How Marketing Becomes a Revenue Center: A 10-Step Approach to Full Funnel Growth
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The expectations for how Marketing contributes to a company has evolved over the years. No longer is it enough to run campaigns and uncover early-stage prospects and hand-raisers. Success is now measured across all levels of the revenue funnel. The goals for the Marketing team at LiveRamp extend beyond filling the top of the funnel with new leads. Their mission is to drive growth across the entire sales funnel and, in doing so, accelerate the acquisition of net-new customers and expand the company’s sales footprint within existing customers. Watch this Webinar featuring Ben Coffee, Head of Marketing Operations at LiveRamp as he reveals the 10-step approach that his team employed to produce 10X growth in annual revenue and a 25X increase in greater customer lifetime value over a 2-year period. The Marketing team’s successful execution of this strategy and the clear, measurable impact it had on the company’s growth helped cement their role as an important revenue center within the company.
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How Marketing Becomes a Revenue Center: A 10-Step Approach to Full Funnel Growth
- 1. A 1 0 S T E P A P P R O A C H T O F U L L F U N N E L G R O W T H How Marketing Becomes a Revenue Center
- 2. Proprietary and Confidential | © Marketo, Inc. 2 Today’s Presenters Ben Coffee Head of Marketing Operations Nipul Chokshi VP, Marketing
- 3. How Marketing Becomesa RevenueCenter: The10StepApproachtoFull-FunnelGrowth 3. Expose AI Insights to Sales: Help your sales team prioritize outreach activities for the best accounts 4. Target List Audience Expansion: Grow your target account list and outreach tactics intelligently with AI 5. Campaign Integration: Experiment with hyper-targeted up-sell/cross-sell campaigns 6. Keep Your Alignment: identify problems or bottlenecks and quickly resolve them 7. Operationalize Whenever, Wherever Possible: Refine and operationalize your ABM processes whenever possible 8. Full-Funnel Campaign Coverage: Think your marketing campaigns should stop with the opp? Think again. 9. Align Your Measurement Tactics: Demonstrate full-funnel contribution with multi-touch attribution 10. Know Your Customer’s Journey and Tell the Story Often 1. Strategic Alliance with Sales: Marketing must nurture a strategic alliance with sales to inform ABM strategy 2. Establish Your List: Move from targeting customer profiles, to targeting your target accounts Aspirations for account-based strategyPhase 1 Target account alignment marketing/salesPhase 2 Operationalized account-based alignmentPhase 3
- 4. Operationalized account-based alignmentPhase 3 ABM campaigns and processes powered by AI insights Target account alignment marketing/salesPhase 2 First target account list in place and aligned with sales Aspirations for account-based strategyPhase 1 Start of the journey. Targeting industries, not account lists. LiveRamp’s ABM strategy maturity 2014 No list: Targeting industries Patterns began to emerge highlighting key industries where LiveRamp was having success First list: 500 target accounts First list of target accounts was built based on what we observed to be working 2015 Audience expansion: 1,400 target accounts Worked with Lattice to score known accounts + grow our target list with AI 2016 ABM at scale: Maintaining alignment LiveRamp scaled tremendously and ABM alignment suffered. Tips for keeping alignment while growing fast 2019
- 5. Achieving target account alignment between sales and marketing Journey from phase 1 to 2 2014 Phase 1 ABM Aspirations Phase 3 Campaigns operationalized with AI insights 2016 Phase 3 ...and beyond 2019 Phase 2 Target Account Alignment 2015
- 6. Marketing & sales must have a strategic alliance
- 7. Marketingmust have astrategicalliance withsales Marketers have access to more customer intelligence data than ever and it is our responsibility to coach sales leadership toward an effective target account strategy. We have done this before with customer personas, and now we’re doing it again with accounts. Phase 1 Customer Personas Phase 2 Target Account Attributes
- 8. Lattice is the Authority for Top Attributes of a Good Customer Account ○ Company size ○ 5000+ employees for Enterprise ○ 250 - 1000 employees for SMB ○ Revenue range ○ $50M+ annual revenue for Enterprise ○ In specific industries ○ Retail ○ CPG ○ Insurance ○ Automotive ○ Has specific advertising (partner) tech ○ Specific DSP vendors ○ Marketing spend ○ Google Adwords budget ○ # Adwords keywords purchased ○ Traffic sourced from ad spend
- 10. We Scored Our Known Account Universe with Lattice ○ Marketing and sales worked together to align on target account list 600 500 Known enterprise accounts Known SMB accounts
- 11. We Helped Sales Prioritize the Top Accounts ○ AEs focus on top 20% with highest likelihood to close SALES FOCUSES ON ACCOUNTS WITH SCORE > 70
- 12. Maturity Phase 2: Target account alignment for sales and marketing Journey from phase 2 to 3 2014 Phase 1 ABM Aspirations Phase 3 Campaigns operationalized with AI insights 2016 Phase 3 ...and beyond 2019 Phase 2 Target Account Alignment 2015
- 13. Expose AI Insights for Sales Teams
- 14. Expose AI Insights: and Empower New Outreach Tactics for Sales ○ Reps get the scores and data about each account right within Salesforce ○ Rep will tailor their talk track using this data
