Gap Analysis – Marketing Automation

May 8, 2014

A colleague asked me to compare and contrast what marketing automation deployments we’ve seen prospect and customer wise – what their use case is relative to the gap with best practices.

To execute on a need he had committed to a client, I came up with the following list for him to consider.

Symptoms of enterprises struggling with marketing automation – marketing automation has (been):

  • Referenced internally as a ‘Ferrari in the garage collecting dust’
  • Perceived as a ‘black box’ to non-marketing executives who don’t understand its impact
  • Delivered a ‘Batch and Blast’ or large quantity of email experience, alienating subscribers
  • Enabled a first generation lead scoring model that has little, if any, business impact
  • Amplified non-standardized CRM data, thus frustrated sales and marketing users
  • Underutilized relative to installed customer base

What marketing automation should be or do potential wise:

  • Improves conversions by keeping in touch with not now, maybe later buyers
  • Delivers relevant and targeted personalized content to end users to engage at the right time vs. all of the time
  • Accelerates reporting ability when working properly with CRM, thus is transparent value vs. black box value
  • Minimizes non-standard data to maximize deliverability impact
  • Enables inside sales and sales prioritize workload via effective lead scoring model
  • Provides cross sell /up sell capabilities to an installed base

I think a better question to ask in framing this entire situation is around the use case – what is the business problem you are trying to solve with marketing automation?  From that point with the end in mind, marketing automation can then be deployed and configured to address your business needs vs. deploying against its technical capabilities.

What do you think?


MOCCA DC – Marketing Operations

July 18, 2012

Marketing Operations as a B2B discipline is rapidly growing.  As one data point that supports its growth, we had our largest attendance to date for today’s MOCCA meeting in Washington DC with Andrew Gaffney and Amanda Batista of Demand Gen covering recent readership survey results on trends in marketing measurement, changes in b2b buyers, and shifts in content preferences.  Rather than rehash the survey results which are available on DemandGen’s website, here are 4 key takeaways from our hour long question and answer session that followed the presentation:

  • Content:  this area was the theme and background of DemandGen, so it was not a surprise to hear this topic come up.  We spent considerable time discussing the pros and cons of webinars, both live and recorded, and came to the conclusion they are a worthy, cost effective tactic to consider as part of the overall marketing mix.  With today’s integration in marketing automation platforms, there are more benefits reporting wise to use webinars versus in years past.  Video is also a tactic that can be repurposed toward mobile devices and non-mobile devices.  There were a few audience members who suggested that having  4 videos of 5 minutes each were more powerful than one 20 minute video and easier for a buyer to digest.

 

  •        Data Warehouse:  this is an emerging area for enterprise companies that are trying to do data manipulation and more sophisticated reporting.  B2B companies are realizing a shortcoming of their CRM systems and marketing automation systems in terms of lack of data reporting flexibility.  Thus, they are looking to front end load their systems with a data warehouse that interoperates with disparate data sets and can do sophisticated reporting through easier manipulation of data.

 

  • Mobile:  this area remains an enigma for b2b marketers (my data points extend beyond this session with the CMOs of both Cisco and Xerox confirming this same data).  Contrary to what is happening in the market, marketers are just not yet ready to think about rendering b2b campaigns in mobile, either through their marketing automation platform or through companies like Litmus Technologies.  One company mentioned it was beginning to source 15% of its lead flow (not web traffic) from mobile devices yet the majority were not optimizing campaigns or content specifically toward mobile devices.  There are likely too many other competing priorities for marketers to be focused on, thus crowding out mobile for the moment.  Everyone knows they should be doing it (like working out at a gym), but few actually do it.

 

  •        Reporting:  the majority of companies were at the early stages of connecting marketing investment to new revenue struggling with both systems as well as cultural – cultural meaning does marketing ‘source’ revenue or do they ‘influence’ revenue.  The theory models would suggest marketing does both, but not every culture absorbs that methodology.

