Marketing Automation 6 Step to Success - Mark LeVell
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Mark LeVell covers the value of marketing automation and the 6 steps is takes to deliver success in you operation.
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Marketing Automation 6 Step to Success - Mark LeVell
- 1. Marketing Automation 6 Steps to Success Mark LeVell, President MLeVell@4ThoughtMarketing.com
- 2. Mark LeVell President 4Thought Marketing, Specialists in Marketing Automation Previous: Vice President Market2Lead Deep Marketing Automation Experience Previous: Director MarketFirst Group Pivotal/CDC Software Responsible for all aspects of Software Division Previous: President of TeleSell Sales Software for 14 years Directly managed 10s, Indirectly managed 100’s of projects MLeVell@4ThoughtMarketing.com
- 4. Why Marketing Automation • Let me scare you… just a little bit • Let me scare you just a bit more…
- 5. Why Marketing Automation • High Risk… but huge rewards • The truth is… no choice • MA Experience? -Job Security • No MA? -Ultimate Career Failure
- 8. Digital Body Language is about the Buyer’s Journey Interest Evaluate Justify Purchase Sales & Marketing Effectiveness Determine Volume and Velocity Eloqua Best Practices: The Demand 8 Lifecycle(TM)
- 10. Why Nurture? • 60% of marketers believe that technology can help them develop more high-quality leads. (Forrester Research) • Sales reps dedicate 14% of their time to lead development, but only 6.3% of leads are utilized (Sirius Decisions) Source: Sirius Decisions Within 24 months from target company or competitor10
- 11. Plugging the Leak Source: Forrester’s Best Practices: “Improving B2B Lead Management” 11
- 12. Why Nurture? Today Buyers Find Sellers. It’s now the “Buy Cycle” more than the “Sales Cycle” Sales doesn’t want to. Sales doesn’t have time. Salespeople are expensive. Your Corporate Database is a tremendous Asset
- 14. Lead Scoring
- 15. What is Scoring? Lead Scoring The predictive ranking of one inbound response versus another. An automated scoring program is objective.
- 16. Example Score Score Description Marketing Action Priority but may need The right prospect but A4 specific “why now” no interest. messaging. Good fit and very Send to sales queue for B1 interested. follow-up. Not the idea prospect Will they ever be a good C1 but very interested. fit? Continue to nurture. Fulfill request and D4 Wrong Fit. No interest. segment out.
- 17. Monitor Scoring Model Results
- 18. Align Follow-Up with Lead Value Expressing Interest Aware of problem Plan to solve problem Desire specific solution Send to Send to CRM CRM Route to Route to Sales Route to Sales Fulfill request For immediate Education Nurturing for non-priority Program follow-up follow-up Low Cost/High Efficiency High Cost/Low Efficiency
- 20. Case Study 10 customer scoring programs analyzed Before Lead After Lead Metrics Delta Scoring Scoring Opportunities 1,372 1,058* - 23% (qualified leads) Closed Deals 430 (31%) 433 (41%) 10% Revenue Per $16,842,950 $19,843,545 18% Client Revenue Per $39,149 $45,863 17% Deal
- 22. Wanamaker’s Lament “I know half the money I spend on advertising is wasted, but I can never find out which half.” – John Wanamaker (1838- 1922) The Father of Modern Advertising
- 23. What is Closed-Loop Reporting? Campaign Contact Response Opportunity Revenue Return on Investment 23 © 2011 Eloqua, Inc. Confidential
- 24. Revenue Performance Dashboard Where are the bright spots in campaign performance? What: The Campaign Revenue Performance charts show your top and bottom performing campaigns in terms of your choice of metrics: closed won revenue, closed lost revenue, open revenue, ROI, etc. Why: This chart can easily highlight where your top performing and bottom performing campaigns are so that you can make decisions on where to repeat campaigns that are driving the right results or restructure ones that are not. 24 © 2011 Eloqua, Inc. Confidential
- 25. Campaign Revenue Performance What is the revenue impact of my campaigns? 25 © 2011 Eloqua, Inc. Confidential
- 26. So What is Marketing Automation? • Tracking Digital Body Language • Nurturing Programs • Social Media Integration • Lead Scoring • Closed Loop Reporting
