Predictive Lead Scoring: How to Turn Data into Revenue
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This document summarizes a webinar about predictive lead scoring. It discusses how predictive scoring can help marketers by identifying the leads most likely to become customers based on an ideal customer profile. Predictive scoring uses machine learning on thousands of online and customer data points to develop a predictive model and score leads. This helps marketers focus efforts on leads that align most closely with their ideal customer. The webinar provides examples of how predictive scoring can enable multi-product scoring and cross-selling opportunities using custom data. It also discusses challenges in lead scoring and how predictive scoring approaches can help address them.
Predictive Lead Scoring: How to Turn Data into Revenue
- 1. © 2013 Marketo, Inc. Marketo Proprietary and Confidential Predictive Lead Scoring: How To Turn Data Into Revenue #LaunchPoint Gary DeAsi, SmartBear Software Tony Yang, Mintigo Patrick Chen, Marketo
- 2. © 2013 Marketo, Inc. Marketo Proprietary and Confidential Your Speakers Gary DeAsi Sr. Marketing Manager & Marketo Champion, SmartBear Software Tony Yang Director of Demand Generation, Mintigo Patrick Chen Sr. Manager, Marketing Operations, Marketo
- 3. Page 3 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Quick Housekeeping • Chat box is available if you have any questions • There will be time for a Q&A at the end • We will be recording the webinar for future viewing • All attendees will receive a copy of the slides and the recording of today’s webinar • Twitter hashtag: #LaunchPoint
- 4. Page 4 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Source: David Raab. http://customerexperiencematrix.blogspot.co.il/2013/10/marketing-automation-user-satisfaction.html http://customerexperiencematrix.blogspot.co.il/2013/10/which-b2b-marketing-automation-features.html
- 5. Page 5 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Why Is Lead Scoring So Hard To Implement?
- 6. Page 6 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Reason #1: I Don’t Know If The Data I’m Using To Score Are The Right Ones - OR -
- 7. Page 7 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Reason #2: It’s Not Accurate Because It’s Based On False Correlations
- 8. Page 8 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Reason #3: It Takes A Long Time To Gather Data & A Lot Of Work To Get It Right Utilizing Progressive Profiling To Collect Firmo/Demographic Data Fostering Engagement To Gather Behavioral Data For Implicit Scores
- 9. Page 9 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Reason #4: It Becomes Super Complex If You Sell Many Products Or To Multiple Personas A B A+12 +20+35 +10
- 10. Page 10 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Poll What are your biggest challenges in lead scoring? • It’s not very accurate • I don’t know how to set it up • I don’t know what data to score on • I have many personas or products • It requires too much work • No challenges. We’re completely happy with our scoring. • Other (please type them into the chat box)
- 11. Page 11 © 2013 Marketo, Inc. Marketo Proprietary and Confidential What If Your Lead Scoring… • Is based on the true profile of your ideal customers? • Can target the prospects most likely to become buyers? For each of your products? • Can determine the best nurture path for each lead, instead of using nurturing to gather behavioral data?
- 12. Page 12 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Predictive Lead Scoring FTW!
- 13. Page 13 © 2013 Marketo, Inc. Marketo Proprietary and Confidential What Is Predictive Lead Scoring? A methodology for ranking leads in order to determine their sales-readiness by using predictive modeling to discover the most accurate and relevant data points for which to score.
- 14. Page 14 © 2013 Marketo, Inc. Marketo Proprietary and Confidential How Predictive Lead Scoring Works Thousands of Online Data From Web Ex: - Tech Industry - Sales roles - Has lots of outside sales - Hiring CRM admin - Dreamforce mention - Has call center Customer Data From Your Data Sources Machine Learning & Predictive Model Predictive Score Shows How Closely Matched Unknown Lead Is To Ideal Profile + Ideal Customer Profile (aka CustomerDNATM)
- 15. Page 15 © 2013 Marketo, Inc. Marketo Proprietary and Confidential 12+ products
- 16. Page 16 © 2013 Marketo, Inc. Marketo Proprietary and Confidential
- 17. Page 17 © 2013 Marketo, Inc. Marketo Proprietary and Confidential
- 18. Page 18 © 2013 Marketo, Inc. Marketo Proprietary and Confidential User Personas
- 19. Page 19 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Test Ops Dev Audience Overlap Developer Tester Operations
- 20. Page 20 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Audience Overlap Test Ops Dev Developer Tester Operations
- 21. Page 21 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Marketing Challenges “I got 99 problems… and they are all very different depending on product and market segment.”