We didn’t have time to cover it, but data and its accuracy seems to be the next hot topic for MOCCA to talk about.  What areas in marketing operations are you seeing that is hot?


Next Gen Marketing Automation Platforms: Revenue Impacting

June 7, 2012

It’s time for the next generation of marketing automation – a revenue generating marketing automation system that focuses across new areas of predictability, effectiveness, and a wholistic view of a prospect/customer situation with the right analytics.  As a former high tech CMO that understands SaaS companies and platforms, I’ve implemented multiple instances of marketing automation platforms and more recently started a business digging deep at the marketing automation/CRM ecosystem to get more revenue, quicker.

Here are 4 areas that I think the next generation of marketing automation will solve for:

Predictive:  while the lead scoring models of yester-year are a good start to sorting out the needles from the hay, people are starting to realize that companies cannot ‘set and forget’ to hope the scoring methodology works long term.  Buying behaviors change and a buying committee in B2B is complex.  A predictive element with newer analytic capabilities is emerging in the B2B world, leveraging similar technologies that B2C marketers use (i.e. Amazon and best picks).  A company can then determine what products or solutions are most likely to be purchased based on similar demographic or segmentation sets.

Raise Sales/Marketing Effectiveness:  as I’ve previously posted on my blog, the data element is the single most important area for companies to understand and harvest, yet at the executive level it is often the leastunderstood.  Bad data is like a rifle with its sight off;  if your sight is off by a ¼ inch, you’ll miss your end target by a mile.  If the data is bad, you’ll never reach your target or lose valuable time trying to reach the target.  Newer marketing automation systems that leverage the right SaaS integration will be more sophisticated to go beyond the deduplication at the account, contact, and lead level (like they do today or with other 3rd party tools like CRM Fusion, Dupe Blocker, etc.) by providing real time feedback on phone numbers and contact information to increase the effectiveness of the inside sales organization.  Outsourced data cleansing strategies will become less prevalent as time goes on.

Assist with 360 view of a prospect:  with SaaS environments leveraging CRM (Salesforce.com) and new integration technologies (Dell Boomi, etc), there is a newer way to get intimate understanding of your customer prior to sales reaching out real time.  Billing information, trouble tickets, and other service questions can theoretically be displayed to a sales person so they are not ‘surprised’ calling into a new or existing account trying to up-sell.  With a 360 view, coupled with the predictive element, there will be new ways to get more revenue for companies that are savvy. Customer marketing (up-sell, cross-sell) is the hardest type of marketing to do and measure, this 360 view will help complete that circle. The single most important aspect is to make it easy for sales rep to get access to it from their current system.

Analytics that are meaningful:  the first generation SaaS marketing automation vendors have made an attempt at analytics, either licensing 3rd party software (Micromuse, Good) or attempting to build on their own.  The next generation analytic dashboards will be visible by anyone that has CRM access, not just marketing users with marketing data.  These analytics will show the areas above – marketing influenced revenue, 360 viewpoint, and data quality.  While some of this can be reported in systems today, it’s challenging at best.

What do you think, what are you seeing for future marketing automation environments to get more revenue, quicker?  Where are the pain points and shortcomings in your environment?



CMO Changes & Challenges: Cisco, Xerox, GE

May 17, 2012

The Chief Marketing Officers from Cisco and from Xerox presented at today’s Philadelphia America Marketing Association (AMA) on “Changes and Challenges CMOs face” and I attended with about 100 others.

