LeadMD Doubles MQLs with EverString Predictive Marketing
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The idea of too many leads is a dream for most sales and marketing teams. But if your team can’t laser focus on your optimal audience to drive conversion in your pipeline, that dream quickly turns to a nightmare. Join LeadMD CEO Justin Grey and EverString VP of Marketing Jim Walker for a live session on how predictive is impacting businesses such as LeadMD: MQLs are doubled in the first 30 days Increased sales confidence in the leads provided by marketing 5x conversion rate of top leads vs other leads Laser-focused call queues
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LeadMD Doubles MQLs with EverString Predictive Marketing
- 1. ©2015 EverString How LeadMD Doubled Qualified Leads & Opportunities through Predictive Marketing Justin Gray – CEO, LeadMD Jim Walker – VP Marketing, EverString
- 2. ©2015 EverString Thank you! 2 JUSTIN GRAY Founder & CEO @jgraymatter Leadmd.com JIM WALKER VP of Marketing @jaymce Everstring.com
- 3. ©2015 EverString Why are we here? 1. What is Predictive Analytics? 2. How can you benefit from Predictive Marketing? Define the buyer Understand the actions that lead to purchase/win Replicate: Rinse, repeat 3. What are the simple next steps to get started? 3
- 4. ©2015 EverString 4 Predictive analytics encompasses a variety of statistical techniques from modeling, machine learning, and data mining that analyze current and historical facts to make predictions about future, or otherwise unknown, events.
- 5. ©2015 EverString Solving two problems for B2B marketers Too few prospects How do I get more? I need to fill my pipeline with net new high quality leads and accounts? Too many prospects Where do I start? How do I prioritize my leads and accounts so I can be more efficient?
- 6. ©2015 EverString Predictive starts with Audience Selection 6 D C D C D C D C C D C D C C D C D C D C D C D C D C D C D C D C C C C D C C D C C C C D C C D C D C A A A A A B Predictive Marketing starts with Audience Selection The process of using data to identify your target accounts Model your best customer and derive targets from all accounts in the world B B
- 7. ©2015 EverString INTENT FIT ENGAGEMENT Out of Funnel browsing behavior, crawling Upper Funnel Pixels and cookies Mid Funnel Marketing Automation Lower Funnel CRM Identifying your ideal accounts requires three key characteristics 7 Fit Determines how much an account or lead looks like your best customers (e.g., firmographics and tech stack) Engagement Quantifies the degree of interaction that an account or lead has had with you (e.g., website visits, webinars, downloads) Intent Identifies buying signals that can’t be seen “on your site” (e.g., browsing activity, content consumption & behavior patterns by prospects)
- 10. ©2015 EverString What We Know FIRMOGRAPHIC Legacy Field Based Data Latency Issues Quality Issues BEHAVIORAL Legacy Interactions Engagement Content Fallacy DECONSTRUCTED Legacy “In Head” Data Subject to Prejudice Subjective / Biased
- 11. ©2015 EverString Three Core Data Sets Psychological Demographic Behavioral
- 12. ©2015 EverString :: CONFIDENTIAL & PROPRIETARY THE PROOF Unlock the hidden dimension of your lead
- 13. ©2015 EverString :: CONFIDENTIAL & PROPRIETARY THE RESULTS 5XOpportunity Lift from Better Understanding of Buyers
- 14. ©2015 EverString :: CONFIDENTIAL & PROPRIETARY Key Findings A purely behavioral model (Lead Scores) predicts only 2% of the variance in amount purchased by buyers (mildly predicts buyer commitment, but not spending) Adding demographic & psychological data bump this way up to 82%. THIS IS HUGE. Adding demographic & psychological data bump this way up to 82% THIS IS HUGE.
- 15. ©2015 EverString :: CONFIDENTIAL & PROPRIETARY Company Data Account level data allows us to define the universe
- 16. ©2015 EverString :: CONFIDENTIAL & PROPRIETARY Company Data Account level data allows us to define the universe Top insights
- 17. ©2015 EverString :: CONFIDENTIAL & PROPRIETARY Meet The Buyers Only looking for a fling Dual Personality 60% of buyers Most cautious. Doesn't want a long term relationship. Most purchasing authority Most sales background Startup Sue Entrenched Ed Rising Rita Poly Pam Young up and comer in a rising institution 15% of buyers Least time at position Replacing the old guard's contractual relationships. Most team player - new wave of management style Tenured Exec with the same lead manager doing the same thing and is bored to death 20% of buyers Most time at position (bored) They want a fling and they want it now (timing) High budget control Young, aggressive & looking for love 5% of buyers Most tech literate Least sales background Lowest revenue, smallest firm
- 18. ©2015 EverString How to get started Look inside, Define your success what is success for you? For LMD it was opp creation. What is it for you? Opp close? Mql-sql handoff? Retention? Database doesn’t have to be perfect. More data the better. Don’t worry about lead scoring first. Uncover true best buyer today. 18
- 19. ©2015 EverString What are we testing? What Lead Sources desire different plays? Building ‘Products’ tailored to Personas Aligning sales via Persona Aligning Consultants via personality exam
- 20. ©2015 EverString :: CONFIDENTIAL & PROPRIETARY Takeaways 1. Use predictive not just for value in the immediate, but to start a deeper conversation 2. Defining the right buckets creates deeper alignment and instruments efficiency 3. Align your team for account based v traditional demand generation 20
- 21. ©2015 EverString Thank you! 21 JUSTIN GRAY Founder & CEO @jgraymatter Leadmd.com JIM WALKER VP of Marketing @jaymce Everstring.com
Editor's Notes
- Almost every marketer we talk with feels like they have one of two problems -- they either have too many leads or not enough. If they have low lead volume or already follow-up on every single lead, the focus is on how to build more pipeline. If they have too many leads, their main challenge is prioritization. Many organizations struggle to find out how to categorize and become more efficient with limited resources. While predictive marketing can help with both challenges it is broadly applicable throughout the pipeline, regardless of the initial problem it helps solve. More often than not, if a company has too many leads, they will always want more. It s a great problem to have, but again, an efficient qualitative approach to addressing it is key. Prioritizing and identification of the highest value opportunities with a high propensity to buy can make you a hero to sales.
