Segmentation of your database and development of personas allow you to develop the right messages, content and offers. This will dramatically increase the effectiveness of your lead nurturing campaigns. This 30-minute webinar presents a step-by-step approach to segmenting your database and developing personas for your most important target groups.

The following questions will be addressed:

• Do segmentation and personas really increase conversion?
• How many segments should I create?
• Do I segment my database by title, influence, industry, or something else?
• Which personas should I develop?
• How can I develop an insightful persona quickly?
• I have created segments & personas, what now?

In 30 minutes you will get practical tips that can result in conversion improvements ranging from 20% to 400%. I hope you can make it!

Click Here to View the Recording of the Webinar

I see two clearly distinct target groups for HubSpot:

1. Small business owners
2. Marketing departments at mid-size companies

Both groups will use HubSpot to generate more inbound leads, but they have vastly different requirements. Small businesses usually have no dedicated marketing resources, are less tech-savvy, and often don’t have a CRM system. Mid-size companies have dedicated marketing people, an IT department, a CRM system, and generally more sophisticated requirements. HubSpot can serve both audiences, but in a different way. But – just like any other SEO & Social Media tool – HubSpot will only deliver results if you put a fair amount of time into creating and promoting content: compelling content is what makes the HubSpot engine hum.

Small Businesses

Until recently, it was hard for small businesses to be effective with online marketing because the tools were fragmented: you had to hire someone to do your website, get email marketing somewhere else, hire a search engine optimization (SEO) consultant, and figure out this social media thing. HubSpot provides an attractive package that includes all of this: not just software, but also advice.

Their website management system (CMS) is fairly basic, but it includes everything you need: the pages are search engine optimized from the start, it includes a blog and registration forms, and there are social media integrations. If you’re really picky about the design or have advanced technical requirements, the HubSpot CMS may be too basic for you. In that case you can consider HubSpot Medium, which allows you to add tracking keys to your own website.

In addition to the website, HubSpot offers a range of SEO tools for keyword discovery, keyword selection, rank tracking and more. Social Media is also covered: you are notified of relevant online discussions on Twitter, LinkedIn and other locations, so you can join the discussion; there are ‘follow-me’ buttons in email and on your website; and you can find prospect’s social media profiles. With the improved Lead Manager, you could even use HubSpot as your CRM system. You can use basic email marketing to stay in touch with your prospects or create some drip campaigns. And finally, reporting and analytics show the business results of your activities.

Overall, if your business lends itself to online marketing but technology has been a challenge for you, HubSpot will be a good fit. You’ll have a big chance of success if you reserve 20-25 hours to get started, and enough time each week to write at least 2 blog posts (again, this is true for all SEO & social media tools).

Mid-size Businesses

The story for mid-size businesses is less clear-cut. First of all, many mid-size businesses will choose to host their own website, either because migration is too big of a task, or because they have specific requirements. HubSpot’s Medium and Large products give you the option to keep using your own site. These editions also make it possible to integrate with Salesforce.com and – through partners – with other CRM systems. The result of this integration is that you get great end-to-end analytics, for example: you’ll see how much a particular search keyword contributes to revenue.

If you’re a mid-size company, search Engine Optimization and Social Media are really the key features that you’ll use HubSpot for. If you compare it with stand-alone SEO & Social Media tools, you may say it’s expensive. However, it’s a fully integrated solution with unique end-to-end reporting features: you won’t get this level of integration when using a combination of stand-alone tools. And when you compare HubSpot’s monthly cost to hiring a SEO and a Social Media agency, it’s not so expensive at all.

Where small businesses will be okay with HubSpot’s email marketing, email nurturing, lead scoring and landing page functionality, most mid-size businesses will have more advanced requirements. Some of these requirements are lead nurturing based on rules with an unlimited number of steps, support for multiple lead scoring models, and progressive profiling for web forms. For those requirements I would recommend using a Marketing Automation system, as even the most affordable Marketing Automation solutions have way more functionality in this area than HubSpot. However, few if none of those solutions have the SEO and Social Media tools.

HubSpot is a good option for mid-size companies that need best practices and an integrated tool to improving their SEO & Social Media strategies. Combined with a CMS and a Marketing Automation system it is a complete online marketing suite.

Conclusion

SEO and Social Media take a lot of time to do right, and HubSpot makes this process a lot smoother. Small companies can use HubSpot as a one-stop-shop, while mid-size companies can integrate it with their existing CMS and/or Marketing Automation system. You still have to create lots of compelling content, but HubSpot takes care of the rest.

About Jep Castelein

Jep Castelein is the founder of LeadSloth, a firm that helps technology companies find untapped revenue in their marketing databases. He is always looking for marketers who want to get a better ROI on their investment in Marketing Automation technology. For more information on LeadSloth’s methodology, see the webinar “7 Steps to Finding Untapped Revenue in Your Marketing Database“.

To see the slides, please visit SlideShare.

