Tag Archives: Funnel Academy

Where are You in the Evolution from Mad Men to Marketing Geeks?

It is a very exciting and challenging time to be a marketer, but it isn’t for the faint of heart or for those who refuse to learn new tricks. Evolution is not kind to the timid. Marketers today have a choice: get buried in the dust, or learn to thrive.

If you’ve been a marketer for more than 10 years you’ve seen a breath-taking amount of change. If you’ve been in the business only since about 2002, you’ve seen a lot of change too.

Consider all the new terms for marketers that have surfaced: Chief Marketing Officer, Chief Revenue Marketer, Marketing Technologist, Engagement Officer, Demand Generation Director, Social Media Specialist, Search Specialist, Digital Marketing Director and Marketing Operations Manager. I believe six of those nine titles didn’t existed 5 years ago. Two titles, Chief Revenue Marketer and Marketing Technologist, have only joined the vernacular in the past 24 months.

To appreciate just how much the marketing profession can change over time, let’s take a quick stroll down memory lane. It used to be so simple.

I love the hit TV series, Mad Men. I like seeing what the advertising business was like in the 1950’s. Simple. It was the same model that I stepped into 20 years later as an eager, long-haired grad with an advertising degree. I still think a gray Hart Schaffner Marx suit with white shirt and black wingtip shoes is a great look.

Somewhere in the 1980’s direct marketing concepts started to make inroads in B2B companies. New job titles surfaced, such as, Database Marketing Manager and Direct Marketing Manager. I recall reading a book back then called, Customer Engineering. It revealed to me the modeling, measurement and predictability of direct marketing. It changed the way I viewed marketing and my role as a marketer. I began to create plans and campaigns that drove sales in a measurable way.

At about the same time I read Geoffrey Moore’s, Crossing the Chasm (yes, the book is that old). Moore’s seminal book made me view the customer and customer behavior in an entirely different light.

In the 1990’s I learned to integrate and embrace call centers for pre-qualifying prospects and providing warmer leads to the sales department. This was also the time I built a bridge between my marketing team and the sales department. It wasn’t called sales and marketing alignment back then. It was called, this is how you achieve your bonus and keep your job.

Somewhere in the tech bubble of the late 1990’s and into 2000, marketers lost their way. Looking back I recall being under tremendous pressure from VCs to build brand awareness and get “eyeballs” to the website. It was all about how big and important you could make your company appear leading up to an IPO. Forget about the customer, we were asked to help build a house of cards.

Then throughout 2001 and 2002 the house of cards collapsed. It wasn’t pretty, but coming out of that downturn revenue and the customer regained their rightful focus for investors and business management.

With revenue back on center stage the challenge to marketers was clear, “Prove that what you are doing is driving revenue.” Many marketers panicked. They couldn’t do it. They knew little more than how to build awareness and provide unqualified leads to Sales..

About 2005 marketers began to learn how to use the Web and email for cost effective lead generation and direct sales. This required learning new skills for search marketing, pay-per-click advertising, and how to write compelling email offers. Finally, marketers had some of the tools they needed to impact the purchase decision and generate performance metrics to show to top management.

Fast forward to 2011, or more accurately switch to warp speed, Scotty. What skills are required for marketers to handle their revenue responsibilities today?  A post on Software Advice gets to the heart of the matter. Here are the main areas for skill development from the post, New Skills Needed to Address Marketing Gap

  1. Analytics and metrics: Marketers must now be able to measure campaign performance; track conversions along the sales funnel and make accurate forecasts.
  2. Lead management strategy: Marketers have to work with sales to define the different stages of the buyer’s journey. Then, they must develop a process that will best lead the buyer down that path.
  3. Content marketing: Relevant content is the key to engaging the buyer and getting them interested. Marketers have to be able to build a content strategy around their buyer’s journey
  4. Social media: More buyers are getting social, providing a viable medium for engagement. Being successful with social requires thought, strategy, content and consistent execution.

The first two skills involve data analysis and the ability to identify actionable information in gigabits of data. The marketing department has to have ready access to good data and a data geek.

