Revenue Attribution Demystified

http://crowds2crowds.com/romi.html
Why is revenue attribution so painful? Because it's complicated! Learn successful methodologies, what other B2B companies are doing, gotchas and best practices in this short but very informative video.

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By Steve Kellogg

-Demand Generation/Marketing Automation Consultant, Astadia

-Eloqua Certified Marketing Automation Best Practices Consultant

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B2B Form Submitter BILL OF RIGHTS

Forms are arguably a necessary evil in the world of B2B marketing. Sure you can give your assets away, but that's a conversation for another day.

For now, let's assume you do want a form. Watch this quick 60-second video and learn the Top 5 B2B Form Submitter BILL OF RIGHTS. Its funny, but true!

Visit my brand new website and learn more about form optimization.

Steve Kellogg

-Demand Generation/Marketing Automation Consultant, Astadia

-Eloqua Certified Marketing Automation Best Practices Consultant

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Creating Content for the Buying Committee

 

Creating Content for the Buying Committee

Most B2B sales are not decided upon by just one person. Often a committee of folks is involved, both during the initial decision process and further down the buyer journey, during the purchase process. As many as 8 or more participants weigh in internally before a final “Let’s do it” is heard.

As frustrating as this is for sales, it’s even more frustrating for marketers trying to:

1. Identify these committee members and 
2. Serve them relevant content

Unfortunately we usually only get access to just one committee member, the person who is raising their hand. He or she has clicked thru one of our emails, filled out a form, attended a webinar, etc. and made themselves known.   

Let’s call this person the Champion.

Sirius Decisions has identified a total of 4 committee member types:

• The Champion
• The Influencer
• The Negotiator
• The Ratifer

So how do you send relevant content to these people, at the correct time they need to see it, without even knowing who they are?

You can’t. Not unless they raise their hand too. Sorry.

So, we are left with 2 approaches to ensuring relevant content is sent to the right person at the right time:

1. Enable the Champion as our “Content Distributor”
2. Populate Social Media, as well as your own website, with easy to find answers to likely questions from the Influencer, the Negotiator and the Ratifier.

Creating the Personas

The first step is to create personas for each of the 4 committee member types. Ask sales what keeps each one up at night? What do they want answers to? What content tools can you provide that will help answer the question, “What’s in it for them?” Once we know what list of concerns each committee member type has, we can create specific content to address each one of their concerns.

Converting the Champion to “Content Distributor”

Once the Champion has initially raised their hand, the next step is to add them to a nurturing/scoring program that feeds content, directed at them initially. This is typically Thought Leadership content. It’s never about you at this stage, it’s always about what you can do for the Champion. The goal is to provide enough credibility that your company makes it to the short list of evaluated vendors.

Focus on content that is appropriate not only for the Champion, but for the Influencer as well. The goal is to get the Champion to pass your Thought Leadership along to the Influencer. 

Don’t forget, the Influencer is searching on their own, so make this content easy to find on your website as well, along with targeted Social Media, just in case you haven’t converted your Champion to “Content Distributor” just yet.

Content that makes the Champion look like a hero will get forwarded more often than “non-hero” content. So what the heck is Hero Content? “Hero Content” has to be good enough to warrant a “Hey Influencer,  look what I found” reaction from the Champion.

Assuming the Champion progresses through the buyer journey and is engaged with your nurturing content, at some point the lead’s internal Decision Process shifts to a Purchase Process. The trouble is you may not know when this actually occurs. The Champion may have scored very high at this point, but the Purchase Process committee members may not have even weighed in yet.

Based on what you and your sales team know about your own sales cycle, you can send a Purchase Process trial balloon email to the Champion when the time feels about right and see what the response is. Did the Champion click thru to the ROI calculator? Did it appear as if they may have forwarded the email?

If so, now is the time to leverage your Champion to distribute content relevant to the Purchase Decision group. ROI calculators, ROI Case Studies, Financial risk aversion content. It’s all about the money. 

Once again, this group is searching on their own as well. Make sure this type of content is easy to find, not only on your website but on targeted Social Media as well. Hero content works best here too.

Summary

Just because we don’t always know who the committee members are, we can use this strategy to convert the Champion to our “Distributor of Content” to those behind the curtain. Content creation should therefore be focused on serving the following committee member types:

The Decision Process

·       The Champion

·       The Influencer

The Purchase Process

·       The Negotiator

·       The Ratifier

This will help define the What. Leverage MA to define the When.

