Marketo Secret Sauce Case Study Drives Lead Generation
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The document is a case study presentation by Marketo about how they drive their own business through modern marketing techniques. It details how Marketo uses content marketing, lead generation, marketing automation, and analytics across the entire customer revenue cycle from awareness to sales. It shows examples of their lead scoring system, behavioral targeting, dynamic content nurturing programs, and multi-touch attribution analytics to measure marketing return on investment. The goal is to inspire other companies and illustrate how to effectively market and sell in the current digital environment.
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Marketo Secret Sauce Case Study Drives Lead Generation
- 1. Marketo Secret Sauce: Modern Marketing Case Study Jon Miller VP and Co-Founder, Marketo Page 1 #MKTGNATION14 © 2014 Marketo, Inc.
- 2. What Is The Marketo Secret Sauce? • A detailed case study of how Marketo drives our own business • Covers content marketing, lead generation, marketing automation, analytics and more • Focuses on “lead generation” but also has insights for consumer-oriented companies • Illustrates an example of one company doing it right – meant to inspire and educate • Not a commercial for Marketo! Page 2 #MKTGNATION14 © 2014 Marketo, Inc.
- 3. Page 3 #MKTGNATION14 © 2014 Marketo, Inc.
- 4. Page 4 #MKTGNATION14 © 2014 Marketo, Inc.
- 5. Page 5 #MKTGNATION14 © 2014 Marketo, Inc.
- 6. Page 6 #MKTGNATION14 © 2014 Marketo, Inc.
- 7. INFORMATION ABUNDANCE Page 7 #MKTGNATION14 © 2014 Marketo, Inc.
- 8. Source: The Corporate Executive Board Company, “The Digital Evolution in B2B Marketing,” 2012. Page 8 #MKTGNATION14 © 2014 Marketo, Inc.
- 9. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Lead Sales Lead Nurturing Database TOFU MOFU Opportunity Customer BOFU Page 9 #MKTGNATION14 © 2014 Marketo, Inc.
- 10. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Exposed to us via content, brand, or word of mouth Page 10 #MKTGNATION14 © 2014 Marketo, Inc.
- 11. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Feels a relationship and trust with us Page 11 #MKTGNATION14 © 2014 Marketo, Inc.
- 12. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Names are just names. Page 12 #MKTGNATION14 © 2014 Marketo, Inc.
- 13. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Meaningful interaction with us Page 13 #MKTGNATION14 © 2014 Marketo, Inc.
- 14. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Qualified potential customer Nurture until ready for next step Page 14 #MKTGNATION14 © 2014 Marketo, Inc.
- 15. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Marketing qualified lead (score > 100) – Sales Development Rep (SDR) reach-out Page 15 #MKTGNATION14 © 2014 Marketo, Inc.
- 16. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Qualified as sales-ready by SDR Page 16 #MKTGNATION14 © 2014 Marketo, Inc.
- 17. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Opportunity Customer Lead Sales Lead Nurturing Database Accepted and actively worked by sales: marketing quota attainment Page 17 #MKTGNATION14 © 2014 Marketo, Inc.
- 18. Awareness and Top of Funnel Page 18 #MKTGNATION14 © 2014 Marketo, Inc.
- 19. Page 19 #MKTGNATION14 © 2014 Marketo, Inc.
- 20. Blog, e-books, research data, funny videos, curated lists, infographics, webinars Early Stage Thought leadership and enjoyable content to build brand, awareness, and desire Middle Stage Tools that help buyers find you when they are looking for solutions Late Stage Company-specific information to help evaluate and reaffirm selection Buying guides, RFP templates, ROI calculators, definitive guides, analyst reports Pricing, demos, services information, 3rd party reviews, customer case studies Page 20 #MKTGNATION14 © 2014 Marketo, Inc.
- 21. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 21 #MKTGNATION14 © 2014 Marketo, Inc.
- 22. Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 22 #MKTGNATION14 © 2014 Marketo, Inc.
- 23. Inbound creates the best leads by far: high conversion, high velocity… Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 23 #MKTGNATION14 © 2014 Marketo, Inc.
- 24. …but just creating more content won’t scale inbound – need to convert Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 24 #MKTGNATION14 © 2014 Marketo, Inc.
- 25. Page 25 #MKTGNATION14 © 2014 Marketo, Inc.
- 26. For visitors in B2C industries Page 26 #MKTGNATION14 © 2014 Marketo, Inc.
