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- 1. Marketo on Marketing © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 1 #MarketoTour
- 2. Explosive Growth: Customers & Revenue 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 - 2008 2009 2010 2011 Marketo publicly reported approximate new customer figures © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 2 #MarketoTour
- 3. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 3 #MarketoTour
- 4. INFORMATION ABUNDANCE © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 4 #MarketoTour
- 5. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Generate Awareness Develop Relationships and “Like” Until Sales Ready (Email, Social, Offline) © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 5 #MarketoTour
- 6. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Exposed to us via content, brand, or word of mouth © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 6 #MarketoTour
- 7. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Feels a relationship and trust with us © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 7 #MarketoTour
- 8. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Names are just names. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 8 #MarketoTour
- 9. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Meaningful interaction with us © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 9 #MarketoTour
- 10. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Meaningful interaction and Nurture until ready qualified demographics for next step © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 10 #MarketoTour
- 11. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Showing buying signs or significant engagement © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 11 #MarketoTour
- 12. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Qualified as sales-ready by a human. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 12 #MarketoTour
- 13. Marketo’s Revenue Cycle Engaged Prospect Awareness Name Sales Lead Lead Friend Opportunity Customer Nurturing Database Accepted and actively worked by sales © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 13 #MarketoTour
- 14. The Five Horsemen of Opportunity Spark Corporate Mid-Market Enterprise Small-Biz 10-100 101-1,500 1,500+ % Marketing-Led 100% 84% 80% 78% % Inbound 65% 42% 31% 32% % Demand Gen 30% 24% 23% 27% % Teleprospecting 0% 12% 22% 12% % Referral 5% 6% 3% 6% % Sales-Led 0% 16% 20% 22% © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 14 #MarketoTour
- 15. Inbound, Content, and Social Marketing
- 16. Don’t Find Leads; Help Leads Find You vs Use brains, not budget. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 16 #MarketoTour
- 17. Three Types of Inbound Marketing Content Utility Affinity Quality Inbound © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 17 #MarketoTour
- 18. Content Marketing for Brand & Like Brand awareness Brand preference Risk reduction Blogs Resource Center Definitive Guides Webinars Video © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 18 #MarketoTour
- 19. Types of Content Early Stage Thought leadership and Research data, funny entertainment to build videos, curated brand and awareness lists, infographics, thought leadership Middle buyers find Tools that help Stage Buying guides, RFP you when they are looking templates, ROI for solutions calculators, whitepapers, analyst reports, webinars Late Stage Company-specific Pricing, demos, services information to help evaluate information, 3rd party and reaffirm selection reviews, customer case studies Content must always be relevant and helpful © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 19 #MarketoTour
- 20. Visual Content Helps Stand Out 136,000 views 3,000 tweets © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 20 #MarketoTour
- 21. Set Your Content Free Leverage peer to peer © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 21 #MarketoTour
- 22. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 22 #MarketoTour
- 23. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 23 #MarketoTour
- 24. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 24 #MarketoTour
- 25. Marketo Revenue Rockstar Decal Offer RESULTS • Social reach expanded by 12X • 16,000 viewers in first 15 days • 184,000 social impressions © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 25 #MarketoTour
- 27. Top of the Funnel
- 28. Marketo Prospect Generation: Last 12 Months Source Prospects Invest- % Lead Velocity Opp Index ment 12 mo (Days) Lead to 3rd Party Email Blast 19,039 $43 30% 147 0.2 Trade Show 12,619 $53 29% 153 1.0 Paid Social Media Ad 4,319 $65 30% 72 0.1 Virtual Trade Show 4,120 $40 32% 213 1.6 Paid Webinar 3,849 $63 36% 156 0.4 Pay-Per-Click (PPC) 2,999 $171 48% 88 0.8 Content Syndication 2,302 $126 40% 178 0.2 AppExchange 1,306 $26 80% 26 0.9 Website/Inbound 3,352 57% 75 2.8 Referral / WOM 179 36% 158 10.9 Sales Prospecting 440 28% 108 3.6 Source: Marketo Revenue Cycle Analytics, 12 months ending 30 April 2012 #MarketoTour © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 28
