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Riverside Acceleration Capital
Portfolio CEO Summit
Topical Marketing Chats
Dave Kellogg
Principal, Dave Kellogg Consulting
12/9/20
davekellogg@mail.com
www.kellblog.com
@kellblog
1
All Content Licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
My Experience with Scaling and Marketing
Operating
• Ingres, $30M to $240/400M
• Versant, $1M to $30M
• Business Objects, $30M to $1B
• MarkLogic, $0M to $80M
• Salesforce, $3B
• Host Analytics, $8M to $50M
Board & Advisory
• Aster Data (exited)
• Granular (exited)
• Alation
• Nuxeo
• Profisee
• Advisory: Tableau, MongoDB,
Recorded Future, GainSight, Cyral,
Plannuh, …
ProdMkt
VP Mkt
CMO
CEO
SVP/GM
CEO
Business Objects
QBR
April, 1995
3
Shameless Blog Plug
4
Topics
• Thinking about marketing
• Professionalizing marketing
• Scaling marketing
• Managing the sales/marketing relationship
• Planning & budgeting marketing
• The age-old people vs. programs question
• Success metrics and KPIs for marketing
• Q&A
5
How To Think About
Marketing
(And how you should encourage marketing to think about itself.)
6
Note: I can’t find a source for this, so it’s from memory, taking liberties with the double quotes
Scott McNealy
at the Sun
Microsystems
Ten-Year
Anniversary
“I’d like to thank Engineering for building our
amazing products, Sales for working with our
customers to sell them, Customer Support for
working tirelessly to support them, Finance for
managing our resources and numbers, HR for
supporting our hard-working people, and
Marketing for, … for whatever it is they do.”
7
“Half the money I spend
on advertising is wasted;
the trouble is I don’t
know which half.”
John Wanamaker’s Famous Quote
8
Or, As One VP of Business Development Put It
9
Marketing Exists To Make Sales Easier
(For example, here are some tactical and strategic ways they can help)
Tactically
• Getting leads
• Qualifying leads (SDRs)
• Running the website
• Running events/programs
• Building sales tools
• Telling customer stories
• Training sales
• Branding/swag
Strategically
• Company strategy
• Market research
• Strategic positioning (framing)
• Thought leadership
• Influencer and analyst relations
• Ideal customer profile (ICP)
• Product requirements input
• Strategic conscience (market share)
10
Professionalizing
Marketing
11
Is This Your Marketing Head?
• Tendency in marketing, particularly
at smaller firms, to have
homegrown marketers
• It’s not always bad – they know the
product and the customers – but
they may not know marketing
• If you’re in the midst of home-
growing a marketing head, and they
are so inclined, get them to
professionalize themselves
• If not, at some point, you’ll need to
hire a professional marketer
12
BTW, I Have This Issue in the Family
(My daughter is a recently graduated economics major working in brand management.)
13
This is what I’m getting her for Christmas
See
https://kellblog.com/2019/02/28/the-three-marketing-books-all-founder-ceos-should-read/
https://kellblog.com/2014/06/15/ten-classic-business-books-for-entrepreneurs-startup-founders/
Scaling Marketing
14
Typical Early Evolution
1. Generalist
2. Demandgen/web
3. Events
4. Prodmkt
5. PR
15
Conceptually, Marketing Has Four Pillars
16
Product
Marketing
Positioning
Messaging
Sales tools
Demand
Generation
Website/digital
Programs
Events
Marketing
Communications
PR/AR
Customer Stories
Branding/design
Sales
Development
Inbound
Outbound
Hybrid
Recruiting Tip
• You can NEVER find a CMO equally strong on all four pillars
• Think hard about your “pillar profile” before starting a search
• Contrast a (5, 4, 4, 2) to (2, 5, 4, 3)
• Be realistic: you only get about 15 points maximum (e.g., I’m a 5, 3, 5, 2)
17
What a “50/50” Marketing Dept Might Look Like
18
CMO
Prodmkt
Prodmkt
Competition
Solutions Demos
Demandgen
Website
Ops
Contentmkt
Digital/SEM Events
Fieldmkt
Intl
Comms
PR
Brand
AR Customer Social
SDRs
Inbound/X
Outbound/Y
Hybrid/Z
EA
Think of a continuum between one generalist and this;
where do you need investment to help sell more?
