A Cross Channel Engagement: Driving Revenue in Large Enterprise
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Buying has changed. Gone are the days when a prospect immediately engaged a sales rep to investigate a product or service. Today, they're learning a great deal through other channels, such as your company website, social networks, and other 3rd party information sources, before picking up the phone to call sales. Thriving in this new world requires large enterprises to change the way they are engaging their audience members, as well as the processes involved. Watch Steven Pepe, Digital Marketing Leader at GE Water, and Mike Berger, Director of Product Marketing at Marketo, as they show you how you can: -Optimize marketing processes for revenue generation Strengthen alignment between sales and marketing Create an engagement strategy based on new buyer behavior
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A Cross Channel Engagement: Driving Revenue in Large Enterprise
- 1. GEWater.com Revenue Marketing with Marketo + “Contact Us” Steven Pepe Digital Marketing Leader, GE Water
- 2. 2 GE Title or job number 9/24/2013 2 “Light Bulbs and More” $147B revenue $13.6B earnings Capital Home & Business Solutions Healthcare Aviation Transportation Oil & Gas Power & Water Energy Management
- 3. 3 GE Title or job number 9/24/2013 Chemical & Monitoring Solutions Here at Water… Engineered Systems Global Direct Sales Force Distributors, eCommerce Other Channels Power Gen, Municipal, Refining, Mining, Office Buildings, Unconventional Fuels, Oil Sands, Food + Bev, Metals (Steel/Alum) Industries Quality, Accessibility, Productivity, Policy Challenges
- 4. 4 GE Title or job number 9/24/2013 Challenges for Marketing Best content behind walls Alignment with direct sales force 18k! • No filtering, all web leads auto-routed • 7/15 never heard back
- 6. • 3 options… all the same fields • Forms too long… <10% filled out form • Phone number? • Most leads auto-routed… no junk filtering OLD
- 7. NEW • 8 fields • Added phone #’s • Routed to lead administrator
- 8. 8 GE Title or job number 9/24/2013
- 9. OK, now tackle the website
- 10. 10 GE Title or job number 9/24/2013 User Personas + Digital Journey Fact Sheets Brochures Case Studies Tech Papers 1 2 3 4 Voice of Customer informs each stage TCO Calculators Buyer’s Guides Video
- 11. 8 months later… GEWater.com
- 12. 12 GE Title or job number 9/24/2013 Active: Contact Us page, Phone Passive: Download forms Newsletter signups Ad campaigns Focused on Prospects
- 13. We get to do fancy stuff!
- 14. 14 GE Title or job number 9/24/2013 Scoring for Active and Passive leads Prioritizing Targeting + model #, timeline, ask for call - personal email, few page views + reacting, revisiting - opting out, inactive
- 15. 15 GE Title or job number 9/24/2013 Customer engagement engine Starting simple… ex. Beverage Industry Detect brewery, dairy, or soft drink 4-week drip x 3 streams By week 3… Detect job title match to persona So in week 4, we can deliver… Calculator to Finance/Plant Manager Research Paper to Engineer/Consultant
- 17. Creating an engagement strategy based on new buyer behavior Michael Berger Director, Product Marketing Marketo
- 18. Page 18 © 2013 Marketo, Inc. Marketo Proprietary and Confidential
- 19. Page 19 © 2013 Marketo, Inc. Marketo Proprietary and Confidential ABUNDANCE INFORMATION
- 20. Page 20 © 2013 Marketo, Inc. Marketo Proprietary and Confidential The Changing Buying Cycle Self- education Sales Engagement Self-education Sales Engagement Information Scarcity Information Abundance
- 21. Page 21 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Shift of Power Self- education Sales Engagement Self-education Sales Engagement Sales Marketing Information Scarcity Information Abundance
- 22. Page 22 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Blast Away! Fire Away!
- 24. Page 24 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Engagement
- 25. Page 25 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Engagement Marketing Cut through the noise by engaging individuals in a dialogue that connects them emotionally with your brand
- 26. Page 26 © 2013 Marketo, Inc. Marketo Proprietary and Confidential 1. Relevant
- 27. Page 27 © 2013 Marketo, Inc. Marketo Proprietary and Confidential 2. Two-way
- 28. Page 28 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Behaviors Tell Us A Lot About Interests
- 29. Page 29 © 2013 Marketo, Inc. Marketo Proprietary and Confidential More Targeted Sends are More Engaging 0 50 100 150 200 250 300 350 400 100 1000 10000 100000 EngagementScore Email Delivered Source: Marketo research
- 30. Page 30 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Triggered Nurture Standard Nurture Lift Open % 34.0% Open % 21.7% 57% Click to Open % 37.1% Click to Open % 23.4% 59% Click % 12.6% Click % 5.1% 147%
- 31. Page 31 © 2013 Marketo, Inc. Marketo Proprietary and Confidential 3. Engage Across Channels
- 32. Page 32 © 2013 Marketo, Inc. Marketo Proprietary and Confidential 4. Over the Entire Customer Lifecycle Source: Connection Model 2012
- 33. Page 33 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Engagement
- 34. Page 34 © 2013 Marketo, Inc. Marketo Proprietary and Confidential What’s the Payoff? • Build brand awareness and affinity • Engage prospects more effectively, at scale • Build long-term loyalty and advocacy …all contributing to greater revenue
Editor's Notes
- Where to begin?Need to build equity with sales team quickly… buying us time to repair content and the website.
