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Today, we continue our Marketo Summer Session series; if you had a chance to attend the first few, they focused on the early and mid. stages of the buying cycle - how to attract and acquire new prospects and engage them across different channels with the right message until they are sales ready.
Today, our webinar will focus on the later stage of the buying journey. We’ll cover the topic of Sales and Marketing Alignment and how to increase the quality of leads to Sales and help them win more deals quickly.
So here’s the agenda for today.. Let’s dive right into it…
Let’s start with what Sales and Marketing alignment means … it’s …
The keywords “work together towards a common goal” are really important here.
I don’t think anyone doubts the importance of alignment. According to a study by Sirius Decisions conducted in 2015, companies that… Clearly more companies need to align their organisations to be successful
Other benefits of Sales and Marketing alignment include … higher revenue, shorter sales cycle, better conversion rates and forecast accuracy
Let me give you another example from Marketo’s customer, Panasonic. Since implementing Marketo, they now have visibility into what’s working and what leads are actually engaging; they prioritize all outreach in CRM system. So due to tighter alignment b/w M&S they exceeded meetings quota by 50%, almost doubled SDR generated leads and grew pipeline by over 100%. Now that’s impressive!!!
------ The customer Panasonic Systems Communications Company Europe (PSCEU) is the European arm of the global B2B division of Panasonic Corporation with revenues of more than €500 million. The company’s marketing team has a large and complex operation to run: over 460 constantly changing products, thousands of pieces of collateral and 63,000 pages on 72 websites in 22 languages - one of the largest B2B websites in Europe. The goal was to integrate all the different customer databases, make it easier to do business with and target its sales organisations on larger accounts, while maintaining its run rate business with the channel. The Marketo solution Panasonic were looking for a solution that could drive a high ROI, support their expansion into new markets and enable their marketing team to do more with less. The company integrated Marketo with its existing Salesforce CRM solution, importing more than 55,000 contacts and training 50 staff. Marketo went live in April 2013 across 25 countries in Europe.
Results In the 18 months since implementing Marketo, the share of total new Sales pipeline that came from Marketing campaigns grew from under 10 per cent to 26 per cent. CRM Database doubled in size from inbound web forms, events etc. They have much greater visibility into their prospect’s online behaviour, and the lead scoring gives them greater cross sell opportunities. Increased the number of campaigns per month 5 X. Ability for sales teams to frame more relevant and stimulating conversations with prospects, for long-term, lucrative customer relationships
So all of that is great, but how do you actually go about achieving alignment? So now we’re getting into the meat of the presentation. So let me give you some actionable tips and share with you how we do it at Marketo
You don’t make these decisions in isolation. Several teams need to come together and define these terms – Marketing, Sales, Sales Development (Inside Sales), Marketing and Sales Ops.
While that might seem extraordinarily simple, it’s still relatively rare across organisations. According to CSO Insights, only 44% of companies have formally agreed on the definition of a qualified lead between sales and marketing.
At Marketo, an MQL is a combination of “fit score”, which says how well the lead matches the ideal target, “engagement score”, a metric that scores the lead’s level of interaction with content, and “buying intent”, which tracks purchase indicators. Based on a combination of these factors, qualified leads are passed on to sales. This may be very different for your business … Another important consideration is the length of your buying or revenue cycle for your business, which would influence the decision on how often can your prospect achieve an MQL stage.
Marketing has monthly, quarterly goals around MQLs and reports on these weekly
So the definition of MQLs for customers is very different. If your organization has multiple products or services sold into the installed base – in other words, if you run an up-sell/cross-sell business, you need to think about prioritizing customer leads for your Sales teams. At Marketo, we started with general MQLs initially, but as we grew our x-sell products and services portfolio, it became obvious that we need to measure the customer’s interest and buying intent for different products separately. That’s why we moved to product MQLs. Again, this may be different for your organization. At Marketo,
Product MQLs are based on Product Interest score; and a threshold of becoming a product MQL is 5+ points Customer can be an MQL for multiple products in the same month.
