Design A Winning Lead Nurturing Strategy
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Today’s buyer doesn’t become a customer overnight – they require relevant marketing touches while they self-educate and establish trust with your brand. With sophisticated lead nurturing, you can engage your potential buyers and ultimately produce more sales-ready leads. Join Michael Berger and Phillip Chen of Marketo as they discuss key ideas from the new Definitive Guide to Lead Nurturing, including how to: -Integrate the four elements of successful lead nurturing -Create a multi-channel lead nurturing strategy -Incorporate winning content that maps to buying journeys -Segment your lead nurturing efforts for optimal success
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Design A Winning Lead Nurturing Strategy
- 1. Design a Winning Lead Nurturing Strategy Lessons From The Definitive Guide to Lead Nurturing Michael Berger, Director of Product Marketing @ Marketo Phillip Chen, Enterprise Field Marketing Manager @ Marketo
- 3. Lead nurturing is the process of building effective relationships with potential customers throughout the buying journey.
- 5. Page 5 © 2014 Marketo, Inc.#mktgnation14 @mikedberger Need car Gather information Evaluate options Buying decision Purchase Changing Buying Journey MARKETING SALES
- 6. Page 6 © 2014 Marketo, Inc.#mktgnation14 @mikedberger Need car Gather information Evaluate options Buying decision Purchase MARKETING SALES Changing Buying Journey
- 7. Page 7 © 2014 Marketo, Inc.#mktgnation14 @mikedberger Need car Gather information Evaluate options Buying decision Purchase MARKETING SALES Changing Buying Journey
- 8. Page 8 © 2014 Marketo, Inc.#mktgnation14 @mikedberger MARKETING Need car Gather information Evaluate options Purchase Buying decision SALES Changing Buying Journey
- 9. Page 9 © 2014 Marketo, Inc.#mktgnation14 @mikedberger MARKETING Need car Gather information Evaluate options Purchase Buying decision SALES Changing Buying Journey Nurturing
- 10. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. 327 Days on Average
- 11. Lead Nurture vs. Drip Nurture
- 12. 10+ Years Ago
- 13. 5YearsAgo
- 14. Today
- 15. Drip Nurture Doesn’t Work Like It Used To
- 16. 4 Elements of Engaging Lead Nurturing
- 17. Trustworthy 1
- 18. Relevant 2
- 23. 3 Big Reasons to do Lead Nurturing
- 24. 3 Big Reasons to do Lead Nurturing
- 25. 3 Big Reasons to do Lead Nurturing Sales Cycle
- 27. Other Topics Related to Strategy Covered in the DG2LN: •Goal Setting •The Right People •The Right Technology •How It Fits Within Overall Strategy
- 28. Page 28Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Getting Down and Dirty
- 29. Page 29Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015
- 30. Page 30Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 http://blog.market o.com/2014/02/w hy-lead-nurturing- is-an-art-and-a- science.html
- 31. Page 31Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Who to Nurture…It’s Like Dating • Schedule time with stakeholders • What does your target market look like? • What are the minimum requirements? • What are the negative attributes? • Agree and Iterate
- 32. Page 32Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Lead Scoring “Lead scoring is the shared sales and marketing methodology for ranking leads in order to determine sales- readiness” 1. Lead Fit 2. Lead Interest 3. Lead Behavior 4. Buyer Stage and Timing
- 33. Page 33Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Database Health Database Health - Removing Duplicates - Remove Inactive - Eliminate Junk - Uniformity of Values
- 34. Page 34Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Content – Story Arcs • What story do you want to tell? • 4-1-1 Rule • The story has holes
- 35. Page 35Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Content – Email Best Practices • Subject Lines • Clear CTAs • Email Style • Mobile Optimization • Always be testing
- 37. Page 37Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015
- 38. Page 38Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015
- 39. Page 39Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015
- 40. Page 40Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 http://blog.market o.com/2013/10/ho w-to-effectively- segment-your- database-for- lead- nurturing.html
- 41. Page 41Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Recap • Building your team • Define your target market • Identify and qualify leads with lead scoring • Create story arcs • Be relevant through segmentations
- 42. Page 42Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Add Us On LinkedIn! Phillip Chen Marketing Programs Manager www.linkedin.com/in/chenphillip/en Mike Berger Director of Product Marketing https://www.linkedin.com/in/mberger
- 43. Page 43Marketo Proprietary and Confidential | © Marketo, Inc. 2/24/2015 Questions
Notes de l'éditeur
- http://www.marketo.com/definitive-guides/lead-nurturing/
- Definition Key on relatonship No different from the relationships you have with those around you. When you have a good relationship, there is a higher level of trust, it’s easier to ask them for help when you need it.
