webinar tech. that drives modern mktg department - part 1
TRANSCRIPT
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#B2BBrains
The Technology that Drives the Modern Marketing Department
Thursday, February 13th 2014
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Topics for Today’s Session
● How has the role of marketing changed in the past 10 years? How will it change in the future?
● Traditional “data-think” will not be adequate to prepare for the future of marketing
● How marketers can leverage new technologies to engage in conversational marketing with prospects & customers
● How to develop processes, personas and messages that resonate with your target prospects.
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The Modern
Marketer
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Prepare for the coming revolution!
Phase 1: Inspect and Correct your Foundation: Put Data First!
Phase 2: Develop your Processes, Personas and Message.
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About the Speakers
Justin Gray CEO & Chief Marketing Evangelist, LeadMD
@jgraymatter
Donato DiorioCEO, RingLead
@idonato
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The Data decision: It starts with a clear vision
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Turn left or turn right?
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Left Right1 contact with:
• company name• name• title• email• phone
Multiple contacts with:• company name• name• title• title level• department• email• verified email• phone• company sector• company description• bio
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1 flavor Multiple• Targeted campaign• Fresh data• Growing interest• Ability to segment
● Generic campaign● List fatigue● High unsubscribes● No segmentation
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● Data Planning - what are my goals?● Data Potential - what is possible?● Data Philosophy - how to achieve it?
The 3 P’s and the Foundations of Data
Data powers your CRM and marketing automation platform
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Upgrade yourData-Think
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How do I build a great database?
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Enhance
Clean
Protect Enhance
Without…
The Foundations of Data Execution
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Enhance
Clean
Protect Enhance
Without…
Poorfoundation
Without performing a
comprehensive data cleanse, the
foundation is weak
The Foundation: Good Campaign Data
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Enhance
Clean
Protect Enhance
Without…
Decaying data
Without a protection
strategy, your data will continually
decay
The Foundation: Good Campaign Data
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Enhance
Clean
Protect Enhance
Without…
Limited
potential
Without enhancing your existing data
you limit your “data potential”
The Foundation: Good Campaign Data
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Is it OK to delete data?
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Never delete CRM data - Score it Instead!
11/21/13: Donato is the decision maker for CRM Add ons06/15/13: Dan went to Kansas State, played football04/10/13: April is Donato’s assistant03/19/11: Matt Smith is the new Doctor, Donato is Dr. Who fan
Notes:
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Scoring Data: Focus on Good Data
11/21/13: Donato is the decision maker for CRM Add ons06/15/13: Dan went to Kansas State, played football04/10/13: April is Donato’s assistant03/19/11: Matt Smith is the new Doctor, Donato is Dr. Who fan
Notes:
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What can we learn/derive from the existing data?
• Domain is broadlook.com• Email pattern in first-initial(.)last-name• April reports to Donato• On broadlook.com, there are 15 additional contacts• Notes on Donato are 1 month old• Notes on April are 8 months old• Natalie is no longer at the company• “The Doctor” is a fictional character• Natalie is now a VP at another company - and an
additional prospect!
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How can I enforce data quality best
practices?
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Both Carrot and Stick work
• Determine carrot and/or stick on field basis, not object
• Educate users on the importance of everything you ask of them (focus on selfish reasons)
• Don’t ask what they don’t know
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Can training help enforce data standards?
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Enforcing Data Standards is Optimal
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How complete is my data?
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My Data is Fairly Complete
• Superstition or fact? Find out!
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My Data is Fairly Complete
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Shouldn’t I buy asmuch data as I can
all at once?
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Data decay happens
• Change in title, promotion
• Change in working location
• Change of phone number
• Add mobile phone number
• Change of department
• Change of area code
• Change of email format
• Merger or acquisition
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Isn’t bad data IT’s problem?
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Contact based
Month
NamesTitles
Emails addressPhone
BiographiesSocial Network Links
Real time content
spidering
Event & Activity Based
Day Hour
Dynamic
NewsEmail content
BlogsNet links
social networksnewsgroups
TweetCheck-In’sProximity
Website visitsEmail reads
Semantic monitoring
services
Real time API’s
Company Based
Decade Multi year Year Quarter
Static
URL Corp Name
CityState
AddressZip
PhoneCompetitors
RevenueEmployeesProductsServices
Financials
Database merging + algorithm
Editorial & Aggregation
Editorial + SEC spidering
Changes
Data types
Acquisition
method
Static, compiled and online databases Real timeUpdate
strategy
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How good is myvendor’s data?
