6 Marketing Automation New Year's Resolutions - #6

Marketing Automation New Year's Resolution #6:
HARVEST THE UNKNOWN VISITOR

Congratulations! If you’ve implemented the first 5 Marketing Automation New Year’s Resolutions, you moved from Demand Generation to Demand Management – a major and significant evolution!

You now control every square inch of the funnel and are able to fully report on each funnel stage’s contribution to revenue. All leaks are plugged, all metrics fully in place, data standards in place and your funnel is now fully aligned with both sales and marketing.

So what’s next, a vacation? You certainly deserve one! And when you return, get ready for the final frontier -- the universe before the funnel.

There are 4 steps to this:

Step 1: Inventory All Pre-Funnel Feeders

Leads live a double life. The life you know about as they become known to you (through tracked implicit and explicit indicators) and the life you don’t know about. The specific journey that got them introduced to your neighborhood. LinkedIn, Facebook, Digg, StumbleUpon, Google Buzz, Twitter, PPC, Wikipedia, organic web searches, blogs and a number of other sources we may not even know of, all play a role in crafting an invitation to your party.

It is this journey, this universe of unknown activities that we need to understand and then harvest in order to provide a perpetual feeder into our now healthy, happy funnel.

Step 2: Establish Dashboards That Determine Influenced Revenue of Each
Build Dashboards that focus on mapping the pre-funnel journey. Find and track every single freeway, side street and back road that leads to your website and begin to make a connection to these initial pre-funnel activities and resulting influenced ROI.

Step 3: Prioritize Initiatives That Consistently Influence the Most Revenue
As you gain insight into the pre-funnel sources that ultimately contribute the most to influenced revenue, you can begin to rank and prioritize the major pre-funnel influences. This ultimately gives you the metrics you need to support increased efforts and resources on those influences.

Step 4: Focus Resources on Expanding Those Initiatives

From here it’s just a matter of focusing resources on what is working while abandoning the support of pre-funnel efforts that don’t pay off in influenced revenue.

There you have it, a complete 2011 Marketing Automation Roadmap.

Can you implement all 6 Resolutions in 2011? It’s possible. But don’t get frustrated if it takes longer than you’d like. As you’ve heard many times by now, marketing automation is a journey, not an event.

But if your organization is ready to start tackling each Resolution one at a time and in the order prescribed, you are on your way to being added to that very elite group of "Best in Class" performers.

Updated: 5-8-12
Visit my brand new website and learn more about Social Media Marketing

See all 6 Marketing Automation New Year's Resolutions:

Resolution #1 - Establish Corporate Alignment
Resolution #2 - Establish One View of the Truth
Resolution #3 - Establish Data Standardization
Resolution #4 - Fill in the Content Gaps
Resolution #5 - Tighten the Plumbing
Resolution #6 - Harvest the Unknown Visitor


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

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6 Marketing Automation New Year's Resolutions - #5

Marketing Automation New Year's Resolution #5:
TIGHTEN THE PLUMBING

There are 4 parts to this:

Step 1: Identify all funnel leaks

There are typically 3 areas of the funnel that leak:

• Sales Ignored Leads
• Sales Rejected Leads
• Customer Retention and post sale Cross-Sell/Upsell opportunities

Tighten your funnel metrics to provide insight into all 3 of these typical leak sources. Institute a deadline for sales to either accept your MQL or reject it, within a certain period of time. Find out how long sales really needs to make a decision about these and then develop a process that manages these leads after the cutoff period. Consider reassigning the lead or drop them into a sales-rejected lead nurturing programs. I wrote about this in a recent blog post called Funnel Goo.

Step 2: Build/Modify Nurturing/Scoring Programs to Plug the Leaks
If you discover a significant leak where sales is rejecting or ignoring an unusually high number of MQLs for example, build a specific nurturing program just for this leak. If a relationship has already been established with a sales rep, marketing can continue to own the conversation but can, through marketing automation make it appear that the message came directly from the sales person.

Sales people love this, since they don’t have to do much except answer their phone or their email, should the lead reach out. Marketing loves it because they regain control of an already nurtured lead, one that marketing has already spent time and money to acquire and nurture.