Much of what they said reinforced recent observations I’ve had with client and prospect companies in terms of what are executive marketing priorities.  The theme was ‘measure and be accountable but don’t be afraid to go with the gut’.  There are 3 specific areas that were covered today that are worth delving into:

  • Segmentation – There are several key questions to be asking which will later inform the content creation and/or marketing automation strategy to reach prospective customers.  Usually this step is surprisingly overlooked in prospect companies of mine where they have not done enough recent diligence to understand how their buyer buys today (not how they bought 3 years ago) and Cisco reaffirmed this position by offering up some basic questions to review such as – who is our customer?  Do we really understand what is happening in our buying cycle?  Do we understand what message resonates and why?
  • CRM/Marketing Automation – Cisco invested billions in new company acquisitions but the back end infrastructure has not kept pace.  Consequently, the nirvana of a ‘closed loop’ lead system is not yet in place where one can track inquiry to close, likely because of several instances of CRM and/or marketing automation.   A strategy in place to not only identify how to consolidate these instances but how to measure the impact is needed.
  • Experimenting – Xerox emphasized the importance of keeping 5% of their annual budget as an ‘experiment’ budget that gets used with CMO approval.  So often, prospect companies that I work with have hamstrung themselves so much, that the ‘experiment’ promise sounds really good, but executing to that is really challenging.  A good experiment bet to make right now is LinkedIn (see my prior posts here.)

GE Healthcare’s CMO who was an audience member asked how both aligned with emerging market sales efforts.  There seemed to be universal agreement that China and Russia were growth markets.  However, Cisco (and I later discovered in GE) really do not have the marketing resource today to invest in branding and campaigns in these regions, so much of the marketing is event driven marketing.  This is where the puck is headed for marketing and in business – to understand how to get to these new markets by leveraging cost effective technology that has been proven in mature markets.  This runs under the assumption that in region, campaigns are accepted in a digital format (in China for example, YouTube is not allowed/utilized in the buying process.)  This is probably an emerging opportunity for marketing to consider as they plan their campaigns to reach new prospects globally.

What have you found as your burning priorities?


Marketing Operations – MOCCA

May 2, 2012

Today’s MOCCA meeting in Washington DC covered what role marketing operations plays in B2B with a diverse set of companies and vendors.  We discussed the scope of the marketing operations role, benchmarked data from a variety of analysts, and summarized our discussion by sharing our practical operational experiences to overcome a number of challenges.

Here are 5 key takeaways from our MOCCA discussion:

•  From a pool of twenty choices, the two most popular challenges for marketing operation heads were reporting/analytics and data management.  Based on other experiences here, this did not come to me as a surprise (mainly because this is also my primary business focus area of connecting marketing investment to new revenue);  Adobe/Omniture recently said in their 2012 report that fewer than 20% of CMOs were confident in their ROI reporting ability.   As for data management, companies are constantly wrestling with data quality issues where process is king for long term resolution in this area.

• All companies acknowledged process issues across the board, though few dug into what those process issues really meant (nurturing, data quality, lead treatment, etc).  From a non-marketer viewpoint, process is less visible than a more tangible reporting/analytics and data structure for people to see, but without good process, the analytics will be in rough shape!

• There was an interesting discussion around the credibility of marketing as it relates to marketing sourced vs. marketing influenced revenue.  Some companies focused on one category or the other depending on what their culture was willing to absorb.  This is a really fundamental point that is often overlooked in the theory frameworks of tracking/trending marketing– an organization as a whole (beyond marketing) really needs to ‘buy in’ to what the definition of revenue that is ‘marketing sourced’ and/or ‘marketing influenced,’ else the marketing organization risks credibility or relevance issues if the definitions are at question.

• Social is not moving the needle enough for lead generation or is not measurable enough to quantify revenue impact at the top of the funnel.  Twitter and Facebook seem to be ‘nice to do’s’ , yet LinkedIn continues to show strong within groups where a large community can be gathered by word of mouth vs. investment.  This finding is consistent with my post here, although my finding was LinkedIn is helping both top of funnel and later in sales conversion.

• All participants struggle with the ‘HOW’ to get something implemented;  there were theory frameworks which were used as strawman, but when the rubber met the road, people had to wrap their minds on how to execute with limited resources vs. talking about great ideas and new strategies.

All in all, a very good investment of time.   What are some of your marketing operation challenges you wrestle with?


