Lead Generation in the Age of the Self-Directed Buyer
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The document discusses strategies for lead generation in an era where buyers are increasingly self-directed. It outlines the buying journey and revenue cycle as consisting of top-of-funnel, middle-of-funnel, and bottom-of-funnel stages. The presentation recommends using a mix of content, programs, and metrics to effectively target prospects throughout these stages in order to generate leads, nurture relationships, and ultimately drive revenue. Key strategies involve personalizing experiences based on behaviors, interests, and other attributes to increase relevance. Analytics are also emphasized to optimize performance and prove marketing's value.
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Lead Generation in the Age of the Self-Directed Buyer
- 1. Lead Gen in the Age of the SelfDirected Buyer © 2014 Marketo, Inc. Marketo Proprietary and Confidential
- 2. Page 2 © 2014 Marketo, Inc. @jonmiller
- 3. Page 3 © 2014 Marketo, Inc. @jonmiller
- 4. Page 4 © 2014 Marketo, Inc. @jonmiller
- 5. Today’s Topics • The Age of the Self-Directed Buyer • Define The Buying Journey and Revenue Cycle • Strategies for Top-of-Funnel • Strategies for Middle-ofFunnel • The Right Metrics Page 5 © 2014 Marketo, Inc. @jonmiller
- 6. Page 6 © 2014 Marketo, Inc. @jonmiller
- 7. INFORMATION ABUNDANCE Page 7 © 2014 Marketo, Inc. @jonmiller
- 8. Source: The Corporate Executive Board Company, “The Digital Evolution in B2B Marketing,” 2012. Page 8 © 2014 Marketo, Inc. @jonmiller
- 9. Define The Buying Journey and Revenue Cycle
- 10. Sales Lead Lead Target Engaged Name Friend Awareness Opportunity Customer Nurturing Database TOFU Page 10 © 2014 Marketo, Inc. MOFU @jonmiller BOFU
- 11. Sales Lead Lead Target Engaged Name Friend Awareness Nurturing Database Exposed to us via content, brand, or word of mouth Page 11 © 2014 Marketo, Inc. @jonmiller Opportunity Customer
- 12. Sales Lead Lead Target Engaged Name Friend Awareness Nurturing Database Opportunity Customer Feels a relationship and trust with us Page 12 © 2014 Marketo, Inc. @jonmiller
- 13. Sales Lead Lead Target Engaged Name Friend Awareness Opportunity Customer Nurturing Database Names are just names. Page 13 © 2014 Marketo, Inc. @jonmiller
- 14. Sales Lead Lead Target Engaged Name Friend Awareness Opportunity Customer Nurturing Database Meaningful interaction with us Page 14 © 2014 Marketo, Inc. @jonmiller
- 15. Sales Lead Lead Target Engaged Name Friend Awareness Opportunity Customer Nurturing Database Nurture until ready for next step Page 15 © 2014 Marketo, Inc. @jonmiller
- 16. Sales Lead Lead Target Engaged Name Friend Awareness Nurturing Database Opportunity Customer Marketing qualified lead (score > 100) – SDR reach-out Page 16 © 2014 Marketo, Inc. @jonmiller
- 17. Sales Lead Lead Target Engaged Name Friend Awareness Opportunity Customer Nurturing Database Qualified as sales-ready by SDR Page 17 © 2014 Marketo, Inc. @jonmiller
- 18. Sales Lead Lead Target Engaged Name Friend Awareness Opportunity Customer Nurturing Database Accepted and actively worked by sales Page 18 © 2014 Marketo, Inc. @jonmiller
- 19. Sounds great, but I have millions of contacts! Page 19 © 2014 Marketo, Inc. @jonmiller
- 20. Processes at scale Page 20 © 2014 Marketo, Inc. @jonmiller
- 21. Top of the Funnel
- 23. Earlyleadership and Stage Thought enjoyable content to build brand, awareness, and desire Middle buyers find Stage Tools that help you when they are looking for solutions Late Stage Company-specific information to help evaluate and reaffirm selection Blog, e-books, research data, funny videos, curated lists, infographics, webinars Buying guides, RFP templates, ROI calculators, definitive guides, analyst reports Pricing, demos, services information, 3rd party reviews, customer case studies Gated? NO YES MOSTLY NO At each stage, focus on Information Needs more than Format