You might also consider creating a separate sales-rejected lead scoring program just for this group. For example, say you are getting lots of web leads who turn out to be college students. Sales rejects these, but marketing can nurture and add them to a long-term scoring program, tracking their activities all the way through graduation and onto their initial career path.

By the time they have the ability to make a purchase they already have a great long-standing relationship with you! Granted it’s a long-term approach, but what better way to grow your own leads who are often literally raving fans by the time they reach career readiness.

Step 3: :Leverage Better Data to Drive More Relevant Conversations
If you followed and adopted Resolution #3, you’ve repaired your data to the point that you can start to really start taking advantage of it. Target your new found segments to take relevance to an even higher level. Your segments will get smaller and your messaging more precise. This is where you can really start to make traction towards right time, right person right message targeting.

Step 4: Communicate What’s Working

Larger companies in particular sometimes work in Silos. Different regions or verticals generate a particularly successful campaign without word of it getting out to the rest of the global organization. China might have tremendous success with an SMS campaign combined with email that could be re purposed and replicated elsewhere for instance.

When something works, especially if it beats your existing benchmarks, don’t keep it a secret. Make sure there is a vehicle that communicates the wins on a regular basis. Maybe an internal marketing newsletter or “Win of the Month” internal email. Often teams end up competing for Best Metric awards.

Updated 5-8-12
Visit my brand new website and learn more about Marketing Operations

See all 6 Marketing Automation New Year's Resolutions:

Resolution #1 - Establish Corporate Alignment
Resolution #2 - Establish One View of the Truth
Resolution #3 - Establish Data Standardization
Resolution #4 - Fill in the Content Gaps
Resolution #5 - Tighten the Plumbing
Resolution #6 - Harvest the Unknown Visitor

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

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6 Marketing Automation New Year's Resolutions - #4

Marketing Automation New Year's Resolution #4:
FILL IN ALL ASSET CONTENT GAPS

There are 4 parts to this:

Step 1:

The first step is to inventory all your existing marketing assets. Make a complete list of everything you've got. Videos, White Papers, Recorded Webinars, Product Brochures, even content-rich web pages.  If you have different Geos or marketing groups, make sure they all contribute to the list. You might discover assets you didn't even know you had.

Step 2:

Identify which stage of the buying cycle each asset belong in - Early Mile, Middle Mile or Last Mile. Each stage requires a different conversation, along with a different set of assets.

For example, when a lead first enters your universe they may be just kicking the tires, wanting to learn more about your capabilities. This is typically the Early Mile, so the content they receive should focus on things like Thought Leadership. Start the conversation by establishing your company's credibility as a viable solution provider. It should answer the question, "Why Buy?"

The Middle Mile focuses on "Why Buy from Me". So assets that differentiate your company's services/products is best. Prospects may not be ready to review specific product specs just yet, but they usually want to know the specific benefits of your company.

The Last Mile is the final evaluation period. Spec sheets, pricing promos, etc. It's finally all about you. Focus on answering the question, "Why Buy from Me Now."

Step 3:

Once you've done a complete Asset Inventory and mapped out which buying stage each asset belongs in, it will be very clear where you are asset rich and where you are asset poor. You may have plenty of assets in the Early Mile and Last Mile, but not much in the Middle Mile area. Wherever your gaps are, the next step is to fill those gaps ASAP.

Step 4:

Once you start delivering these assets you can determine which ones are contributing the most to revenue. There are usually a few solid winners and some solid losers as well. Map out the most effective at contributing to revenue and create more just like them. This keeps the focus on New Year's Resolution #1, Align with the Goal of the CEO.

Updated 5-8-12

Visit my brand new website and learn more about Content Marketing

See all 6 Marketing Automation New Year's Resolutions:

Resolution #1 - Establish Corporate Alignment
Resolution #2 - Establish One View of the Truth
Resolution #3 - Establish Data Standardization
Resolution #4 - Fill in the Content Gaps
Resolution #5 - Tighten the Plumbing
Resolution #6 - Harvest the Unknown Visitor

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

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6 Marketing Automation New Year's Resolutions - #3

Marketing Automation New Year's Resolution #3:
ESTABLISH DATA STANDARDIZATION

There are 4 parts to this:

Step 1: Establish a Standardized Data Set
Collectively establish and agree on a list of standard data fields. What fields do you consistently need to capture? Once you establish your master set of fields, make a Data Dictionary out of it. Convert to pick lists wherever possible – avoid open text fields, since there is no way to consistently score, report or segment on them. Spread the word that this is the Standard Data Set.

