Stratfor. Marketing Assessment & Planning (MAP) ASTADIA, INC. Steve Kellogg Eloqua-Certified Marketing Best Practice Consultant

Transcription

3 Steve Kellogg Eloqua Certified Marketing Best Practices Consultant emarketing Best Practices Blog: ASTADIA, INC. A global business consulting and SaaS solutions company Office: (858) Cell: (760) skellogg@astadia.com Current ASTADIA, INC. Best Practices Consultant Certified Marketing Best Practices Consultant Smart Start Certified ANTHONY ROBBINS COMPANIES Director of Marketing GRAPHICOM President Creative Services agency Created BIC web sites, , print mail, billboard, radio, TV for B2B and B2C Stratfors INTERTEC PUBLISHING Author/Speaker Published author Frequent Guest Speaker ALL RIGHTS RESERVED Building the Foundation for Success 3

4 Purpose of This MAP Call Discover Where you are Now - 2-Way Dialogue Show the Roadmap of Possibilities Ahead Create Recommendations in Getting You Further, Faster AGENDA Section 1: Evolving Your Marketing Optimization The Big Picture Section 2: Whiteboard Stratfor s Current Processes for: Lead/Data Management Campaign Management Metrics That Matter Q: Your average sales cycle is 12 months? ALL RIGHTS RESERVED Building the Foundation for Success 4

5 Delivering Success to Stratfor ASTADIA: Marketing Services and Training: Develop success Blueprint to implement change (process, people, technology) Customer Success ASTADIA: Product Implementation Services: Implement tactics and projects through partners and internal elite teams ELOQUA: Product Support Services: Day-to-day success guide ELOQUA: Customer Success Management Services: Measure and Guide customers through success path within their subscription lifecycle ALL RIGHTS RESERVED Building the Foundation for Success 5

8 The Demand Generation Levers Increase Conversion Segmentation, Relevance, Personalization Qualification Increase Revenue Maintain 3x pipeline quota Boost cross-sell and up-sell Nurture the sale Increase Speed Accelerate prospects through consideration phases Automation for right-time, rightmessage communications Reduce Costs Reduce costs of marketing programs Eliminate redundancies ALL RIGHTS RESERVED Building the Foundation for Success 8

9 Stratfor's Objectives How will success be measured? Resource effort? Campaign response rate? Number of leads generated? Conversion rate? Automated Nurturing Subscription Management Website Analytics A/B Testing Conversion rates, ROI ALL RIGHTS RESERVED Building the Foundation for Success 9

10 Lead Management Web, SEO, Blogs, PR Online Ads Events/ Webinars unqiuecampaignurl New MQLs Distributed Reengaged MQLs Profiled House & Acquisition Marketing Sales Direct Mail MQLs Recycled Calls ALL RIGHTS RESERVED Building the Foundation for Success 10

11 Integrated Sales and Marketing Funnel More Opportunities to Pull the Levers Suspect Inquiry Marketing Qualified Lead (MQL) Sales Accepted Lead (SAL) Sales Qualified Lead (SQL) Customer Engaging Unknown OR Inactive Inquiry Ranking and Nurturing Lead Management and Distribution Lead Conversion OR Lead Recycled Nurture the Sale and Opportunity Management Gate 1: Marketing validates response as legitimate inquiry Gate 2: Marketing validates inquiry as sales ready Gate 3: Sales validates and agrees to work the lead Gate 4: Sales validates BANT ALL RIGHTS RESERVED Building the Foundation for Success 11

12 Lead Management Suspect Inquiry MQL SAL SQL Web, SEO, Blogs, PR Online Ads Events/ Webinars unqiuecampaignurl New MQLs Distributed Reengaged MQLs Profiled House & Acquisition Marketing Sales Direct Mail MQLs Recycled Calls ALL RIGHTS RESERVED Building the Foundation for Success 12

