; Inventory and SLAs