Author: Jon Russo

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GDPR April 2018 Update

Building on our December learnings, GDPR is a hot topic within many of our client companies and all companies right now – even if they are US based selling into either US locations or selling outside US.

The fines for non-compliance are heavy at 4% of global revenues per year and the risk of inability to sell/market in the European region on an ongoing basis.  Surprisingly, many companies are not putting much energy behind compliance of their data processes or systems.

What sometimes gets lost on the compliance penalty is the actual benefit of embarking on this project – for the first time, Marketers will have true intention indicated by relevant database prospects.  GDPR forces out the ‘great unwashed’ of disinterested prospects or non-relevant contacts.  Said differently, reporting from a Marketing viewpoint will be pinpoint accurate in the EU region or on EU affected records.  Never has there been a time with such Marketing measurement precision.

We’ve conducted nearly a dozen free diagnostic tests (let us know if you want one?) to benchmark performance for our clients on their databases and have a few observations on the GDPR projects and data results:

  1. We see GDPR projects falling across two lines:
    • Part 1: prospecting part which impacts primarily systems and processes that are outbound oriented in nature (eg Marketing Automation, some aspects of Salesforce, and the processes that touch those)
    • Part 2: customer data which primarily impacts systems and processes that house or store customer level data (systems like Salesforce, Salesforce communities, and any other IT system that houses billing information or product information, etc.)

 

  1. Every company is approaching GDPR differently organizationally
    • Usually the initiatives are marketing led initiatives for prospecting processes, IT led initiatives for customer processes
    • Legal is almost always involved regardless of the prospecting or customer aspect
    • Legal/Finance/IT are often funding the initiative that Marketing and/or Sales is executing

 

  1. Benchmark data
    • We’re finding US companies with US focus surprisingly having some records in their database that would cause them to be in jeopardy of violating GDPR. We’ve seen upto 1% of the database contain GDPR records on our testing.
    • Of the non-US focused companies, we’re finding global SaaS companies having a 4% or more impact on overall database of records that would also be considered GDPR eligible.
    • We’re finding there are two levels of testing records – matched and unmatched records.  Unmatched records require a deeper investment to assess properly but statistically fall in line with matched records relative to the entire database.

 

  1. What is less noticeable are records that are tabbed as GDPR records but are NOT in the EU but are owned by the EU.  These types of records are the ‘gotcha’ records so be careful!
    • Primary territory records (eg French Guiana – and others – owned by France)
    • Outermost territories (eg Aruba and others owned by Netherlends)
    • These kinds of records are not going to be as easily detected by automation systems and are the ‘gotcha’ type records.  Studying your record types and origins is important!

 

A prediction – I’d expect to see GDPR for US based companies in 2019.  We’ve seen the recent data issues with Facebook in the news, so expect to see more, not less, privacy regulation in the US.

What trends are you seeing in GDPR for your company?

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Part 4.  Lessons Learned in an Account-Based Approach (ABA)

 

As published in MarTech Advisor

 

In our industry conversations and experiences with over 100+ Account based deployments, we find that many marketers, particularly SaaS companies or large enterprises, believe they’re “already doing account based marketing.” When we dig a little deeper to uncover what that means, we find it means their progress is very different for a lot of companies.

 

(See article on MarTech Advisor)

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Part 3. What kind of talent is required for ABM success?

 

As published in MarTech Advisor

As Gartner recently pointed out in their October 2017 survey, nearly half of all discretionary marketing spend is dedicated toward internal people or external agency support.

In today’s series, we’ll talk about key resources needed to successfully pull off an ABM strategy to build on our earlier ABM posts of when to create a strategy and how to convince stakeholders of the strategy.

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Part 2 – How to convince stakeholders ABA is worth doing.

 

 

As published in MarTech Advisor

 

In Part 1 of our series, we talked about when an Account Based Approach (ABA) should be embarked upon.  In today’s piece, we’ll talk about how to enlist stakeholders that ABA is worth doing.

 

Account-Based Marketing or selling can not happen only within the Marketing department, which makes it very challenging for those of you in cultures that need to prove success out before embarking in a larger initiative. You need executive support, as well as the support of your peers in sales.

 

(Click on the link above for the rest of the article as published in MarTech advisor!)

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Part 1 – When is Account Based Marketing needed?

 

As Published in MarTech Advisor

 

We have all heard the buzz; Account-Based Marketing, Account Based Selling, Account Based Revenue, Account Based Everything…the acronyms are plentiful.  I’ll add one more to the mix.