13 Marketing Effectiveness Suspect Inquiry MQL SAL SQL Customer Database Growth A # B % Growth C % Opt-In A # B % Growth C % Opt-In A # B % Growth C % Opt-In A # B % Growth C % Opt-In A # B % Growth C % Opt-In A # B % Growth C % Opt-In Conversion Effectiveness X % X % X % X % X % Acceleration Effectiveness Y Days Y Days Y Days Y Days Y Days Marketing Spend Effectiveness $ Z $ Z $ Z $ Z $ Z ALL RIGHTS RESERVED Building the Foundation for Success 13

15 Optimizing Results Sales Stage Inquiries Volume Required 20,000 Conversion Rates MQL 400 2% SAL % SQL 50 50% Wins 15 20% Model = $200K SaaS Company, 20% Win Rate $3M revenue ALL RIGHTS RESERVED Building the Foundation for Success 15

16 Optimizing Results: Accelerate Demand Sales Stage Inquiries Volume Required 20,000 Conversion Rates MQL % SAL % SQL % Wins 25 20% Model = $200K SaaS Company, 20% Win Rate $5M revenue ALL RIGHTS RESERVED Building the Foundation for Success 16

17 Optimizing Results: Best in Class (BIC) Conversion Sales Stage Inquiries Volume Required 20,000 Conversion Rates MQL % SAL % SQL % Wins 68 20% Model = $200K SaaS Company, 20% Win Rate $15M revenue ALL RIGHTS RESERVED Building the Foundation for Success 17

18 Campaign Planning - Prospects Suspect Inquiry MQL SAL SQL CLOSE Inactive Reengagement November timeframe Budget Planning Message (1)Net New Welcome Program 1 st touch Welcome 2 nd touch tell us about your preferences 3 rd touch relevant case study and let us know if we can help you. (2) Customer Follow-Up 1 st touch Can I answer any questions for you? From rep. Competitive Loss Reengagement After 6 months of close Benchmark study Relevant case studies (3)Auto-responders Objection Campaigns Three-touch drip campaigns by topic: Don t get it Costs too much Happy with point tools Buyer s Kit Dynamic hypersite by role and by product interest ROI Determination Case Studies Evaluation Tools Evaluator Education Campaign Newsletter Annual Market/Intent-to-Buy Survey ALL RIGHTS RESERVED Building the Foundation for Success 18

19 Campaign Planning - Customers Onboard Develop Renew New Customer Thank You Post Deployment Survey Adoption? Best Practice Webinars Renewal Program 6 months out survey 3 months out how can we help? 1 month out time to renew Customer Newsletter NPS Survey Program ALL RIGHTS RESERVED Building the Foundation for Success 19

20 The Marketing Effectiveness Model (MEM) Right-Time, Right-Message True Personalization One to One Behavior-Driven Segment Customer-Driven Batch and Blast Product-Driven ALL RIGHTS RESERVED Building the Foundation for Success 20

21 Model Summary Batch and Blast Segment One to One Real Time Right Message Lead Management Lead Definition = any response. All inquiries passed to sales for follow-up. Lead Definition = Marketing Qualified Lead. Lead scoring leveraged to prioritize sales follow-up. Lead Definition = Sales Acceptance. Lead scoring leveraged to determine sales-ready leads. Lead Definition = Sales Acceptance. Lead scoring leveraged to determine sales-ready leads. Contact Management Focus on data acquisition. No contact targeting strategy. Segmentation criteria defined. Focus on contact management and data append. Contact and data management leveraged to optimize conversion points including subscription and preferences management. Contact and data management leveraged to accelerate through evaluation stages. Campaign Management Ad-hoc, reactive campaign execution. Broad outbound tactics with a heavy product focus. Campaign execution strategy and discipline. Targeted outbound tactics with a customervalue focus. Behavioral-driven user experience. Holistic nurturing strategy, guiding user through evaluation stages. Fully integrated, multichannel, behavior-based communication strategies. Truly personalized experience for visitors. Marketing Effectiveness Measurement Response Rates No process documentation or automation. Suspect to Inquiry Conversion and Revenue Process documented but manually executed. Conversion dynamics at all stages of funnel Process documented and automation adopted. State of continuous process improvement. Automation driving improvement and scale ALL RIGHTS RESERVED Building the Foundation for Success 21

