Date post: | 16-Apr-2017 |
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8 Biggest Mistakes Demand Generation Marketers Make and How to Avoid Them
Joe PaoneManager, SMB MarketingMarketo
• This webinar is being recorded! Slides and recording will be sent to you after the webinar concludes.
• Have a question? Use the chat box and I’ll get to your questions after the webinar.
• Posting to social? Use our hashtag - #mktgnation• There is a brief survey after the webinar
Housekeeping
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1 PRE-EXISTING BIASES
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Fight Bias with Data, but Be Careful
• Does this data tell the whole story?• Are you being objective?
• Are you comparing similar time periods, messaging, etc.?
• Are you interpreting the data in a way that confirms your bias?
Clicks
Eliminate Confirmation Bias
Clicks Revenue
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‒ Recognize that bias exists‒ Rely on data to eliminate bias‒ Does the data tell the whole story? Remove
confirmation bias by analyzing all the data‒ When no data exists-be open to testing
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2 NOT SEGMENTING YOUR DATABASE
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Why Segmentation is Important• 39% of email revenue is generated through targeted emails sent to specific segments1
• Segmented email campaigns produce 30% more opens than undifferentiated messages2
• 77% of email ROI comes from segmented, targeted and triggered campaigns1
• 84% of marketers who use segmentation rate their email ROI as good or excellent3
1DMA 20142Monetate 20123Econsultancy 2012http://www.towerdata.com/blog/the-roi-of-email-intelligence
Right message to the right person
Segmentation BasicsGenderAgeGeographyIncomeJob TitleCompany sizeIndustryRevenue
• Engagement • Activity• Non-activity• Stage
Demographic/Firmographic
Behavioral
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‒ Segmentation is a must-have‒ Key component in getting the right message to the right
person‒ Comprised of demographic, firmographic and behavioral
data‒ Should be leveraged beyond just email
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3 NOT GETTING PERSONAL
• 87% of people demand a meaningful brand experience (Source: Edelman Consulting, 2014)
• 74% of online buyers get frustrated with websites when content like offers, ads, and promotions are irrelevant to their interests. (Source: Janrain & Harris Interactive)
• 59% of buyers who have experienced personalization believe it has a noticeable influence on purchasing. (Source: Infosys)
• 88% of marketers who use personalization says it has a high impact on ROI and engagement. (Source: eConsultancy)
It’s Time to Get Personal!
Conversion Rates
33%Conversion rates for personalized campaigns
20%Increase in qualified lead gen with selected content
Visitors presented with personalized content convert 5X more than avg.
Default ViewPersonalized for Visitors from the Healthcare Industry
Higher engagement, with average visit duration rising 313% and average pages per visit increasing 163%.
Dynamic Content
Generic Advertising is Good, but…
These personalized Ads drove 2x more lead
conversions 117% increase
yr./yr. in qualified leads
Getting Personal is Better!
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‒ Take personalization beyond email‒ Personalized experiences yield higher conversions and a
better experience ‒ Personalization allows you to optimize ad spend and
increase quality of prospects as well as acquire customers faster
‒ Personalization allows you to match content & messages to the stage of the buyers’ journey
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4 NEGLECTING NURTURE
Increase in sales opportunities from nurtured leads versus non-nurtured
98%
123 Days
20%
Why Nurture: Marketo Data
Average Target to Opp time
New Targets NOT Opp-Ready
What Matters? Being relevant and personal
Hi, are you ready to buy?Hi, are you ready to buy?Hi, are you ready to buy?Hi, are you ready to buy?Hi, are you ready to buy?Hi, are you ready to buy?Hi, are you ready to buy?Hi, are you ready to buy?Hi, are you ready to buy?
Bummer – too much, not relevant
• Here’s a cool video• Check out this article• See our latest offering• Share this with friends• Here’s what others like!• Download our new book• Happy birthday• Join us at our event• You like X, check out Y• Fun ways to learn more• Take this survey• You haven’t bought yet, here’s a 10%
discount
Ideal: Adjust, listen, respond
Engagement Programs
Priority 1Interest
C-LevelENT/MM
Vertical
Higher Ed
Healthcare
Financial
Agency
Sports
C-Level SMB Competitor
A
B
C
D
E
Priority 2Business Unit
B2C*
Pending
Early
Mid
Late
B2B (SMB)
Pending
Early
Mid
Late
MM
Pending
Early
Mid
Late
ENT*
Pending
Early
Mid
Late
Marketo NOAM Prospect Nurture Example
• We created custom audiences in Facebook and Twitter to then serve ads to these audiences in addition to Emails.
