buying cycle

by Jon Russo Jon Russo No Comments

Executive Marketing Dashboards – 5 Lessons Learned

Here are 5 lessons to consider when creating an executive level marketing dashboard to measure marketing impact and ROI.  This topic is something I’ll be leading a discussion on at DemandCon next week and I look forward to hearing how others are looking at this situation.

1.       Know where you are
2.       Know where you want to head
3.       Speak the same internal language
4.       Measure KPIs, not metrics
5.       Leverage a 3rd party


Know where you are: 

There are so many variables to consider when planning a dashboard, and it starts with cultural situational awareness as the project you are about to embark on can be perceived as very healthy from some parties (CEO, GM, CFO), yet to some parties may feel like an audit or measuring things that have never been measured before  (Sales, Marketing, Inside Sales) – so anticipate some organizational discomfort.  Understand your company’s culture, it’s appetite for embarking on this kind of project, the importance of sales and marketing in the overall company strategy – some companies may be product focused, or they may have a focus other than the customer.  At the same time, it’s important as a marketing leader to understand the revenue and profitability model – where do the revenues come from geographically, from what products or solutions, and what is the dynamic of the sales cycle.  See this blog post to learn more on sales cycles.

Know where you want to head

This is an ambitious project to launch, so it is wise to show the outcome – the destination first vs. getting caught in the weeds.  This is the opportunity for sales and marketing to align (see post) on an outcome rather than focus on details – because if you get caught in the details, you’ll never hit the end target.  It’s best to approach the objective with executive alignment around the outcome (CEO, GM, CSO/CMO), then work through the rest of the company.  I refer to a ‘referee’ later in the post which is pivotal in this discussion.

Translate:  Speak the same internal language

In the world of marketing, we have our own ‘proprietary’ Star Trek language  – the language of inquiries, marketing qualified leads, sales qualified leads, a marketing funnel, sales enablement, etc.  It’s easy for a marketer to talk in their own language without being situationally aware – understand that non-marketers think in other terms – revenue, speed to acquire new revenue, retention, pipeline, investment, payoff, etc.  As a leader of this process, it’s important to speak the same language – and where there is ambiguity, try to align on an understanding of a definition.

Measure KPIs, not metrics

Leaders measure for impact, followers measure activity.  Facebook followers, LinkedIn Group members, Twitter follower activity- – while important to integrate into an overall mix, are less important to measure activity unless it can be tied to business impact.  At it’s simplest terms, impact means what revenue marketing has sourced and/or influenced and at what overall cost for each.  You’ll soon see my presentation here on this topic on a follow on post.

Leverage a 3rd party

I’m going to eventually write a separate post on this, but as I think back of my own experience, having an unbiased 3rd party ‘referee’ or negotiate across stakeholders could be very valuable speed and cultural wise.  First, having a 3rd party changes the internal social dynamic completely – so the consultant is on the hook for raw accountability and can make raw observations without ramifications – and parties like sales and marketing can work toward a unified theme and objective rather than feeling like one is auditing the other.  Here is a successful case study of a 3rd party leveraged effectively.  The investment will pay off in spades down the road!

These are tips and tactics that work for me, I’m curious, what has worked for you?

by Jon Russo Jon Russo No Comments

4 Reasons why Marketing Automation changes a Marketer’s SaaS Career.

I just read an interesting post from a fellow EMEA CMO/head of marketing @JWATTON with a thought provoking viewpoint that marketing automation for SaaS (software as a service) US headquartered companies would have less need for heads of regional marketing in locations like EMEA as automation replaces local headcount.    My view is slightly different.  As a head of marketing  for 3 software and service companies with 2 successful exits, I’ve hired in region expertise, spent significant time in Europe, and implemented MAP (marketing automation platforms).   He had some really interesting viewpoints that I wanted to elaborate on – some of which I agreed with and some my view differs.