Step 2: Enforce the Standardized Data Set at every Acquisition Source
Review every data acquisition source and convert the process to the Standardized Data Set dictionary. Forms, list uploads, you name it.

Step 3: Append Incomplete Data fields
It’s hard to target a marketing campaign to specific Job Functions if the field is only 10% complete. Append those fields that are important for segmentation and/or scoring first. Then focus on filling in the remaining blanks.

Step 4: Build a “Data Washing Machine” to clean existing bad data
Normalize as many fields as possible. Start with all the open text fields you always wanted to leverage for scoring and/or segmentation but couldn’t.

Step 5: Merge and Purge
Clean up your duplicate records and build a process that requires a search for existing records prior to creating new ones.

Step 6: Keep the New Data, Discard the Old Data
Aging plays an important role in overall DB health. According to Eloqua, Lists older than 1 year have a decrease of 25% in open rates and 12% in CTR. Create active and inactive contact groups and treat appropriately.

Updated 5-8-12
Visit my brand new website and learn more about Data Standardization

See all 6 Marketing Automation New Year's Resolutions:

Resolution #1 - Establish Corporate Alignment
Resolution #2 - Establish One View of the Truth
Resolution #3 - Establish Data Standardization
Resolution #4 - Fill in the Content Gaps
Resolution #5 - Tighten the Plumbing
Resolution #6 - Harvest the Unknown Visitor

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

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6 Marketing Automation New Year's Resolutions - #2

Marketing Automation New Year's Resolution #2:
ALIGN TO ONE VIEW OF THE TRUTH

There are 4 steps to this:

Step 1: Fully Integrate Marketing Automation to CRM
Sales enablement tools are a crucial component of marketing automation. It is marketing's gift to sales in helping them identify not only a pecking order of who to call first, second, third but also to provide key insight into online behaviors that will drive a much more relevant conversation. Getting Lead, Company and Contact data in full 2-way sync between CRM and Eloqua is what keeps the trust and value of these sales enablement tools in place for salespeople. It's what establishes one view of the truth.

Step 2: Set up a Full Lead Funnel Stage Evaluation Process

If you haven't yet fully adopted the Sirius Decisions Funnel model, you should. It opens up some extremely insightful reporting capabilities.

SUSPECT | INQUIRY | MQL | SAL | SQL | CLOSED WON

• How many leads are at each stage of your funnel?
• Is this number growing or shrinking?
• How long have they been at each stage?
• What is the conversion rate to the next stage of the funnel?
• What is is costing you to get these conversions at each stage?

Step 3: Align All Reporting to Support the Goal of the CEO
Tracking your marketing effectiveness at the level described above helps provide tangible metrics to the CEO as proof that their goal is being adopted by both sales and marketing, supported, measured and (hopefully) reached.

Step 4: Evaluate the Overall Health of the Data
As you evaluate the metrics above you will begin to spot weaknesses in effectiveness. Certain target groups might be performing better than others for instance. Conversions from Inquiry to MQL may be lower than expected. It's time to take a hard look at the completeness of your data.

You'll never get out of the Batch and Blast era of marketing without focusing on your data. This is typically a huge problem for most companies. Legacy databases, 3rd party list rentals, no data acquisition standards -- the result: incomplete and unreliable data. It's time to evoke a full data standardization process.

Updated 5-8-12
Visit my brand new website and learn more about Marketing Return on Investment (ROMI)

See all 6 Marketing Automation New Year's Resolutions:

Resolution #1 - Establish Corporate Alignment
Resolution #2 - Establish One View of the Truth
Resolution #3 - Establish Data Standardization
Resolution #4 - Fill in the Content Gaps
Resolution #5 - Tighten the Plumbing
Resolution #6 - Harvest the Unknown Visitor

Steve Kellogg

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

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6 Marketing Automation New Year's Resolutions - #1

This is typically the time of year that many companies revisit their goals, initiatives and 2011 objectives. So in looking ahead to next year, what marketing automation resolutions/goals should you focus on, and in which order?

While this is often driven by your company's overall business objectives, we do know that tackling specific goals in a specific order can greatly influence your chances for long term success - best in class success in fact.