There is no better source for learning about the buyer’s journey and lead management strategy than MathMarketing’s Funnel Academy (advanced B2B marketing curriculum). The newly formed Marketing Automation Institute is offering training for marketers who want to take their game to the next level. Other great sources of knowledge that I depend on regularly include MarketingProfs, Marketing Sherpa and Marketing Experiments, to mention a few. Even conferences, such as DemandCon, can play an important role in your professional development plan.

The pace of change for marketers will only accelerate if history is any indication. To thrive in this exciting new world, be very intentional, and schedule serious training for yourself and your team at least twice a year.

Do Marketers Have the Right Stuff to be Revenue Marketers?

In the past few months a cool new term has appeared on my radar. That term is, “revenue marketer”. Wish I had thought of it first. It defines a new level of marketing professional. While I’m energized by the term, sadly, I’m concerned that too many B2B marketers don’t have the right perspective and skills to play in this new league.

My latest exposure to the term was at an event in Austin hosted by Marketo, a marketing automation platform vendor. Speaking at the event was Debbie Qaqish , Chief Revenue Marketing Officer of  The Pedowitz Group, a demand generation agency based in Atlanta area.  Debbie has a Revenue Marketer blog, a Revenue Marketer internet radio show and is writing a book on the subject.  I’d say that qualifies her as a thought leader on the subject.  I think the Pedowitz Group has trademarked the term, as well.

In brief here is what Debbie defines as the characteristics of a revenue marketer and the role they play in their companies.

A revenue marketer is different from a demand generation marketer primarily in that the former is able to plan and execute predictable and repeatable campaigns. Other attributes:

  • Is obsessed about the impact that Marketing must have on revenue. Shares a business vernacular with the Sales VP.
  • Is a master of lead funnel management.
  • Possesses a deep understanding  of the market, of buyers,  and the buying process.
  • Is responsible for lead generation campaigns that can be tracked through the funnel and on to revenue impact.

With this check list in mind I did a quick mental exercise to see how many marketers that I know in B2B companies who have attributes of a revenue marketer. My unscientific survey had these results:

  • 20% are in the pro league; they have the skills, experience and the tools, such as marketing automation, and funnel modeling, to be a revenue marketer.
  • 20% are in the demand generation league, the farm league for revenue marketers. They are skilled at lead generation, but they are focused on lead counts, not on quality and not on revenue. The funnel may or may not be part of their world. They most likely have an email marketing platform, but don’t have a marketing automation system in place.
  • 60% are in the marketing awareness and branding league. Their focus begins and stops at ‘getting the product known’; having an attractive logo and website; and being mentioned in social media. They confuse gathering names with generating leads.

If you surveyed your marketing community what would the profile look like? I’d also like to hear from my friends in academia about what colleges are doing today to better prepare marketers for taking on the responsibilities of a revenue marketer.

Do You Really Need Sales Training?

Is revenue flat or heading south? Time to invigorate the sales force with the latest sales techniques, right? New head of sales takes the reins with the job of transforming the revenue engine. Time to bring in the sales trainers, right?

Maybe yes. Maybe no.  Upon closer examination your revenue problem may not be due to a lack of sales skills.

The pros at MathMarketing (for whom I am a certified Funnel Coach in North America) can point to case study after case study of clients who approached them for sales training (they also provide Miller-Heiman training in Australia) only to see that what they really needed was something very different.

Try asking yourself three questions.

  1. “Is our revenue problem the result of Sales not being able to close opportunities effectively and efficiently?” If the answer is yes odds are good that sales training is the ticket.  But, try asking two more questions.
  2. “Is the root cause of the revenue problem related to either  lead quality or lead quantity?”  If a brutally objective evaluation of your revenue engine revealed that lead quantity and quality are not adequate, what you should consider is Marketing training,  not Sales training.  I’m not talking about the 45-minute-free-webinar-on-email-marketing type of training either.  For an example of black belt marketing training visit Funnel Academy. Now for the third question.
  3. “Is there a lack of efficient and effective progression of  names, prospects and opportunities  through the sales funnel?”  Two good indicators of this issue are an elongated sales cycle and a growing number of prospects who drop out of the funnel.

