bma phoenix keynote- marketo's jon miller on marketing in a digital world - february 12, 2014
DESCRIPTION
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, the leading marketing automation solution. He is a speaker and writer about marketing best practices, and is the author of multiple books including The Definitive Guides to Marketing Automation, Engaging Email Marketing, and Marketing Metrics & Analytics. In this presentation, Jon shares 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, such as: 147% increase in nurture email click rates 50% gain in marketing qualified leads at 33% less cost per lead 40% improvement in sales productivity BMA Phoenix is thrilled to welcome Jon to the Valley and to offer this unique opportunity for our members and friends to learn from a renowned leader in marketing automation, metrics and analytics.TRANSCRIPT
© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Marketo’s “Secret Sauce”Marketing in a Digital World: Case Study
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• The Age of the Self-Directed Buyer
• Define The Buying Journey and Revenue Cycle
• Strategies for Top-of-Funnel• Strategies for Middle-of-
Funnel• The Right Metrics
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INFORMATION SCARCITY
WE USED TO LIVE IN A WORLD OF
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ABUNDANCEINFORMATION
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Source: The Corporate Executive Board Company, “The Digital Evolution in B2B Marketing,” 2012.
Define The Buying Journey and Revenue
Cycle
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Opportunity Customer
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Nurturing Database
BOFU
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Opportunity Customer
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Exposed to us via content, brand, or word of mouth
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Opportunity Customer
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Feels a relationship and trust with us
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Opportunity Customer
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Names are just names.
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Opportunity Customer
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Meaningful interaction with us
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Opportunity Customer
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Nurture until ready for next step
Qualified potential customer
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Opportunity Customer
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Marketing qualified lead (score > 100) – SDR reach-out
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Opportunity Customer
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Qualified as sales-ready by Sales Development Rep (SDR)
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Opportunity Customer
Lead
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Accepted and actively worked by sales:marketing quota attainment
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Sounds great, but I have millions of contacts!
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Processes at scale
Top of the Funnel
Blog, e-books, research data, funny videos, curated lists, infographics, webinars
NO
YES
MOSTLYNO
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
Gated?Early Stage
Middle Stage
Late Stage
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Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
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Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
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Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Inbound creates the best leads by far: high conversion, high velocity
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Real-time Personalizatione.g. customized calls to action for
Customers
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Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
But we also use a Portfolio of programs
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JUNEDATE:
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Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Sponsored Email builds the database, but low conversion
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Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Webinar, tradeshow, PPC, and virtual tradeshow are top paid TOFU
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Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Paid Social & Display Ad drive brand and amplify inbound as well
Middle of the Funnel
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Sales doesn’t want
names – they want
“Win Ready” leads
@jonmiller
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Sales Ready
Source: RainToday
25%
50%
25%
2%
Need More Nurturing
Disqualified
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Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources.
Average days to Opportunity: 327 days
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Lead Nurturing: Building relationships with
qualified prospects regardless of their timing to buy
-- @jonmiller
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The ROI of Lead Nurturing
Fast Leads ( MQL <1 mo)
Slow Leads (MQL >1 mo)
Total Leads (MQL)
Cost / Lead (MQL)
Without Nurturing 20% 6.67% 26.67% $206.00
WithNurturing 20% 20.0% 40.0% $137.50
Source: Actual Marketo data; assumes $55 per prospect 3X!
Marketo ROI Results
Results: 50% more marketing qualified leads from lead nurturing
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RelevanceGet the “Definitive Guide to Lead Nurturing”
marketo.com/DG2LN
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More Targeted Emails are More Relevant
100 1000 10000 1000000
50
100
150
200
250
300
350
400
Email Send Size
Enga
gem
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core
Source: 100s of Marketo campaigns
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2 31. BUYING STAGES
• Early: Be a Better Marketer• Mid: Why Marketing Automation• Late: Why Marketo• Customer: Success
2. BUYING PROFILES• Marketing, Sales, Exec
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Dynamic Content
Industry, Geography, Company Size, Customer
vs. Prospect, etc.
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The Key to Relevance is Behavioral TargetingTop Tactics to Increase Email Engagement
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Example: Topic of Interest Triggers
• Attends event• Downloads content• Click email• Fills out form• Score is changed
Social
Content
Technology
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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%
Scoring and Lead Management
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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
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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
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• Click email: +1• Visit webpage / blog: +1• Early stage content +3• Attend webinar: +5• Decay inactivity:
-1, -5, -10
Latent Behaviors (Engagement)
• Free trial or Contact request: +15• Pricing pages: +10 • Demos: +10• Late-stage content +12• Searches for branded keyword
“Marketo” +8
Active Behaviors(Buying Intent)
Get the “Definitive Guide to Lead Scoring”marketo.com/DG2LS
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One Way to Identify Marketing Qualified Leads
A Lead Lead Lead
B Lead Lead
C Lead
D4 3 2 1
Fit
Behaviors
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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
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Stars and Flames show priority
Full list of Interesting Moments
Revenue Analytics
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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
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Track All Touches Across People
Screenshot: Marketo Revenue Cycle Analytics
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Track All Touches Across People
Screenshot: Marketo Revenue Cycle Analytics
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Example: Multi-Touch AttributionA 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
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Source: Marketo Revenue Cycle Analytics, Nov 2013* Percentage of all programs in channel that achieve MT Ratio > 5
% Above Min*
89%
41%75%
57%
66%10.4
73%67%
76%
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Source: Marketo Revenue Cycle Analytics, Nov 2013* Percentage of all programs in channel that achieve MT Ratio > 5
% Above Min*
89%
41%75%
57%
66%10.4
73%67%
76%
(MT) Ratio = Pipeline / Investment>10 is Great and <5 is Fail
Webinar = 54!, Tradeshow = 6.9, Sponsored Email = 3.8, Content Syndication = 9.6
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Source: Marketo Revenue Cycle Analytics, Nov 2013* Percentage of all programs in channel that achieve MT Ratio > 5
% Above Min*
89%
41%75%
57%
66%10.4
73%67%
76%% Programs with MT Ratio > 5e.g. Content Syndication has good average but 43% programs “fail”
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BOFU
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Revenue Cycle Modeler
Screenshot: Marketo Revenue Cycle Analytics
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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
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Use Metrics to Set & Justify Budgets
New TargetsNew MQLsScore>100
23,000
Inventory of Active MQLs
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
Inb
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/ P
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120K(900K DB Total)
New Names
New SQLs
922
Win
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Inventory Of Active Targets
60,000
131,000
15.3%
10.5%
2.4%
1.9%
75%35%
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Get the “Definitive Guide to Marketing Metrics & ROI”marketo.com/DG2MM
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Tweetable Takeaways1. 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