How to Build a Sales Funnel - Marketo User Group LA - Dec 4, 2014
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How to build a sales funnel system in Marketo to report on stage conversion rates. In this presentation, Josh Hill and Madhu Gulati discuss techniques for the revenue cycle model, success path analyzer, and revenue cycle explorer. Original presentation to the LA Marketo User Group
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How to Build a Sales Funnel - Marketo User Group LA - Dec 4, 2014
- 1. © 2014 Marketo, Inc. Marketo Proprietary and Confidential December 4, 2014 Los Angeles Sales Funnel Setup and Reporting
- 2. © 2014 Marketo, Inc. Marketo Proprietary and Confidential Los Angeles Marketo User Group Leaders Madhu Gulati Josh Hill President/ Chief Strategy Officer Marketo Practice Lead ShowMeLeads Inc. Perkuto Marketo Partner About Us
- 3. Page 3 © 2014 Marketo, Inc. Marketo Proprietary and Confidential About LA User Group Meetings • Held once a month virtually. • We’d like to have a live and in person session once a quarter at a great location that is central to everyone. Does anyone have space?
- 4. © 2014 Marketo, Inc. Marketo Proprietary and Confidential Sales Funnel Setup
- 5. Page 5 © 2014 Marketo, Inc. Marketo Proprietary and Confidential What You Want AllNames Prospect& Recycled Lead AWARENESS Engaged Opportunity Customer Sales Lead MQL SQL SAL Nurturing Database Marketing SDR Sales 25% 15% 17% 28% 50% 15%
- 6. Page 6 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Another want
- 7. Page 7 © 2014 Marketo, Inc. Marketo Proprietary and Confidential How Do You Get There? • Very possible, requires planning • Lead Lifecycle System (LLC) • RCM Setup • Fields • Planning • Patience
- 8. Page 8 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Characteristics of a Successful Funnel • No Lead is Left Behind • Multiple stages to reflect lead definitions per stage • Sales Feedback • Funnel stages are aligned to the Buying Cycle • Sales and Marketing Alignment
- 9. Page 9 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Define the Funnel Draft a Funnel Manage a Funnel Funnel Metrics Align with Sales Funnel Complete Step 1: Define the Funnel
- 10. Page 10 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Step 2: Structure Data • Lead Status (what sales does) • Queues • Contact Status • Lifecycle Stage (Lead, Contact) • Clean your database! • Dedupe • Standardize fields • Append data
- 11. Page 11 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Step 3: Redraw the funnel
- 12. Page 12 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Elements of a Marketo Revenue Model • Success Path • Detours • Revenue Stages • Transition Actions
- 13. Page 13 © 2014 Marketo, Inc. Marketo Proprietary and Confidential RCM Stage Types Inventory Stage: bucket o’ leads. SLA Stage: it’s a bucket, but also has a time limit. Gate Stage: it’s a switch – routes leads based on criteria. Your conversion criteria is determined by the inflow to the stage and outflow to the next stage, and the number of leads remaining for that time period.
- 14. Page 14 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Step 4: RCM Setup The Revenue Cycle Model (RCM) is the visual and the system representation of the funnel. This is your goal when you buy Marketo. Once you are ready, follow these steps: 1. Map out your sales-marketing alignment (you should already know this well) 2. When should a lead move between stages? 3. When should a lead get to Sales? 4. When should the lead be sent back to Marketing? 5. What will you do with Contacts that don’t advance? 6. How will Sales and Marketing know something has happened? 7. Is there a time limit for Marketing or Sales to do something with the Lead?
- 15. Page 15 © 2014 Marketo, Inc. Marketo Proprietary and Confidential RCM Example with Skip Transitions Transfer your drawing into a draft RCM Model. Yes, you do need these skip points or the model won’t tell you what’s going on.
- 16. Page 16 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Step 5: Setup the campaigns for the Lead Lifecycle • LLC Program • Scoring Program • Cost Periods • SFDC Campaign Sync
- 17. Page 17 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Telling RCM what to do 1. Setup Lifecycle Stage as a field on both Leads and Contacts, mapped over. 2. Each transition should be a Data Value Changes: Lifecycle Stage goes from X to Y, only if current Stage = X to prevent wrong leads moving. 3. Define criteria for the initial push into each stage. 4. Setup the transitions as Campaigns along with any stamping, syncing, and alerting.