- 15. Operationalized Lead Scoring Prioritizes for SDRs ○ Lattice Grade incorporated into lead scoring and routing model ○ A and B leads are fast-tracked to sales ○ Higher score threshold required to achieve MQL for C and D leads
- 17. Audience Expansion: Lattice helped LiveRamp add similar net-new accounts ○ Expanded sales territories and focused sales reps on quality 500Net new A/B accounts added 2x More accounts for SDR follow-up
- 19. ©2019 LiveRamp. All rights reserved. Campaign Integration: Marketo’s Onboarding Solution OFFLINE CLIENT DATABASE OMNICHANNEL REACH & ENGAGEMENT User Data in Marketo Elizabeth Wilson 20 Longhorn Ave lizzy@homepc.com
- 20. ©2019 LiveRamp. All rights reserved. Acquisition Retention / Loyalty Nurturing Upsell / Cross-sell We activate our target lists across digital channels Brand Awareness Acquire new customers via paid media channels Digital ads can help drive brand awareness; garner new desire and demand for your brand Nurture customers while they are engaged across various digital channels Upsell customers by retargeting them with an online ad across devices Customer loyalty builds from retention; Maintain relationships with existing customers.
- 21. Journey from phase 2 to 3 2014 Phase 1 ABM Aspirations Phase 3 Campaigns operationalized with AI insights 2016 Phase 3 ...and beyond 2019 Phase 2 Target Account Alignment 2015 Maturity Phase 3: Ongoing and Operationalized Account-Based Alignment
- 22. You werealigned.But areyou still? When you’ve achieved alignment, things are great. At LiveRamp, literally everything we do, from sales activities, to events, digital ads, etc., is built upon the account-based foundation. But what if the alignment slips? It can be catastrophic. I watched this happen, don’t be like me. Here are my tips based on this experience. Me IRL when I realized our alignment had slipped
- 23. Reasons yourABM alignment couldslip 1. Fast company growth a. It can get messy if your company is growing fast. Get in front of new hires early and often and show them the way 2. Substantial process changes a. Big changes to sales/marketing processes can derail your alignment. Make sure you have a seat at the table for these discussions 3. Marketing or sales leadership movement a. Any time there is movement in the leadership teams for sales and marketing it creates an opportunity to derail your ABM strategy 4. Lack of ABM process governance a. If you’re not enforcing what you preach, don’t expect it to catch on
- 24. Not sure ifyouralignment is stillthere? Tips for who to talk to + what to ask Field sales team / admins 1. Sales Managers 2. Account Executives 3. Executive Assistants Management 1. Head of Marketing 2. Head of Sales Operations 1. Sales Operations 2. Marketing Operations Which target accounts are yours? Do you have a list or report of them available? Can you point me to the latest list of our target accounts? Can you show me what the Head of Sales is using to coach her team on their target account lists? Can you show me how target accounts are defined or a report that lists them?
- 25. Refine and operationalize your ABM processes as much and as often as possible
- 26. SDRto AEhand-offfriction ● SDRs weren’t converting leads to opportunities on their own ● We observed a bottleneck stuck full of unconverted high quality SALs ● We addressed this and restored SDR autonomy for the decision to convert leads to pipeline ● We watched for new trends in the data ● Saw a 20% lift in marketing contributed pipeline per week within 2 weeks
- 27. OperationalizedAlignment Operationalized Alignment between Marketing & Sales Activities (AKA Outreach Status) -Outreach Status indicates the current level of sales activity, pre-opportunity, for any given account -Targeted marketing campaigns for accounts based on current outreach status -Engage inactive or dormant accounts with marketing supported campaigns
- 28. Full-funnel ABM campaign coverage
- 29. ABM maturity includes customermarketing Targeting customer profiles Targeting accounts CustomerAcquisition CustomerGrowth Phase 1 Phase 2 Phase 3
- 30. Align your measurement tactics
- 31. Lead Source: Top Performing Source Values Last Quarter Outbound & Website
- 32. Last Quarter: Count of Mktg Opps vs. Mktg Activities Total Count of marketing contributed opportunities 284 Total Count of marketing contributed pipeline activities 3,882 13.7 Average marketing activities per opportunity contributed
- 33. Lead Source is the Gold Standard
- 34. The PLATINUM Standard is Multi-Touch
- 35. LiveRamp’s Custom Multi-Touch Attribution Model Object Referenced Stage Name Weighted Revenue % Lead FT (First Touch) 25.00% Lead LC (Lead Creation) 30.00% Lead MQL (Marketing Qualified) 10.00% Lead SEL (Connect) 1.00% Lead SQL (Meeting) 2.00% Lead SAL (Opp Qualified) 2.00% Opportunity OC (Opportunity Creation) 20.00% Opportunity Introduction 0.00% Opportunity Proposal 0.00% Opportunity Closed/Won 10.00% Lead/Opportunity Middle Touches 0.00% Total Weighted % 100.00%
- 36. Weighted MTA Top Performing Channels Last Quarter Email, Event, Organic Search, SDR
- 37. Demonstrate full-funnel contribution with multi- touch attribution analytics
- 38. Pipeline contribution by source is just a partial story Pipeline contribution by source
- 39. Weighted contribution is more complete and accurate Weighted pipeline contribution by custom multi-touch attribution model
- 40. Know your customer’s journey and tell the story often.
