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The Power of Smarketing

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CLASS 10 The Power of Smarketing Professor: Chris LoDolce Inbound Certification Brought to you by HubSpot Academy


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SALES + MARKETING = SMARKETING.


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WHAT IS SMARKETING? Smarketing is the process of aligning the sales and marketing teams around common goals within a business or organization, focused on improving revenue.  


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1 WHY IS SMARKETING CRITICAL TO INBOUND SUCCESS?


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87% of the terms sales & marketing use to describe each other are negative. CORPORATE EXECUTIVE BOARD SURVEY: HTTP://BIT.LY/WQCZ4B


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SALES MARKETING •  “simple-minded” •  “incompetent” •  “lazy” •  “arts and crafts” •  “academics” •  “irrelevant” CORPORATE EXECUTIVE BOARD SURVEY: HTTP://BIT.LY/WQCZ4B


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Two halves of the same team: Team Revenue


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Companies with strong marketing & sales alignment get 20% annual revenue growth. 2010 STUDY BY THE ABERDEEN GROUP, HTTP://BIT.LY/ZMIJQD


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SALES + MARKETING = SMARKETING.


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Looking for more? Get the full class experience and more with the free Inbound Certification.


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2 HOW DOES SMARKETING RESULT IN ALIGNMENT?


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SMARKETING BEST PRACTICES Both teams must have the same/interdependent organizational goals. The marketing pipeline should be tied to sales quotas. Visibility into each other’s goals. Compensation based on shared marketing and sales goals. Continual communication and education around personas.


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SMARKETING BEST PRACTICES Both teams must have the same/interdependent organizational goals. The marketing pipeline should be tied to sales quotas. Visibility into each other’s goals. Compensation based on shared marketing and sales goals. Continual communication and education around personas.


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Get on the same team. Align both marketing and sales around the same goal.


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SMARKETING BEST PRACTICES Both teams must have the same/interdependent organizational goals. The marketing pipeline should be tied to sales quotas. Visibility into each other’s goals. Compensation based on shared marketing and sales goals. Continual communication and education around personas.


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The marketing pipeline should be tied to sales quotas. Marketing Pipeline Smarketing Sales Quota


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SMARKETING BEST PRACTICES Both teams must have the same/interdependent organizational goals. The marketing pipeline should be tied to sales quotas. Visibility into each other’s goals. Compensation based on shared marketing and sales goals. Continual communication and education around personas.


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Gain visibility into each other’s goals. Real-time information allows for realtime adjustments and improvements. FLICKR USER DON BURKETT


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SMARKETING BEST PRACTICES Both teams must have the same/interdependent organizational goals. The marketing pipeline should be tied to sales quotas. Visibility into each other’s goals. Compensation based on shared marketing and sales goals. Continual communication and education around personas.


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Compensation around goals Money can be a valuable lever for jumpstarting organizational alignment


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SMARKETING BEST PRACTICES Both teams must have the same/interdependent organizational goals. The marketing pipeline should be tied to sales quotas. Visibility into each other’s goals. Compensation based on shared marketing and sales goals. Continual communication and education around personas.


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Alignment around personas helps you solve for those personas.


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Marketing Sales


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Think about how your marketing and sales teams are organized and rewarded. Is everyone awarded based on the same goal?


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Smarketing can happen within any organization size. FLICKER USER: MIKE LICHT FLICKR USER: JAKOB MONTRASIO


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SMARKETING BEST PRACTICES Both teams must have the same/interdependent organizational goals. The marketing pipeline should be tied to sales quotas. Visibility into each other’s goals. Compensation based on shared marketing and sales goals. Continual communication and education around personas.


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BOTH TEAMS MUST SHARE THE SAME _______ FOR SMARKETING TO BE EFFECTIVE? A.  Manager B.  Organizational goals C.  Office D.  Commission check


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BOTH TEAMS MUST SHARE THE SAME _______ FOR SMARKETING TO BE EFFECTIVE? A.  Manager B.  Organizational goals C.  Office D.  Commission check


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Ready for more? Get the full class experience and more with the free Inbound Certification.


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3 HOW DO YOU INTEGRATE SMARKETING INTO YOUR ORGANIZATION?


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5 STEPS TO INTEGRATE SMARKETING Speak the same language. Implement a service level agreement. Set up closed-loop reporting. Rely on data. Maintain open communication.