- 27. Page 27 #MKTGNATION14 © 2014 Marketo, Inc.
- 28. For companies using competitive solutions Page 28 #MKTGNATION14 © 2014 Marketo, Inc.
- 29. But we also use a Portfolio of programs Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 29 #MKTGNATION14 © 2014 Marketo, Inc.
- 30. DATE: JUNE Page 30 #MKTGNATION14 © 2014 Marketo, Inc.
- 31. Middle of the Funnel Page 31 #MKTGNATION14 © 2014 Marketo, Inc.
- 32. Page 32 #MKTGNATION14 © 2014 Marketo, Inc.
- 33. Sales Ready 25% 50% 25% Source: RainToday 2% Need More Nurturing Disqualified Page 33 #MKTGNATION14 © 2014 Marketo, Inc.
- 34. Average days to Opportunity: 327 days Source: Marketo data, Marketo Revenue Cycle Analytics. Does not include all sources. Page 34 #MKTGNATION14 © 2014 Marketo, Inc.
- 35. Nurturing: Building durable relationships with prospects and customers over time through engaging conversations Page 35 #MKTGNATION14 © 2014 Marketo, Inc.
- 36. What isn’t an engaging conversation? Page 36 #MKTGNATION14 © 2014 Marketo, Inc.
- 37. What Is Engagement Marketing? • As individuals • Based on what they do • Continuously over time • Wherever they are • Directed towards a goal • With measurable impact • At speed of digital
- 38. Stages A B 2. C BUYING PROFILES • B2B Marketing • Consumer D Marketing • Sales • Early: Be a Better Marketer • Mid: Why Marketing Automation • Late: Why Marketo • Customer: Success 1 2 1. BUYING STAGES 3 Page 38 #MKTGNATION14 © 2014 Marketo, Inc.
- 39. Page 39 #MKTGNATION14 © 2014 Marketo, Inc.
- 40. Dynamic Content Industry, Geography, Company Size, Customer vs. Prospect, etc. Page 40 #MKTGNATION14 © 2014 Marketo, Inc.
- 41. Behavioral Targeting for Maximum Relevance: Topic of Interest Triggers • Attends event • Downloads content • Click email • Fills out form • Score is changed Email Social Content Technology Page 41 #MKTGNATION14 © 2014 Marketo, Inc.
- 42. 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 42 #MKTGNATION14 © 2014 Marketo, Inc.
- 43. Scoring and Lead Management Page 43 #MKTGNATION14 © 2014 Marketo, Inc.
- 44. Scoring Defined “Methodology for ranking leads and customers in order to determine their readiness to buy” Nurture Pass to Sales Nurture Pass to Sales Disqualify Fit Interest Buying Stage Page 44 #MKTGNATION14 © 2014 Marketo, Inc.
- 45. Short (5) Conversion: 13.4% Cost per: $31.24 Medium (7) Conversion: 12.0% Cost per: $34.94 Long (9) Conversion: 10.0% Cost per: $41.90 Page 45 #MKTGNATION14 © 2014 Marketo, Inc.
- 46. • Early stage content +3 • Attend webinar: +5 • Visit any webpage / blog : +1 • Visit careers pages: -10 • Decay inactivity: -1, -5, -10 • Pricing pages: +10 • Watch demos: • +5 overview • +10 detailed • Mid-stage content +8 • Late-stage content +12 • Searches for branded keyword “Marketo” +8 Get The “Definitive Guide to Lead Scoring” http://marketo.com/DG2LS Page 46 #MKTGNATION14 © 2014 Marketo, Inc.
- 47. One Way to Identify Marketing Qualified Leads A Lead Lead Lead B Lead Lead C Lead D 4 3 2 1 Engagement & Intent Fit Page 47 #MKTGNATION14 © 2014 Marketo, Inc.
- 48. Stars and Flames show priority Full list of Interesting Moments Page 48 #MKTGNATION14 © 2014 Marketo, Inc.
- 49. No Lead Left Behind: Service Level Agreements Day 0 Notification 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 If stale, alert executives Page 49 #MKTGNATION14 © 2014 Marketo, Inc.
- 50. Customer Lifecycle Page 50 #MKTGNATION14 © 2014 Marketo, Inc.
- 51. Name Awareness Friend Engaged Target OpportunityCustomer Lead Sales Lead Nurturing Database Retain Advocate Enable Adopt Drive customer success to keep and grow relationships Page 51 #MKTGNATION14 © 2014 Marketo, Inc.