A customers can be an MQL for multiple product in a given quarter, once disqualified for 1 product they can’t become an MQL for that product again for 3 months; Again, this is not set in stone, but can be different for your organization.
I will touch on the importance of lead scoring in subsequent slides.
Sales Qualified Lead: Marketing passes MQLs on to a section of the sales department, sales development reps), that will determine which leads should be given to an account executive to close the deal. In general, an SQL is a lead that has high potential to actually purchase the product.
Once a lead is passed to Sales, an AE has 1 week to determine if an opportunity exists and start an active sales cycle.
Step 2 in the process is defining the revenue funnel. It’s hugely important in making sure that your Sales and Marketing teams are on the same page with regard to different stages of the cycle and what moves a prospect from one stage to the next and what follow-up needs to happen at each stage.
1) This is the revenue cycle we use at Marketo; it’s broken into 3 buckets, starting with TOFU, where leads enter the funnel, MOFU is middle of funnel, where the focus is on marketing getting leads ready to have a conversation with sales, and BOFU is bottom of funnel, once sales is engaged.
This is central to everything we do at Marketo. In fact, defining these stages rigorously in alignment with sales was the #1 most important thing we did in building our revenue process at Marketo.
We’ll walk through each of these stages in a bit more detail, as it’s foundational for much of what I’ll cover in today’s presentation. You may have different stages for your business, and that’s okay…the important thing is that you define them, marketing and sales sits down and agrees what they mean, what are the definitions for moving from one to another, and what are the business process and rules for responding at each stage.
First stage is awareness, which is all about building our brand. And we do that through content marketing and inbound strategies, not with broadly targeted and expensive advertising.
3) Next we have a subset of awareness we call Friend, not just someone who has heard of us, but someone that has a positive association with our brand – they’ve learned to like us.
4) The red line is when people enter our database, when we have their contact information. This is where semantics really matter. These people are NOT leads. These are really just names – think about names scanned at a trade show. Many of these folks are not interested, and never will be interested in buying from you.
5) The next step is engaged. Someone who is engaged is in our database and has had a meaningful interaction with us.
For example, they have downloaded a white paper or attended a demo.
6) The target stage represents someone who is engaged and has the right demographics. For example, at Marketo, this is a VP of Marketing who watched a demo.
That target number is the first metric that we really care about. We don’t report on names that much, but we care about targets, because it tells us whether or not our marketing efforts are attracting potential customers, and not just names.
7 )And then, when they show sufficient buying signs, behaviors that indicate that they’re ready to have a conversation with a sales person, their score gets to 100 points, and at this point we call them a lead, or a MQL, and we pass them to a sales development rep, an inside sales person who calls and qualifies the lead.
8) Now, about 5 to 10% of them do get qualified and get moved into an active buying cycle, and are deemed sales ready (looking to make a purchase in the next 6 months), and get passed to our sales team (an AE) as a sales lead.
The sales rep at that point has 1 week to determine whether or not an opportunity exists.
9) And if they believe an opp exists, they enter the opp in the CRM.
Marketing doesn’t do it, the SDR doesn’t do it. Only the sales rep created the opp, and that’s important that they do it, because that is how marketers at marketo get paid. Marketing carries a quota. Not for closed business, but for the number of opps created by our customers, i.e. sales.
Step #3 is Setting common goals after you defined your revenue funnel stages. Again, this step is extremely important. Sales and Marketing leaders need to work together to define these goals. At Marketo, the process starts with revenue goals for each segment and region (say North America SMB); and from there we derive the number of wins, opps, SQLs, MQLs and targets we need to get for the year, quarter or given month.
My team is directly responsible for driving targets, MQLs, meeting, but we also carry quota for opportunity creation even though our SDR team directly qualifies the leads and passes them to AE’s who open opps in the CRM. So marketing shares this pportunity quota with SDR’s and that’s where the real alignment on goals is happening.