- 24. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 24 © 2014 Marketo, Inc. @jonmiller
- 25. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 25 © 2014 Marketo, Inc. @jonmiller
- 26. Inbound creates the best leads by far: high conversion, high velocity Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 26 © 2014 Marketo, Inc. @jonmiller
- 27. Page 27 © 2014 Marketo, Inc. @jonmiller
- 28. Real-time Personalization e.g. customized calls to action for Customers Page 28 © 2014 Marketo, Inc. @jonmiller
- 29. But we also use a Portfolio of programs Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 29 © 2014 Marketo, Inc. @jonmiller
- 30. Page 30 © 2014 Marketo, Inc. @jonmiller
- 31. DATE: Page 31 © 2014 Marketo, Inc. JUNE @jonmiller
- 32. Sponsored Email builds the database, but low conversion Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 32 © 2014 Marketo, Inc. @jonmiller
- 33. Webinar, tradeshow, PPC, and virtual tradeshow are top paid TOFU Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 33 © 2014 Marketo, Inc. @jonmiller
- 34. Paid Social & Display Ad drive brand and amplify inbound as well Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 34 © 2014 Marketo, Inc. @jonmiller
- 35. Middle of the Funnel
- 36. Average days to Opportunity: 327 days Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 36 © 2014 Marketo, Inc. @jonmiller
- 37. Page 37 © 2014 Marketo, Inc. @jonmiller
- 38. Sales Ready 2% Need More Nurturing 50% Disqualified Page 38 © 2014 Marketo, Inc. 25% 25% @jonmiller Source: RainToday
- 39. Lead Nurturing: Building relationships with qualified prospects regardless of their timing to buy Get the “Definitive Guide to Lead Nurturing” marketo.com/DG2LN Page 39 © 2014 Marketo, Inc. @jonmiller
- 40. The ROI of Lead Nurturing Marketo ROI Results Fast Leads ( MQL <1 mo) Without Nurturing With Nurturing Slow Leads (MQL >1 mo) Total Leads (MQL) Cost / Lead (MQL) 20% 6.67% 26.67% $206.00 20% 20.0% 40.0% $137.50 Source: Actual Marketo data; assumes $55 per prospect Results: 50% more marketing qualified leads from lead nurturing Page 40 © 2014 Marketo, Inc. @jonmiller
- 41. Relevance Page 41 © 2014 Marketo, Inc. @jonmiller
- 42. More Targeted Emails are More Relevant Engagement Score 400 350 300 250 200 150 100 50 0 100 1000 10000 Email Send Size Page 42 © 2014 Marketo, Inc. @jonmiller 100000 Source: 100s of Marketo campaigns
- 43. 1. BUYING STAGES 2 Early: Be a Better Marketer • 3 • Mid: Why Marketing Automation • Late: Why Marketo • Customer: Success 2. BUYING PROFILES • Marketing, Sales, Exec Page 43 © 2014 Marketo, Inc. @jonmiller
- 44. Page 44 © 2014 Marketo, Inc. @jonmiller
- 45. Dynamic Content Industry, Geography, Com pany Size, Customer vs. Prospect, etc. Page 45 © 2014 Marketo, Inc. @jonmiller
- 46. The Key to Relevance is Behavioral Targeting Top Tactics to Increase Email Engagement Page 46 © 2014 Marketo, Inc. @jonmiller
- 47. Example: Topic of Interest Triggers Email Social • • • • • Content Attends event Downloads content Click email Fills out form Score is changed Page 47 © 2014 Marketo, Inc. Technology @jonmiller
- 48. 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% Page 48 © 2014 Marketo, Inc. @jonmiller
- 49. Smart Lists I can do this myself! No trips to see IT – yay! Page 49 © 2014 Marketo, Inc. @jonmiller
- 51. Lead Scoring Defined “Shared sales and marketing methodology for ranking leads in order to determine their sales readiness” Nurture Fit Page 51 © 2014 Marketo, Inc. Pass to Sales Pass to Sales Interest @jonmiller Nurture Disqualify Buying Stage
- 52. 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 Page 52 © 2014 Marketo, Inc. @jonmiller
- 53. Latent Behaviors (Engagement) • • • • • Click email: +1 Visit webpage / blog: +1 Early stage content +3 Attend webinar: +5 Decay inactivity: -1, -5, -10 Active Behaviors (Buying Intent) • • • • • Free trial or Contact request: +15 Pricing pages: +10 Demos: +10 Late-stage content +12 Searches for branded keyword “Marketo” +8 Get the “Definitive Guide to Lead Scoring” marketo.com/DG2LS Page 53 © 2014 Marketo, Inc. @jonmiller