- 52. Different Goals for Different Stages ENGAGE LEARN EVALUATE BUY BUY ENJOY TRUST ADVOCATE OWN USE VALUE RENEW Page 52 #MKTGNATION14 © 2014 Marketo, Inc.
- 53. Customer Nurture Streams Page 53 #MKTGNATION14 © 2014 Marketo, Inc.
- 54. X-S Scoring Based on Product Interest (PIS) Page 54 #MKTGNATION14 © 2014 Marketo, Inc.
- 55. Revenue Analytics Page 55 #MKTGNATION14 © 2014 Marketo, Inc.
- 56. Page 56 #MKTGNATION14 © 2014 Marketo, Inc.
- 57. Page 57 #MKTGNATION14 © 2014 Marketo, Inc.
- 58. 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 58 #MKTGNATION14 © 2014 Marketo, Inc.
- 59. Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics Page 59 #MKTGNATION14 © 2014 Marketo, Inc.
- 60. Track All Touches Across People Screenshot: Marketo Revenue Cycle Analytics Page 60 #MKTGNATION14 © 2014 Marketo, Inc.
- 61. 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 $25,000 $25,000 $25,000 Seminar A $25,000 Tradeshow B $50,000 Direct Mail C $25,000 Page 61 #MKTGNATION14 © 2014 Marketo, Inc.
- 62. Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 Page 62 #MKTGNATION14 © 2014 Marketo, Inc.
- 63. Inbound + Nurture = 58% of (MT) Pipeline Paid Programs = 42% of (MT) Pipeline Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 Page 63 #MKTGNATION14 © 2014 Marketo, Inc.
- 64. (MT) Ratio = Pipeline / Investment >10 is Great and <5 is Fail Sponsored Email = 12.8, Tradeshow = 10.6, PPC = 13.0, Webinars = 25.4, Field Events = 6.6, Content Syndication 7.7 Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 Page 64 #MKTGNATION14 © 2014 Marketo, Inc.
- 65. % Programs with MT Ratio > 5 e.g. Tradeshow has good average but 49% programs “fail” Source: Marketo Revenue Cycle Analytics, Apr 2014 * Percentage of all programs in channel that achieve MT Ratio > 5 Page 65 #MKTGNATION14 © 2014 Marketo, Inc.
- 66. Marketo’s Revenue Cycle Name Awareness Friend Engaged Target Lead Sales Lead Nurturing Database TOFU MOFU Opportunity Customer BOFU Page 66 #MKTGNATION14 © 2014 Marketo, Inc.
- 67. Revenue Cycle Modeler Screenshot: Marketo Revenue Cycle Analytics Page 67 #MKTGNATION14 © 2014 Marketo, Inc.
- 68. Key topic areas: • Balance (Reach) • Flow • Conversion • Velocity Trends over time Filter/Drill into data, e.g. by Program Type, Business Unit, Geography, etc. Screenshot: Marketo Revenue Cycle Analytics Page 68 #MKTGNATION14 © 2014 Marketo, Inc.
- 69. Use Metrics to Set & Justify Budgets New Targets 60,000 Inventory Of Active Targets 131,000 New MQLs Score>100 23,000 15.3% 10.5% 20,000 Inventory of Active MQLs New Opps* 1,000 6 Month Created Opp Inv. 2,000 270 New SQLs 922 SDR capacity driven New Names Inbound / Programs 120,000 (900K DB Total) 2.4% 1.9% 75% *Opps is bigger than SQLs because includes outbound and partner referrals Wins 35% win Page 69 #MKTGNATION14 © 2014 Marketo, Inc.
- 70. 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 revenue cycle cycle, in alignment with sales 3.Most leads are not “sales ready” – nurture relationships over time, use online body language to score leads 4.Use analytics to turn marketing from a cost center into a revenue driver 5.Think big, start small, move quickly #MKTG NATION14 Page 70 #MKTGNATION14 © 2014 Marketo, Inc.
- 71. Jon Miller @jonmiller jon@marketo.com Page 71 #MKTGNATION14 © 2014 Marketo, Inc.
Hinweis der Redaktion
- Introduce yourself
- Marketo’s marketing is based on the belief 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. If marketing geenrated a “lead”, it made sense to pass it to sales – the buyer expected they had to talk to sales, and the sales rep expected they had to talk to marketing.