- 29. Automation Enables Scale 40+ Programs a Month Set and Use Tokens Integration 25 Clone Best- to Practice Reuse Templates © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 29 #MarketoTour
- 30. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 30 #MarketoTour
- 31. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 31 #MarketoTour
- 32. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 32 #MarketoTour
- 33. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 33 #MarketoTour
- 34. Making Every Campaign Social Social Lift Social Lift Reach & Engagement Social Lift Social Lift Social Lift Social Lift Website Landing Email Facebook Events Pages Paid Ads Pages © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 34 #MarketoTour
- 35. Test & to Measure Effectiveness and Lift Data Tune With Social Funnel Metrics © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 35 #MarketoTour
- 36. Middle of the Funnel
- 37. Why Middle of the Funnel? • % new Prospects not sales-ready: 81% • Prospect to Lead time: 123 days average • % Slow Leads: 66% © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 37 #MarketoTour
- 38. Lead Nurturing Relevance Stages 1 2 1. BUYING STAGES 3 A • Early (Pre-MQL) • Mid (MQL) • Late (Opportunity) B • Customer 2. PERSONA •CMolly Marketer DYNAMIC CONTENT • Sam Sales • Industry Wrappers •DJack Executive • Size Specific Examples • Localization • Social Signatures • “What’s New” Get The “Definitive Guide to Lead Nurturing” http://bit.ly/DGtoLN © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 38 #MarketoTour
- 39. Social nurturing Use “411” method for nurturing Likes Leverage peer to peer © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 39 #MarketoTour
- 40. A Framework for Lead Scoring Explicit Inferred What the prospect tells you What you observe or infer • Data append Fit • Demographics Are you • Data quality • Firmographics interested in • Corporate email • BANT them? • Location Interest • Latent behaviors Are they (engagement) • BANT interested in • Active behaviors (sales you? readiness) Get The “Definitive Guide to Lead Scoring” http://bit.ly/DGtoLS © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 40 #MarketoTour
- 41. © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 41 #MarketoTour
- 42. Interest Scoring - Examples • Early stage content +3 • Attend webinar: +5 • Visit any webpage / blog : +1 • Visit careers pages: -10 • Pricing pages: • +10 regular, +15 detailed • Watch demos: • +5 overview, +10 detailed • Mid-stage content +8 • Late-stage content +12 • Searches for “Marketo” +8 © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 42 #MarketoTour
- 43. Identifying Marketing Qualified Leads for SDRs Super- 21+ Target Lead Lead Lead 9-20 Target Lead Lead Fit 2-8 Other Lead <2 Interest Engagement <20 20-44 45-89 90+ Buying Intent <6 6-12 13-18 19+ © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 43 #MarketoTour
- 44. Account-Based Pipeline Teleprospecting and Sales-Led
- 45. Target Accounts Accounts Contacts © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 45 #MarketoTour
- 46. Effective Target-Account Tactics © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 46 #MarketoTour
- 47. Effective Target-Account Tactics Buyer’s don’t care about you… answer WYWYN directly upfront Warmer © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 47 #MarketoTour
- 48. Effective Target-Account Tactics Fortune Cookie Mailer Warmer Postcard Series © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 48 #MarketoTour
- 49. Effective Target-Account Tactics Warmer © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 49 #MarketoTour
- 50. Effective Target-Account Tactics Warmer © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 50 #MarketoTour
- 51. Marketing Automation Drives a 63% Connect Rate, 5% Opportunity Rate Add Leads/Contacts Package / Postcards Upon Task to Call SLA to Campaign Automatically Sent Delivery, Personaliz Created in SFDC Reminders ed Email © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 51 #MarketoTour
- 52. Budgeting and Staffing for Growth
- 53. Budget and Resources Revenue Marketing / Demand Gen Q2-12 Pipeline $ $27M # Opportunities 850 Prospects 20K Leads 15K Program Investment $1.5M Total Investment in Revenue Marketing $2.3M Revenue Marketing Headcount 22 Program : People Ratio 69 : 31 Customer Acquisition Cost Ratio (Bookings / Sales and Marketing) 1.3 © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 53 #MarketoTour