- 41. MTA demonstrates a more complete customer journey
- 42. Let’s recap those 10 steps
- 43. How Marketing Becomesa RevenueCenter: The10StepApproachtoFull-FunnelGrowth 3. Expose AI Insights to Sales: Help your sales team prioritize outreach activities for the best accounts 4. Target List Audience Expansion: Grow your target account list and outreach tactics intelligently with AI 5. Campaign Integration: Experiment with hyper-targeted up-sell/cross-sell campaigns 6. Keep Your Alignment: identify problems or bottlenecks and quickly resolve them 7. Operationalize Whenever, Wherever Possible: Refine and operationalize your ABM processes whenever possible 8. Full-Funnel Campaign Coverage: Think your marketing campaigns should stop with the opp? Think again. 9. Align Your Measurement Tactics: Demonstrate full-funnel contribution with multi-touch attribution 10. Know Your Customer’s Journey and Tell the Story Often 1. Strategic Alliance with Sales: Marketing must nurture a strategic alliance with sales to inform ABM strategy 2. Establish Your List: Move from targeting customer profiles, to targeting your target accounts Aspirations for account-based strategyPhase 1 Target account alignment marketing/salesPhase 2 Operationalized account-based alignmentPhase 3
- 45. On the horizon: Customizing ad copy based on partner ad technology ○ Create different ads based on what DSP each target account has FROM TO People-based marketing everywhere How Data Onboarding feeds better attribution models for Google Adwords
Notes de l'éditeur
- My name is Ben Coffee, I head up Marketing Operations at LiveRamp. I’m been on the account-based journey here since day 1, which has been almost 4 years, and have learned a lot along the way. I’m excited to share with you the most important steps that I’ve learned, many from major challenges I’ve encountered, along the way. This is the playbook I’d follow if I ever have to do it all over again.
- These days it feels like everyone has the desire to do the account-based approach. How do you know where you are in your journey? And at what point to know know it’s time to dive in? And where do you start? And with whom? Don’t worry because this doesn’t all happen overnight. We started this in 2014 and we’re still tackling new challenges today. As I reflected on our journey, I realized we had 3 distinct phases. Each of which has taken a year or more to surpass. These phases are: Maturity Phase 1 Ideal customer profile defined by demographics Target list lacking, or partially complete Pain-points indicating need for account-based strategy identified Maturity Phase 2 Sales and marketing have agreed upon target account list Sales is prioritizing outreach activities for target accounts Marketing campaigns in place for target accounts Maturity Phase 3 Target accounts are tiered, assigned, and automatically categorized to optimize campaign alignment AI driven insights used to prioritize sales outreach Proactively addressing bottlenecks that derail alignment Targeted campaigns activating across full-funnel Measurement tactics are aligned
- Let’s dive in to how we got from phase 1, aspirations for ABM, to phase 2, Target Account Alignment between marketing and sales. For us, this phase of our journey alone took almost two years and occurred during a period of tremendous growth and evolution within our org. With a 10-step playbook in hand, I’m betting we could have cut this time in half!
- I knew we had started on our journey because we intentionally initiated it. We have always aspired to run an industry leading marketing tech stack that powers innovative growth strategies. Our sales team was just beginning to scale up tremendously and we had big revenue contribution goals to meet. Not only did we, the marketing team, want to hit our contribution goals, but we also wanted all of our marketing campaign activity to align with the sales team’s outreach activities. To do this, we knew we needed a target account list that was mutually agreed upon by sales and marketing leadership.