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•Buy data from multiple sources•Refresh top companies with editors •6 month cycle (top 10K companies)•6-12 month (next 40K companies)•24 month cycle on the next 2 million•Nothing past the top 2 million•Add social data (good for top 10%)•Add news feeds (good for top 5%)•Mob source
Data industry processes
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How recent is the list as whole? How quickly was the list produced? Different from record freshness. Contact data degrades 3% per month (5% in a stressed economy). A list of 1000 records can be built over 60 days. In the case below, the first 500 records are 8 weeks old (5.68% inaccurate) upon list delivery.
96.8%
Buying data...why, how and gotchas
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86.5%
59.5%
Buying data...why, how and gotchas
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Your data vs. your vendor’s
• Your data is less complete
• Your data has a better competitive
advantage
• Use their data to fill in your data
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How good is my data?
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Points Your scoreFactors 4 3 2 1
Fresh <30 days <60 days <90 days <180 days
Accurate 95.00% 80% + 70% + 60% +
Multi-venueAll
availableBasic + 2 social Basic + 1 social
Basic(email+phone)
Built fast <14 days < 60 days < 90 days < 180 days
Normalized Enforced Plan + culture Has plan no
ScoredCustom
rulesAccessible
ruleswhite box
scoringblack box
scoring
Total data quality score:
CRM Data Quality
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Points Your scoreFactors 4 3 2 1
Targetedtarget by self description
hand built keywords SIC code
Custom built on-demandmashed from many sources
pulled from larger sample
Complete 95%+ 80.0% 60.0% 40.0%
Exclusive no competitors limited accessanyone can buy
accessfree
TransparentSources
transparentsources known
sourcesavailable
Verified By a personMarketing
automationemail
Total competitive advantage score:
CRM Competitive Advantage
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12
24
0 12 24
Data Quality
Co
mp
etit
ive
Ad
van
tage
Where is your CRM data?
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12
24
0 12 24
Quadrant Key
Data Quality
Co
mp
etit
ive
Ad
van
tage
Qualitative /Event-Driven
Influence
Quantitative/commodity
Cold Call
newCRMlead
Quantitative /Cyclic
Warm call
QualitativeCyclic
Relationship
CRM+90 days
CRM+180 daysCRM+
360 days
What is your data potential?
marketing automatio
n
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Can I Prevent Duplicate Records Based
on Email Address?
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Prevent duplicate based on email?
● No. Email addresses are not social security numbers● I have five current email addresses
■ [email protected]■ [email protected]■ [email protected]■ [email protected]■ [email protected]
● I get duplicate emails to (four) emails.
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Does my marketing team know
what they need?
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Data Information Knowledge Process
I want...More data (lists)I want... Better selection (databases)
I want... More contacts per company (zoom)I want... Fresher contacts(Jigsaw)
I want... More information (LinkedIn)I want... More knowledge (many sources)
I want... More process (crm)I want... Sustainable process
The Evolution of Marketing Desire
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So What’s the Next Step in That Evolution?
CONVERSATION
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Science shifts to Art
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• The Building Blocks
Demographics
Standardize
Normalize “Buyerize”
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Firmographics
• The Blueprint– Revenue Bands
– Purchasing Profiles
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Psychographics
• Buyer Personas – Need
– Pain
– Motivation
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The Result
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Behaviors
• The Craft– Behavior is 60% of the equation
– “Lead” and the fallacy of data
– If you wield it, they will come
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The Conversation is Born
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Apply the Science to make Art
• Inputs
• Processes
• Revenue Path
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Buyer Personas
• Think of Data as Conversation Queues
• Route “leads” based on commonality
• Communicate based on:– Recency
– Felt Need
– Pain
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Engage with Process!
• Bring everything together
• Build a success path
• Measure
success– Time
– Progression
– Result
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Watch Out Though
• Automation increases the probability of– Mistakes
– Duplicates
– Rogue messages
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Pitfalls to Avoid
• Overwriting Key Data– Lead Source
– Original Search Terms
• Channel Fatigue
• Data Maintenance & Purge
• Record Types
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How Does Success Look?
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How can data quality create a competitive advantage for you?
Download our free whitepaper, Put Data First
www.RingLead.com/putdatafirst
Learn More!
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Q&A
Follow RingLead on Twitter
@ringlead@iDonato@JgrayMatter@myleadmd
Join the RingLead Usergroup
RingLead.com/LinkedIn
Become a Fan on Facebook
Facebook.com/RingLeadIncFacebook.com/LeadMD
Questions?
Need help getting yourdata in order?
Contact [email protected]
Need help building a world-class revenue engine?
Contact LeadMDwww.LeadMD.com/pigsfly1.888.294.9854