(I had to fight the PowerPoint org chart maker; view all orgs as flat reporting directly to their respective pillar head.)
The Marketing/Sales
Relationship
19
Sales/Mkt Partnership with Healthy Tension
“Tough love.”
“Sales is
my customer”
• Great marketers have a “Challenger Sales”
relationship with their internal customer, Sales
• Must remember in the end, that help is defined
in the mind of recipient
• Success indicators
• Live chatting on your staff Zoom
• Talking 1-3x/day
• Answer each other’s call, always
• 90% naturally aligned, 10% conflicting
See https://www.amazon.com/Challenger-Sale-Control-Customer-Conversation/dp/1591844355
Marketing Planning and
Budgeting
21
Dovetailing Top-Down and Bottom-Up
Top Down
• Percent of revenue
• Converge to benchmarks (e.g., KeyBanc)
• Customer acquisition cost (CAC) ratio
• Prior-qtr S&M / current-qtr New ARR
• Sales/marketing expense ratio
• Changes to it often represent power and
politics more than business model
Bottom Up
• Inverted lead funnel model
• New ARR / ASP = deals
• Deals / s2 to close rate = s2 oppties
• s2 oppties * cost/oppty = demandgen
• Benchmarks and improvements
• Systems and infrastructure
• Headcount
22
See https://www.key.com/kco/images/2020_KBCM_SaaS_Survey_8102020.pdf
See https://kellblog.com/2019/12/03/why-every-startup-needs-an-inverted-demand-generation-funnel-part-i/
Balancing People vs.
Programs
23
Marketing Budget Taxonomy
• The fear: marketing will spend all its
money on people
• The reality: you need people to spend
the programs
• Back in the day, you shot for 50/50
people/programs ratio
• Today it’s more complicated
• 45/45/10 people/programs/infrastructure
• 60/30/10 is more common
24
Success Metrics and KPIs
25
Marketing Success Metrics
Internal
• S2 oppty generation
• S2 = sales-accepted oppties
• Day-1 pipeline coverage
• Next-quarter pipeline day-1 coverage forecast
accuracy
• Cost/s2-oppty
• Pipe/spend ratio
• Sales satisfaction
• Run a survey
External
• Web traffic (company, competitors)
• Share of voice (e.g., Cision)
• Search keyword rankings
• Search featured snippet ownership
• Outside-in demand funnel
• Awareness, opinion, trial, consideration, purchase
• Requires custom research
26
Q&A
27
Appendix: Relevant Kellblog on Marketing Posts
• https://kellblog.com/2020/04/26/marketing-exists-to-make-sales-easier/
• https://kellblog.com/2018/05/29/the-two-engines-of-saas-qcrs-and-devs/
• https://kellblog.com/2020/01/24/the-evolution-of-software-marketing-hey-marketing-go-get-this/
• https://kellblog.com/2020/08/28/how-to-get-sales-and-marketing-working-together-presentation/
• https://kellblog.com/2015/02/13/managing-the-fundamental-tension-in-marketing/
• https://kellblog.com/2020/03/04/stopping-the-sales-marketing-double-drowning/
• https://kellblog.com/2017/06/13/dear-marketing-stop-putting-the-template-over-the-story/
• https://kellblog.com/2020/03/08/a-missive-to-marketing-impose-simplicity/
• https://kellblog.com/2017/02/09/the-evolution-of-marketing-thanks-to-saas/
• https://kellblog.com/2019/11/26/should-sdrs-report-to-sales-or-marketing/
• https://kellblog.com/2019/12/03/why-every-startup-needs-an-inverted-demand-generation-funnel-part-i/
• https://kellblog.com/2019/12/05/why-every-startup-needs-an-inverted-demand-generation-funnel-part-ii/
• https://kellblog.com/2019/02/28/the-three-marketing-books-all-founder-ceos-should-read/
• https://kellblog.com/2014/06/15/ten-classic-business-books-for-entrepreneurs-startup-founders/
28

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PE Portfolio CEO Summit, Topical Marketing Chats

  • 1. Riverside Acceleration Capital Portfolio CEO Summit Topical Marketing Chats Dave Kellogg Principal, Dave Kellogg Consulting 12/9/20 davekellogg@mail.com www.kellblog.com @kellblog 1 All Content Licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
