Late September, I participate to the first Marketo User Summit. The event was a gathering of many Marketo customers exchanging ideas best practices for better demand generation and lead management. I covered the Summit with 2 posts for Day 1 and Day 2.
I was also invited to participate in the inaugural Marketo Idol Showcase awards program. The Marketo Idol Showcase awards recognize B2B marketers that have demonstrated excellence, innovation and ingenuity in their use of Marketo Lead Management and Marketo Sales Insight to drive revenue growth and accelerated time-to-value from their demand generation campaigns and marketing and sales activities.
And last week, Marketo published the official press release announcing the winners. Congratulations to Scott Ciccone, Director of Marketing at Sierra Atlantic, who won the Marketo Idol Showcase award.And also congratulations to all other participants.
Yours truly finished 3rd in the contest by presenting an advance lead scoring campaign.
Ok, finally I took the time to post my review of Marketo User Summit second day.
It started on a topic that everyone is trying to get the most out of it: Reporting, Analytics and ROI. Chris Newton, VP Marketing at Ketera explained how he is tracking the effectiveness of their program. On a weekly basis, he follows in Marketo standard email performance (click, open, unsubscribe) but he is mostly interested to track the improvement overtime of all KPIs including website traffic. In Salesforce.com he created custom formula fields to track some activities generated by Marketo (Ex: clicks). Lastly, he take a chart for Marketo activities, Website traffic and Opportunity created over the same period and align them 1 above the other. That helps him to correlate the results. On a side note, his main concern still that there is no out of the box reports for all he needs. He always needs to return to Excel and it takes about 1 hour a week of his time to do so. I also heard some ask” Whay is it that the report your boss wants is never a prebuilt report and we always have to manipulate data to get it done?” Funny!
But that that can change soon… Jon Miller, VP Marketing and Co-Founder at Marketo present how Marketo was actually doing their analytics and reporting. They are tracking a lot of metrics with regards to the Sales SLA they have in place and based on their demand generation funnel, they are looking at:
- Number of prospect
- Number of leads
- Number of opportunity
Next I was in the data quality track and I really enjoyed from Diana Lustenader, Marketing Specialist at Kapow technologies. Here is her take on data quality.
In the afternoon, Marketo presented some new features from the new release in October. The vast majority of features is around the reporting and analytics module. Marketo was lagging a bit on that module and they are fixing it those new releases. Here is the list:
- Report leads by quarter:
- New report called “Lead by X”
- Report now have a chart and we can change the style
- Add and remove opportunity data
- Group reports by (ex: Original search phrase, owner, referrer, inferred city)
- Drill down capabilities that allow you to group by go deeper wit your data
- The possibility to add Smart list as column in reports
- Date of activity (AKA Time Frame) is new filter to specify a time frame of an activity
- Filter on Emails report + Total number at once
- Better email subscription and ability to attach the Excel file
- Reports keeps the order and sorting
They also took the time to review some exiting features, mainly related to usability, that people a maybe not aware like:
- Use Bookmark to have quick access to specific reports
- Use the Back button to navigate
- Open another module in a new tab or in a new window
- Unapproved old email to get them out of your views
- Use the Inferred Company to blacklist or ID competitors
- Use inferred State to assign leads
- Convert integer fields to score fields
After that, sponsors came to present. In a presentation called “Landing Pages: Where The Eyes Go“, I notice how Enquiro used there own to Eye tracking technology to validate their new Website redesign. They actually iterated the design 4 times to find the best one.
Also, Debbie Qaqish from Pedowitz Group was back again with a very useful list of the 10 best practices of lead scoring:
- Do lead scoring WITH sales
- Map out the Buying Process
- Use the Workshop Approach
- Use the Worksheet
- Don’t be afraid to TRY!
- Be ready to adjust based on data
- Be ready to adjust based on feedback from sales
- Include Demographic data = are they qualified?
- Include behavior = are they ready?
- Do lead scoring WITH Sales
Lastly, the day and the Summit ended by the Marketo Idol Showcase contest. 10 customers of Marketo climbed on stage to present some cool stuff they did with the product so far. I was among them and I presented “Website visit frequency – Lead scoring beyond basic behaviors”.
Today I have the opportunity to present at the first Marketo User Summit. Marketo organized a cool friendly contest among Marketo power user so we can showcase our best story on something amazing we have accomplished using Marketo. Here is what I will be presenting.
Website visit frequency – Lead scoring beyond basic behaviors.
After scoring the basic behaviors, it is time to look at the frequency of these behaviors. Here a quick example of how to setup a scoring campaign for leads that are visiting back your website within a certain time frame.