Visit mybrand new website and learn more about marketing segmentation best practices.

Steve Kellogg

-Demand Generation/Marketing Automation Consultant, Astadia

-Eloqua Certified Marketing Automation Best Practices Consultant

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Social Media: Tracking What Others Say About You

With better Social Media reporting tools coming on line, we’re starting to get a much better picture of the extent Social Media plays in converting leads into buyers.

These tools provide insight into the whole other universe of inbound conversations occurring before, during and after our own outbound marketing communications.

And while the traditional funnel model continues to work for our outbound marketing efforts, alas - it no longer fits with the overall buyer journey.

Instead, the buyer journey now looks like a grid, with seemingly disjointed inbound and outbound touch points all playing a role in converting leads into buyers.

Welcome to The Grid

Here is a visual example of how a buyer journey might progress from beginning to end.

Black squares are Inbound touches and Red squares are outbound touches. We see this person bouncing all over the place, but ultimately ending up a buyer.

If we try and convert this buyer journey example into a linear roadmap, it would look like this:

We can track all the outbound activities just fine, the disconnect continues to tie in the value of all the inbound activities into one holistic view that can be leveraged for reporting.

Our colleagues in Germany will have an even tougher time, as Germany has recently banned the business use of FaceBook Fan pages and Facebook "Like" social plugins because the data collection infringes on Germany’s data protection laws.

So, while we can’t road map the collective social media activities of a single individual yet, we can definitely track how and where our products and brands are being perceived within the social media framework.

Recommendations:

• Get insight into the overall sentiment of your brand as well as those of  your products/services within the social media universe. Overall, is the conversation mostly positive? Mostly negative? Mostly neutral?

o   Use this to focus on keeping your +/- ratio extremely high for each product and each brand.

·      

• How does this sentiment compare to your competitors? Where is your company in the “love-fest” pecking order within your industry?

o   Use this as a benchmark in elevating and keeping your overall +/- ratio higher than your competitors.

·       

•  How much share of overall “voice” is your company receiving within your industry compared to your competitors? In other words, how much buzz is about you vs. the competition. (This could be a good thing or a bad thing, depending on whether the sentiment is mostly positive or mostly negative).

o   Use this as a benchmark in increasing and keeping dominance in your overall share of voice within your industry.

·      

• Which “megaphones” are people using to communicate? Facebook? Twitter? Blogs? Forums?

o   Use this to help identify where resources should be focusing their social media efforts.

·        

• Where specifically are the most influential conversations coming from? Are there particular blogs, forums or groups that are being particularly influential?

o   Efforts can then be made to encourage the positive and repair the negative.

So how do you track and measure all this?

One of the better tools I’ve used that can provide these insights and more is Radian6 which was recently purchased by SFDC.

If you only care about Twitter, they just announced Twitter Web Analytics, a tool that helps website owners understand how much traffic they receive from Twitter and the effectiveness of Twitter integrations on their sites.

If you want insight into ALL of the recommendations above, Astadia is offering a complimentary Social Media Assessment Summary, for a limited time.

All you need is:
1. Your Company Name
2. The name of the Competitor you want to compare your share of voice to
3. The name of the product or service you want to get sentiment on

Click here to request this complimentary Assessment Summary

Controlling what content is received along with when a lead receives it through outbound marketing is easy. Controlling where leads go to find useful information and what they read about us from others during the sales process is next to impossible to control.

We can still influence the outcome however by (1) incorporating the whole grid in our marketing efforts and (2) by beginning to incorporate the insights listed above.

Visit my brand new website and learn more about Social Media Marketing

Steve Kellogg

-Demand Generation/Marketing Automation Consultant, Astadia

-Eloqua Certified Marketing Automation Best Practices Consultant

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5 Lead Scoring Myth Busters

Having researched countless lead scoring programs for various clients, certain patterns tend to appear over and over. A few very lucky clients get it right the first time, but this is extremely rare.

Some clients enable a simple lead scoring program initially, then if it fails to meet the expectation of sales, they leave it on a shelf and abandon the idea. Successful clients actively tweak their scoring program continuously, adapting to changes in their industry, their products, and the shifts in behaviors of their leads.

Myth #1: Lead Scoring Works Immediately

Successful lead scoring programs take time to develop. On average 3-6 months to test, evaluate, tweak, etc, often even longer. It is very common to see either very low scores or very high scores come through when you first fire up the program. This is normal. Go back to sales and refine the scores further, each time getting closer and closer to accurately scoring explicit and implicit criteria. You really need to evaluate it for the entire length of your average sales cycle to fully vet it. So if your average sales cycle is 2 years, be very patient as you diligently continue to refine it.