  • 2. My Experience with Scaling and Marketing Operating • Ingres, $30M to $240/400M • Versant, $1M to $30M • Business Objects, $30M to $1B • MarkLogic, $0M to $80M • Salesforce, $3B • Host Analytics, $8M to $50M Board & Advisory • Aster Data (exited) • Granular (exited) • Alation • Nuxeo • Profisee • Advisory: Tableau, MongoDB, Recorded Future, GainSight, Cyral, Plannuh, … ProdMkt VP Mkt CMO CEO SVP/GM CEO
  • 5. Topics • Thinking about marketing • Professionalizing marketing • Scaling marketing • Managing the sales/marketing relationship • Planning & budgeting marketing • The age-old people vs. programs question • Success metrics and KPIs for marketing • Q&A 5
  • 6. How To Think About Marketing (And how you should encourage marketing to think about itself.) 6
  • 7. Note: I can’t find a source for this, so it’s from memory, taking liberties with the double quotes Scott McNealy at the Sun Microsystems Ten-Year Anniversary “I’d like to thank Engineering for building our amazing products, Sales for working with our customers to sell them, Customer Support for working tirelessly to support them, Finance for managing our resources and numbers, HR for supporting our hard-working people, and Marketing for, … for whatever it is they do.” 7
  • 8. “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” John Wanamaker’s Famous Quote 8
  • 9. Or, As One VP of Business Development Put It 9
  • 10. Marketing Exists To Make Sales Easier (For example, here are some tactical and strategic ways they can help) Tactically • Getting leads • Qualifying leads (SDRs) • Running the website • Running events/programs • Building sales tools • Telling customer stories • Training sales • Branding/swag Strategically • Company strategy • Market research • Strategic positioning (framing) • Thought leadership • Influencer and analyst relations • Ideal customer profile (ICP) • Product requirements input • Strategic conscience (market share) 10
  • 12. Is This Your Marketing Head? • Tendency in marketing, particularly at smaller firms, to have homegrown marketers • It’s not always bad – they know the product and the customers – but they may not know marketing • If you’re in the midst of home- growing a marketing head, and they are so inclined, get them to professionalize themselves • If not, at some point, you’ll need to hire a professional marketer 12
  • 13. BTW, I Have This Issue in the Family (My daughter is a recently graduated economics major working in brand management.) 13 This is what I’m getting her for Christmas See https://kellblog.com/2019/02/28/the-three-marketing-books-all-founder-ceos-should-read/ https://kellblog.com/2014/06/15/ten-classic-business-books-for-entrepreneurs-startup-founders/
  • 15. Typical Early Evolution 1. Generalist 2. Demandgen/web 3. Events 4. Prodmkt 5. PR 15
  • 16. Conceptually, Marketing Has Four Pillars 16 Product Marketing Positioning Messaging Sales tools Demand Generation Website/digital Programs Events Marketing Communications PR/AR Customer Stories Branding/design Sales Development Inbound Outbound Hybrid
  • 17. Recruiting Tip • You can NEVER find a CMO equally strong on all four pillars • Think hard about your “pillar profile” before starting a search • Contrast a (5, 4, 4, 2) to (2, 5, 4, 3) • Be realistic: you only get about 15 points maximum (e.g., I’m a 5, 3, 5, 2) 17
  • 18. What a “50/50” Marketing Dept Might Look Like 18 CMO Prodmkt Prodmkt Competition Solutions Demos Demandgen Website Ops Contentmkt Digital/SEM Events Fieldmkt Intl Comms PR Brand AR Customer Social SDRs Inbound/X Outbound/Y Hybrid/Z EA Think of a continuum between one generalist and this; where do you need investment to help sell more? (I had to fight the PowerPoint org chart maker; view all orgs as flat reporting directly to their respective pillar head.)
