10 Email Marketing Best Practices to Increase Engagements, CTR, And ROI
How Marketo Uses Marketo
1. How Marketo uses Marketo
Lorna Purcell
Marketing Specialist
Jack Ashman
Solutions Consultant
2. Topics
• Revenue Generation at Marketo
• Revenue Model, Sources of Pipeline
• Top of the Funnel
• Inbound and Content
• Middle of the Funnel
• Lead Nurturing, Lead Scoring, Sales Handoff
• Proving and Improving Marketing’s Impact on Revenue
• Revenue cycle analytics, program performance
• Live demo!
Hello – welcome everyone. Excited to be here to talk through how we are Marketo use Marketo. Joining me today is Andrew Connell who is a solutions consultant and he will be bringing you through a product demo later on.
The world has moved digital and now 90% of the buying journey (Forrester) is done before a prospect ever speaks to somebody from your company. With the advances in broadband, cheap data and high bandwidth as well as advances in mobile devices and the software that goes with them, our customers are now the ‘always-on’ generation who are constantly bombarded with up 2700?? (check figure) marketing messages each day. Attracting the attention of the right prospects at the right time has spawned a massive industry and made many a career.
Customer create their own journey, marketers don’t, need to guide and direct them.
It starts with our model. Define tofu,mofu,bofu
How we think of the funnel –This is Marketo’s revenue funnel. Traditional sale funnel starts at bottom. Great methodologies out there on how leads move and progress through a “sales” funnel. All leads pass through the same process. We’ve applied the same level of rigor to the entire sales generation process.
1. Awareness – heard market name, know what we do, know about us
2.Friend – someone who has liked, engaged at high level – not chose to share details
3Name – in database – not a lead – over time turn it into someone who is engaged.
4. Engaged
5. Target – engaging with us, sales team interested in having a conversation with. Marketing title, right geo etc.
6.Marketing Lead – as they engage, content, events – scores 100 – MQL send over to sales team
7. Sales lead
Opp
Customers
Blue animation – at any time in this process a lead can be recycled back for further marketing
Analytics data is more trustworthy when you have a process/funnel that allows you to Market to personas at different stages in the journey
Let’s talk about TOFU. I mentioned that we really focus on content to build awareness for our brand. And the reason why is that we’ve moved from a world of information scarcity to information abundance. In a world of information scarcity, it was easy for people to pay attention to what marketers had to say. But with so much information available, that attention is pretty much gone. People just don’t have the time or capacity to pay attention to every marketing message thrown in front of them today.
At Marketo we are marketing across ‘numerous’ channels with ‘50campaigns per month where we are targeting specific personas with content that we know interests them based on whether or not we think they are interested in buying Marketo software or perhaps they just want to be better Marketers and we want them to spread the love.
These are all of the channels that we use to get leads into the top of the funnel.
Marketo thinks about content.
Owned attention, at its core, is all about content. We think about content in terms of 3 different stages, early mid and late stage, and this framework is really important for our process.
Early stage content is going to be educational or entertaining to your target audience, even if they never buy your or your competitor’s products. For us, it’s about “how to be a better marketer”. It’s not about marketing technology, not about marketo. The goal of early stage content is to build a brand. To build awareness. So we never gate early stage content behind a form, because the goal of this content is not to generate leads. It’s to go wide, and broad, and have you see it, and share it with your friends, and have it get picked up on other sites.
Now mid-stage content is the tool we create to help a buyer find us when they happen to be looking for marketing software. To help them with their buying process, so a buyer’s guide, an RFP template, 3rd party content works great here like analyst reports, and we always gate this content, because if you’re looking for that sort of information, we want to talk to you.
And late stage content is all about us. Now, at many companies the majority of content is late stage. For us, the pyramid goes the other way. This content is what will help someone learn more about US and either help them make a decision or reaffirm their decision. And wherever possible, we are not going to gate that content, because frankly, if you want to learn more about us, we don’t want to get in your way, we want to make that as easy as possible.
Andy – demo the process of the modeler
Break content down into sections – re-use and re-purpose
Channels we use for TOFU and how we use content
TOFU – how we fill funnel –with content etc. x 3 slides
More engaged – moved into gated – higher score
Keep in mind, content is not just white papers or eBooks!
Can be simple and short blog posts, 4 minute videos, infographics, etc.
Divide and Conquer
Revise & Update
Find your Community
Find internal writers
Hire freelancers
Small team but using our tech we can scale – currently 50 program per month but continue to grow. How we achieve that scale is in a number of different ways:
Set and use tokens - Roadshow London/Seattle etc. 12 fields events – 1 per year cloning functionality to stream line.
Webinar series – scalability to run 16 events in 3 months.
Program set up once and clone for multiple events – use tokens for individual cities – repetitive – 3 invites/confirmation/reminders etc. Customer/non customer page
Hugely time consuming*
Integration – webinars – if not integrated you need to download/upload lists. Manual, error prone etc. FU within 5 minutes.