- Your journey must start by building trust with sales leadership and forming a strategic alliance with them. To get a seat at the table, you need to show them the value you can bring and how it’s going to not only make their jobs easier, but bring in more revenue.
- Slide 20: Lattice identified AND validated common attributes of a good customer. Model build for new business - Our goal was to build a predictive model that would help us prioritize and identify the best accounts for a new business win. Pipeline - They analyzed our pipeline data, such as wins and losses, then combined those insights with external buying indicators to score our known account universe. Demographics - We got their by analyzing and identifying common demographic traits for great companies Annual revenue Employee size Specific sales verticals Common online attributes - And helped us identify common online attributes for great companies: High Adwords spend & budget Has specific advertising partner technologies, such as DSPs We had the ICP, and that helped us understand how we could grow our list
- We Scored our known Account Universe with Lattice We knew we wanted a predictive technology in our stack - We definitely knew that we wanted to integrate a predictive strategy into our marketing stack We did our homework, researched our options - after doing our homework, evaluating our options to select the right partner, we were super impressed wth level of attention they considered when developing a model for our business. In addition to that, we knew Lattice could support multiple predictive models which was imperative for our growth in support of our multiple audiences and product lines. Wanted to have a model that could expand to support multiple product lines and audiences - We wanted to Worked with Lattice - We worked with the Lattice team to build our first model that scored our 600 known enterprise and 500 known SMB accounts.
- Slide 21: Scoring our known account universe - the top 20% Looking for the best known accounts - We were looking to isolate the best of our account universe. 70 or greater, then bucketed to grades - For, this was accounts with a score of 70 or greater. To further simplify these scores for easy consumption by Sales and SDRs, we bucketed score ranges as A, B, C or D. Definitions of grades - Accounts between 70-85 were B, accounts from 86-100 were A Top 20% - As a result, out of the 1,100 accounts on our target list, we were able to isolate the 20% with the highest propensity to close
- Alignment indicator between sales and marketing. Slide 31: Lattice gives sales reps insights and context about each account Exposed in SFDC - We also made the decision to expose some of the most valuable enriched attributes directly in Salesforce for easy access and consumption by the sales team. Attributes help them assess account - When a rep is reviewing a lead, or choosing the messaging for their outbound campaign, they can quickly examine the list of Lattice Enriched firmographics and technologies. Choose the right messaging to speak to marketing tech partner use cases - For example, in he Technology Environment section, when a rep sees that an account is using certain technologies, that we know are LiveRamp partners, this helps them construct a more compelling value proposition that speaks directly to that use case
- SDRs are automatically routed the top 20% Slide 23: Lattice Scores drive our lead scoring and routing Lattice grade in lead scoring and routing - Lattice helped us operationalize our ABM Fast tracked - High value leads, those matched to A or B accounts, get a higher priority and have a faster track to sales Throttled low grades - This also helped with our routing, where we’re able to fast track leads to their appropriate owners when we know they’re a great fit, and to NOT fast track them if they aren’t.
- Slide 22: We used Lattice to find net new accounts that fit the criteria for the ideal buyer Audience expansion - In addition to isolating the good ones in our known universe, we did an audience expansion exercise as well. 500 new accounts added - In addition, Lattice took these attributes helped us source 500 new accounts that weren’t previously in known known universe Essentially this was 3x more accounts per SDR - This was a huge win because it essential gave our SDRs 2x more highly qualified accounts to consider as part of their overall outreach
- Lattice powers our account selection for display advertising campaigns run with Terminus We decided to refine our account list to target advertising only for those known to have an A or B grade. More efficient ad spend, better inbound lead production
- You need to get alignment from these people. But what are the data points you need when interviewing them? This should be either 1-2 times year, or it should be whenever there is a significant org change. Questions to ask Can you point me to the latest list of our target accounts? How are our target accounts defined in our CRM?
- You need to get alignment from these people. But what are the data points you need when interviewing them? This should be either 1-2 times year, or it should be whenever there is a significant org change.
- Add animations -- as we move through phases when articulating. Built upon a foundation. Recalibration that needed to be done.
- Slides 30: On the horizon - Customizing ad copy based on partner ad technology Campaigns I’ve discussed are focused on our advertising audience Growth opportunity for other audience: media & entertainment publishers By leveraging DandB enriched attributes in order to segment account lists for our ad campaigns, we can run more personalized creative that speaks more closely to the value propositions we know are important for the different buyers. This example, offline data meets online data, shows an example of a value prop for advertisers The example on the right shows the headline “People-based marketing everywhere” which is a more appealing value proposition for accounts known to be in the media and entertainment publishers audience, as determined by DandB enriched attributes provided by Lattice.