- When marketers look into purchasing a MA platform, they often focus on a few core features, and one of those features is almost always LN. Why is that? Why is is so important? Well, the ability to build relationships is obviously important, but over the past 10 to 15 years, something else has changed that’s made LN really important.
- And that’s the change in the way people buy.
- Today, things typically play out a bit differently. Rather than head into the dealership, you head onto the internet, where you can find out almost anything about a vehicle. You can read reviews done by both professionals, and owners. Whereas years ago you could ask a few neighbors that might own the vehicle you were interested in what they thought of it, on the internet you can see what hundreds or even thousands of people think of it. You can find out what others have paid, how reliable it is, and so much more. In fact, you can easily learn more than the average sales person at the dealership knows about the vehicle if you put in the time. That’s because all of the information is at your fingertips, anytime, from anywhere. And that’s very different from years ago.
- Because you have access to all this info, you don’t want to run into the dealership and talk to a sales rep to learn about the car, or evaluate your options. You can do it better, more easily, yourself. Now, since a sales rep isn’t engaged with you, who’s job is it to step into this void?
- Well, it’s the job of marketers of course! It’s the job of marketing to keep buyers engaged as they are self-educating, and self-directing their buying journeys. As you are browsing the car company’s website, looking at 3rd party review sites, and connecting with other owners on social networks, it’s up to marketing to establish a relationship with you.
- And this relationship building, done at scale, is called nurturing.
- And depending on what you’re selling, and how long the buying journey typically takes for your product or service, nurturing is something that is often required over a long period of time. In the case of Marketo, here you can see how long it takes leads to become opportunites across various channels, and the average is 327 days. That’s almost a year that a marketer needs to stay engaged with a potential buyer until an opportunity is identified. And that’s really just one stage of the relationship. Once the person becomes a customer, there’s more nurturing to do. Companies nurture existing companies for many reasons, from upsell or cross-sell, to advocacy, and more. So nurturing is really something that should be done over a long period of time if it’s to be done well.
- So now that we understand the problem, why does solving it matter? There are 3 reasons, and they all matter a great deal.
- Lead nurturing takes into account their activity and behavior in order to build a relevant dialog, whereas drip nurturing does not because it is static and non-adaptive.
- Alright, now that we’ve covered the difference between drip nurturing and lead nurturing, let’s cover the 4 key elements necessary for a successful and engaging lead nurturing program.
- #1. Trustworthy. The only way that buyers are going to let your communications pass their filters and enter their lives is through trust. This means setting the right expectations during the opt-in process, and then fulfilling those expectations with every communication you share. If trust isn’t there, you’re going to see lower engagement and conversion, and you’ll never achieve the results you’re looking for. Okay, so #1, trust. Without it, none of the other 3 elements matter because they’ll never pay any attention to your messages.
- #2 is Relevance, which means knowing who your audience is, and what they want from your communication. Irrelevant messages make your audience members think, “you don’t know who I am. You don’t know what I want. You just don’t get me”. And, worst of all, “you don’t care about me”. If you aren’t relevant, your subscribers will opt-out or outright ignore your messages. So how can you be relevant? relevant means sending the right content to the right person at the right time. The right message means that it is something they value, or that they’re interested in. Not simply what you want to say. When I think about drip nurturing, I often attribute that to marketers saying what they want to say, regardless of what the customer is interested in, and that’s not good. So where your messages intersect with what your prospects are interested in is where relevance happens, and that’s the best way of ensuring that your messages are the right ones. Okay, #2, relevance.
- #3 is , multi-channel. Today’s buyers move seamlessly from one channel to another. They move from your email to your website, and from the website onto a social network, and then they grab their mobile device and engage with your mobile app, if you have one. So when you think about your nurturing strategy, think about it from a multi-channel perspective. Most importantly, you want them to have a consistent experience across those channels. Messaging, look and feel, branding, etc., all of it should be seamless as your prospects, and customers for that matter, jump from one channel to the next. You also want to ensure that your technology solution is capable of nurturing across channels. For example, with Marketo, a marketer can actually sync a lifecycle based email nurturing program with the inbound web experience, and also tie in mobile messaging if needed. As an example, someone in a lifecycle-stage based nurturing program that comes to the website from Chicago area could see a promotion for a VIP event that we are runnign in Chicago, and when added to the program, could receive mobile messages during the event in order to direct them to their session, or engage them with relevant content as the event is happening. So #3, multi-channel.
- #4, strategic and impactful A strategic and impactful lead nurturing program needs have specific goals attached to it, which are measurable, so you’ll understand how it is impacting success…and there are lots of ways to meausure success, In fact, defining the right sets of metrics is not only important from the standpoint of measuring success, but its also important in order to adjust and optimize your nurturing programs over time, as well as to get executive buy-in so that your management team is supportive of your efforts, as well as your budget. So the last element, is that your nurturing strategic and impactful.