• The CTR on this multi-channel stream was 30-35% higher resulting in a higher lead velocity and higher conversion to MQL and opps
Marketo Example: Multi Channel Nurture
Nurture with Triggered Accelerator
• Attends event• Logs into mobile app• Downloads content• Click email• Fills out form• Score is changed• Product interest• Inactivity
IT
Finance
C-level
Triggers – Can Listen for Behavior
Marketo Example: Triggered AcceleratorGoal: Target and convert leads who abandoned demo form pages on marketo.com
Results: 455 sent; ~$500k in sales pipeline (over 4 months)
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‒ Don’t underestimate the value of nurture‒ Make sure your nurture adds value and is not too salesy‒ Start with email, expand to multi-channel‒ Triggered emails are a great way to augment nurture
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5 INACCURATE OR NO ATTRIBUTION ANALYSIS
1• Cost per program
2• New Names
3• New Targets
4• Cost per Target
Early
1• Program success
2• Call connects
3• # of meetings
4• Marketing qualified leads (MQLs)
Mid1
# of opportunities
2• First Touch Ratio
3• Multi Touch Ratio
4 Pipeline
Late
Know What To Measure When
Measure What Matters Early
Quality vs. Quantity
Measure What Matters Late
First-Touch Attribution Explained
Multi-Touch Attribution Explained
FT vs. MT Pipeline
Channel FT Pipeline MT Pipeline
PPC $410,000 $525,000
Webinars $220,000 $903,000
Content Syndication $325,000 $117,000
More efficient at pushing leads
through funnel
More efficient at acquiring the right
leads
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‒ Most marketers don’t build programs with a data first approach
‒ Don’t let early stage metrics drive your strategy‒ First touch and multi touch metrics are both important,
but for different reasons
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6 OPERATING IN A VACUUM
You Are Not An Island
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‒ Consider all marketing channels‒ Marketing programs are most effective when deployed
cross-channel‒ Don’t recreate the wheel
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7 NOT LEVERAGING A LEAD SCORING SYSTEM
Why Score Leads in the first place?
Use Lead Scoring“Shared sales and marketing methodology for ranking
leads in order to determine their sales readiness”
Nurture Nurture DisqualifyPass to Sales
Pass to Sales
Fit Interest Buying Stage
Lead Score Formula
LEAD SCORE = (Pos Demo Score2 ) - (Neg Demo Score2) + Behavior - Decay
Measure of engagement with Marketo content
Demographic scores reflect buyer fit
Leverage Scoring to Drive Prioritization
Inbound Leads
Target Leads(High Demographic Score)
Target Leads(High Behavior Score)
Decay / Inactivity
Fast Track: Act Now/Call Now
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‒ Many companies are not leveraging a lead scoring model‒ Determine which inputs (and at what weightings) make
the most sense for your company‒ Use lead score to drive Sales prioritization
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8 POOR ALIGNMENT WITH SALES
Sales and marketing alignment is the process of getting these two departments to effectively work together towards a common goal.
What and Why
Companies that have aligned sales and marketing teams achieve up to 19% faster growth and 15% higher profitability.*
*Source: 2015 B2B Buyer Benchmark Study by SiriusDecisions.
Improves Conversion Rates
Improve AlignmentDefine common termsDefine revenue funnelSet common goalsPlan togetherUtilize lead scoringCommunicate often
Plan Together, Succeed Together
31% increase in MQL acceptance
63% improvement in Marketing’s contribution to total revenue
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‒ Better alignment with Sales yields better results for the company
‒ Get Sales involved in the process‒ Spend time with Sales‒ Actively engage and solicit feedback
8 Mistakes Demand Generation Marketers Make 1. Pre-existing Bias2. Not Segmenting Your Database3. Not Getting Personal4. Neglecting Nurture5. Inaccurate or No Attribution Analysis6. Operating in a Vacuum7. Not Leveraging a Lead Scoring System8. Poor Alignment with Sales
Questions?
https://www.linkedin.com/in/jpaone