the survivalist's guide to data-driven marketing
DESCRIPTION
In this presentation from Heidi Bullock, VP of Demand Generation at Marketo, she shares how to become more data-driven, forecast more accurately, and determine the right metrics to measure in order to improve your marketing efforts.TRANSCRIPT
[Webinar]
The Survivalist’s Guide to Data-Driven Marketing
Tom MurphyGM & Editorial Director
• Focus Areas: Customer success, customer experience, CMS, digital marketing, collaboration & analytics.
• More than three decades covering technology and business for UBM Tech, RedHerring.com, Bloomberg News, The AP, Montgomery Research, MarketWatch.comand other organizations.
• Author of “Web Rules: How the Internet is Changing the Way Consumers Make Choices”
Moderator
Don’t forget about our 2 Free Gold Passes!
2 Attendees will be given a gold pass valued at $1795 to the
Digital Publishing Innovation Summit
December 10-11 in San Francisco, CA
The winner will be announced immediately after the Q&A so
stick around for your chance to win!
Give-Away
5 mins– Introductions
35 mins – Heidi Bullock
15-20 mins– Live Q&A (you!)
Agenda
Submit your questions!
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• Use the Chat or Q&A modules
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• @CMSWire
Questions
WebEx Chat
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WebEx Q & A
WebEx Polls
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Intros
Marketo provides easy and powerful marketing automation
software with everything a marketer needs: email, social,
analytics, lead management, and more. Marketo allows
marketers to interact seamlessly with their customers across
channels and supplies the data and analytic insights to
understand where and how to allocate their budgets for
maximum return.
Learn more at www.marketo.com
Heidi Bullock
• VP of Demand Generation at Marketo
• Over 10 years of B2B marketing
experience in high tech companies
• Expertise includes positioning, brand
development, online advertising and
direct marketing
Intros
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Topics
1. Methodology
2. Revenue Cycle
3. Analytics
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Poll #1
How many of you know what profits could be generated
with 10% more budget?
a) I do!
b) I don’t!
c) I’m not sure
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
On average, only 32.5% of projects are using marketing analytics.CMO Survey, conducted by the Duke Fuqua School of Business.
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
12%
20%
15%
9%
44%
Improve profits bymore than 20%
Improve profits by10% to 20%
Improve profits up to10%
No major change inprofits generated
Don't Know
What Profits Can Be Generated With
10% More Budget?
#1 Answer:
Don’t Know
Source: 2010 Lenskold Group / eMedia Lead Generation Marketing ROI Study
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Methodology
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
There are different levels of reporting
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Success Secret #1: Agree on Definitions
Need help? Check out:
http://www.marketo.com/ebooks/how-to-define-a-lead/
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Example – What Metric Matters?
Names from a
Tradeshow?
Attended demo,
right,
demographics?
Pipeline
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
When Metrics Take Away Credibility
Vanity MetricsSound good and impress people, but don’t measure impact on revenue or profitability.
Activity MetricsMeasure what you do instead of what results and impact you have.
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Cost MetricsFrame marketing in terms of cost and spending instead of results and outcomes.
When Metrics Take Away Credibility
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
The best event programs incorporate intentional measurement strategies in advance.
Success Secret #2: Set Goals Upfront
Pre-Event:
Engagement #
downloads on
your asset
During Event:
# booth visits, #
demos, #
attended talk
Post-Event:
# downloads on
slides – on
follow up email
Leads > Opportunities
153 Closed Deals
Jan Feb Apr May June
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Success Secret #3:
Design Programs to be Measurable
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Success Secret #4: Focus on Decisions
that Improve Marketing
vs.
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Revenue Cycle
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
TOFU MOFU
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
BOFU
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
Exposed to us via content, brand,
or word of mouth
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
Feels a relationship and trust
with us
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
Names are just names
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
Meaningful interaction with us
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
Nurture until ready
for next step
Qualified potential customer
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
Marketing qualified lead (score > 100) –
Sales Development Rep (SDR) reach-out
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
Qualified as sales-ready by Sales
Development Rep (SDR)
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
Accepted and actively worked by sales:
marketing quota attainment
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Poll #2
What is your top challenge today regarding measurement?
a) They are too complex and difficult to use
b) I do not have the data or the budget required
c) I do not have the time for this type of work
d) There are too many, I don’t know where to start
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Analytics
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
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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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Track All Touches Across People
Screenshot: Marketo Revenue Cycle Analytics
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Track All Touches Across People
Screenshot: Marketo Revenue Cycle Analytics
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Example: Multi-Touch Attribution
A deal worth $100,000 recently closed. Three people were involved in the deal:
• Moe attended Webinar and Tradeshow
• Larry attended Tradeshow
• Curly responded to Direct Mail
$100,000 Revenue
$25,000 $25,000 $25,000 $25,000
Webinar$25,000
Tradeshow$50,000
Direct Mail$25,000
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Source: Marketo Revenue Cycle Analytics, Apr 2014* Percentage of all programs in channel that achieve MT Ratio > 5
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Source: Marketo Revenue Cycle Analytics, Apr 2014* Percentage of all programs in channel that achieve MT Ratio > 5
Inbound + Nurture = 58% of (MT) PipelinePaid Programs = 42% of (MT) Pipeline
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
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 FailSponsored Email = 12.8, Tradeshow = 10.6, PPC = 13.0, Webinars = 25.4, Field Events =
6.6, Content Syndication 7.7
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Source: Marketo Revenue Cycle Analytics, Apr 2014* Percentage of all programs in channel that achieve MT Ratio > 5
% Programs with MT Ratio > 5e.g. Tradeshow has good average
but 49% programs “fail”
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Nam
e
Aw
are
ne
ss
Frie
nd
Enga
ged
Targ
et
TOFU MOFU
Opportunity Customer
Lead
Sale
s Le
ad
Nurturing Database
BOFU
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Use Metrics to Set & Justify Budgets
New Targets
New MQLs
Score>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
ou
nd
/ P
rog
ram
s
120K(900K DB
Total)
New Names
New SQLs
922
Win
s
Inventory Of Active Targets
60,000
131,000
15.3%
10.5%
2.4%
1.9%
75%
35%
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Get the “Definitive Guide to Marketing Metrics & ROI”marketo.com/DG2MM
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© 2014 Marketo, Inc. Marketo Proprietary and Confidential
Takeaways
1. Agree on definitions and set goals upfront with C level.
2. Just because you can measure something, doesn’t mean you should do it – focus on a few metrics that matter for YOUR business.
3. Avoid cost and spend metrics – focus on investment and return.
4. A trusted marketing forecast = credibility.
5. Progress not perfection!
Time for your questions!
Enter your questions into the Q&A module
@CMSWire
@marketo @heidibullock
#datadriven
Q & A
It’s that time!
And the winners are….
Winners
The webinar has been recorded. The video and a recap article will
be emailed to you and available on CMSWire.com in a few days.
Thanks again to Heidi Bullock for the thought-provoking ideas and
to Marketo for sponsoring today’s event.
If your company is interested in sponsoring a webinar, please email
us at [email protected].
Thank You