The Bizible team is back from an INSPIRING time in San Francisco attending Marketo Summit. What a week it was! While we couldn’t make it to every session, we did notice a few big trends.
This post explains the marketing trends the emerged out of Marketo Summit, and summarizes the sessions you might have missed.
FOCUS On Revenue With Account Based Marketing
In this session, three panelists shared their experiences with account based marketing (ABM).
This type of marketing is all about focus.
Time and energy is much better spent in areas that you know contain high converting prospects and using your marketing materials to target these areas specifically.
Focus on a specific industry/vertical. Focusing on a specific geo-location. Focus on generating revenue.
Don’t generate leads first and qualify later.
Target highly qualified leads first, then have confidence they will turn into customers. It’s important to run your ABM initiatives across various channels, targeting a specific account using personalized messaging on your website, in your ads, in content downloads, and in case studies.
Targeting by high value accounts is much more valuable than spreading your marketing initiatives thin across small groups of potential prospects.
The Marketing Trend Towards Experiences, Not Marketing Channels
On Tuesday Phil Hernandez, Chairman and CEO of Marketo, gave an inspiring keynote.
Channeling his inner Tim Cook, one of Phil’s larger points is we are no longer in a world of marketing channels. Only a world of connected experiences and devices.
No longer is an email going to come out of the blue. No longer is a message going to be isolated to one channel. No longer are you going to see something different depending on your device.
When you connect all devices and experiences with one seamless message, they can all build on each other in ways that provide value, rather than distract.
The Outcomes And Alignment Marketing Trend
We attended two amazing sales and marketing alignment sessions featuring Bryan Semple, CMO of SmartBear Software.
At SmartBear, their goal is to drive 100% inbound leads, and they do this by organizing for cross-marketing and sales alignment, specifically around revenue. This reminded me of pipeline marketing, a marketing trend we're excited about.
By striving for 100% inbound leads, the marketing team can rely less on sales efforts, such as outbound calling to make up the difference. Essentially, this places all the demand weight on the marketing team.
One of his best quotes of the event was, “SLAs are for outsourcers, not teams.”
Bryan went on to say that MQL/SQLs are a poor substitute for lead scoring thresholds, and truly understanding what’s driving opportunities and revenue.
Bryan used to be in the Navy, operating nuclear reactors. There were a lot of processes, and they measured everything, which he likens to running a modern marketing team. However, they were always focused on the outcome.
Without this focus, there’s organizational mis-alignment. When everyone is focused and setting goals on revenue, there’s no incentive to game the system.
MarTech Needs To Be Part Of A Company's DNA, Just Like Design
We’ve written before about the importance of marketing operations and MarTech and Scott Brinker illustrated the importance of this segment of marketing.
MarTech is a big universe. Marketing software is a $20B market and is projected to be $32B by 2018 and employs more than 300K people.
And it’s a rapidly changing enironment. Companies need a Chief Marketing Technologist to own the intersection of marketing and technology, keeping up with this pace. This point was perfectly illustrated with what is probably the funniest slide at Marketo Summit:
Scott ended with the incredibly important point that marketing technology needs to be a core part of a team, just like design.
The Fear Of Loss Is More Powerful Than You Might Think
This eye-opening session by Tim Riesterer went into detail on the prospect theory which states that people are 3 times more likely to make a decision to avoid loss than to create gain.
For example, if you were offered a guaranteed $75,000 or a 50% chance of $100,000 or nothing which would you choose? People often will pick the first option not because it’s an automatic gain, but because they are scared of losing $100,000 with the second option.
This can have powerful implications for marketing.
Create a message that develops a divide between what people can gain and what they can actually lose from not using your product or offering.
Often times you will need to create a story to bring this up in the mind of your target audience, leading them towards the decision or action you desire.
There are several ways to do this: amplify the problem (create context so they care), reveal the problem underneath (may be unknown to them) or explain a need they didn’t know they had.
Creating uncertainty through the risk of loss is a powerful form of persuasion.
Marketo Summit provides inspiration for shaping your marketing strategy. It provides the necessary waypoints during your journey as a marketer.
We're looking forward to next year's conference. See you there!