- 22. Page 22 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Very Different Challenges • Too many leads VS too few leads • Non-challenged industry leader VS highly competitive market VS entering new market • Net New VS Land n Expand • 3 week sales cycle VS 3 month sales cycle • Cross-sell, up-sell • Segmentation, cross-personas, departments & markets • Marketing Operations • Feeding many hungry mouths, all different taste buds • Dev, Test, and Ops people hate marketers
- 23. Page 23 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Solution: Lead Scoring
- 24. Page 24 © 2013 Marketo, Inc. Marketo Proprietary and Confidential $ Qualified Lead Explicit Demo/Firmo BANTImplicit Behavioral • Web visits • Email engagement • Content downloads • Webinar reg/attendance • Trial downloads/activations • Product usage • Form completions • etc • Contact data • Job title/role • Industry • Custom qualification fields
- 25. Page 25 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Multi-Product Lead Scoring
- 26. Page 26 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Great Rates, but wait… 0.05% 0.14% 0.81% 2.15% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% Sales Promo CR by Lead Score
- 27. Page 27 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Great Rates, but wait… 0.05% 0.14% 0.81% 2.15% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% Sales Promo CR by Lead Score • Limited to track-able implicit behavior and explicit form completions • Scoring data = time to collect, build, maintain • We are only human
- 28. Page 28 © 2013 Marketo, Inc. Marketo Proprietary and Confidential $$$ Qualified Lead Explicit Demo/Firmo BANTImplicit Behavioral Mintigo Big data, predictive, Custom MIs
- 29. Page 29 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Tool-Assisted Code Review Develope r Use Case #1: Custom MIs
- 30. Page 30 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Develop er Custom MIs o Proportion of Software Engineer Titles o Programming Language: PHP, Java, .Net, etc o Indications/Hiring: Agile, CMMI, SCRUM… Code Review
- 31. Page 31 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Enterprise & Verticals Develop ero Proportion of Software Engineer Titles o Programming Language: PHP, Java, .Net, etc o Indications/Hiring: Agile, CMMI, SCRUM… Code Review o Forbes Global 2000 o Fortune 1000 o Regulated industry compliances & Certifications Custom MIs
- 32. Page 32 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Enterprise & Verticals Develop er Multi- Locations o Forbes Global 2000 o Fortune 1000 o Regulated industry compliances & Certifications o International locations/positions o Has multiple locations o Has development teams in multiple locations Custom MIs o Proportion of Software Engineer Titles o Programming Language: PHP, Java, .Net, etc o Indications/Hiring: Agile, CMMI, SCRUM… Code Review
- 33. Page 33 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Enterprise & Verticals Develop er Multi- Locations o Forbes Global 2000 o Fortune 1000 o Regulated industry compliances & Certifications o International locations/positions o Has multiple locations o Has development teams in multiple locations Custom MIs *Developer at existing Collaborato customer organization o Proportion of Software Engineer Titles o Programming Language: PHP, Java, .Net, etc o Indications/Hiring: Agile, CMMI, SCRUM… Code Review
- 34. Page 34 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Enterprise & Verticals Develop er Multi- Locations o Forbes Global 2000 o Fortune 1000 o Regulated industry compliances & Certifications o International locations/positions o Has multiple locations o Has development teams in multiple locations Custom MIs *Developer at existing Collaborato customer organization o Proportion of Software Engineer Titles o Programming Language: PHP, Java, .Net, etc o Indications/Hiring: Agile, CMMI, SCRUM… Code Review
- 35. Page 35 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Use Case #2: Cross-Sell Web/App Performance, API Monitoring, UXM API Testing Develope r Tester Operation s Marketer
- 36. Page 36 © 2013 Marketo, Inc. Marketo Proprietary and Confidential CustomerDNATM Cross-Sell
- 37. Page 37 © 2013 Marketo, Inc. Marketo Proprietary and Confidential CustomerDNATM SoapUI Pro Customer INC Dev Test Cross-Sell
- 38. Page 38 © 2013 Marketo, Inc. Marketo Proprietary and Confidential CustomerDNATM SoapUI Pro Customer INC Dev Test Ops Cross-Sell
- 39. Page 39 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Cross- Sell
- 40. Page 40 © 2013 Marketo, Inc. Marketo Proprietary and Confidential API Testing Develope r Use Case #3: Predictive Scoring Tester
- 41. Page 41 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Mintigo Challenge Positive Sample: All SoapUI leads generated in 2013 converted to Closed Won Opportunities in 2013 Negative Sample: All SoapUI Leads Generated in 2013 not converted to opportunities Mystery Sample: All SoapUI leads generated in 2013- 2014 Mintigo Challenge: Which leads generated in 2013- 2014 closed in Q1 2014? ?
- 42. Page 42 © 2013 Marketo, Inc. Marketo Proprietary and Confidential 0 1 2 3 4 5 6 Hiring E-commerce related positions Hiring Web Performance related Positions Hiring Saas related positions Indication of Web Application Technology Alexa Global Rank between 1-5000 Google Page Rank - 8 Daily PPC Budget >$10000 Hiring Code Review related Positions Hiring Agile related positions Company has Multiple Locations Forbes Global 2000 Multiple Locations Software Development Fortune 1000 Rest API Hiring SOA related positions Hiring Devops Hiring Application Mgmt related positions API Provider Buying Signals - Lifts in the model Common Traits of Closed Won..
