Modern Marketing

Afternoon Keynotes Energize at Marketo Summit (Live Blog)

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What a packed day here at the Marketo User Summit! There is a lot of buzz in the Twittersphere about #mus12. We are trending in San Francisco. In fact, according to hashtracking.com, 1,500 tweets have generated 3,672,672 impressions, reaching an audience of 626,077 followers within the past 24 hours. Awesome. And thanks so much to all of our attendees for keepin’ it social.

OK, back to the conference. To start the afternoon keynotes we have Lori Wizdo from Forrester presenting on “The Lead to Revenue Management Zeitgeist”. This presentation is guaranteed to have a ton of stats.

Lori opens by discussing the word “zeitgeist” and why she loves the term. Zeitgeist is “the spirit of the times! Now is an incredible moment for B2B marketing. We are transforming into being a revenue generator rather than a cost center and making decisions based on history and analytics.” Inspiring words!.

So what does that have to do with Lead to Revenue Management (L2RM) and what is it anyway? Lori defines L2RM as a set of integrated processes, goals, and metrics that frame marketing practices from lead generation to sales close. These metrics calibrate marketing results with sales results. These are the metrics that the modern marketer needs to consider in order to transform. Sounds complex right? Let’s dig in further.

Lori proceeds to discuss a variety of stats from various Forrester research reports that define how marketers are currently spending their time and dollars:

  • 22% of B2B marketing budgets are allocated to lead management
  • 42% of marketers say that marketing generates leads and sales tools and basically throw them over the wall to sales
  • 71% of marketers report that revenue-related metrics are the most important

She also discusses the top 3 executive concerns with L2RM and some tips on how to work on them:

  • Revenue focus: calibrate the marketing team to the goal of revenue
  • Advice: keep rewarding, start to introduce new metrics, lead the cultural shift
  • Process rigor: Balance process rigor with flexible creativity
  • Advice: crawl, walk, run, identify the sub process, define set metrics
  • Sales alignment: Align sales team with new processes. And soon!
  • Advice: communicate, build on what you can achieve, stand firm

For process, marketing execs cite “instituting marketing process changes as the number one weakness of the marketing organization”. Why is this? A marketer wears so many hats, and constant fast-paced technological advances can often be overwhelming. Marketers always want to try out the newest tools, but Lori points out that top performers use an artful mix of old and new!  Here are some additional key takeaways from Lori’s fantastic session:

  • Don’t abandon the old to embrace the new!
  • Get serious about social marketing
  • Use tactics that engage your prospects
  • Carefully orchestrate sales interaction
  • It matters! L2RM can move the needle

Following Lori is Andy MacMillan from Salesforce’s Data.com and Beth Cossette from Centurylink in their presentation titled “Why Social Matters for Lead Generation”.

As mentioned in Lori’s presentation, the role of the marketer has changed.  You have to do more with less. A CMO has to be an innovator, ROI driver, brand strategist, technologist, crisis manager, data analyst, customer advocate, and recruiter amongst other things. The world of marketing has become so diverse and there are so many channels that need to be tapped into. Social media is a great way to widen your reach! Social media empowers individuals and movements, is the intersection of service and marketing, and lets a company be more agile. To exemplify what it means to be a social enterprise, Andy shows us the Salesforce.com video about Burberry where CEO Angela Ahrendts states “if becoming a social enterprise is not in your business model, I am not sure where you will be in the next 5 years”. Powerful stuff.

Following the video, Beth Cossette brings up some interesting stats around businesses being more social.

There are:

  • 110 million tweets per day
  • 1.5 billion Facebook posts per day
  • Billions of blogs and communications

How many of those conversations are about your company? You’ve got to start paying attention and adapting. Be where your customers are! She then goes on to discuss her experience at CenturyLink and how they changed their marketing tactics to engage more socially. Initially, CenturyLink had little social engagement. And the best tactic to get people talking about you? Start the conversation! At CenturyLink they:

  • Build their content with an eye towards social
  • Listen to what their customers are talking about and create interactions around their interests
  • Create interactive game and quizzes to drive engagement
  • Turn their customer advocates into social heros

A lot of information to digest and some really excellent tactical advice. Great sessions and a huge thank you to everyone who presented. Be sure to follow The Marketo Summit on Twitter at #mus12.