- 54. Organizing For Scalability Customer Target 1+1 EMEA Account 2+1 3 Demand • Integrated Marketing Center • Middle of Funnel • Marketing Operations 8 (Also Sales Development) Inbound US 3+1 AsiaPac 4+1 © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 54 #MarketoTour
- 55. Proving — and Improving — Marketing’s Impact on Revenue
- 56. Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 56 #MarketoTour
- 57. Example: Multi-Touch Attribution Screenshot: Marketo Revenue Cycle Analytics © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 57 #MarketoTour
- 58. Revenue Cycle Modeler Screenshot: Marketo Revenue Cycle Analytics © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 58 #MarketoTour
- 59. Key topic areas: • Balance (Reach) • Flow • Conversion • Velocity Trends over time Filter/Drill into data, e.g. by SLA violations Program Type, Business Unit, Geography, etc. Screenshot: Marketo Revenue Cycle Analytics © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 59 #MarketoTour
- 60. Marketo Revenue Cycle Metrics New Customers ($5,000) • Lead to Sales Lead: 10% • Sales Lead to Opp: 74% • 1.4 people per Opp Opportunities 1,000 Leads = 54 Opps Lead Type Variants 200 / mo • Business Unit ($1,860) • Source • Channel Leads 3,700 / mo ($101) 4.5% / month 75% 27,000 / mo 19% Paid Names Active Prospect ($14) Prospects Database 6,500 / mo 319K Total 24% Unpaid ($57) 81% 55K Prospects Names 10% Inactive ($0) (Last 6 Months) 36% engaged x 66% qualified © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 60 #MarketoTour
- 61. Marketing Forecasts Get The “Definitive Guide to Marketing Metrics & ROI” http://bit.ly/DG2MM © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 61 #MarketoTour
- 62. Key Takeaways 1. Use content and peer-to-peer social to help leads find you 2. Focus on the entire revenue cycle, not just the top of the funnel – nurturing and scoring are essential 3. No lead left behind / service level agreements 4. Use forecasting to turn marketing from a cost center into a revenue driver 5. Grow revenue when marketing makes sales more productive (not just by hiring more reps) © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 62 #MarketoTour
- 63. Additional Resources The Definitive Guide to Lead Nurturing SMS your email to +1.650.262.0066 http://bit.ly/DGtoLN The Definitive Guide to Lead Scoring SMS your email to +1.650.262.0066 http://bit.ly/DGtoLS The Definitive Guide to Marketing Metrics & ROI SMS your email to +1.650.262.0066 http://bit.ly/DG2MM Personalized Benchmark on Email Marketing http://www.marketo.com/benchmark © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 63 #MarketoTour
- 64. Thank You! Marketo, Inc. Sanjay Dholakia 901 Mariners Island SVP, Product Marketing & Suite 200 Corporate Development San Mateo, CA 94404 sanjay@marketo.com @sdholakia Cell: +1.510.508.3999 blog.marketo.com www.marketo.com © 2012 Marketo, Inc. Marketo Proprietary and Confidential. Page 64 #MarketoTour
Notas do Editor
- So, the goal for this presentation is share practical tips for how Marketo has designed our sales and marketing process to driven explosive revenue growth, making us the #1 fastest growing private company in the Bay Area and one of the fastest growing Software-as-a-Service companies of all time. [In case you are not familiar with Marketo, we provide powerful and easy marketing automation and revenue performance management solutions that help companies of all sizes to generate more high-quality sales leads with lead nurturing and lead scoring, increase sales productivity, and measure and prove their ROI of all their marketing programs. Some of our 1,800+ customers include Samsung Electronics, Racksapce, McKesson, Christiana Care, Molson Coors, Salesforce’s Data.com, Vertical Response, and EventBrite.]How did we achieve this amazing growth? It takes a great product – and it takes good timing and luck – but it also takes a highly efficient revenue engine. So the real topic of this presentation is to share the secret for how we’ve built such an effective revenue growth engine.
- 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… This is a recent phenomenon… The web as a mainstream solution is only 13 years old Over the next 4 years, we will generate more data than the entire previous history of the world Social creates even more sources of information Mobile is transforming not just our access to information – but how we interact with people. When did it become OK to look up info at the dinner table?All this access to information changes the power dynamics between buyer and sales people. Today buyers get most of their information themselves and don’t want to talk to a sales person until they are much further along. [Example: last time I bought a car.] SiriusDecisions says that 70% of the buying cycle has already taken place before buyers are willing to engage with a live sales person.