- 27. Success Step #1 Goes by Many Names
- 28. Success Step #1 : Goes By Many Names • Set Reasonable Expectations • Know your Plan • Don’t be an Island • Get Executive Buy-In
- 29. Success Step #1 : Know & Communicate Your Plan Development Needs
- 30. Success Step #2 Very Tactical But Essential
- 31. Success Step #2 : CLEAN your freakin’ Data Dirty Data • Ruins Metrics • Lowers Deliverability • Annoys Prospects • Kills Projects and Careers
- 32. Success Step #2 : CLEAN your freakin’ Data • Get rid of Dup Contacts • And get rid of Dup Companies • Dump the ASDF • No engagement 6 Months? Gone! • Define your industries • Normalize your Titles
- 33. Success Step #3 Define your Pipeline
- 34. Success Step #3 Define your Pipeline • Define your terms. • Which depts get what, when? • Define a qualified lead? • Get Agreement on when sales drops a lead
- 35. Success Step #4 Secure the Right Resources
- 36. Success Step #4 Secure the Right Resources • Secure Technical Resources • Integration, Website, Programming • Plan for Sufficient Content • Remember your day job! - Goes back to setting expectations
- 37. Success Step #5 Know Your Strategy
- 38. Success Step #5 Know Your Strategy • If your execs don’t have it… create it yourself! • Identify your Target Market • Know your Buyer Personas • Collect Sufficient Data to Target
- 39. Success Step #6 Measure & Prove
- 40. Success Step #6 Prove your success • Goes Back to Closed Loop Reporting • The beauty of marketing automation is you can prove that you’re successful • Measurement will set you above your peers
- 41. McNamara’s Dictum “We have to find a way of making the important measurable, instead of making the measurable important” – Robert McNamara (1916 – 2009) US Secretary of Defense © 2009 Portrait Software Strictly Portrait Software Confidential
- 42. How to measure campaign success: Net Response? Number of Number of Response Segment Customers Responses Rate % Treated 1,000 250 25% Control 1,000 100 10% Uplift 150 15%
- 43. Why did the chicken cross the road? $100M marketing campaign promising that the grass is greener on the other side! Historical inevitability: the chicken was always going to cross the road With enough chickens (and a good control group!), an uplift model can tell us which chickens were influenced by marketing, and which had already made up their minds. 43
- 44. Uplift segmentation for response If we target, customer will: Buy If we do nothing, customer will: Do nothing Buy Do nothing 44
- 45. Summary
- 46. Marketing Automation Is… Tracking Digital Body Language Nurturing Programs Social Media Integration Lead Scoring Closed Loop Reporting
- 47. Six Steps for MA Success 1. Engage Your Company 2. Clean Your Data 3. Define your Pipeline Processes 4. Secure The Right Resources 5. Measure and Prove your success
- 48. Marketing Automation 6 Steps to Success
Notas do Editor
- Just as an in-person qualification requires excellent listening skills (human data processing), an automated qualification demands good data.
- What is Closed-Loop Reporting?Let’s think of it in terms of how marketers work:Marketers create a {click} Campaign, which they sent to {click} Contacts in their marketing database. The point of any Campaign {click} is to generate Responses from your Contacts. Marketing passes those Responses to Sales, who then {click} turns Responses into Opportunities and ultimately {click} into Revenue. What Closed-Loop Reporting does for marketers {click} is connect the costs of running marketing campaigns with the revenue those campaigns bring inBy “closing the loop” between revenue and marketing campaigns, CLR can shed light on which campaigns are successfully steering revenue—and which need to be replaced with something more effective
- Q: Why did the chicken cross the road?A1: Because Microsoft spent $100M on an advertising campaign asking the chicken “where do you want to go today?”A2: Karl Marx disagrees and says it was a historcial inevitability: the chicken was always going to cross the road.Uplift (with enough chickens and a randomized control group!) can help us decide which chickens were already decided and which were pushed by our marketing efforts.