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5 STEPS TO INTEGRATE SMARKETING Speak the same language. Implement a service level agreement. Set up closed-loop reporting. Rely on data. Maintain open communication.


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MARKETING & SALES FUNNEL


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MARKETING & SALES FUNNEL Top of the funnel Marketing's responsibility


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MARKETING & SALES FUNNEL Bottom of the funnel Sales’s responsibility


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MARKETING & SALES FUNNEL Middle of the funnel Shared marketing & sales responsibility


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MARKETING & SALES FUNNEL Top of the funnel Marketing's responsibility Middle of the funnel Shared marketing & sales responsibility Bottom of the funnel Sales’s responsibility


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Contact The most generic term for anyone in a marketing and sales funnel is a contact. The term contact doesn’t indicate which stage of the funnel they are in, just simply that they exist in the funnel. Contact Contact Contact Contact Contact


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Prospect/Visitor Top of the funnel Marketing's responsibility Prospect: Prospects are website visitors who you’ve gathered minimal data on or who have signed up for a blog or an email newsletter. Middle of the funnel Shared marketing & sales responsibility Bottom of the funnel Sales’s responsibility


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Prospect/Visitor Lead Lead: When you use the term ‘lead’ you’re referring to a contact who has submitted a form in return for a content offer like an eBook, whitepaper, etc. Top of the funnel Marketing's responsibility Middle of the funnel Shared marketing & sales responsibility Bottom of the funnel Sales’s responsibility


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Prospect/Visitor Marketing Qualified Lead (MQL): Contacts who have raised their hands (metaphorically speaking) and identified themselves as more deeply engaged, sales-ready leads. Lead MQL Top of the funnel Marketing's responsibility Middle of the funnel Shared marketing & sales responsibility Bottom of the funnel Sales’s responsibility


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Prospect/Visitor Lead Sales Qualified Lead (SQL): SQLs are MQLs that your sales team has determined to be worthy of a direct follow-up. MQL SQL Top of the funnel Marketing's responsibility Middle of the funnel Shared marketing & sales responsibility Bottom of the funnel Sales’s responsibility


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Prospect/Visitor Lead Opportunity: An opportunity is an SQL that a sales rep has communicated with and logged as a legitimate, potential customer. MQL SQL Opportunity Top of the funnel Marketing's responsibility Middle of the funnel Shared marketing & sales responsibility Bottom of the funnel Sales’s responsibility


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Prospect/Visitor Lead MQL SQL Opportunity Customer Top of the funnel Marketing's responsibility Middle of the funnel Shared marketing & sales responsibility Bottom of the funnel Sales’s responsibility


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FIT What constitutes a marketing qualified lead? A great fit lead with high level of interest. INTEREST


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FIT What constitutes a marketing qualified lead? Avoid INTEREST A great fit lead with high level of interest.


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FIT Nurture Interest Avoid INTEREST What constitutes a marketing qualified lead? A great fit lead with high level of interest.


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Nurture Interest FIT What constitutes a marketing qualified lead? Avoid Take Orders INTEREST A great fit lead with high level of interest.


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Follow-up In 24 hours Avoid Take Orders FIT Nurture Interest INTEREST What constitutes a marketing qualified lead? A great fit lead with high level of interest.


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Sales reps that follow up with new contacts are 60x more likely to qualify a lead than sales reps who wait 24 hours or longer. SOURCE: HARVAND BUSINESS REVIEW, 2011


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EXAMPLES OF MARKETING QUALIFIED LEADS •  Contact who downloaded an eBook on lead generation, company is 200,000 employees and in North America. •  A contact at a company whose role makes him/her a decision maker, e.g. a VP or Director.


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Only 45% of businesses have established a company-wide definition of a sales-ready lead. 2009 SURVEY BY MARKETINGSHERPA, HTTP://BIT.LY/ZL3SF0


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SALES “Marketing leads are terrible quality.” MARKETING “Sales doesn’t work our leads.”


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Prospect/Visitor Lead MQL SQL Opportunity Customer


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MARKETING & SALES FUNNEL Defining the 6 stages of the marketing and sales funnel. Prospect/Visitor Owned by Marketing Lead MQL SQL Opportunity Customer Owned by Sales


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5 STEPS TO INTEGRATE SMARKETING Speak the same language. Implement a service level agreement. Set up closed-loop reporting. Rely on data. Maintain open communication.