- 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…. If you’ve seen this before, you’ll notice a few tweaks. Two key ideas:Inbound to drive leadsDevelop them until sales ready
- Many names are not yet our friendsNames 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 Prospect 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.]
- So that’s our overall process… and this is how it all comes together in terms of pipeline creation. Taking a note from Salesforce, we talk about the 5 Horsemen of opportunity creation… Inbound is our most importance source for every segment… by inbound I mean the deal that find us, typically through content and social marketing, SEO, and so on. Inbound is great, but it doesn’t let you target – so becomes less effective as you target bigger companies and/or want to go after executives. Demand Gen is second biggest source – these are the opportunities that come from various paid programs such as tradeshows, Pay Per Click, and online advertisingTeleprospecting represents the work of our Outbound Sales Development reps, who call into target accounts and set up meetings, rather than follow-up on marketing-generated leadsReferral is customer and partner referral – should be higherOverall, Sales Outbound is relatively low. This reflects that fact that we want our expensive sales people to be working on selling and closing deals, not developing pipeline. Let’s dig into Marketo’s secrets for each of these stages.
- Herbert Simon, one of the early leaders in attention economics, said “A wealth of information means a dearth of whatever consumes information – a wealth of information creates a poverty of attention.” 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. In other words, inbound marketing is about applying more brains, not more budget, to drive revenue.
- There are three main strategies for building your own attention.Utility. This is usually the “Freemium” model, in which a product or service is provided free of charge, but a premium is charged for advanced features, functionality, or related products or services. This can be a totally free product, an open source solution, a free trial, or something as simple as a highly useful online calculator. Regardless, to be successful, it needs to be useful with no direct human contact, and generate leads. Affinity. Some companies create great communities around themselves, which creates affinity. This is common in open source. Atlassian, which is famous for driving to $100M in revenue with zero sales people, has built an amazing ecosystem of customers, partners, and developers. Content. Create relevant and compelling content to attract and convert leads – show up when prospects search for information online or ask their social networks. This is the approach Marketo uses, so let me explain more.
- Map content to the buying stage {keep it short}
- This brings us to a broader discussion about visual content.Unfortunately, so many companies are producing content that there is too much to read. To ensure our content is consumed we have to find ways to make it more visual and more consumable by our readers… InfographicsCartoonsMemesPhotosVisual note-taking These can be very simple, and with the proper promotion will likely end up with more views than the actual written content piece you created. Inbound Marketing Slideshare:136K views ofslidesharevs 10,600 for the whitepaper itself –12.5X+Plus612 Downloads, 421 New Names
- The other thing that content and social does for us is that it lets us extend our marketing not just the people we know – but to everyone THEY know. The people who like us and like our content are just the tip of the iceberg compared to their extended networks. So we make sure to use Marketo’s Social Marketing functionality to amplify every campaign we run. For example, we ran a campaign where we encouraged people to Like us on Facebook, and in exchange we’d send them a cool “Decal” for their computer or similar. Once they liked us, they were immediately prompted with the opportunity to share their decal with their friends, and to encourage them to get their own as well. This drove incremental traffic and likes and 3,500 decal requests so far = Leads!
- The same Nielsen study shows that a full 76% of people believe what their peers have to say. That’s Marketo’s focus. We give marketers the tools they need to go get their customers to go spread the word on their behalf over and over and over again.
- Online video has never been more popular, and it's one of users' favorite things to share with their networks. Why not make it easy for them? Marketo can help you turn any video into a highly shared piece of content, amplifying your brand across the social graph. Our in-line sharing process allows users to seamlessly share your video without any roadblocks, helping to drive maximum participation. And as your mini-movie spreads across the Web, Marketo Social Marketing will help you see who's sharing it, what they're saying, and who's driving the most traffic to your site.
- Nothing motivates people more than a chance to win something. With Marketo’s social sweepstakes you can get a sweepstakes up and running fast. And, it will have our unique social sharing features that entice participants to spread the word to their social networks on your behalf.You decide what information to capture during the sweepstakes sign up – gender, age, location, household income- whatever you want. Require it as a condition for entry, and build a stronger database. With each sweepstakes entry, your company gains important user data, but the flow of information doesn't stop there. As contest entrants share their interest in the giveaway across their social networks, you can track where they're sharing and how many new users they're driving to your sweepstakes.