22 Demand Generation Essentials Campaign Management Demand Generation Nurturing Customer Loyalty Partner Programs Lead Management Lead Definitions Lead Flow Lead Scoring Real Time Alerts Marketing Effectiveness Measurement Campaign Metrics Conversion Metrics Direct Revenue Impact Influenced Revenue Contact Management Segmentation Data Acquisition Data Management Subscriptions ALL RIGHTS RESERVED Building the Foundation for Success 22

25 Whiteboard: Stratfor's Current Funnel Stratfor Funnel Stages Definition B2C model N/A Self serve model Inquiry MQL SAL SQL Won/Lost 30 days from 30% 6 m conversion 30% fallout No sales reps N/A Lead / Contact Status New Inactive New Reengaged New Nurturing Scoring Both New Previously reject ed Rejected reenter nurturing New Working Rejected New Won/Lost Contact info lives in: Prospects Contacts Eloqua Contact Eloqua Eloqua / CRM Lead CRM CRM CRM ALL RIGHTS RESERVED Building the Foundation for Success 25

27 Whiteboard: Lead Definitions What is a Lead? Sales/Marketing Definition Anyone who has raised their hand, Future State Inactive Lead Definition? Total Size of DB? w/ ? No purchases just using free docs. 3 months Done nothing? 6 months 250K contact w/ addresses Determine date threshold for inactive leads ALL RIGHTS RESERVED Building the Foundation for Success 27

28 Lead Management Who is your target audience? Old and rich 50-60s, retired military, mid level execs, college educated, Maryland area, $50k-150k/year, strong distrust of mainstream media Are You Currently doing any Nurturing? Yes Are You Currently doing any Scoring? No ALL RIGHTS RESERVED Building the Foundation for Success 28

29 Whiteboard: Lead Details Target Audience Lead Sources Lead Segments Subscription Management Web Partners By month Not by interest for free content Global Opt-in Preference Center in progress ALL RIGHTS RESERVED Building the Foundation for Success 29

32 Marketing Spend 2009 How will you allocate spending and activities in 2009? Will you measure this way? 2% 7% 3% 8% Study results courtesy of Aberdeen Group, December ALL RIGHTS RESERVED Building the Foundation for Success 32

33 Marketing in a Down Economy Increasing: Social networking capabilities SEO TeleMarketing Web 2.0 vs. traditional marketing in 2009 Decreasing: Advertising diminishes significantly Renting lists too risky Events too costly ALL RIGHTS RESERVED Building the Foundation for Success 33

34 Why Nurturing Matters? 60% of marketers believe that technology can help them develop more high-quality leads. (Forrester Research) Sales reps dedicate 14% of their time to lead development, but only 6.3% of leads are utilized (Sirius Decisions) Source: Sirius Decisions Within 24 months from target company or competitor ALL RIGHTS RESERVED Building the Foundation for Success 34

35 Q: How Often Should They Hear From Me? A: It Depends More Often Every 7 Days too much Every 30 Days too little Best Practices Said Every 21 Days Less Often Nurturing Program Relationship (Level of Engagement) ALL RIGHTS RESERVED Building the Foundation for Success 35

36 Q: How Often Should They Hear From Me? A: It Depends More Often Less Often Friends and Family Nurturing Program Relationship (Level of Engagement) IRS ALL RIGHTS RESERVED Building the Foundation for Success 36

38 Creating an Automated Nurturing Campaign Step 2: Map out the campaign details TARGET 10% OPPS from outbound campaign Program Feeder Outbound AFTER appt Send #1 CTA: Download report Y Send #2 Submit Form for Webinar? N Send #2a (7 days later) ALL RIGHTS RESERVED Building the Foundation for Success 38

40 Marketing Sherpa Benchmark Guide Business firms spend an average 3.8% of revenue on Mktg (compared to 11% on sales) But Mktg now responsible to bring in 60% of new business leads Marketing Challenges What is the current benchmark Marketing contribution to new business leads? Net New: % Influence Existing: % ALL RIGHTS RESERVED Building the Foundation for Success 40