Myth #2: Lead Scoring is for Everyone

If sales’ only criteria for accepting a lead is if there is breath showing on a mirror, then sales will ignore lead scoring. In fact they will resent any efforts to throttle back non MQLs (Marketing Qualified Leads). Some sales reps are desperate for any lead, whether they are qualified or not, so taking the time to develop a scoring program for them is not typically worth the effort. Also if the sales cycle is extremely short, say less than 30 days, it may not be worth it to develop a lead scoring program either.

Myth #3: One Size Fits All

I have clients that have multiple lead scoring programs running simultaneously, one for each product, geo or BU. Keep in mind this took several years to get to this stage and was done only after fully vetting their first successful lead scoring program. When setting up an initial lead scoring program, I recommend scoring on general interest first – Not by Specific BU. The advantages of doing it this way are:

• Vetts the process with Key Players
• Builds Confidence/Buzz
• Gains Momentum
• Build out Specific BUs once Success Achieved

Myth #4: Lead Scoring Generates More Leads

It always surprises me how prevalent this misconception is, especially among sales. It is often the reason sales reps ultimately ignore your lead scoring program. The truth is, just the opposite occurs. Sales actually gets fewer leads; but they tend to be of higher quality and further in the buying cycle. Make sure sales understands that lead scoring does not guarantee a lead has an open PO ready to sign, or have their checkbooks out, it only provides a pecking order of who to call first, second, third, etc. That’s it.

Myth #5: If Sales Looses Confidence in Lead Scoring – Game Over

This almost always happens when the mistake is made to launch an initial lead scoring program to the entire sales organization out of the gate. Sales heard about this cool thing called lead scoring, marketing is anxious to provide immediate value, so the lead scoring program is launched quickly. That’s when the trouble starts. Sound familiar?

If this occurs, don’t give up, but don’t re-launch an edited version to the whole sales team. They are already circumspect and if there are still any edits to be made, then it will be very difficult to get full buy-in moving forward.

Instead work with 1 or 2 sales champions and really get them involved in making the tweaks. Have them evaluate the last 50 closed deals and look for explicit similarities. Are they sharing a specific job role or title? Look for similar behaviors as well. Visits to certain web pages, attendance at specific webinars, etc. If you look, patterns will emerge. Make sure your next generation scoring program is incorporating these.

If you are new to lead scoring or need a Lead Scoring “Do-Over”, consider the following tips, depending on whether you have many leads or few leads:

We Have Many Leads in CRM

• Start with an Inactive Lead Nurturing/Scoring Program
• Pros:
• Converts dead or “junk” leads
• Doesn’t disrupt current lead flow processes
• Cons:
• Takes full sales cycle to provide value
• Leverage nurturing to drive scorable behaviors – don’t just leave it to happenstance

We Have Few Leads in CRM

• Score Everyone Often
• Focus on recency of behavior, rather than frequency of behavior
• Give sales visibility to all scored leads (not just MQLs)
• Build Fast Lane for Ready to Buy Leads
• Work closely with your “sales champion” throughout testing phase
• Leverage nurturing to drive scorable behaviors – don’t just leave it to happenstance

Lead scoring is marketing's gift to sales. It can be an extremely powerful sales enablement tool. But it rarely works correctly out of the box and requires continuous course correction once it does work. Having that expectation helps make the lead scoring journey worth all the trouble for the entire enterprise.

Visit my brand new website and learn more about lead scoring.

Steve Kellogg

-Demand Generation/Marketing Automation Consultant, Astadia

-Eloqua Certified Marketing Automation Best Practices Consultant

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What Happens When Everything is Relevant?

Right now, adopters of marketing automation have a leg-up in that our messages are presumably more relevant than those still incorporating batch & blast messaging. We have the advantage of right time, right message, right person workflows.

But as marketing automation adoption continues to skyrocket, what happens when everyone’s messages are relevant? Now what? Competition for attention becomes even more challenging.

Even now, my inbox is already full of relevant messages. For example, I am a member of at least 20 LinkedIn Marketing Automation groups and continue to receive extremely relevant discussion topics all day long.

So how can you get your marketing email to move to the front of the line?

• Urgency
• Importance

All other things being relevant (excuse the pun), we tend to focus on those messages that are (1) Urgent, then (2) Important.