- 54. Fit One Way to Identify Marketing Qualified Leads A B C D Lead Lead Lead Lead Lead 4 Page 54 © 2014 Marketo, Inc. Lead 3 2 Behaviors @jonmiller 1
- 55. No Lead Left Behind: Service Level Agreements Day 0 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 Page 55 © 2014 Marketo, Inc. Notification If stale, alert executives @jonmiller
- 56. Stars and Flames show priority Full list of Interesting Moments Page 56 © 2014 Marketo, Inc. @jonmiller
- 58. Page 58 © 2014 Marketo, Inc. @jonmiller
- 59. 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 Page 59 © 2014 Marketo, Inc. @jonmiller
- 60. Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics Page 60 © 2014 Marketo, Inc. @jonmiller
- 61. Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics Page 61 © 2014 Marketo, Inc. @jonmiller
- 62. Example: Multi-Touch Attribution A 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 Seminar A $25,000 Page 62 © 2014 Marketo, Inc. $25,000 $25,000 Tradeshow B $50,000 @jonmiller $25,000 Direct Mail C $25,000
- 63. % Above Min* 89% 76% 75% 41% 57% 73% 67% Source: Marketo Revenue Cycle Analytics, Nov 2013 * Percentage of all programs in channel that achieve MT Ratio > 5 Page 63 © 2014 Marketo, Inc. @jonmiller 10.4 66%
- 64. % Above Min* 89% 76% 75% 41% (MT) Ratio = Pipeline / Investment >10 is Great and <5 is Fail Webinar = 54!, Tradeshow = 6.9, Sponsored Email = 3.8, Content Syndication = 9.6 Source: Marketo Revenue Cycle Analytics, Nov 2013 * Percentage of all programs in channel that achieve MT Ratio > 5 Page 64 © 2014 Marketo, Inc. @jonmiller 57% 73% 67% 10.4 66%
- 65. % Above Min* 89% % Programs with MT Ratio > 5 e.g. Content Syndication has good average but 43% programs “fail” 76% 75% 41% 57% 73% 67% Source: Marketo Revenue Cycle Analytics, Nov 2013 * Percentage of all programs in channel that achieve MT Ratio > 5 Page 65 © 2014 Marketo, Inc. @jonmiller 10.4 66%
- 66. Sales Lead Lead Target Engaged Name Friend Awareness Opportunity Customer Nurturing Database TOFU Page 66 © 2014 Marketo, Inc. MOFU @jonmiller BOFU
- 67. Revenue Cycle Modeler Screenshot: Marketo Revenue Cycle Analytics Page 67 © 2014 Marketo, Inc. @jonmiller
- 68. Key topic areas: • Balance (Reach) • Flow • Conversion • Velocity Filter/Drill into data, e.g. by Program Type, Business Unit, Geography, etc. Screenshot: Marketo Revenue Cycle Analytics Page 68 © 2014 Marketo, Inc. @jonmiller Trends over time
- 69. Use Metrics to Set & Justify Budgets New Targets 15.3% 60,000 2.4% 23,000 131,000 Inventory Of Active Targets New MQLs Score>100 922 20,000 10.5% Inventory of Active MQLs 120K New SQLs 1.9% SDR capacity driven New Opps* 75% 270 1,000 6 Month Created Opp Inv. 35% Wins Inbound / Programs New Names 2,000 (900K DB Total) *Opps is bigger than SQLs because includes outbound and partner referrals Page 69 © 2014 Marketo, Inc. @jonmiller
- 70. Get the “Definitive Guide to Marketing Metrics & ROI” marketo.com/DG2MM Page 70 © 2014 Marketo, Inc. @jonmiller
- 71. Tweetable Takeaways 1. 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. Leverage peer-to-peer influence to give every campaign a social boost 4. Most leads are not “sales ready” – nurture relationships over time 5. Use analytics to turn marketing from a cost center into a revenue driver @jonmiller Page 71 © 2014 Marketo, Inc. @jonmiller
- 73. Build Awareness
- 75. Reduce Risk It’s one way to ‘reduce whisk’. Get it? #groan
Notes de l'éditeur
- 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… 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.This is a recent phenomenon…When Marketo was founded in 2006, the iPhone didn’t exist, Twitter had not launched, and Facebook was only for college students. All 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: Forrester Reports that 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. That’s how we approached our marketing process at Marketo.