- 18. Page 18 © 2014 Marketo, Inc. Marketo Proprietary and Confidential First Report: Success Path Analyzer • Once RCM is fully approved, this will start to work • But only shows the straight part of the funnel • It’s a start • Has time frames • Usually need to wait 3 months for usable data
- 19. Page 19 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Report: Leads by Revenue/Lifecycle Stage • Now you can see a count of leads by Lifecycle Stage or Revenue Stage. The counts should be the same. • You can do this in SFDC too.
- 20. Page 20 © 2014 Marketo, Inc. Marketo Proprietary and Confidential RCE: Sales Funnel Analysis • But what you really want are reports like this, which require RCE or careful timestamping of lead transitions using Campaign Member Object. • Over Time • Duration Data • Conversion % Between Stages
- 21. Page 21 © 2014 Marketo, Inc. Marketo Proprietary and Confidential RCE: Sales Funnel Analysis
- 22. Page 22 © 2014 Marketo, Inc. Marketo Proprietary and Confidential RCE: Stage SLA Violations – is Sales achieving their agreed target?
- 23. Page 23 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Advanced Topic: Using Campaign Member Object and Campaign Influence It is possible to use Marketo and Apex triggers to collect Sales Funnel data on this cross-record object to build sales funnel reports into SFDC using Campaign Influence data that is pushed automatically by Marketo. • You may need Full Circle CRM to take full advantage of the reports. • You can build it yourself if you have a team or a consultant Read more here: • http://opfocus.com/blog/salesforce-campaign-member-to-the-rescue/
- 24. Page 24 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Other Tools Depending on your needs, Revenue Cycle Explorer should help you analyze your Funnel, Programs, and Emails. Sometimes you want to use a different tool or to see data differently. There are now several options: • Salesforce – standard reports only useful to show counts by Lead/Contact • Tableau (no direct Marketo connector yet) • Full Circle CRM – SFDC App that uses Campaign Member data to build cross-object funnel reports in SFDC. • DOMO – a bit like Tableau • IBM Cognos – business intelligence tool
- 25. © 2014 Marketo, Inc. Marketo Proprietary and Confidential Ready for more? Questions and Comments: Madhu@ShowMeLeads.com josh@marketingrockstarguides.com
- 26. © 2014 Marketo, Inc. Marketo Proprietary and Confidential RCM and RCA Additional setup tips
- 27. Page 27 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Revenue Cycle Modeler Examples Marketing Focused Model
- 28. Page 28 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Revenue Cycle Modeler Examples Sales Focused Model
- 29. Page 29 © 2014 Marketo, Inc. Marketo Proprietary and Confidential 5 Best Practices to Manage Your Funnel 1. No Lead Left Behind • Nurture campaigns by stage(s) • Leads can be converted at any stage • Additional nurturing for ‘recycled’ leads 2. Track your lead’s behavior • Create tagging campaigns to track your database • You will need more than one tagging email! 3. Focus on Sales Initiatives • Drive faster conversions
- 30. Page 30 © 2014 Marketo, Inc. Marketo Proprietary and Confidential 5 Best Practices to Manage Your Funnel 4. Keep a clean database • Track your leads more accurately • Easier to create targeted messaging for leads along your funnel 5. Align with Sales • Sales needs to be looped into the design, management, and reporting of your Revenue Funnel for ultimate buy-in and alignment
- 31. Page 31 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Metrics of a Successful Funnel: Marketers with a defined funnel are able to show revenue contribution: • Percent of Total Revenue Contributed by Marketing (38% vs. 32%) • Marketing Generated Opportunity Revenue (52% vs. 31%) and • Average Revenue per Closed Sale (38% vs. 23%) 2011 Lenskold Group, Inc. Lead Generation Marketing ROI Study
- 32. Page 32 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Funnel Metrics Defined • Funnel-Specific: • A conversion of a lead as it passes from one stage of your marketing funnel to the next • Conversions between stages uncover gaps along your funnel • Revenue-Specific • Marketing generated opportunity • Utilizing the recorded path of a lead, we see Marketing’s influence on a lead
- 33. Page 33 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Funnel Specific - Leads by Revenue Stage • Available in Marketo Lead Management • Shows how many leads are in each Revenue Stage
- 34. Page 34 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Funnel Specific - Success Path Analyzer * Note: The Success Path Analyzer is provided in Standard and above.