- 43. Page 43 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Negative vs Positive Traits 0% 10% 20% 30% 40% 50% 60% Mobile Device Usage (BYOD) Hiring Mobile Developers Hiring MDM related positions Mobility Technologies Indication Test Automation Indication Hiring Chargeback related positions Hiring VOC related positions Has Data Center Hiring Web2.0 Has Data Warehouse Has Call Center Customer Login Area VMWare User Java User Hiring Customer Service CRM User Has Field Workforce Oracle User Has International Activity Marketing Automation User Is Hiring (Growth) Negative - Others Positive - Wins
- 44. Page 44 © 2013 Marketo, Inc. Marketo Proprietary and Confidential 1000s of Data Points 0% 50% 100% 150% Country=AUSTRALIA Country=CANADA Country=UNITED STATES Country=UNITED… Country=INDIA State=MN State=GA State=VA State=CA State=MA State=NY Valid Title Valid Company Name Is Free Mail Negative - Others 0% 5% 10% 15% 20% 25% 30% 35% Number of Employees= 0 - 25 Number of Employees= 25 - 100 Number of Employees= 100 - 250 Number of Employees= > 50K Number of Employees= 250 - 1000 Number of Employees= 1K - 10K Number of Employees= 10K - 50K Annual Revenue= $0 - 1M Annual Revenue= $1 - 10M Annual Revenue= $10 - 50M Annual Revenue= $50 - 100M Annual Revenue= $100 - 250M Annual Revenue= $500M - 1B Annual Revenue= > $1B Negative - Others Positive - Wins
- 45. Page 45 © 2013 Marketo, Inc. Marketo Proprietary and Confidential 80% of wins in 27% of leads 95% of wins in 40% of leads Predictive Results
- 46. Page 46 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Ok, so 80% of my revenue comes from 27% of my leads.95% from 40%. Now what?o Concentrate Marketing Time/Resources Targeted messaging Dynamic content, stack your nurture paths “Luxury” Initiatives Double down on the source(s) Put them under a microscope o Arm Sales with Data, Prioritization, Tools Provide magnifying glass for best bets Sales enablement: content + intelligence Revisit recycled leads BDR calling campaigns Cross-sell
- 47. Page 47 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Test OpsDev 42 What’s next?
- 48. Page 48 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Test OpsDev 42 82 19 24 11 95 77 79 35 6 What’s next?
- 49. Page 49 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Mintigo + Marketo • Real-time data append • Share key data w/ sales (“Best Bets”) • Build into lead scoring, and/or use for accelerators • Granular segmentation and dynamic content • Marketing channel/campaign disposition • Nurture stream assignment and transition • Continuous analytics and customer intelligence The possibilities…
- 50. Page 50 © 2013 Marketo, Inc. Marketo Proprietary and Confidential HOW IT WORKS WITH MARKETO Mintigo Predictive Marketing Platform
- 51. Page 51 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Build Your Predictive Model & CustomerDNA Step 1 Pull A CSV Of Your Customer Records (at least 100) & Upload To Mintigo Step 2 Mintigo Analyzes Your Data with Thousands Of Data From The Web Step 3 Predictive Modeling Identifies The Data Points That Have The Strongest Correlation With Customers Step 4 Your Ideal Customer Profile, aka Your CustomerDNATM, Is Created From These Data Points
- 52. Page 52 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Set Up Webhook & Custom Field Mapping For MI’s
- 53. Page 53 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Create Smart Campaign To Trigger Web Hook
- 54. Page 54 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Any Prospect Gets Predictively Score Immediately Predictive Score Tells You How Closely Matched The Prospect Is To Your CustomerDNA
- 55. Page 55 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Bonus: Mintigo Also Enriches Leads With Firmographic & MI Data Mintigo enriches leads with data points that matter to your business directly into Marketo so you can better target your offers & segment lists
- 56. Page 56 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Predictive Lead Scoring Is Just The Beginning Customer DNA Scores Data Enrich- ment Personas Content Offers Channels PREDICTIVE MARKETING INTELLIGENCE Predictive Modeling Marketing Indicators DATA CRM, MAP & Internal Data Big Data / WWW APPLICATION Discover Your Ideal Customer Profile Target The Prospects Most Likely To Buy Engage The Right Prospects With The Right Message & Channel
- 57. Page 57 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Q&A
- 58. Page 58 © 2013 Marketo, Inc. Marketo Proprietary and Confidential Gary DeAsi Sr. Marketing Manager & Marketo Champion SmartBear Software Tony Yang Director of Demand Generation Mintigo @tones810 tony@mintigo.com Patrick Chen Sr. Manager, Marketing Operations, Marketo
- 59. © 2013 Marketo, Inc. Marketo Proprietary and Confidential Thank you!