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DEFINITION OF A SERVICE LEVEL AGREEMENT. A Sales-Marketing SLA defines what each team commits to accomplishing in order to support the other in reaching the shared revenue goal(s).


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An SLA crystalizes the alignment around goals.


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SLAs GO BOTH WAYS MARKETING à SALES SALES à MARKETING Number and quality of leads required to hit company revenue goals. Speed and depth of lead follow-up that makes economic sense.


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CALCULATING THE SLA MARKETING à SALES How many leads of a certain quality does a sales rep need to make quota? •  Quota (revenue) / avg. revenue per customer = # customers needed •  Customers / avg. lead to customer close % = # leads needed •  May vary by type (quality) of lead


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CALCULATING THE SLA SALES à MARKETING How many call/email attempts to engage should a sales rep make to every lead to not waste leads? X Y With leads and hours/month, how many follow-up attempts should a sales rep be able to complete per lead?


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EXAMPLE SLAs •  Marketing will deliver 100 leads per sales representative, per month. •  Sales will make 1 attempt to engage in 4 business hours, with 5 attempts in 14 days.


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Determine the marketing and sales numbers This is necessary for developing a useful Service Level Agreement (SLA) Funnel Stage Quantity Revenue Goal Prospects/Visitors 3200 Shared Revenue Goal $100,000 Leads 1600 Average Deal Size ÷ $1000 MQLs 800 Customers 100 SQLs 400 Opportunities 200 Customers 100 In this example: Timeframe: 1 year Conversion rate between stages: 50%


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Determine the marketing and sales numbers This is necessary for developing a useful Service Level Agreement (SLA) Funnel Stage Quantity Revenue Goal Prospects/Visitors Shared Revenue Goal Leads Average Deal Size MQLs Customers ÷ $1000 SQLs Opportunities Customers In this example: Timeframe: 1 year Conversion rate between stages: 50%


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Determine the marketing and sales numbers This is necessary for developing a useful Service Level Agreement (SLA) Funnel Stage Quantity Revenue Goal Prospects/Visitors Shared Revenue Goal $100,000 Leads Average Deal Size ÷ $1000 MQLs Customers 100 SQLs Opportunities Customers 100 In this example: Timeframe: 1 year Conversion rate between stages: 50%


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Determine the marketing and sales numbers This is necessary for developing a useful Service Level Agreement (SLA) Funnel Stage Quantity Revenue Goal Prospects/Visitors Shared Revenue Goal $100,000 Leads Average Deal Size ÷ $1000 MQLs Customers 100 SQLs Opportunities 200   Customers 100   In this example: Timeframe: 1 year Conversion rate between stages: 50%


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Determine the marketing and sales numbers This is necessary for developing a useful Service Level Agreement (SLA) Funnel Stage Quantity Revenue Goal Prospects/Visitors Shared Revenue Goal $100,000 Leads Average Deal Size ÷ $1000 MQLs Customers 100 SQLs 400   Opportunities 200   Customers 100   In this example: Timeframe: 1 year Conversion rate between stages: 50%


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Determine the marketing and sales numbers This is necessary for developing a useful Service Level Agreement (SLA) Funnel Stage Quantity Revenue Goal Prospects/Visitors 3200   Shared Revenue Goal $100,000 Leads 1600   Average Deal Size ÷ $1000 MQLs 800   Customers 100 SQLs 400   Opportunities 200   Customers 100   In this example: Timeframe: 1 year Conversion rate between stages: 50%


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Develop a Sales SLA. Use the information you gathered from your Marketing SLA to inform the agreement. Individual Sales Rep Weekly Capacity Sales SLA Review 8 MQLs MQLs needed to hit target revenue Convert 4 MQLs to SQLs Working weeks in a year Contact 4 SQLs MQLs to be reviewed each week Convert SQLs to Opportunities Sales rep MQL review capacity Close Customers Sales reps needed for target revenue ÷ 48


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Develop a Sales SLA. Use the information you gathered from your Marketing SLA to inform the agreement. Individual Sales Rep Weekly Capacity Sales SLA Review 8 MQLs MQLs needed to hit target revenue 800 Convert 4 MQLs to SQLs Working weeks in a year ÷ 48 Contact 4 SQLs MQLs to be reviewed each week ~ 16 Convert 2 SQLs to Opportunities Sales rep MQL review capacity ÷8 Close 1-2 Customers Sales reps needed for target revenue 2 Based on our revenue target, we’d need 2 sales reps, each reviewing 8 MQLs a week, identifying 4 SQLs, and closing 1-2 opportunities into customers.