Here’s how I’m seeing things on what changes marketing automation means for a marketer and her/his career:

  • Marketing automation on its own with no marketer senior level supervision is like a train running downhill without tracks.  The potential to do more harm than good exists when investing in these systems without a clearly defined business objective up front.  The caboose is the MAP, the engine is the objective, the trains that link the caboose to the engine are the process.
  • Marketing automation is a means to an end, not the end itself.   A measurable business outcome should be set with sales tying them to the outcome of the process and also involving them on why this benefits y/our selling cycle.  When automation is performing correctly, revenue is accelerated and sales teams are more informed about their prospects prior to actually contacting them.  A marketer now needs to run that dialogue, that is a new dialogue for ‘dated’ skill set sales people as well as ‘dated’ skill set marketers – it can also be ‘dated’ skillsets for board members who do not know how to measure marketing, adding another complex communication vector to the equation.
  • As @JWATTON identifies in his blog post, Marketers who are not proficient in the latest digital tactics are not going to survive in this new world.   Those that are not steeped in the language of Eloqua, Marketo, SilverPop, Pardon, Hubspot, or any other marketing software that integrates with Salesforce.com will become known as the ‘marketers of the 80s’.  Those that are not proficient in social media like LinkedIn, Facebook and Twitter (follow me @b2bcmo) and understand the social media tie to business objectives will also be ‘80s marketers’.   Lastly, those not proficient in SEO techniques an integrating SEO into the MAP platforms for B2B will also be yesterday’s marketers (NOTE:  today’s integration is challenging).
  • In my mind and contrary to his post, there is always a need to be geographically close to both internal customers (sales) and external prospects and/or customers.  It is nearly impossible for a head of marketing in the US to know and understand the marketing nuances of in region challenges.  Marketing within Germany is a challenge in and of itself;  it’s often a NA centric software company *incorrectly thinks* EMEA is one ubiquitous region to market into (just like the US!) without understanding each country has a different market and a different way of receiving information.   Privacy laws differ dramatically in EMEA and in certain countries moreso than that of the US;  this makes a marketers job in both EMEA and US more complex and raises the bar for a marketer to continually learn, as his post correctly points out.  Also note that contact software today (Dun and Bradstreet, InsideView) are largely North American centric databases, thus requiring another level of thought from an in region marketer.

It’s a round world and we all see things from different viewpoints – how do you see things if this relates to you?

by Jon Russo Jon Russo No Comments

Revenue through Marketing Automation

Increasing Productivity through Marketing Automation Platforms (MAPs)

My experience in this post comes from implementing MAPs in 3 different companies – in one of those companies, the MAP providers (Eloqua, Marketo, Aprimo) were a channel of distribution for us, so I had unique visibility as to their effectiveness.  When a process is followed, time efficiencies can be gained;  skipping implementation steps risks losing significant time to see effectveness.  When investing in these systems, you have to commit as an organization to move QUICKLY else you risk the ‘Ferrari collecting dust syndrome…’

You’ve heard of the brand new Ferrari collecting dust syndrome – someone buys a new car and it collects dust due to lack of use.   This same analogy has been used in investing in what is perceived as expensive marketing automation software to run routine marketing campaigns to accelerate revenue.  Implementation of these systems is very challenging to say the least in larger enterprises – outlining business process, integrating with sales ready tools, identifying KPIs and metrics, getting buy in, etc.  There are several key considerations when evaluating the need to increase productivity through marketing automation efficiency.

1.        Map out your lead flow process from inquiry to close by studying your Salesforce.com information, your marketing automation information, and interviewing your key sales stakeholders.  I’ve done this in two different companies and have found stunning results in both the process and in the experience that sales expects from marketing.

2.       Implement lead scoring through progressive form input/dialogue.  The progressive lead scoring will allow only the most qualified prospects deemed worthy a real time conversation (which is more costly than an automated touch).  The idea is to pass only the best qualified along to a telequalifying or inside sales entity.

3.       With the MAP platform, synthesize ALL campaigns to maximize effectiveness, to include SEO (search engine optimization).   It’s no good just to have campaigns for the sake of campaigns.   Some of the MAP platform providers are VERY early in on this process themselves which is somewhat shocking but true!

4.       Engage your marketing automation vendor early and often in your process flow (Eloqua, Marketo, soon to be Netsuite).  They do have best practice information as does other companies like SiriusDecisions.  You are better off engaging the MAP platform provider directly.

5.       Engage an outside party to help to move things more quickly.  An outside party can take the pressure off difficult conversations and can have the added insight of having been through other operational deployments.

What have you found that works for you?