Improving Conversion through Win/Loss

May 1, 2012

Most organizations have a quantifiable goal toward improving KPIs and analytics on more closed marketing sourced revenue.   A method to accomplish this is to do a ‘win/loss’ analysis on specific areas of the buying process.  One really important element here is to make sure sales and marketing understands and buys into what you are trying to accomplish – the goal is not to audit company losses to fingerpoint, the goal is to improve on conversion rates once armed with data/information on what is and is not working in the buyers cycle.

The key process flow areas to measure are within the CRM system on closed lost opportunity, closed lost leads, and open leads. Try to keep to a maximum of ten questions with an incentive to fill out the survey (though I’ve not found a correlation to an incentive and survey responses.)  You’ll need a big enough pool to get a statistically valid sample size to work, a recent example is we had about a 2% response rate.  There is some validity in having an outside party do these surveys vs. inside party, though depending on budgets and timing, inside may need to suffice.   Externally, firms charge approximately $1250 for each completed survey.

There are two approaches we typically use – ongoing and retroactive.  Most organizations fall into the retroactive category because it’s the best way to get aggregate data quickly, though there are substantial benefits to establishing an ongoing approach.

1.  For an ongoing approach, you’ll get real time feedback as to how you are performing.  How to do this is to create process flow survey questions and structures via CRM/SFDC workflows within key trigger points of buying cycle, thus providing REAL TIME feedback to marketing.  SFDC has a number of surveying tools that are free and can be utilized via the app exchange (note for some SFDC editions, there are a limit of the number of apps that can be deployed.)

2.  Rear view mirror looking – Best used by deploying a survey to a pre-determined pool of closed lost opportunities and closed lost leads for interpretation of data.  While CRM systems allow this batch communication to occur, it’s likely a prospect or existing customer will need to remember what their buying cycle experience was like at the time of purchase.  Looking rear view mirror also allows you to use other tools (SurveyMonkey) for a pulling in of results.

Ideally, the information should be captured in your CRM and/or Marketing Automation instance such that an ongoing analysis can take place on the data.  If it is captured, the prospect will have to reveal their identity (required for the incentive), otherwise they may prefer the SurveyMonkey or anonymous route.  Lastly, if doing this on your own, there may be some survey bias versus having an external firm or company do this.

What have you found that works for you?


Conversion Improvement – what to measure?

February 29, 2012

Many B2B companies look to improve conversions from lead to revenue and increase the productivity of their direct sales arm.  Here are 4 reports that can be run immediately in your CRM that can impact conversion positively without having to invest more money in new marketing programs.

  • Lead disposition reports –  when this report is run, it gives an overall status of how marketing is doing with handling of leads to and through the inside sales function.  Symptoms of problems in this area are a large pool of ‘open’ leads with no disposition.  What this symptom means is inside sales is not taking action on these leads, which requires a root cause analysis as marketing is producing a great quantity with no quality conversions
  • Opportunity reports – look at the ‘closed opportunity’ status pick list (if there is one).  If there are choices that speak to ‘not qualified’ ask yourself or your team, why is it that they were promoted to an opportunity prior to being not qualified?  Within opportunities, look at aging reports, the number of days on average a deal sits in any one cycle.  Because an arthimetic mean is provided, give careful study to the outliers of deals that have sat in queue for a very long time.
  • Funnel metric reports – do an analysis by either lead and/or opportunity (sales accepted opportunity) to study the entire shape of the ‘funnel’.  Is it indeed a funnel or is it a snowman (heavy bottom) or inverted funnel (due to deals getting clogged up in legal review).  Against the backdrop of aging reports, funnel metric reports can be very helpful for sales and for marketing to determine what sales enablement strategy need to be put in place.

 

  • Duplication reports – do some basic analysis in/around fields within the record structure of your CRM – account duplications, lead duplications, and contact duplications.  Salesforce administrators sometimes overlook plugins that can prevent these duplications from happening – consequently, poor performing outbound campaign performance is symptomatic of the cause of poor data hygiene practices.  Poor campaigns = poor conversion.

 

What reports have you found helpful?