 

An account based approach (ABA) represents an omni-channel coordinated sales and marketing approach, one that reinforces B2B sales and marketing fundamentals, but more hyper-targeted than in times past.  It includes very personalized and customized experiences across ANY automation tool for sales AND marketing.   Analysts are catching onto this trend:

 

(See MarTech Advisor for full article)

 

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2018 Salesforce Lightning Migration for Marketers

In March 2018, Salesforce will soon stop support of bug fixes within their classic version of CRM, moving toward the next generation capabilities.  Client wise, we’ve begun helping some organizations make the move over to Lightning, though clearly it is very early days of such a move.
There are several sales and marketing benefits of such a migration – better visualization, cleaner account level hierarchies, improved productivity with fewer clicks to name a few benefits.  Marketers will need to make sure their marketing automation software can in fact be used properly in Lightning as several have the classic application installed.
Before embarking on a migration, there are key questions to ask internally before making a switch:
  1. What is your business objective of a migration (e.g. sales cloud to improve sales performance, service cloud to improve support perf., etc.)?
  2. How documented are your existing sales and marketing processes?
    • How accurate and optimized are those processes?  This will help speed up an installation (and give an opportunity to freshen up an old set of sales processes).
  3. How are you thinking of this as a migration strategy – a fresh brand new instance or a migrated classic one?  This impacts strategy/timing and marketing.
  4. How much customization in terms of SFDC custom objects in Classic exist?   That will impact time to convert as custom object migration is more challenging.
  5. How proficient are your internal resources at JavaScript understanding?  That could impact time to migrate from an existing classic instance to Lightning.

What are you seeing in terms of 2018 migration plans?

by Jon Russo Jon Russo No Comments

GDPR – Sales & Marketing impact

(Please also consult your internal counsel and data privacy officer for how your company should approach GDPR (General Data Protection Regulation)).

 

While there are several strict laws of data privacy throughout the globe to include countries like Canada, Australia, and China, GDPR is a European-wide framework that is the strictest treatment of data globally and is consistent pan Europe effective May 25, 2018. GDPR enforces accountability for ANY company selling or marketing into Europe and emphasizes the collection and processing of data.  This law impacts all companies, and their sales’ and marketers’ communication.

If you are a company considering implementing GDPR, there are several business advantages to following this law:

  • With clean, opt in data, better chance of demonstrating meaningful metrics internally
  • Improved targeting for selling and nurturing purposes
  • Less infrastructure carrying cost on dead contacts or contacts that have no conversion chance
  • By following the law, there is no 4% penalty on global revenues that could be assessed

There are several elements of GDPR legally to abide by, but the two largest concerns are making sure that Individuals give consent to data use and that the 3rd party has a legitimate interest, this link shows examples of the definition of legitimate interest.

 

Tips for planning for GDPR:

  • A plan should be put in place around the collection and storage of information that can identify the person, such as IP address, first name, last name, mobile numbers, and phone numbers among other information.
  • The company itself is accountable for GDPR compliance regardless of whether the data was sourced by a 3rd party or not, so it’s important to understand how data is collected and how it is processed.
  • It is critical that the marketer think through opt-in procedures, updates preference centers, and ensures sure that sales and marketing systems are properly processing data consistent with this new law.
  • The law also includes unstructured data – for example, an email that is sent from Outlook must ensure that the individual receiving the email has consented to receiving information.
  • A double opt in email approach is highly recommended as best in class way of ensuring clean data practices and is more likely found in a marketing automation system than in that of a sales automation system.
  • Data input from 3rd party sources, whether purchased lists or through trade show uploads require specialized treatment from a data governance perspective.
  • Consider a double opt in approach for all events, as an example of this special data governance treatment.
  • Some sales technologies enable phone calls to be recorded and collected. Explicit consent will be required to record phone calls.  You should clearly communicate to customers why their data is being requested for collection and how you intend to use it in any future activities.
  • Other outbound phone calls must not be listed on a ‘do not call list.’ Other calls must give explicit permission for follow up communication to occur.
  • Lastly, it is important that all tools are in compliance to governance – which would include sales automation tools (Outreach, Salesloft, etc.) as well as marketing automation tools. Marketers, make sure your sales team is compliant with their email automation tools.

The future around e-privacy and cookies is likely the next law to come out next.  It is an exciting time to be in Sales and Marketing in 2018!

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What’s The Impact Of The New Demand Unit Waterfall?