At some point in your career you were probably told that marketing automation is not an event but a journey. It’s so true.

No matter how badly your company wants to be on the marketing automation autobaun at 120 MPH, there is a ramp-up period. You can't fight the laws of physics. So step one for next year is to get everyone over the fact that it is impossible to achieve every goal/resolution first.

Marketing Automation New Year's Resolution #1:
ALIGN WITH THE GOAL OF YOUR CEO

There are 4 steps to this:

Step 1: Aligning with Your CEO:

It goes without saying that making your CEO look good makes you and your team look good. And since the goal of almost every CEO is growth, make sure everyone on your team is clear about what specific kind of growth the CEO is expecting. Is it revenue growth? Is it growth in profit?

Step 2: Align Sales and Marketing Success Metrics:

If marketing measures its success by growth in new leads but sales is measuring success based on growth in sales revenue, this disconnect will prevent establishing true corporate alignment. Eloqua recently launched RPM - Revenue Performance Management, a brilliant concept that best of breed companies seem to have in common as a methodology. For example, just having sales and marketing aligned to the same measurements of success is a huge step towards best in class performance.

Step 3: Determine contribution to Goal by Sales and Marketing

So if the CEO’s goal is $100m in revenue, the next step is to determine the contribution to goal by both sales and marketing. Who owns what percentage of the goal? Does marketing own 60% and sales 40% for example? Get clear about who contributes what. This prevents any year-end finger pointing concerning who didn’t perform.

Step 4: Define Resulting Targets at Each Lead Funnel Stage

Marketing’s next step is to work the funnel backwards in determining the volume you need at each lead stage to achieve your revenue goal. If marketing’s goal is to generate $60m in revenue then you’ll need to determine the quantity of leads required at the SQL stage, the SAL stage, the MQL stage, the Inquiry stage and the Suspect stage in order to reach the goal. Use historical conversion metrics as your guide. If you don’t have these metrics, Sirius Decisions has benchmark conversion data at each stage you can leverage.

Updated 5-8-12

Visit my brand new website and learn more about marketing metrics and ROMI

See all 6 Marketing Automation New Year's Resolutions:

Resolution #1 - Establish Corporate Alignment
Resolution #2 - Establish One View of the Truth
Resolution #3 - Establish Data Standardization
Resolution #4 - Fill in the Content Gaps
Resolution #5 - Tighten the Plumbing
Resolution #6 - Harvest the Unknown Visitor

Steve Kellogg

-Demand Generation/Marketing Automation Consultant, Astadia

-Eloqua Certified Marketing Best Practices Consultant

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Left Brain is the New Right Brain

Are you more Left Brain dominant (logical, analytical, plays it safe) or more Right Brain dominant (passionate, creative, risk taker) in your work?

In general, if you are in IT, chances are you are more Left Brain dominant. If you are in sales or marketing, you are probably more Right Brain dominant.

But when it comes to adopting marketing automation, the left brain is the new right brain, at least for marketers. Being creative, artful and engaging isn’t enough to get your message through all the clutter any more.

Like it or not, we (us marketers) have to start getting (gulp) data-centric. The sad truth is that if your company has been in existence for more than a couple of years, chances are, the quality of your data is awful. I can almost guarantee you that this will severely impact your long-term marketing success.

Even the most expensive marketing automation tools in the world won’t get you results if your message isn’t relevant. You can’t have relevance without good data. You can’t have good data without data standards. You can't have data standards without a process and you can’t have a process without the left brain.

To illustrate, I've created a little graphic that shows how the two brains need to work together in delivering the right message to the right person at the right time. (Notice the double entendre – right person, right brain -- clever eh?)

Marketing automation is definitely a group effort, with both dominant left brainers and right brainers crossing paths and working hand in hand to deliver results.

So fear not right brainers, it’s time to get out of your comfort zone, get technical and embrace data. BTW: There are some great new data tools out there, including Jigsaw and others. Eloqua has a good Data Normalization program that can help as well.

BTW: If you are curious as to whether you are left or right brain dominant, take this interesting little test.

P.S. If the test shows you with equal dominance on both sides, you’re one of us :)

Updated 5-8-12
Visit my brand new website and learn more about marketing automation

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

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