Don’t be surprised if upon closer evaluation you decide that #3 is the root cause of your problem. Many companies come to this conclusion.  What’s usually behind this performance-killer is a lack of a clear, measurable action plan that tightly aligns the tactics of Sales and Marketing throughout the funnel.

MathMarketing has a rapid methodology for guiding companies to close the gap between strategy and revenue results. It has worked wonders for companies  large and small on four continents. We call it Funnel Camp. It aligns Sales and Marketing in a way that dramatically improves revenue generation efficiency and effectiveness.

Sales training will move the needle for your organization if the root cause of your revenue generation headache is a deficiency in Sales skills. Look deeply into the cause before deciding to go down the Sales training path.

Why the CFO Should Be Funnel Savvy

The revenue funnel isn’t the sole domain of sales or marketing. CFO’s should be as familiar with their company’s funnel structure and metrics as any sales executive or marketing executive.  Here’s why.

  1. Funnel modeling tools provide the best way for marketing, finance, and sales to talk the same language during planning and reporting.
  2. The variables of the funnel make up the actual metrics of the revenue engine. These variables are the levers and dials over which management has control.
  3. The funnel, over time, enables the sales forecast to be made with higher and higher degrees of accuracy.
  4. Requests for more resources from Marketing and Sales can in part be justified or refused based on funnel economics

CFO’s should be trained in the use of sophisticated funnel modeling tools right along side their marketing and sales colleagues.

An excellent source of this training is the FunnelAcademy(tm), which includes comprehensive training on sizing a funnel and measuring progress. It also includes the most robust funnel modeling tool I’ve ever had the pleasure to use.

Should Marketing Be Measured on Conversions?

Good question. Up until recently I thought the proposal conversion rate belonged to Sales and therefore Sales performance should be based, in part, on the rate of proposal wins.

After attending a FunnelAcademy(tm) workshop lead by Hugh MacFarlane, I have changed my way of thinking.

The percent of proposals  won is directly related to the quality of the buyers that marketing places into the revenue funnel and advances through the early stages of the funnel.

Yes,  Sales should still be measured, in part, on their effectiveness in closing deals, but so should Marketing.

What better way to put Markeing and Sales on the same page than to have both evaluated for the same key business metric?

Deep in the Heart of the (Sales) Funnel

(This is a copy of a post I made on my other blog, One Riot – One Ranger)

When the going gets tough, the tough fine-tune their sales funnel processes for greater efficiency and effectiveness.

So many companies today find themselves trying desperately to succeed with fewer marketing and sales people and with less budget.  I like to think of this situation as having to step into the OK Corral with only four  bullets in my gun instead of six.  Every bullet has to hit its mark. No room for waste or ineffectiveness.

Marketers and sales people realize this, but it does raise two questions:

  1. What should we be doing more of?
  2. What should we be doing less of?

If a company’s sales funnel has been designed around the buyers’ journey, and if both Sales and Marketing have aligned their strategies and tactics to this journey then they will find the answers to both questions in the metrics that result from a well managed sales funnel.

If there isn’t alignment around the buyers’ journey then sales and marketing are likely working at cross purposes to one another and there is an unacceptable level of trial and error in the tactics.

Research* has proven that companies who have aligned their marketing and sales activities to the buyer’s journey win 38% more of their proposals, lose 36% fewer customers each each year and grow 5.4 points of growth more than companies who aren’t aligned.

Not all sales funnel processes are equal. Most are too simplistic or are centered on the seller’s journey not the buyers’ journey.  A rock-solid funnel model factors in lag, leakage, and recycling–there’s nothing “simple” about the dynamics of a funnel.

There is a way to mine the  sales funnel expertise of major corporations around the world. You simply need to plug into the minds that developed the processes for these global brands and built the tools to support the processes.  That is easy.  The world’s leading authorities on sales funnel management and performance are at MathMarketing. They now offer black belt workshops  that teach companies and marketers how to do this.  Known as the Funnel Academy(tm), these workshops are now available in the U.S. CEO’s should make these programs  mandatory for every B2B marketer and sales manager. For that matter the CEO’s should participate, too.  This is the best B2B marketing training on the planet.