MOPs team – 25 best practices templates to use regularly globally
Make sure relevant to buying stage
Persona: exec sales and marketers divided by b2b & b2c - simple
Dynamic customization – depending on what we are doing we use dynamic content for vertical or segment specific mentioning e.g. ENT customer – ENT story
Complicated – so we wrote a book – link to DG2
Our engagement engine – nurture track
Early – mid – late
Drag and drop new content into the relevant stream – system is smart enough to figure our who should see message next
How it looks
Behaviour based – talk through the example
Also wrote a book….
We think about lead scoring from 2 aspects
1. demo – title, company, industry..indicators of a good fit. Use scoring for things that indicate not such a good fit – Hotmail, incorrect phone etc.
2.beahaviour – number of web visits, pricing page – indicator of buying intent – scored accordingly
Scoring on activity and level of engagement …
Activity falls into 2 buckets – engaged and buying intent.
1- latent behavior
2- activie behavior – what we are interested in. Watching demos, pricing pages etc – acticity at the bottom of the funnel that we have scored highly
Once you have your goals, you need to figure out which programs are help you achieve those goals. You know your campaign now how to give credit to each program. In this eg, a person finds your comapany using a google keyword search so when that person gets into your data and finally connects with a sales person all the credit goes to that program that the person interacted with (Google). The other programs that help keep the person engaged in your company and push the persons journey along are not given any credit
In a Multi Touch Attribution, you give all the programs equal weight for bringing in the person and pushing them along the buying circle.
So with the multi-touch framework in place, we can now get a deep understanding of how our marketing activities are driving pipeline and revenue for the company. In fact, we can PROVE it, giving that Marketing Director, VP or CMO a seat at the revenue table.
Here we see all the channels we showed early when we talked about generating targets, but now we can see how they are generating revenue.
I can see how much investment we’ve made in each channel. And notice that we call it investment, and not cost. And this is on purpose, because when we as marketers talk about costs, we are telling the world that we are a cost center and not someone who deserves a seat at the revenue table. When we talk about investments and returns, then we’re saying we belong in those discussions at the revenue table.
Ok, so we also show how much multi-touch pipeline, and how many multi-touch opportunities we generated from that channel, using the framework we just discussed.
And what you see is that the inbound and the nurture, together make up about 58% of our pipeline. And these are the channels without marginal program dollars, like the website, blog, nurture emails. The paid programs make up the rest – 42% of all pipeline. And this supports the point I made earlier, which is that while inbound is great, but if all we did is inbound, we’d be about half the company we are today. We need them both working together to drive the growth that we’re driving.
Another useful metric is the MT ration, which is the ratio of the pipeline each channel generates, compared to the investment we’ve made in that channel. And you can look at it by channel, as well as each individual program. And for us, any MT ratio greater than 10 is good, and we should do more of that. If anything falls below a 5, we don’t want to do more of that. In between 5 and 10, it depends on whether the goal is primarily to generate awareness or to generate dollars and we’ll usually discuss it.
So you can see for the sponsored email, which we talked about earlier, even though it has a low conversion rate, it eventually gets to a 12.8, so pretty good.
And I should point out that all the numbers in this report, while current, are for programs that ran more than 12 months ago. And this is because when we run a program, the opportunities don’t happen immediately. As we saw before, on average they were 327 days to opp, so in order to truly determine the success of a program like a tradeshow or webinar, we need to give the opps time to perculate.
So tradeshows 10.6 pretty good, PPC good at 13, paid webinars at 25.4, really really good, we love paid webinars.
Now, this is the channel view, but it’s also important to look within the channel, which percentage of programs are achieving better than our MT ratio of 5.
So for example, our tradeshow channel has an average MT ratio of 12. But that’s the average. If we dig into a program view, we’ll see that almost half of our tradeshows fall below our minimum threshold of 5. In other words, they are losing us money. And its these tradeshows that are the likely candidates to pull, and to use that money for our own events where we can own on our attention.
So looking at results across channels as well as individual programs within those channels is really important.
And as a sidenote, you can see that 56% of our channels are currently meeting our minimum threshold of 5. That means that 44% are losing money. So our job as marketers is to continue to push this % higher. But have anyone of you see Adobe’s fortune teller commercial. The marketer goes in to see the fortune teller and says “I’d like to know if my marketing plan is working”, and she looks at one of her cards and enthusiastically responds, yes! It’s working! And he nods and then says, can you be more specific? So she points to a few cards and says “Some parts are working, and some parts are not” Then she scoops up the cards and says “that’ll be $85 as the marketer looks at her incredulously”.
So in this case, we know exactly which programs are working and which aren’t. And by the way, you should have programs that aren’t working. If you aren’t, your not experimenting enough.
Step 1: Important to track all touches – powerful analyser – opp influence analyser.
SDR has tagged two people who were involved in this deal on right hand side
There are 5 other people in the system not tagged in CRM.
Pick sarah…..
Step 1: Important to track all touches
Report changed – Sarah’s interactions – in red.
Opportunity analyser – big deals for the quarter – shows marketing’s influence over the lifetime of the opp. Sanjay shows in sales and QBRs – marketing had a strong part to play in deals closed. Allows us to see the channels and programs that influence deals the most and put more budget to it.
Program analyser – toggle between values and goals of the program e.g. names, values etc.
Show you which programs perform the best based on selected value
This chart – webinar working well, list purchasing not good – gives us better indicator on where to spend our budget