- 35. Page 35 © 2014 Marketo, Inc. Marketo Proprietary and Confidential 5 Best Practices to Gain Sales Buy-In For Your Funnel 1. Establish common lead definitions 2. Establish lead scoring based on these definitions 3. Execute field-based campaigns to directly help sales quota 4. Have Marketing attend Sales meetings 5. Map the life of a lead with Sales Marketing Sales
- 36. Page 36 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Funnel Phases and Lead Stages
- 37. Page 37 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Lead Stages Behavior Score changes Lead Status “Engaged” Demographic Score changes Lead Status “Known” (or “Raw”) All new leads Leads who raise their hand Leads who meet score thresholds Sales accepted lead, and is working on it Sales Qualified, lead moves to opportunity pipeline Behavior Score reaches threshold Lead Status “Marketing Qualified” or “MQL” Getting Warmer! Don’t let leads linger here: qualify within 2-5 days Lead Status “Sales Accepted” or “SAL” Getting Hotter! Sales must change to qualified within 2-5 days Lead Status “Sales Accepted” or “SQL”
- 38. Page 38 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Design the Funnel Mapping out the process is the hard work Building the model in Marketo is quick and easy. 1. Build the Model 2. Activate your model • Does NOT affect your marketing activities • Marketo “watches and listens” • You can make incremental adjustments as needed 3. For detailed instructions, please see the Marketo community. Power User
- 39. Page 39 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Funnel Reports Every B2B Marketer Should Utilize: 1. Revenue Stage Reports 2. Leads by Source 1. With Opportunity 2. By Lead Owner 3. Leads by Month by Source 4. Success Path Analyzer (RCA) 5. Program Reports 1. Programs by # of successful leads 2. Programs by cost of successful leads
- 40. Page 40 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Create: Leads by Source – With Opportunity
- 41. Page 41 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Leads by Month
- 42. Page 42 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Create: Leads by Status by Lead Owner • Custom Columns create cross tab reports Setup includes grouping leads by Lead Status and adding Smart Lists as columns:
- 43. Page 43 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Success Path Analyzer
- 44. Page 44 © 2014 Marketo, Inc. Marketo Proprietary and Confidential This report offers rich reporting detail such as cost per lead per channel and cost per successful lead. Program Performance Report
- 45. Page 45 © 2014 Marketo, Inc. Marketo Proprietary and Confidential Cost per New Name by Program – RCA Example
Notes de l'éditeur
- Sales and Marketing Alignment – marketing can’t pass a qualified lead if the lead qualifications don’t match sales standards! Sales Feedback – marketing can’t send the right leads to sales without gaining sales feedback on the leads that are currently being passed No Lead Left Behind – no matter the stage, a lead should not be discarded by sales or marketing, until we know for sure its disqualified – be a lead pack rat Aligned to the Buy Cycle – align your processes to the buy cycle of your leads Messaging Aligned to Each Stage – for each buy phase you define on your funnel, you should have messaging for leads in this phase, for example, stages of lead nurturing (see next slide)
- Here’s an Overview of Foundation Program Flow
- Whiteboard your design – include Sales! Design with Marketo Revenue Modeler
- GO INTO THE APP: Show the Modeler “Success with Detours” - Explain the success path - Explain the detours along the path - Explain the revenue stages - Explain the transition actions
- Important that SLA – this will only count the violations – it will not alert sales. You need to set that up separately as a series of flows and triggers.
- Pull reports from Marketo instructions
- This example of a Revenue cycle modeler focuses more on the marketing side of the revenue funnel – routing between sales and marketing was a key factor. Notice how there are a lot of ‘detours’ in this model that showcase the ‘safety net’ for leads who fall off of the success path to be routed right back into the model when ready.
- This example is more sales focused as stages of opportunities are called out one by one for reporting along the opportunity in Marketo. Note: in order to show your SFDC opportunity stages, you need to have SFDC integrated with Marketo. Notice how there are a lot of ‘detours’ in this model that showcase the ‘safety net’ for leads who fall off of the success path to be routed right back into the model when ready. This particular model is also unique because we have an entry point outside of the modeler from an opportunity stage.
- Once your model is designed, as a marketer it is your job to MAINTAIN and MANAGE the funnel as designed and agreed upon between sales and marketing. Remember, your goal of the Revenue Funnel is to pull the most qualified leads through this funnel faster.