- Initial results: 55% of leads are vetted out (billing, tech support, vendors, etc).Generated 40+ verified opportunities for our sales teams worth 8-digits
- Some of ourpersonas are technical (consultants, engineers). But others are influencers or decision makers who need different content (finance managers – TCO calculators, plant managers – buyers guides)
- Joint effort with communications, IT, Sales, and product teams.Key external help as well, to give us fresh eyes as we try to consider the customers’ POV.… 8 months, < $250K, goal = $100M pipeline
- Prioritizing: more explicit / demographic: size of company? email address?Targeting: more implicit… been revisiting the site? Reacting to drip campaigns?
- 3 streams: Awareness – early stage prospects… share overview videos, fact sheets, white paperConsideration – middle stage prospects… buyers guides, demo videos, case studiesJustification – late stage prospects… share case studies with cost savings $$, calculators
- 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.It also meant we lived in a world of attention abundance, with fewer channels competing for a buyer’s attention.
- But now, there is an explosion of readily available information… This is a recent phenomenon… According to IBM, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone.IDC report, Extracting Value from Chaos, says that that amount of global digital information created and shared worldwide has grown 9-fold in the five years to 2011 to nearly 2 zettabytes (2 trillion GB), and should quadruple again by 2015All this data = buyers today are more empowered. The Web provides them with instant information gratification. They can access detailed specs, pricing, and reviews about goods and services 24/7 with a few flicks of their thumbs. Meanwhile, social media encourages them to share and compare, while mobile devices add a wherever/whenever dimension to every aspect of the experience. Result: 65-90% of buying process is complete when consumer is walks into store/branch/dealer, or contacts salesRequires deep changes in how we market to consumers.So, how are we as marketers doing responding to this?
- Buying has changed forever. We used to live in the age of information scarcity, where the primary sources for information about a product or service was the sales rep, publications and big ad campaigns. Now, with the Internet and thousands of 3rd party information sources, buyer’s are getting their information elsewhere, and often aren’t ready to engage with a rep until they are 60 to 70% of the way through the buying process. Reaching these buyers in new ways is the challenge for today’s marketers, and Maketo helps marketers meet that challenge.
- Buying has changed forever. We used to live in the age of information scarcity, where the primary sources for information about a product or service was the sales rep, publications and big ad campaigns. Now, with the Internet and thousands of 3rd party information sources, buyer’s are getting their information elsewhere, and often aren’t ready to engage with a rep until they are 60 to 70% of the way through the buying process. Reaching these buyers in new ways is the challenge for today’s marketers, and Maketo helps marketers meet that challenge.
- Traditionally, marketers have blasted messages, hoping they resonate with a few targets amongst the crowd. We call this batch and blast.
- On any given day, the average customer will be exposed to 2,904 media messages, will pay attention to 52 and will positively remember 4 – SuperProfile 201060% have a negative opinion of marketing61% feel amount is out of control65% feel constantly bombarded59% feel marketing has very little relevance
- The next evolution of marketing focuses on engagement.
- Interruptive marketing talks at customers. Engagement marketing talks with them.The more frequently and consistently a brand can connect with a customer on an emotional level, the stronger and deeper the customer becomes engaged with the brand. 70% of consumer loyalty and spending decisions are based on emotional factors (Gallup 2009)Research shows that, on average, only 20 percent of a company's customers are fully engaged.1
- The key to relevance is behavioral targeting.So you want relevancy and engagement – but this requires sophisticated targeting that combines online body language (web traffic, search behavior, email response) plus transactional data plus with lifestyle and demographic data (personas)When behavioral cues are not used, email can be experienced as a dissonant interruption. What the sender considers a coordinated "drip campaign" may feel more like water torture to the receiver.
- So how can we be more relevant and engaging?You can’t be relevant if you’re broad.We know batch and blast does not work – it is simply less engaging. One way is to be more targeted – smaller sends = more engaging. Engagement Score enables marketers to quickly judge how effectively each piece of content is engaging prospects and customers over time… combines open, click, unsubscribe, conversion, and so on into a single metrics.
- Result: Big lift!More on our blog about this: http://blog.marketo.com/blog/2013/06/topic-of-interest-based-nurturing.html
- Email is 4th best channel for Marketo from a multi-touch Opp attribution perspective. Today’s consumers move seamlessly across digital and offline channels. According to a recent Experian QAS® survey, 36 percent of U.S. organizations interact with customers and prospects in five or more channels.In retail banking, 61% of consumers use three or more channels each month (e.g. branch, phone, online, and mobile – in addition to email). However, Companies Not Prepared to Deliver Integrated ExperiencesQUOTE: “Fewer than 10 percent of brands are executing true cross-channel communications informed by one view of the customer.” - The 2013 Digital Marketer, Experian = Big opportunity to increase relevancy.Organization silos: Traditionally, marketing organizations are made up of either product or channel teams. Within this structure, each team works hard to optimize their siloed marketing efforts — and, in most places, have gotten really good at delivering their individual marketing programs and defending their individual marketing budgetsTechnology silos: Many of the tools are focused on a channel — email, mobile, catalog or Web. The big challenge for marketers is that message delivery within channels almost always happens via disparate platforms. Especially a problem with ESP. Email “grew up” with companies using stand-alone email service providers (ESPs) and outside agencies. This legacy hangs over email today. Traditional email service providers (ESP) = not multi-channel, not channel agnosticThe modern, digitally-empowered consumer doesn’t think in terms of channels and doesn’t care about your silos.Uses whatever device they have in the moment… web, mobile, tabletSo, companies shouldn’t expect the consumer to adapt; companies should adapt. This means moving from channel- or promotion-centric marketing plans to customer-centric marketing plans, and enabling those plans with marketing technology that is ready to deliver.
- Ongoing conversation
- The next evolution of marketing focuses on engagement.