41 Comparison Against Analysts Measures Personalize, Segment & Use multiple channels Marketers using testing and other sophisticated tactics are almost twice as likely to attain conversion rates of more than 3%, compared with marketers that do not. - Jupiter Profile & Score Prospects Companies with best-in-class lead prioritization and scoring systems have a 192% higher average lead qualification rate than those that do not. - Aberdeen Group Automatically Route Leads with data sales needs to close Companies that automate lead management as a business process between sales and marketing will increase conversion rates by at least 50%. - Gartner Nurture Leads until Ready for Sales Engagement Improve Sales Effectiveness with Content and Analytics Marketers who switch from demand generation to closedloop nurturing are 2X more productive. - Forrester Research Following improvements in lead, content and proposal management, close rates could be expected to increase, on average, by approximately 5% to 20% per salesperson. - Gartner ALL RIGHTS RESERVED Building the Foundation for Success 41

42 How Are You Reporting Now? Current Reporting focused on: 1. Open rates 2. CTR 3. Form Submits 4. Form Drop Off Rates 5. Web metrics 6. Campaign ROI? 7. DB size growth vs churn? 8. Compare campaigns for general metrics not ROI 9. Some Roll up reporting to CMO ALL RIGHTS RESERVED Building the Foundation for Success 42

43 Potential Reporting Opportunities Global Web Summary: 1. Total Page Views 2. Total Visits 3. Avg Page Views per Visit 4. Unique Visitors 5. Downloads 6. New Visitors 7. # New Visitors First Contact Via Web (proactively went to Web) 8. Return Visitors 9. Top Referring Sites 10. Top Referring Search Terms 11. Top Collateral Downloads 12. Homepage Billboard Clickthrough 13. Top 10 trial downloads Global Web Summary by Product Category: 1. Top touches based on registrants (specific activities) 2. # registrants by activity type 3. Responses passed by activity type (once scoring implemented) 4. Page views (product detail pages) 5. Family or related pages (solution pages or highest level prod cat pages) 6. Total page views ALL RIGHTS RESERVED Building the Foundation for Success 43 43

44 Metrics that Matter ROI/ROMI is important to know how you re impacting the business, BUT Trending conversion metrics over time to improve levers of demand generation performance will be how you ll ultimately affect that ROI Conversion Comparison Against Industry Benchmarks ALL RIGHTS RESERVED Building the Foundation for Success 44 44

46 Marketing Measurement: Homework Current State Benchmarks/KPI s: Define required reports to meet Corporate roll-up initiatives Develop key criteria for designing reports and dashboards with each technology advancement stage Measurement Track Team: Members Leads ALL RIGHTS RESERVED Building the Foundation for Success 46

47 Eloqua Customer Input: From the Markies Some initial benefits: inquiry to lead conversion improved from 1.1% to 9.7% (in 3 months) lead disposition improved from 2% to 26% (in 3 months), much higher response rates/ctrs through nurturing programs... Since March 2008: Our average open rate for the entire program so far is 38.29% (175% of goal). To date, our average proposal value is $46,569. (225% of avg.) To date we have identified more than $2,500,000 in new opportunities through the IntelliCenter Our lead nurturing program has taken a huge burden off of the sales team dramatically reducing by an average of 50% the amount of "busy work" associated with lead follow up. Our events now generate between 3, registrants and over 500 attendees each week. We're producing over $50,000 in revenue from each event. Our largest event to date in March generated $97,050 in revenue ALL RIGHTS RESERVED Building the Foundation for Success 47

48 Next Steps Slide deck provided Review with team Complete Homework Assigned > Designed to help with primary and secondary goals after Program Launch Review Best Practice Templates in Eloqua, visit Eloqua Community and Training Portal Program Launch Ongoing with Project Manager (PM) Account transition Project Manager (PM) to Customer Success Manager (CSM) Continue with Primary and Secondary goals for each category Lead, data and campaign management and marketing effectiveness ALL RIGHTS RESERVED Building the Foundation for Success 48