- In-line sharing displayed to 16K people in first 15 days resulted in 184,000 social impressions (12X amplification over original audience)
- So that’s who we use Inbound and Social to drive Prospects…. But we also use paid programs to grow even faster, so let’s dive into what works best there.
- OK, so we’ve generated Prospects from Inbound and Outbound sources…. What next?
- Here we see what works for Marketo over the last 12 months to generate prospects. Explain columns…Inbound is 4.4X better than average Paid (e.g. tradeshow)… But I’d be a bad stock picker if I put all my money in one stock, and I’d be a bad marketer if I bet all my prospect generation on one source. The reality is you need a portfolio of prospects and channels to achieve the best results. In fact, Marketo runs an average of 40 different Prospect generating programs each and every month across all these sources. Paid Sources: AppExchange – 4.1x betterThis analysis has Virtual Tradeshow at 1.8xTradeshow – 0.8xPPC solid – 0.3x , Webinar – 0.3xOnline, Content syndication, 0.2xSocial Media – 0.1xRed velocity = need for NURTURE
- How do we run 40+ programs a month?Marketing automation makes it easy. For example, we run a roadshow series of events we call the Revenue Rockstar tour… 14 cities, two events in each (100-150 people for 3 hours, plus 10-15 execs for a breakfast). Each program comes with multiple landing pages, multiple campaigns, and more than a dozen emails for invites, reminders, follow-ups and so on. The complexity could be overwhelming, but using Marketo’s Program functionality, we can simply create the program one time. Then, when we are ready to use the next one, we simply clone the program and update the parameterized values called Tokens, e.g. the date, location, registration URL, and so on. Then, all the emails and landing pages automatically use those values – no additional effort is required!That’s an example of offline events… But we also do online events like webinars, where we get even more automation by integrating with the webinar provider so we automatically get the registration and attendee information. In fact, we have a total of 25 different program types – and have built best practice templates for type [including tradeshows, emails, display advertising, content syndication, and so on], so our program managers can simply clone the template each time… The result is we can run so many programs easily and efficiently!
- We think the real promise of the social explosion isn’t about updating your feed for your existing prospects or “fans”…
- …we think it’s about getting to the millions of people out on the social web in a different way, by turning your customers into an army of powerful advocates for your brand and creating thousands of peer-to-peer recommendations on your behalf.
- They go by many names: Referral Programs, Tell-a-Friend, Refer-a-Friend and Word-of-Mouth Marketing Programs just to name a few. But let's face it, whatever you call them, they rarely produce as much as they should. Until now! With Marketo’s Social Referral Programs we combine the power of extremely compelling offers for "referrers" with a social reach that extends far and wide to maximize "referrals," allowing you to grow you customer base fast.Most online referral programs require users to fill out a form or send their colleagues a pre-written email invitation. Marketo Social Marketing helps you amplify your reach exponentially with sharing features that generate powerful, peer-to-peer recommendations on all the major social networks – LinkedIn, Facebook, Twitter.Each time someone shares your special offer with their friends and followers, the shared message includes a special link (PURL) that tracks all of the responses at ever stage, all the way down to the "conversion event".
- Everyone has an opinion, and in our increasingly social world, they’re usually more than happy to share it with their friends online. Marketo makes it easy for you to create incredibly engaging Social Polls and Social Voting campaigns that engage users with your brand and compel them to share their opinions across their social networks, helping you discover your most involved and passionate users and discern their opinions. Want to know what your customers think of your products, their top topics for your next conference, or just about anything? Leverage your audience’s passion for sharing their perspectives, and get free brand attention and awareness every step of the way.
- Finally, we give you powerful real-time dashboards and analytics that you can use to see the performance of each of your campaigns, so you can test and tune and optimize performance over time. Just like with emails or banner ads or any other marketing program you need to be able to see the results so you can fix the things that aren’t working and do more of the stuff that is working. At the end of the day we make sure you understand the ROI of your investment in social campaigns.
- OK, so we’ve generated Prospects from Inbound and Outbound sources…. What next?