- When you check
- So now that we understand the problem, why does solving it matter? There are 3 reasons, and they all matter a great deal.
- Building your brand unless you are a well-known company like Google, the best way to build credibility and trust is by sharing useful information. And a well designed and well executed lead nurturing program is a great way to share information. Building the brand doesn’t necessarily mean that only buyers are going to find your content compelling. For example, here at Marketo, we publish content that all types of marketers may find useful, regardless of whether they’ll ever buy a MA solution or not, because we want to be seen as a trustworthy and credible source of best practices ,ideas and thought leadership that relate to marketing. That way, when someoen is ready to buy, they’ll see us as a company they can trust, and will therefore be more likely to buy from us.
- Relationship Building Lead nurturing enables you to communicate with your buyers on a more sophisticated level, so you can build trust and a relationship with your buyer over time. People buy from companies they trust. Branding and Thought Leadership The most the important brand attributes are often credibility and trust—and unless you are a well-known company like Google, the best way to build credibility and trust is by sharing useful information. If you can help frame the discussion, your company will be seen as a trusted advisor and thought leader. If buyers believe that your company understands their problems and knows how to solve them, this helps increase the chance of being selected for consideration and purchase. Nurturing helps you build that perception as a brand. Shortens the Sales Cycle With access to more information than ever before, buyers often take more time to explore their options and educate themselves before making a purchase decision. Modern sales cycles can simply be longer, and nurturing shortens the sales cycle because you can be relevant, trustworthy, and engaging throughout that critical period of time.
- Nurturing can also Shorten the Sales Cycle Because buyers are self educating, as we talked about in the car purchase example, ,they often take more time to explore their options and educate themselves before engaging with sales. Once they engage with sales, they are much further along in the buying process, and if you’ve done a good job educating them, the sales reps job will be easier. In other words, they should be able to close the deal more quickly.
- Thanks Mike. Hi Everybody, my name is Phillip and I built nurture here at Marketo. Now that you have the overall strategy of how to think about lead nurturing, let’s get down and dirty: 50 shades of grey style. This is the exclusive trailer on the dirty details that you need in order to actually implement lead nurturing in your own company.
- First things first is you need to build your team. It’s always preferable that they be beautiful looking people, but your HR and legal team may say no. So if you can’t hire beautiful looking people, what skills should you hire for, or what skills do you need, in order to implement lead nurturing at your own company. Just remember that this will differ between large and small companies. In a small company you’ll probably have one person wear all the hats whereas in a larger company, you can have a different person matched to the different skillsets needed.
- There are two primary types of responsibilities and skillsets needed when it comes to lead nurturing. One is in operations. One is in content and creativity. You need one person who is good at operations and can build your lead nurturing program. They need to think like an engineer because they need to think about thinks like infrastructure, scalability, fail safes, and data cleanliness. The other skill set needed for lead nurturing is creating content. This person needs to be creative. They need to come up with story arcs, email best practices and they need to think about the types of content like infographics, videos or eBooks that will engage your audience the best. If you want to get more detail on what specific skill sets to hire for, here is a blog that goes into specific roles and responsibilities. http://blog.marketo.com/2014/02/why-lead-nurturing-is-an-art-and-a-science.html
- Now that you have someone to build your nurtures, and someone to fill it with content, you need to start defining, who are you actually nurturing. Defining your audience is similar to dating. When you start dating, you tend to date anybody and everybody. This is NOT how you should be approaching your lead nurturing, but what it does is, it helps define characteristics of people you prefer over time. In marketing we call this defining our target market, or defining your lead. So how do you define a lead? -Schedule time to meet with stakeholders. Most likely sales, marketing and even finance -Ask what does your target market look like? -Decide what are the minimum requirements? E.g. company size is of a certain size, or are in a geographical area you market to -Also have a list of negative attributes e.g. if they have a non marketable email address, or if they have been disqualified by sales -Lastly is agree on the definition, and iterate over time Once you’ve defined your lead, how does that actually translate to your marketing automation software? This is where the concept of lead scoring comes in.