50 Stratfor Objectives How will success be measured? Resource effort? Campaign response rate? Number of leads generated? Conversion rate? Close loop in lead process reduce manual intervention and effort for campaign execution and follow-up do more with less Segment leads to provide more relevant content Leverage automation to manage segmentation Understand conversion process map what is working and what is not ALL RIGHTS RESERVED Building the Foundation for Success 50

51 Campaigns / Processes Current: Marketing Effectiveness: Between Batch and Blast and Segmentation Key Lead Generators: Website, , Webinars Future: Develop nurturing campaigns focused on each segment Refine segmentation to address buying stages and target messaging ALL RIGHTS RESERVED Building the Foundation for Success 51

53 Roll-up / Roll-down Reporting Leverage reports in Eloqua Build custom dashboards for each stakeholder: C-level Marketing Sales (for B2B) Strategic Stakeholders Tactical Stakeholders Leverage Eloqua dashboards to Improve Contact DB metrics (how much data is available by field) ALL RIGHTS RESERVED Building the Foundation for Success 53

56 Possibilities for Stratfor Move towards One-to-One once segmentation firmly established Create campaigns driven by behavioral-based user interaction. Develop a holistic nurturing strategy, guiding users through each of the evaluation stages. Focus on thought leadership, education and nurturing not ready to buy leads. Map communication frequency with buyer level of engagement Measure and track the conversion dynamics at all stages of funnel. Document all processes. Leverage Marketing Automation Build in the ability for users to self-segment themselves, either through a form picklist to determine interests or through online behaviors (web page visits) or both. Ask only one new segmentation question with each new asset delivery to build specific personas for each person. Move towards Best in Class Nurturing Processes/Campaigns Create a 2-column that includes paid teaser content, relevant to each user, to expose them to the benefits of subscription services ALL RIGHTS RESERVED Building the Foundation for Success 56

57 More Possibilities for Stratfor Implement Progressive Profiling in nurturing campaigns to gather segmentation explicit data over time Create campaigns for each level of engagement (low, med hi) and define which asset belongs to which. Implement process to re-nurture inactive leads Create automated cross sell/up sell opportunities ALL RIGHTS RESERVED Building the Foundation for Success 57

58 Ancillary Recommendations Use Eloqua to integrate all web forms Use Contact Groups to segment customers by interest Leverage Best Practice templates to create program flows Run report on % completeness for each field in Eloqua to review which programs to create, with the goal of having contacts complete additional explicit fields. Leverage nurturing automation wherever possible Let Eloqua manage subscription management ALL RIGHTS RESERVED Building the Foundation for Success 58

59 Marketing Assessment & Planning (MAP) for Success Primary Secondary Program Launch Review Best Practice Templates in Eloqua Complete Homework Assigned Define where lead nurturing and later scoring makes the most sense. Create the process for entering leads into the nurturing system Make sure any leaks in the funnel are plugged. Complete Content Mapping Tool by Segment Use Contact Groups in Eloqua to help manage segments Leverage Eloqua forms to automate segmentation by asking explicit questions move toward progressive profiling Develop nurturing program: 1. Inventory all existing content 2. Define which segment they belong to 3. Develop campaigns around those segments / assets Leverage the Content Mapping Tool Formalize benchmark and key metrics for trending Improve metrics based on objectives Create customized Dashboard for other stakeholders: CEO dashboard CMO dashboard VP Sales dashboard, etc. Lead Management Data / Contact Management Campaign Management Marketing Effectiveness ALL RIGHTS RESERVED Building the Foundation for Success 59