- Changed buyer
- 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…. Let me explain.
- 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. Marketing needs to become like a publisher. Build your own audience and attention. Examples:superbowl add, regular tradeshow booth = rented attention. Examples of owning: rockstar tour vs tradeshow booth; blog vs traditional PR; our weekly webinar
- Map content to the buying stage {keep it short}
- Explain
- We create a ton of content… go to marketo.com/resources
- Some systems are simple, but require manual repetition of basic tasks, over and over again. In Marketo, not only are campaigns launched rapidly, they can be replicated in a matter of seconds, as only Marketo offers the ability to clone a campaign, including all of its assets, in a single click.
- Take a webinar for example. You’ll have the email invites, registration page, reminders, follow-ups, and more. Once the webinar is cloned, simply change the date, title, description and more, and all of the assets in the cloned campaign will be updated in one fell swoop.
- Unlike Moz, we have a sales team (not ecommerce).
- You can do this simply by creating more content, but we’ve found it helps to push your message sometimes!
- What I want to focus on here is two models that you can use to calculate the ROI yourself. In the first, the key is to estimate
- 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.
- 18 triggers11 batches19 campaigns to manage the whole thing
- Not all segments need to be different email versions
- 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.
- Here’s an example of how Marketo created even more relevance.Topic of interest nurturing: Nurture tracks based on four different topics that we thought our customers were interested in (email, social marketing, marketing automation, and Microsoft Dynamics). Welisten for signs that may be interested in this (events attended, web visits, keywords used etc.), and if so assign them to the specific track nurture track. If they get to the end of that specific track, we put them back to regular until they do something else specific.
- Result: Big lift!More on our blog about this: http://blog.marketo.com/blog/2013/06/topic-of-interest-based-nurturing.html
- While this may be straightforward for programmers, it’s a foreign language to most marketers…This makes the marketer reliant on technical resources for anything that’s not simple, especially anything that incorporates behaviors beyond email open and click
- Mention Positive and Negative Demo Score
- Here’s how Marketo does it. Latent behaviors – interestActive behaviors – buying intent
- Active vs Latent Leads – very different follow-up. Active <5 min response. Latent, craft a personalized message.
- Many marketers are perceived as a cost center. You can’t expect your organization to place value on something you’re unable to quantify. But when you do use the right metrics and processes, there is nothing more powerful to help marketing earn it’s rightful seat at the revenue table.Here I show you how Marketo does it.
- Step 1: Important to track all touches
- Step 1: Important to track all touches
- Here we see what works for Marketo (over the last 12)58% ofpipeline from Inbound activities
- 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…. Let me explain.
- ModelNote Success Path and Detours; Inventory and SLAs
- Google Analytics for Revenue
- Three benefits to owning your own attention
- Treat consumers as partners…not just customers 71% of consumers trust solutions that provide useful info without trying to sell them something Acknowledge and respect consumers’ evaluation/consideration processes 85% trust solutions that walk them through various paths toward decisions, rather than just providing answers Support consumers after purchase 62% of consumers trust solutions that provide info and tools for using products they’ve bought Demonstrate an understanding that consumers’ lives change 83% trust solutions that include resources for using products every step of the way, as needs evolve Build engagement solving consumers’ large and small challenges 85% trust solutions that use ads/sponsored content to inform, help with a need