- So what is Predictive Marketing? Ultimately, it can be boiled down to a fairly simple concept. Use your historical internal data combined with the universe of external data to predict who your next customer should be. The value of Predictive Marketing starts with Audience Selection, which is the process of not only understanding your model or best fit customer, but ultimately looking at every potential customer in your market to choose your audience. Predictive Marketing enables you to have a point of view one every single potential account in your market, and we then help you prioritize and select your optimal audience. This is a critical concept and is the baseline for Predictive Marketing. At EverString, our entire focus is driven by this single concept. We hire the best data scientists and collect and curate massive amounts of data in order to make sure that your models and ultimately, the accounts and leads we deliver to you are the best in the business. This is our singular focus.
- Before we get into the ”how”, it’s important to grasp some key concepts that define how models are built and how audiences are selected. There are three characteristics of every account and lead that will help you gauge how well they fit your model, how much they are already engaged with you and whether or not they display intent to buy. Let’s start with fit. Fit determines how much an account or lead looks like your best customers (e.g., firmographics, industry, and tech stack are just a few examples). This is where your model is applied. Next is engagement. This score indicates how much an account or lead is interacting with you. Typically, this is information captured by your marketing automation tools, but with predictive this extends beyond this resource into additional resources such as your social audience. Finally, there is Intent. This is the most difficult to identify because it correlates anonymous and seemingly random behavior on the internet to your business. Intent is really the beginning of the buyers journey and is not something you capture in your current marketing systems. It is the digital footprint we leave behind as we casually browse the web and lives outside your four walls. It is basically any behavior that indicates intent to purchase. With intent, the customer lifecycle actually starts well before they are ever engaged with you. While all three signals are important for Predictive Marketing, the key to being successful is combining all three into a clear and clean approach to building an effective pipeline and a more efficient conversion process. For instance, the goal is to convert Intent into engagement. And then once engaged, intent can provide further detail about a prospect beyond engagement. Most of all, you need to consider using fit throughout the entire funnel. You don’t want to waste time and money marketing to a prospect who is just not the right fit
- LeadMD Overview – Top tiered Marketo Preferred Partner Why we specialize in Marketo 2500 + engagements Early adopters – started out as a marketing automation agency NOT as a digital marketing agency. 30 + Certified experts
- Issues with Data we can see: Marketers base models off data they know is crap Behavioral data often simply indicates good content Deconstructed data is subjective The best data comes from conversations with people in the know CRM data is degrading the moment we enter it CRM is like Jazz
- [VINCENT} Demographic: Company Fit Score Behavioral : Engagement Psych: Intent
- We must look at multiple dimensions to get a true picture. Most PLS vendors only look at one dimensions ----- Meeting Notes (3/20/15 16:23) ----- Fit Score Engagement Score Intent Score
- Right Message, right time, right fit Traditional marketers are looking to scale system but marketers are only using the tool to do more of the same – not to scale segmentation and better messages
- This is the proof of the entire hypothesis – traditional lead scoring doesn't’t work, because it’s far to one dimensional. This proves that predictive modeling is not a graduation point – it is the only reliable way to “score” leads and customers
- Let’s take a look at some of the indicators Most common ask here is “give us a list’ – even we asked that They make no sense on their own It’s about the relationship of data points, not the points themselves If someone is in Rhode Island does not make them a great buyer If someone is in Rhode Island, who has Marketo, who has a good Marketing spend, who was on our pricing page in the last 30 days and has signed up for our best practices series who JUST searched for marketing automation consultants – THAT’S the hidden treasure.
- Let’s take a look at some of the indicators Most common ask here is “give us a list’ – even we asked that They make no sense on their own It’s about the relationship of data points, not the points themselves If someone is in Rhode Island does not make them a great buyer If someone is in Rhode Island, who has Marketo, who has a good Marketing spend, who was on our pricing page in the last 30 days and has signed up for our best practices series who JUST searched for marketing automation consultants – THAT’S the hidden treasure.
- We will do a run down here on the results. It will remain high level.
- Discuss what we are testing now. Products aligned to personas Sales teams assigned via persona Consultants assigned Tailored Sales plays Persona based nurture through MKTO persona assignement Post opp survey