What a conference! The day started with an inspiring keynote from Phil Fernandez, Marketo CEO and co-founder. He announced that they just closed their Series C of funding and that Wes Wasson, CMO of Citrix, will join Marketo board. He also talked about upcoming features in current Marketo products and road map for new product:
- Lead Management (Fall 2009 release to includes enhance reporting with charts and more custom metrics and Winter 2010 release to include Workgroup and enterprise role, event management & programs 2.0)
- Sales insight (Just released)
- Pipeline Analytics (Winter 2010 Pipeline conversion, campaign influence, Forecasting, Presentation – automated reporting)
- Dynamic content optimization (future date)
- Budget & planning optimization (future date)
The second presentation was given my Jon Miller, VP marketing and co-founder. As I tweeted about, the presentation “How Marketo uses Marketo” was all about amazing content that translate in real actionable setup for your nurturing and scoring campaign. Jon gave actual use case of what he implemented for scoring and lead management.
After the networking break, there were 2 tracks:
- Refresh Your Emails and Landing Pages
- Scoring Leads for Sales Intelligence
I assisted the second one about scoring leads. Jenny Coupe (@jennycoupe) from Nimsoft presented their scoring model after explaining their extensive vendor selection process. They went over 60 day’s audit of multiple vendors and kept 2 for proof-of-concept trial of 1 month.
Jason Stewart (@jasondemandbase) presented Demandbase scoring model by putting emphasis on behavior scoring rather than demographic scoring. He also explains how he got sales to participate in the scoring model. He actually ask them to rate on a scale from 1 to 100 was the value of different actions. That end-up being the base of his scoring model.
Afterward, 5 partners from the Marketo Customer Enablement Team presented their offering:
• SEO: Inside the Mind of the Searcher (Enquiro)
• Data Services Integration for Better Prospecting (Jigsaw & ReachForce)
• Getting Sales On Board (Pedowitz Group)
• Remarkable Content to Power Lead Nurturing (Tippit)
The majority of the content from partners was great but I believe it felt a bit long, especially after having real hands-on content from previous presentations.
The fuzziest word of the day belongs to Debbie Qaqish from Pedowitz Group when she described Sales and Marketing alignment as “Smarketing”. Her top 10 marketing and sales alignment tips also caught my attention:
1. Build a language of leads
2. Build a common lead management
3. Create a lead scoring program
4. Build Sales Champion for the lead management
5. Build field focus campaign
6. Create regular communication cycle & feedback loop
7. Institute service level agreements
8. Metrics that matters
9. Learn about sales
10. Educate, educate, educate
Off to bed now, more to come tomorrow for the 2nd day of the Marketo User Summit 2009. Where I’m actually presenting some scoring strategies in the “Marketo Idol Showcase”
Ok, the topic is getting hot in your company and everybody is saying “We need to nurture our leads!”, but as the marketing manager, you ask yourself: “Where should I start?”.
Get started with lead nurturing in 6 steps:
Step 1: Review your current lead to opportunity to customer process. Make sure that you have a clear understanding of how your leads are moving from one stage to the next one and what is their source.
Step 2: Make sure you have a lead scoring model in place in order to help you determine if leads are ready to engage with sales or remain in nurturing.
Step 3: Determine how many touch point you will have in your nurturing program. You may want to have different programs for new leads or recycled leads.
Step 4: Create useful content for your leads adapted to each stage of their buy cycle.
Step 5: Implement your content in your sales & marketing automation tool.
Step 6: Track results and optimize.
Of course each of these steps will require different level of implication depending on the complexity of your organization, but a good lead nurturing implementation should go through each of these steps.
I’m looking to implement Lead Scoring in conjunction with our Lead Nurturing program. Typically, any lead that comes in goes in our 12 touch points nurturing program. We have exception for specific sources (ex: Trial request) in which case, the lead goes automatically to Sales without entering nurturing.
During the nurturing program, leads are score based on their behavior (open, click, page visit, etc…). Once a lead reaches the score threshold, it is transfer to Sales. Sales are reviewing the lead and have 3 choices:
a) Create an opportunity
b) Archive the lead (not a good fit or no interest)
c) Send back the lead to marketing for more nurturing
Couple of question to discuss:
1- When Sales are sending a lead back to marketing:
a. How do you affect the score? Do you reset it to “0” or reduce it by a certain amount of points?
b. How do you identify where the lead was in the nurturing program to continue at the same place once the lead is sent back to marketing?
2- If a lead reaches the threshold after 10 touch points and Sales send it back to marketing, the nurturing program continue but there is only 2 touch points left, if you diminish the score, it is most likely that this lead will never hit back the threshold… right? What are you doing to improve that?
3- We have planned our nurturing program with content to move the lead up in the revenue cycle. The first 4 touch points are for early stage, 5-8 are for mid stage and 9-12 are for late stage. If Sales are sending a lead that is mid stage back to marketing, how do you make sure this lead start the nurturing with the mid stage content instead of getting the first 4 touch points?
4- For reports purpose, after being sent back to marketing by Sales, if a lead reaches again the threshold, do you calculate these leads as “new leads” generated by marketing? If so, how do you tag them differently in your CRM?
5- If a lead never reaches the threshold after the 12 touch points, do you archive the lead as non-responsive and ultimately delete it?
Please feel free to leave your thoughts!