61 Example: Mapping Nurturing Objectives to the Buying Cycle Interest Learn Evaluate Propose Purchase Prospect Begins Search Prospect Identifies Potential Solutions Prospects Evaluates Potential Solutions Prospect Presents short list suppliers Prospect Purchases from supplier Questions: 1. Who are the suppliers for my need? 2. What s the scope of potential achievement? 3. Where do I stand? 4. How can I easily find out more? 1. What do they offer? 2. Are their customers achieving success? 3. Do they fit my need? 4. How can I easily evaluate/demo? 1. Do they meet my expectations? 2. What do analysts say, are they a leader? 3. Is Company viable? 4. How do they compare? 5. Why should I choose? 6. What s the cost? 1. Leading, solid product/company? 2. Recommended by customers and analysts? 3. Meets or exceeds my need? 4. Can afford to buy & implement? 1. How can I easily purchase? 2. Can I purchase via Web site? 3. Who can I call? 4. Do they have a partner in my area? 5. Why buy now? Experience: 1. & Web 2. Seminars 3. Podcasts 1. & Web 2. Podcasts/Seminars 3. TM Calls 1. & Web 2. TM Calls 3. Sales Calls 4. Seminars 1. & Web 2. Customer, analyst references 3. Sales calls 1. & Web 2. TM & Sales Calls 3. Partners Content: 1. Industry white papers 2. Company product white papers 3. Customer stories 4. Assessment tests 5. Press releases 1. Company white paper 2. Seminar Pres 3. product spec sheets 4. Customer stories 5. Flash Demo 6. Ind/analyst reports 7. Educational Tips 1. Features/Benefits 2. Gartner Quadrant 3. Fin. Press Releases 4. Competitive & Cost Comparisons 5. product Awards 6. Seminar Pres 1. product customer reference site 2. product Awards 3. Customer stories 4. Press releases 5. Seminar Pres # provided 2. Company.com product 3. E-Shop product 4. Partner locator? 5. Promotions or deals? ALL RIGHTS RESERVED Building the Foundation for Success 61

63 Marketing Effectiveness Self Assessment Batch and Blast Segment One to One Real Time Right Message Lead Management Lead Definition = any response. All inquiries passed to sales for follow-up. Lead Definition = Marketing Qualified Lead. Lead scoring leveraged to prioritize sales follow-up. Lead Definition = Sales Acceptance. Lead scoring leveraged to determine sales-ready leads. Lead Definition = Sales Acceptance. Lead scoring leveraged to determine sales-ready leads. Contact Management Focus on data acquisition. No contact targeting strategy. Segmentation criteria defined. Focus on contact management and data append. Contact and data management leveraged to optimize conversion points including subscription and preferences management. Contact and data management leveraged to accelerate through evaluation stages. Campaign Management Ad-hoc, reactive campaign execution. Broad outbound tactics with a heavy product focus. Campaign execution strategy and discipline. Targeted outbound tactics with a customervalue focus. Behavioral-driven user experience. Holistic nurturing strategy, guiding user through evaluation stages. Fully integrated, multichannel, behavior-based communication strategies. Truly personalized experience for visitors. Marketing Effectiveness Measurement Response Rates No process documentation or automation. Suspect to Inquiry Conversion and Revenue Process documented but manually executed. Conversion dynamics at all stages of funnel Process documented and automation adopted. State of continuous process improvement. Automation driving improvement and scale ALL RIGHTS RESERVED Building the Foundation for Success 63

64 Additional Astadia Resources: Astadia Eloqua Tip of the Week quick tips and tricks that get you further, faster: Astadia s emarketing Best Practices Blog, written by Steve Kellogg Great insight into marketing automation best practices, using Eloqua: Eloqua s own Training Blogs: ALL RIGHTS RESERVED Building the Foundation for Success 64

65 Additional Post Implementation Astadia Services Marketing Best Practices ½ Day Workshop identifying /newsletter design best practices, including mobile device issues, along with discussions/examples of actual Best in Class marketing programs. Best in Class Nurturing Campaigns Content, frequency and Best Practices discussion Includes strategic overview Tactical support if requested Examples of actual Best in Class Nurturing Campaigns Custom CRM Integration/Data Support Customize Your CRM Integration 6-Month Eloqua Health and Wellness Checkup Are you leveraging Eloqua to its full potential? We evaluate all aspects of your install and make recommendations For information on these and other Astadia services, please call: ALL RIGHTS RESERVED Building the Foundation for Success 65