- The reality is that there’s a big gap between when we first meet a prospect, and when they are ready to engage with Sales. In fact, less than 20% of new Prospects are ready for sales, meaning the rest require an average of 4 months of nurturing before they are ready. This means there is lots of value in investing in what we call “the middle of the funnel”, i.e. the ability to identify who is ready for sales; and to keep in touch and deepen relationships with everyone else as they educate themselves; and then passing them to sales at the right time when they ready to engage. At Marketo, our “middle of the funnel activities” mean that only 1/3 of the Leads we pass to sales are what we call “Fast Leads”, i.e. Prospects who recently came into the system – a full 2/3 of all our Leads are folks that come from our Nurturing database. And, according to our research into the value of lead scoring, companies that practice sophisticated lead scorning like we do see 12% points higher revenue growth versus their peers, and their sales teams spend 17% more time on productive selling activities.So how do we do it?“The art of maintaining permission to stay in front of your buyers as they educate themselves”Nurturing results in 50-75% more leadsLeads from our Prospect database represent $5.2M of 2012 BookingsEach 10% improvement in our Nurturing = $600K in incremental Bookings
- Lead nurturing is a complicated topic and it could cover an entire presentation – in fact, I wrote a book on it (get it at bit.ly/DGtoLN). But if I had to summarize into one word, it’s relevance. If your lead nurturing is not relevant, your prospects will opt-out… or more likely emotionally opt-out and just stop paying attention.To use, there are 3 dimensions to relevance.First is the buying stage… don’t overwhelm early stage buyers with content about you, since they don’t care. Can use 411 approach here as well. But mid and late stage buyers are hungry for information about you and your solutions, so change up the mix.Second is the Persona… Your nurturing needs to speak to the needs and issues of the buyer, so we have three tracks for our three main personas: Molly the Marketer, Sam the Sales Manager, and Jack the Executive.Finally, within each persona, we customize the specific emails and landing using Dynamic Content to make each communication more relevant. This includes Industry-specific information, which is super-important especially for pragmatist buyers; size specific information, e.g. we send enterprise examples to enterprise clients; localization, e.g. our EMEA emails have EMEA contact information, and so on.The result of this: 14% open, 12% click to open rate. [Click not always metric for nurture success!] Good, not amazing.[Continuous testing over a 6 month period = Achieved up to 23% increase in open rates and 37% increase in clicks, decreased unsubscribes]Feeling overwhelmed? Think big, start small, and move quickly – then keep ahead of the drip. Add tracks as you go.
- It’s not just about creating content – it’s about using it to build Like and Awareness. Content can help you get found, but it can also help nurture relationships with folks who have already found you.This is something I call seed nurturing. Regular lead nurturing is about getting emails to your DB, then sending them emails over time… But if someone Likes you on Facebook, and your updates show up on their feed, then you have potentially an even stronger way to build the relationship. Getting the Like is equivalent to getting an opt-in… then essential for your content to show up in the feed. Very hard to do! Tips: First, use 4-1-1 method… Four educational or informative posts (not just yours); 1 soft sales pitch (e.g. download our content); 1 hard sales pitch. You want people to interact with your posts to show up – 4 is important.Second, create engaement. This can be through social campaigns [need more here]. And make sure your content is visual… posts won’t even show up on Facebook without visuals. “Up until now, social marketing has been a matter of, ‘Let’s push some messages at these people,” explained Marketo senior vice president of product marketing and corporate development (and former CEO of social marketing management company Crowd Factory, a recent acquisition by Marketo) Sanjay Dholakia in a phone call yesterday. “It’s not sufficient.” For a brand to post around its Facebook page doesn’t make the most of the network’s potential, he said, because new customers aren’t prone to hanging out on a brand’s page. “Where we’re spending time is on our own feeds,” he said. “What you really want is to capitalize on the time people spend on the peer-to-peer. This is what social campaign is all about.
- Brings us to lead scoring… also a complicated topic… also wrote a book. I don’t have a single word to sum it all up, but I do have a matrix. Note: worked at BCG – lots of 2X2 matrices in this section.Fit vs interest == if only focus on who you are interested in, you may be the sad guy in high school who wonders why the head cheerleader won’t go out with him… you need to pay attention to who’s interested in you. At Marketo, we keep our forms short, and tend to trust the info we can infer more than what someone tells us… For Fit, we focus primarily on data append using Reachforce and Data.com to figure out industry and company size. For interest, we trust behaviors…
- Canon 5d Mark III
- Active vs Latent Leads – very different follow-up. Active <5 min response. Latent, craft a personalized message.