- But now, there is an explosion of readily available information, and buyer’s are using that to delay engagement with sales – example of buying a car. 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: 65-90% of buying process is complete before customer walks into store/branch/dealer, or contacts sales Requires deep changes in how we market… marketing needs to own much larger portion of the revenue cycle. That’s how we approached our marketing process at Marketo.
- 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 theirs. Here’s Marketo’s…. Let me explain.
- Many names are not yet our friends Names are NOT leads, don’t call them leads
- Majority of leads NOT sales ready. This is OK since human interaction is part of developing the relationship (nurturing). These Lead are recycled back to Target for additional nurturing until Sales Ready.
- Sales does one call, and converts if Opp
- This is how Marketing gets paid… carry a quota for Opportunity created. Only Sales can create the opportunities. [Requires very solid definitions of what is an opp, since people get paid on it – can’t be subjective.]
- 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}
- This is our TOP of the funnel… what works for us. $ per target is ONLY program dollars, not people / time. % opp is the conversion to opp in 12 months… Index is same as % opp, but scaled to an average one 1 Days is time to opp…
- Check boxes show which channels rely on content….clearly important
- Need conversion – that’s where personalization comes in
- 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.
- … if all they wanted were names, you could give them the phone book. They want LEADS!
- At most companies, only 25% of new targets re sales ready. At Marketo, our top of the funnel is so wide it’s only 2%!
- And it takes 327 days to nurture.. That’s an average… some fast, some for 3 or 4 years! Need to keep in touch.
- Need to LISTEN
- This is a conversation over time It listens It’s segmented to be relevant
- Use dynamic content to be EVEN more relevant
- 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). We listen 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
- And we score across 3 dimensions. Fit, interest and buying stage. Fit tells me, am I interested in you. Interest tells me, are you interested in me. So they need to be interested in me (or my company), and I need to be interested in them. Actually, this is starting to sound a lot like dating, and that’s because it is. And in dating, timing also plays a role. So, maybe they are locked into another solution. Maybe they don’t have the budget. And this all relates to where they are in the buying stage. So when we think about passing a lead to sales, we need to look at fit, interest and timing (or buying stage).
- … and hurt yoru conversion rate. Better to BUY the data… we use Reachforce, Builtwith, etc.
- Latent behaviors – interest Active behaviors – subset of behaviors that show real buying intent
- Good to think about these 3 dimensions… But that’s hard to communicate with sales… so we took all 3 and came up with “sort score” calculation to deliver a single # that we can use to communicate with sales. This was better, since easier communication… but kept the nuance behind the scenes.
- This is what it looks like to the SDR or Sales rep inside CRM
- SLA process… we can see automatically f Rep updated the lead record or logged an activity… and can follow-up accordingly
- Doesn’t end with the customer buying… continues as we deepen and develop relationships.
- Once someone is is a customer, the process doesn’t stop… new goals, like cross-sell, advocate, renew…. Each get their own nurture track, own scoring process, etc.
- Special nurture streams for each nurture goal
- For customers. Scoring is primarily about product interest…
- 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.
- Let’s talk about measuring what the CXO cares about.. While you may not be doing all this analysis now, you most likely will in their future. [Be sure to focus on this point a lot so you don’t lose them.] ROI: First investment – then revenue
- Step 1: Important to track all touches
- When you add Sara, the CEO, you see a more complete picture Once you have all the touches, you can spread the revenue out across all the touches…
- We do it evenly…. You can debate whether even allocate is best… or if you should weight different things differently (e.g. touches to CXO count more)… but we find that introduces bias and assumption, whereas even is clearly better than just first touch.
- Here we see what works for Marketo (over the last 12)… Explain first 3 columns – again, investment is only program dollars (not people / time).
- So inbound good… but also need paid to grow faster than inbound alone
- MT Ratio is the ROI… Given OUR economics as a SaaS business targeting a Customer Acquisition Cost (CAC) ratio of 1, >10 is a great MT Ratio.
- … but you also need to look at individual programs… e.g. overall tradeshows have a good average, but some great, others stink… need to drill into individual programs
- Remember this? Understanding the funnel is other key part of revenue analytics
- Same funnel, but built into our product Note Success Path and Detours; Inventory and SLAs
- Google Analytics for Revenue Explain the four key metrics: balance, flow, conversion, velocity
- Here are out actual metrics… Focus on the very low conversion from MQL to SQL… since we are lose about MQL definition and don’t want to miss any deals…. But strict about what we pass to sales. We want that 75% SQL to Opp, since you want sales to value marketing leads… if it goes below 50%, sales doesn’t jump on SQLs as fast.