As published in DemandGen Reports, May 2017

By Jon Russo, Founder B2B Fusion, @b2bcmo

For B2B revenue leaders that are contemplating adoption of the new SiriusDecision’s Demand Unit Waterfall, here are five impact areas on B2B strategies and initiatives to consider:

  1. Develop a data strategy: install proper data processes, match leads to accounts (Ringlead, Full Circle, Lean Data, etc.) and establish the right global account hierarchies. After Fuze CMO Brian Kardon and his team invested significant time and energy in a data strategy, his team experienced massive growth success.
  1. Embrace an Account Based approach. CMO Peter Herbert of VersionOne describes his very successful Account Based journey as, “real progress B2B revenue teams are making towards a more intelligent, proactive, and efficient way of going to market.”  This new approach reinforces a need for an ABM strategy of account identification and investments (Engagio, DemandBase, Radius, Everstring, Oceanos, Terminus, Kwanzoo, Big Willow, etc.)
  1. Align and measure. Herbert says, “B2B teams are shifting from working in silos to capture and handoff leads to working together to engage — in a more compelling way.”  Build supporting Salesforce structures, data lakes with Business Intelligence overlays like Anish Jariwala at Informatica has created, or leverage tools that measure most of this new waterfall (Engagio, Full Circle Insights, etc.)
  1. Select attributes of the buying committee but...anticipate challenges identifying the right buying authorities from scouts or key influencers, especially if roles change deal to deal. Expect assumptions and manual intervention as Sales uses Salesforce contact roles sparingly, Marketers create personas, and roles change.
  1. Retain the right internal and external talent to support this new waterfall and maximize technology investment ROI. Augment internal teams with knowledgeable external sales and marketing performance firms that extend internal strategy reach and best practice system capabilities to improve odds of visible success and to move in a more agile manner.
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LinkedIn Jumps into Marketing Automation

LinkedIn as a company is an innovator jumping into a new marketing automation market, leveraging their recent Bizo acquisition.   This is worthy of study.

linkedin

Here are strengths of the LinkedIn offer relative to that of marketing automation:

  • Their ability to target anonymous users with customized ad content relevant to the end user makes this a compelling offer
  • Their ability to reach these users on the LinkedIn network and off of the network makes this very compelling
  • Their autofill form capability which should in theory improve conversion (though few companies use this well today I find on marketing automation which major platforms have a similar capability)
  • The fact that LinkedIn sits on a treasure trove of accurate user data is helpful for any enterprise struggling with data quality

As for the future, here are some questions that come up:

  • Bizo integrates with marketing automation providers today such as Eloqua and Marketo, it will be interesting to see how LinkedIn develops their APIs on Bizo – will LinkedIn continue the open approach with APIs or like the rest of LinkedIn, will the APIs eventually be limited and those integrations get impacted?
  • How global of an offer this is, will it work best in English speaking countries where IP addresses are more known (US, England, Canada, Australia, Singapore, etc.) vs. globally like all marketing automation has the ability to do?
  • How does the data actually integrate with the CRM system when LinkedIn prides itself on owning its data and not selling it to others?

Pricing for enterprise is at least $25k/quarter.

Facebook is also dabbling in the marketing automation segment, although I’d expect that use case to be more B2C and commerce oriented vs. the enterprise approach LinkedIn is using.

We are in for an interesting new era in reaching prospects with relevant content facilitated by marketing automation!

by Jon Russo Jon Russo No Comments

2015 Sales & Marketing Predictions: Data Relevance

Michael Dell, the founder of Dell Computers, recently said, ‘Data is the key competitive differentiator in today’s business environment.’  I believe he is right.  Data is the star of the 2015 sales and marketing show; enterprises will generate new business, optimize their current state of data, and close more deals as a result of the improvement in data quality.

According to Aberdeen, nearly 91% of B2B Enterprises have not properly optimized their lead flow process.  Proper data is a key ingredient in that optimization.  Despite data not being a ‘balance sheet’ item historically was overlooked by non-marketing executives, executives will begin to assign company initiatives to improve data as they realize the direct correlation of the effectiveness of the inquiry to close conversion process to that of the quality of data in their customer relationship management and marketing automation databases.  CMO’s career credibility relies heavily on the data quality when reporting on their impact to the business and they, too, will invest more cycles in improving the current state of their data.

From this point, companies will begin to experiment with data predictability models.   SaaS based enterprises with large volumes of inquiries and with client usage data will continue to be earlier adopters of such predictive data technology.  SaaS companies will sort out the most probable to deal close or most probable to upgrade, with other companies eventually following suit.  The overall predictive market in 2015 for marketers using data will still be very nascent (<$100M for all companies in the sales and marketing use case) but will be the fastest growth as a percentage quarter over quarter of any marketing technology in 2015.

Lastly, the term ‘Big Data’ will become increasingly meaningless in 2015 as the executive question will pivot from ‘what are we doing in Big Data?’ to ‘how can our data be used to increase productivity…increase sales…decrease customer churn…etc.?’

What do you think will happen in 2015?