- OK, now let’s talk about something that is totally new to Marketo in last 12 months… specific account-based pipeline.
- Needs to start with sniper focus on who you want. Initial attempts just asking Sales for target accounts was less effective. Reps needed a way to see the accounts in their territory, find the white-space, and then stack-rank the accounts based on attractiveness.We decided to build this into our CRM for two main reasons:Continuously updated with latest territory assignments and customer informationTrack activity against each account (history)Step 1: Bought the data – Catapult for 1 and 2 {68,000 accounts for US with >100 employees in target industries}Step 2: HierarchiesStep 3: Augment with the data we know – who uses SFDC, Eloqua, etc (mention Builtwith)Step 4: Account Score (very cool)Step 5: For each target account, work with data vendors to get contact informationNow we have foundation for successful campaigns
- Four tactics
- Basic approach is traditional prospecting into accounts with email and phone. Two main strategies:WYWYN… Kensei Partners training. Why You – specific reference to something about your person (let them know it is personal). Why You Now -- something about you or your company that is relevant to your person (why should they pay attention to you). Short, sweet, powerful.Lost Lamb…. This is the “Who do I talk to about marketing automation” approach… Get referral to the right person, appeal to people’s egos.
- Direct mail… two kinds… High-end package with VITO letter, content, and fortune cookies to share… $40… appropriate for CXOPostcard series…. Meant to warm up an account more than drive any direct responseTalk more about this in a second…
- Micro-events in each territory… Rockstar “Unplugged”, Sporting Events… Dinner’s hard. Worth high-end, e.g. Club 33.What’s great is that Sales loves them, and if we get somewhere there it’s very high touch and interact with customers. Also, gives OSDRs a reason to call… even if person can’t make event they often start dialog.Key here is Sales owns attendance. Marketo creates Invites, makes them available in MSI.Event-automated using Marketo Programs (scale)
- Manage it closely, make sure you start with good lists and get title right – MUST be places Sales wants to get into. Sales will like participating in list building. Skip SDRFocus on Enabling sales to hit these non-up-the-center deals.
- With ALL these tactics, the key is how we use Marketo Secret Sauce and Marketing Automation as a force multiplier to get more out of it than regular…For example, direct mail. SDR simply picks who they want in SFDC, adds them to MSI Campaign. Integration with Marketsync means package is sent, and as upon delivery, Marketo gets notified which sends a personalized email for the SDR and creates the task for them to call them. From there, a series of SLAs kick-off to ensure SDR maintains good follow-up, and the closed-loop reporting happens automatically so we see exactly how it works. Result from first few months are amazing: since automating it like this, we see 63% connect rate – 30X average for outbound. Plus 5% opp rate, and growing.
- Phew! A lot of stuff. I often get the question, how do we get all this done? Let’s me tell you.
- Overall, demand gen team has 22 people – but we also invest a lot in programs (almost $500K a month)… so People : Program ratio is 69:31… aggressive. Note that this does NOT include other parts of marketing e.g. PR and product marketing. This adds up to $2.3M a quarter to generate $27M of pipeline. Note also that this is a big investment compared to most companies… BUT that we spend a lot less on Sales than typical companies since Marketing is doing so much for them. The result is that our combined Sales and Marketing is VERY efficient… CAC ratio of 1.3 is about 35% better than typical SaaS companies.Revenue Marketing = 24% of total S&M Budget16.3% budget ratio (all demand gen investment over revenue)
- Another key change in recent months is organizing for scalability. We’ve been doubling the team every year, but going from 2 to 5 people, or from 5 to 11, is very different from 11 to 22 – especially since we are moving global.As a result, we’ve organized into a “hub and spoke” model called Demand Center. Note: the numbers represent the number of headcount in each function.First, we have various Program Teams. Note 4 people in Inbound – so about 15% of headcount is allocated to content creation and social. Program TeamsResponsible for pipeline targetsProgram planning and execution60-70% of Marketo “keyboard” workLocalizationDemand CenterAdvanced program executionBest practices and optimization, expertiseMeasurementOperations, data, technology
- Step 1: Important to track all touches
- Impact of multi-touch
- ModelNote Success Path and Detours; Inventory and SLAs
- Google Analytics for Revenue
- ~$500k ($375K on prospect generating activities)1/3 of Leads are from New Prospects, 2/3 from “Slow”