An email from my bank suspecting fraud on my account is both urgent and important. I would stop everything and take action.

An email reminding me I only have 30 minutes left to register for a popular workshop is urgent and worthy of my immediate attention as well (assuming it is relevant and important).

An email inviting me to a webinar 5 weeks from now may be important but it is not urgent.

Many studies indicate that people wait until the last minute before taking action. I recently helped a client with a webinar registration test in which over 55% of the registrations were submitted within 24 hours of the event, despite the initial invitation and reminder emails being sent 2 weeks prior. Leveraging the last minute is a sure-fire method of getting your message to the top of the list and “forcing” action.

Don’t’ Fake Urgency

You can’t always create urgency when there really isn’t any. Don’t fake it whatever you do. We all hear the radio commercial that makes an offer to the next 20 callers only, that runs every 2 hours.

Making it Important

If you can't make it urgent, try and make it important. I know everything we marketers send out is extremely important (at least in our eyes) but it may not be perceived that way by the recipient (shocking I know). One way to help sell importance is to make it scarce.

You’ve developed an eBook that contains information rarely seen before. Your offer is a complete paradigm shift, a game changer. You’ve figured out a way to put a square peg in a round hole. Make your message important by including scarcity when possible.

If there is no urgency, and your message is not particularly earth-shattering, at least make it convenient. This is one reason video is so successful. It’s easy and requires very little effort. If I’m confronted with 20 relevant messages, I’m definitely responding to the one that requires the least effort to respond to first.

As an early marketing automation adopter you may not need to leverage these tactics now, but you will. Better to leverage them now.

P.S. So what happens when down the road, everything becomes relevant, urgent, important and convenient? I’m not sure what we do. Maybe we put down our devices and pay attention to the person next to us?

Visit my brand new website and learn more about marketing automation

Steve Kellogg
-Demand Generation/Marketing Automation Consultant, Astadia
-Eloqua Certified Marketing Automation Best Practices Consultant

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Priceline is Following Me...Literally!

Several months ago I needed to book a hotel in Hollywood, CA near a client. I had never used Priceline before so I’d thought I’d give it a try. They found me a good deal at a hotel “nearby”. Long story short they ended up booking me into a hotel in Century City, which is nowhere near Hollywood.

As soon as I got the confirmation I called them and requested a refund, but despite 30 minutes of wrangling with the “manager” they refused to budge. I ended up paying for 2 hotel rooms that night. The hotel in Century City from Priceline and the hotel in Hollywood that I ended up booking on my own. Lesson learned – I will never use Priceline again. Ever.

Yesterday I needed to book a hotel in Palm Springs, near another client. I went online and did the usual searching, using Kayak, Travelocity, Expedia, etc.

Within 20 minutes I was shocked to receive an email from Priceline.com offering discounts on hotels in Palm Springs on the same days I was planning on being there. How did they know I was looking for a hotel in Palm Springs? How did they know which days I was going to be there?

As a marketing automation and Best Practices consultant I would be the last person to toss up the Big Brother argument for cookie tracking, but wow, this is the first time I’ve ever felt like Big Brother was actually watching me – stalking me almost.

If the email was from a company I would actually consider doing business with I wouldn’t mind, in fact I’d probably appreciate it, but what made this so unsettling is every time I even hear about Priceline it always reminds me of the money I lost.

Cookie Tracking

There has been a lot of discussion lately about cookie tracking as it relates to privacy issues vs. relevance.

In fact, in the EU, there is a new law which goes into effect in May that now requires websites to obtain a user's consent before even being allowed to install a tracking cookie. Yikes.



Summary

Marketing Automation and cookie tracking in particular make it easier to send “hey we just watched you online and boy do we have a deal for you” emails.

As more and more companies test these waters, it will be critical to everyone's success to make sure to also include as part of the process,  confirmation of a good relationship with the target just prior to sending the email. Otherwise we all run the risk of facing the same restrictive legislation the EU is about to face.


Key Takeaway
If the current state of the relationship is monitored, sending the right person the right message at the right time can be extremely effective in fostering a deeper, more personal relationship.

If the relationship is not considered, then it's like the ex-boyfriend or ex-girlfriend who won't stop following you. They’re stalking.

Visit my brand new website and learn more about data management.

Steve Kellogg
-Demand Generation/Marketing Automation Consultant, Astadia
-Eloqua Certified Marketing Best Practices Consultant

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