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5 STEPS TO INTEGRATE SMARKETING Speak the same language. Implement a service level agreement. Set up closed-loop reporting. Rely on data. Maintain open communication.


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CLOSED-LOOP REPORTING Completes the feedback loop between Marketing and Sales. MARKETING SALES


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Questions to identify if you need to set up closed-loop reporting: •  Do you send leads to sales and never hear about them again? •  Do you end up creating and trying to manage duplicate leads? •  Do you send leads to sales with the basic contact information, but without intelligence about what content those leads consumed? •  Are you unsure of the impact their marketing efforts are having on revenue?


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Closed-loop reporting allows you to pass more intel and get feedback from Sales. •  Benefits for Marketing •  Get up-to-date contact info and status updates •  Learn which marketing programs are working and which aren’t •  Increase Marketing ROI •  Benefits for Sales •  •  •  •  De-duplicate leads Help prioritize leads Help make warmer calls Increase close rate and Sales ROI


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SPECIFICALLY, CLOSED-LOOP REPORTING ALLOWS YOU TO: 1.  Analyze which marketing sources (organic, social, referral, etc.) are producing the most customers. 2.  Use conversion assists to help you understand how each individual piece of content you create contributes to closing customers. 3.  Provide a timeline of all of the interactions a contact took prior to becoming an MQL or a customer. 4.  Pass information to sales that can help aid them in connecting and engaging with contacts within the first 24 hours 5.  Send automatic updates to your sales team when their leads revisit the website or take other key actions, to make sure to follow up at the best time.


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5 STEPS TO INTEGRATE SMARKETING Speak the same language. Implement a service level agreement. Set up closed-loop reporting. Rely on data. Maintain open communication.


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USE DASHBOARDS Create and share a common dashboard with the reports aligned with the teams’ goals. Check the dashboard daily and encourage individuals to fix problems. Frequent Public Transparent


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MARKETING DASHBOARDS Measure and communicate progress towards primary goals as agreed upon in the SLA.


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MARKETING DASHBOARDS Measure volume of leads or volume of quality leads against the monthly goal, and check daily to adjust.


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TRACK LEADS BY SOURCE Set goals per source and measure progress for each of your efforts.


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TRACK LEADS BY CAMPAIGN Analyze the results for each campaign – which efforts successfully drive traffic, leads, and customers.


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TRACK THE VOLUME OF MQLs Measure how many MQLs – and which types – are generated.


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MONTHLY MARKETING REPORT Do a full analysis on a monthly basis to dig into all the important metrics and evaluate why Marketing did or did not hit targets. Share it across the company.


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SALES BY DAY DASHBOARD Measure progress towards the sales goal and compare against previous month.


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SALES ACTIVITY REPORTS Track how many and how deeply leads are worked by the sales team.


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What to do when things go wrong. ?


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Rely on data, not emotions. Separate reality from perception.


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Finger pointing doesn’t solve problems collaboration does!


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Remember, you’re in the same boat. Use data to figure out what’s wrong and how to fix it.


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5 STEPS TO INTEGRATE SMARKETING Speak the same language. Implement a service level agreement. Set up closed-loop reporting. Rely on data. Maintain open communication.


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WEEKLY SMARKETING MEETING Your entire Sales and Marketing teams attend to get on the same page about: team successes, product info, persona education, and SLA waterfalls.


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MONTHLY MANAGEMENT MEETING Key managers attend to discuss topics in depth and resolve issues.


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CAMPAIGN COMMUNICATION Market your campaigns to your sales team – share the info they need in order to be successful.


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PRODUCT COMMUNICATION Share updates about products and services – arm the sales team with the details and why customers/prospects will care.


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5 STEPS TO INTEGRATE SMARKETING Speak the same language. Implement a service level agreement. Set up closed-loop reporting. Rely on data. Maintain open communication.


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