- Lead scoring is the shared sales and marketing methodology for ranking leads in order to determine sales-readiness In essence, lead scoring is helping you qualify and eliminate leads based on the agreed upon definition you defined for your organization. There are 4 dimensions of lead scoring that can help you determine the sales readiness of a lead. Lead fit is based on demographics like title, role, location. It’s based on firmographics or organizational characteristics like company size, revenue, industry. Lead fit is also based on BANT, which stands for budget, authority, need and time. Lead interest is based on scoring individual behaviour and tying an interest score to those behaviours. For example, if someone visits our social product page, we score them as interested in our social product. Lead behaviour is picking up on certain behaviours that qualify an individual. For example, if someone fills out a “Receive a quote” page. This indicative behaviour is something you should be scoring on for sales readiness. So how does this differ from lead interest, which also scores on individual behaviours. Lead interest is an aggregate of multiple behaviours that says someone is interested in someone. Lead behaviour is looking at a set of scores that you should be paying attention to. Last is buyer stage and time. What this in essence means is, which of your leads require a lot of nurturing, and which ones should be passed immediately to sales. If you score your leads on these four dimensions, you’ve created a great automated process for identifying and qualifying, who is within your target market.
- Lead scoring is useless if the health of your database is not clean. If the data you have is inaccurate then you could potentially be scoring people incorrectly. It’s like approaching someone you think has one name, and then realizing that their name is something completely different. It can be a very awkward experience, and lead nurturing is all about personalized communications at scale. Keeping your database healthy includes, identifying and removing duplicates from your system, removing inactive contacts, removing junk contacts, and having a uniformity of values - for example everyone in an Enterprise company should not have multiple values like ent or 2000+. They should all be uniform.
- Alright now you’ve got your team together, you’ve defined your target market, you’re able to properly identify and qualify them, its time to think of the story you want to tell them. The best way to do this is to determine how many emails you want to nurture a particular audience with. Let’s go with 10. The first 2-4 emails tend to be the most important because they either capture the attention of your audience, or they are the ones that people unsubscribe from. This is where you should place your best performing emails. Once a person has unsubscribed from your emails, there goes your ability to tell someone a holistic story about your company. At Marketo our philosophy is to always start with light and engaging content like infographics or videos, and then move on to meatier pieces of content like eBooks or definitive guides. Finally you can include some product promotions, but do them carefully, sparsely and intermittently. You don’t want people to feel sold to and unsubscribe from your content. Nurture is all about engaging with people over a long period of time. At Marketo we have a rule of thumb called the 4-11 rule. For every four entertainment pieces, we send 1 soft promotion like a research report and 1 hard promotion like attend a demo or visit a pricing page Also be conscious that even though you create a story arc of emails 1 through 10, doesn’t mean that a person will read and receive all of them
- Once you’ve determined the story you want to tell and the types of content you want to send. What should your email look like? There are different looks and feels to emails, but there are a couple of other things to take into consideration. For Example, does your subject line clearly summarize what is in the body of the email. You can always have a great subject line that gets a high open rate, but if people feel like the email itself does not match their expectation they could unsubscribe or they may no longer pay attention to your emails. It’s like the boy who cried wolf. If you want help with subject lines, there are 3 subject line techniques that work really well. The first is to ask questions in your subject line. Another technique is to Educate people with subject lines like “7 things marketers can learn from sales”. Another technique is to jump on a popular on trending topic. Another email best practice is to have a clear call to action. Whether it’s to download an eBook, or to set up a meeting with a rep, its important to answer some of these questions. Do you have buttons that call out these CTA’s, are you bolding the hyper links, are the CTAs clearly above fold, which just means is your CTA button above the first half of the email screen and not below where people have to scroll down. There are also multiple ways you can stylize your emails. There are emails that are highly branded, and are incredibly visual. Think of retail brand emails. Then there are also text based emails that come off more personalized and like they are coming from a sales person. Different email styles work better for different types of promotions, but all of them should be mobile responsive. Mobile responsive use to be optional. Now it should be a standard, because 41% of emails are opened on a mobile device. Emails require constant innovation and so its important to adjust to new screens, but also to be testing things like subject lines or CTA’s to help you improve the performance of your nurtures.
- At the end of the day, nurture is about sending the right person, the right message at the right time. It’s all about being relevant.
- At Marketo what we do is we segment our database, and then we create positioning statements for our different audiences. One of the ways we segment our database is through business unit
- If you would like to learn more about segmentation, visit the blog in the yellow box, which goes into advances segmentation for people who would like to take their nurturing to the next level.
- So to recap this webinar, when building your team or when building your lead nurturing yourself. Take into consideration that it is part art and part science. You need operational skills to build a scalable nurture, but you also need a creative person to create content to nurture people with Once you have your team, figure out who it is exactly you want to talk to -Use lead scoring to identify and qualify leads as to whether or not they meet the requirements of your target market and how sales ready they are When you have the audience you want to talk to, figure out the story arc of what you want to say, and use the 4-11 rule of content as a guideline for determining the types of content Lastly, be relevant to your audience, by properly segmenting your audience.
- Thank you so much for listening in on our webinar. Feel free to add both Mike and I on LinkedIn, otherwise we open it up to questions