  • 20. Sales/Mkt Partnership with Healthy Tension “Tough love.” “Sales is my customer” • Great marketers have a “Challenger Sales” relationship with their internal customer, Sales • Must remember in the end, that help is defined in the mind of recipient • Success indicators • Live chatting on your staff Zoom • Talking 1-3x/day • Answer each other’s call, always • 90% naturally aligned, 10% conflicting See https://www.amazon.com/Challenger-Sale-Control-Customer-Conversation/dp/1591844355
  • 22. Dovetailing Top-Down and Bottom-Up Top Down • Percent of revenue • Converge to benchmarks (e.g., KeyBanc) • Customer acquisition cost (CAC) ratio • Prior-qtr S&M / current-qtr New ARR • Sales/marketing expense ratio • Changes to it often represent power and politics more than business model Bottom Up • Inverted lead funnel model • New ARR / ASP = deals • Deals / s2 to close rate = s2 oppties • s2 oppties * cost/oppty = demandgen • Benchmarks and improvements • Systems and infrastructure • Headcount 22 See https://www.key.com/kco/images/2020_KBCM_SaaS_Survey_8102020.pdf See https://kellblog.com/2019/12/03/why-every-startup-needs-an-inverted-demand-generation-funnel-part-i/
  • 24. Marketing Budget Taxonomy • The fear: marketing will spend all its money on people • The reality: you need people to spend the programs • Back in the day, you shot for 50/50 people/programs ratio • Today it’s more complicated • 45/45/10 people/programs/infrastructure • 60/30/10 is more common 24
  • 26. Marketing Success Metrics Internal • S2 oppty generation • S2 = sales-accepted oppties • Day-1 pipeline coverage • Next-quarter pipeline day-1 coverage forecast accuracy • Cost/s2-oppty • Pipe/spend ratio • Sales satisfaction • Run a survey External • Web traffic (company, competitors) • Share of voice (e.g., Cision) • Search keyword rankings • Search featured snippet ownership • Outside-in demand funnel • Awareness, opinion, trial, consideration, purchase • Requires custom research 26
  • 28. Appendix: Relevant Kellblog on Marketing Posts • https://kellblog.com/2020/04/26/marketing-exists-to-make-sales-easier/ • https://kellblog.com/2018/05/29/the-two-engines-of-saas-qcrs-and-devs/ • https://kellblog.com/2020/01/24/the-evolution-of-software-marketing-hey-marketing-go-get-this/ • https://kellblog.com/2020/08/28/how-to-get-sales-and-marketing-working-together-presentation/ • https://kellblog.com/2015/02/13/managing-the-fundamental-tension-in-marketing/ • https://kellblog.com/2020/03/04/stopping-the-sales-marketing-double-drowning/ • https://kellblog.com/2017/06/13/dear-marketing-stop-putting-the-template-over-the-story/ • https://kellblog.com/2020/03/08/a-missive-to-marketing-impose-simplicity/ • https://kellblog.com/2017/02/09/the-evolution-of-marketing-thanks-to-saas/ • https://kellblog.com/2019/11/26/should-sdrs-report-to-sales-or-marketing/ • https://kellblog.com/2019/12/03/why-every-startup-needs-an-inverted-demand-generation-funnel-part-i/ • https://kellblog.com/2019/12/05/why-every-startup-needs-an-inverted-demand-generation-funnel-part-ii/ • https://kellblog.com/2019/02/28/the-three-marketing-books-all-founder-ceos-should-read/ • https://kellblog.com/2014/06/15/ten-classic-business-books-for-entrepreneurs-startup-founders/ 28