- Ask the class – are you currently being rated on these metrics and/or do you feel you will be in the near future? This is a rhetorical question to ask before showing these metrics. How do you measure the success of your funnel?
- There are funnel metrics along the funnel (funnel specific) and revenue metrics that occur BECAUSE of the success of the funnel (revenue specific)
- Keep this slide very high level to show students what is available in Marketo. - Explain that the model needs to be activated and populated for data to flow into this report. Do not go into the application to show report, refer to course book for link to tutorial in Marketo community.
- For customers who use Marketo Revenue Cycle Analytics, the Success Path analyzer displays key metrics by stage that show you how well your revenue cycle model is performing. It shows you relevant information about the stages that are on the success path of your model (that is, the stages highlighted with green). This can help you see the performance of your leads at a high level and spot issues that need further investigation. http://community.marketo.com/MarketoArticle?id=kA050000000KzE1 Trending, tracking and understanding metrics with RCA’s Success Path Analyzer* Key metrics by stage for performance analysis Relevant information about the success path of your model See the performance of your leads at a high level * Note: The Success Path Analyzer is a report only available with Revenue Cycle Analytics, an add-on product of Marketo.
- Establish common lead definitions – what is common for sales might not be common for marketing, discuss between departments and define a set of definitions in a document Establish lead scoring based on these definitions – lead scoring will help define your common definitions if you do not have a commonality, it also helps validate your current set of definitions Execute field-based campaigns to directly help sales quota – this is a low-hanging fruit strategy, Marketing attends Sales meetings – understand the sales initiatives so you can align your marketing strategy to those initiatives with campaigns and scoring Mapping the life of a lead with Sales – when do leads get pushed to sales? Does sales know to give feedback to marketing? Map out this entire process with sales in the room – you’ll be surprised at what you may have missed The next module will focus on these topics to help develop a set of common definitions of leads between sales and marketing
- This is an abstract of a success path of a Revenue Model – notice how our stages are grouped into different phases: pre-marketing qualified Marketing qualified Sales accepted Sales qualified close/d/won When you have your model built, you can categorize your stages within these phases.
- How do we push leads from one phase to the next? Here are some examples of how leads are ‘pushed’ from one phase to another. Notice how these leads are being pushed by the lead status definitions – these are KEY to gaining sales feedback for leads being pushed back to marketing.
- Building the model in the Marketo is relatively quick and easy. You can modify the model to represent and refine your business process requirements. Then activate the model so Marketo starts tracking and reporting how your leads progress from one milestone to the next. There is no harm in activating your model. Don’t feel like you have to get everything perfect before activating the model. You can make further modifications once your model is activated. So don’t wait and get started today with building your model. For detailed instructions on how to build your Revenue Modeler, you can refer to the links in your course workbook for tutorials online.
- We’re now going to go into Marketo and demo key reports used for funnel metrics, for more information on how to create reports in Marketo, refer to the community and your coursebook for a how-to guide
- Go Into App “This report is in the “leads by X’ folder of your analytics tab in Marketo Note: On the Set up Tab, you will enable the Opportunity columns – ONLY WORKS WITH A SFDC INTEGRATION” Show Report Give students time to create this report Do you have leads that don’t have a lead source? How many lead sources do you have? Too many? Too few? How many opportunities are closed from marketing sources?
- This report is in the “leads by X’ folder of your analytics tab in Marketo This is a great report to show lead generation by the Marketing team, but be aware that quantity doesn’t always mean quality!
- This report is in the “leads by X’ folder of your analytics tab in Marketo Do you have leads that don’t have a lead source? How many lead sources do you have? Too many? Too few? How many leads are going to each of your reps?
- NOTE: This is with RCA, an additional product to Marketo Lead Management For customers who use Marketo Revenue Cycle Analytics, the Success Path analyzer displays key metrics by stage that show you how well your revenue cycle model is performing. It shows you relevant information about the stages that are on the success path of your model (that is, the stages highlighted with green). This can help you see the performance of your leads at a high level and spot issues that need further investigation. http://community.marketo.com/MarketoArticle?id=kA050000000KzE1
- Will do. Discuss program reports again. The power user can determine the success of the program, where leads stopped along the path to success. The Head of Marketing can use program reporting to compare success rates and make decisions about which programs or program types to keep, and which to discontinue, so that teams are always driving to the most successful programs and innovating new ones.
- Example of a cost per new name by program report created in RCA