We invest in a broad mix of programs – paid, unpaid, and underlying everything is great content We plan our content mix based on our Marketing and sales goals, and run a portfolio of programs in a given month to make sure that we have enough high-quality leads to pass to Sales but at the same time we acquire enough new names into the d/base
We also map content to the buying cycle
We also run a mix of programs that fit to each stage of the buying cycle
So at the Tofu stage, where the goal is to attract and acquire new prospects into the database, we run PPC, SEO, social media programs, etc. At the middle stage, we nurture leads across multiple channels and engage them with personalised messages and content and webinars And at the late stage, we run demos, lunch & learns, late stage webinars, promote case studies, and other
I touched on lead scoring earlier today specifically around Product interest scoring. It is crucial to get S&M orgs aligned early on as you implement lead scoring. At Marketo, our MOPS team helps tremendously in the process.
We use lead scoring for demographics fit (a VP of mktg. is scored higher than a marketing coordinator) For Asset scoring, we look at whether it’s an early stage or late stage asset and the level of engagement that’s required to consume it (for example, an infographic is just 1 point, but a 100+ page Definitive guide is 10 points)
Behavior scoring: again, this is different depending on the early-mid-late stage of content and whether the behavior represents buying intent or not. E.g. visit to a pricing page +10, visit careers pages – minus 10
And of course, you need Marketing Automation software to activate the lead scoring and use it for all your campaigns.
In a joint mathmarketing /marketo study, we surveyed 500 companies and found out that companies that had a shared Sales & marketing process
an additional 31% uptick in MQL acceptance and a visible 63% improvement in Marketing’s contribution to total revenue
And the last step is structuring the organisation for alignment. At Marketo, we have alignment across marketing – Sales Development and Account execs and a clearly defined process for passing the baton or the leads from one group to the next. In our model, the SDR team reports into the sales organisation
Do you have an SDR team in your organisation? Or does Mktg. pass leads directly to sales?
So why is a Sales Development team so important? The answer is simple: revenue. In fact, industry standard is to get between 25% and 50% of new business from your SDRs. At Marketo, we expect to see a return on investment in our SDRs of at least 20x their salaries, and we usually see higher ROI than that.
This means you have inexpensive SDRs call a relatively large number of leads to make sure you don’t miss any opportunities, but then only pass very highly-qualified leads to the expensive account executives.
Also, some Inside Sales organisations focus more heavily on inbound qualification; others focus more on outbound prospecting. At Marketo, we have both Inbound and Outbound SDR teams. And it’s a different strategy for each team; the inbound team focuses on volume, it’s more of a shot gun approach. The outbound team deploys sniper approach and target account strategy.
So how do SDRs know which leads to follow up on first?
At Marketo, once we have a lead, we need to get it to the sales team in a way that is easily digestible. So we have a sales intelligence tool called Marketo Sales Insight that lives natively within the CRM. We use SFDC. And it essentially provides the sales reps with a prioritised list of leads, with their best bets on top…which is why we call this the best bets list. The more stars and flames a lead has, the higher the quality. Stars measure relative lead score, and the flames is a measure of how quickly the score increased over time, which is essentially telling the rep how “hot” the lead is. So a lead with a very high score that has been doing a lot of research on the website over the past few days is someone that is likely to show up very high on their list.
This is a great tool to help sales prioritise leads in their queue.
At Marketo we have these in place and it is all automated.
So when a lead becomes a lead, if after the first day they haven’t touched it, they get a nice incredibly friendly reminder. And you can see from this slides the reminders get less friendly.
As you can imagine, there are very few leads that aren’t followed up within a 3-day period. And by the way, some leads are followed up much more quickly.
Now, this may seem a bit harsh, but hey, that’s an SDR’s job. Their primary mission is to call and qualify our best leads and pass them to an AE if they think an opportunity exists.
According to research from Marketo and ReachForce, half of sales’ time is spent on unproductive prospecting, with sales ignoring as much as 80% of marketing leads. For both teams, that amounts to a lot of hard work for nothing. So what happens when sales and marketing do work well together? Businesses are 67% better at closing deals
I’m going to hand you back over to Lorna now to see if there are any questions…..