Table of Contents

1. Introduction by Jep Castelein

2. 1848 James Marshall Discovers Gold

3. How Much REVENUE Are You Missing Out On?

4. NURTURE Leads to Assure More Revenue

5. 50% of Leads are NOTReady to Make the Jump

6. 23% BUY from a Competitor 6 Months after Initial Inquiry

7. Nurtured Leads Produce 20% MORE Sales Opportunities

8. # 1: COLLABORATE with Sales

9. # 2:CHOOSE the Right Audience

10. # 3: Know them WELL

11. # 4: Provide VALUE

12. # 5: Make OFFERS They Can’t Refuse

13. # 6: HAVE Conversations

14. # 7: Track & MEASURE

15. Case Study

16. The Complete Process

17. Need Help Finding those Gold Nuggets in Your Database? Let’s Talk!

18. Q&A

This video is a preview of Tuesday’s webinar “7 Steps to Finding Untapped Revenue in Your Marketing Database“, which covers a comprehensive 7 step process to design a lead nurturing strategy.

The webinar is now available for watching on demand.

This video gives an overview of the content of the webinar:

The webinar is now available for watching on-demand.

• Hubspot Show & Tell, new features including lead management, June 8th (tomorrow)
• Genius Demand Gen Academy, series of 12 webinars, starting June 9th
• MarketingSherpa Lead Management webinar, June 10th (sponsored by Eloqua)

Hubspot Show & Tell

Hubspot is best known for their Inbound Marketing evangelism and a software product that helps small to medium-size companies generate leads through search engine optimization and social media. They are taking some steps towards lead management, and will be showing their email marketing and lead nurturing capabilities in this webinar. It’s not a full-blown marketing automation system (not sure if they want to go there either), but it’s interesting to see them adding these features.

More info & registration »

Genius Demand Gen Academy

The Demand Gen Academy is a free online learning program to help you master the process of demand generation with practical, hands-on training. It covers Demand Generation, Lead Management, Return on Investment and Inbound Marketing in a series of 35-minute webinars. There is a webinar every Wednesday for the next 12 weeks. You will earn a Demand Generation Certification badge if you successfully complete the exam. I’m co-presenting the email nurturing session this Wednesday.

More info & registration »

MarketingSherpa Lead Management Webinar

The full title of this event is “Lead Management: Tackling the Top 5 Questions about the Lead Cultivation, Qualification and Hand-Off Process”. It’s presented by Sean Donahue, Editor, MarketingSherpa and Jennifer Horton, Best Practices Consultant, Eloqua. During the webinar, they will cover practical strategies that highlight the best way to attract new leads, how to find the right approach for the type and timing of messages, and when to complete the transition to sales.

More info & registration »

People asked my opinion on this acquisition. Overall, I think this is great news, for 7 reasons:

1. Market2Lead Probably Got A Good Deal

Market2Lead was one of the early Marketing Automation vendors. Actually in 2006, when I was a marketing manager at a software company in San Francisco, I selected Market2Lead as our Marketing Automation system. But since then too little progress was made: the product was good, but their marketing was lagging behind. The result: not enough new customers. Selling the company to a well-known software company may be a very good outcome for Market2Lead (speculation, I have no inside information on this).

2. Marketing & Sales Belong Together

More and more I’ve come to believe that great marketing initiatives go bad if marketing and sales don’t have a productive relationship. A Marketing Automation system either needs to have great connection to the CRM system, or it should all be integrated. Oracle clearly takes the integrated approach (as they always do), and I believe this is a good move.

3. The Market Needs Consolidation

I publish a list of all Marketing Automation vendors. There are over 30 vendors on this list, which is way too much. There isn’t enough business in this market to support so many vendors. So one fewer vendor – although always sad for the individuals involved – is not a bad thing for the market as a whole.

4. It Puts Marketing Automation On The Map

Most Marketing Automation companies are relatively small. Even industry leaders like Eloqua and Unica are relatively small compared with vendors in more established software categories. This is the first serious Marketing Automation initiative by a major software player. Other CRM vendors claim to do Marketing Automation, but I believe those claims are unsubstantiated. So the Oracle move shows that Marketing Automation is becoming a mainstream solution.

5. Small Installed Base / Few Customers Affected

It seems that Market2Lead is migrating their customers to other solutions, at least, Eloqua’s announcement gives that impression. According to the Oracle’s announcement, only the IP has been acquired, not the company. The fact that the Market2Lead’s installed base is relatively small is a good thing: major disruptions can give a market a bad name, and that’s the last thing Marketing Automation needs.

6. Enterprise-Ready Product

More on a product-level, Oracle is getting their hands on a very feature-rich product. Having done a lot of work with Market2Lead myself, I know first-hand that it’s a very powerful system. This is a good fit with Oracle’s main customer base: mid-size to large companies.

7. Great Technology Fit

There is also a good fit from a technology perspective. The Market2Lead product has been developed using the Java programming language. That is not one of the most hip languages such as PHP or Ruby, but it’s the primary technology at Oracle. Oracle has been a Java-company for a long time, and after the Sun acquisition they also own the Java technology itself. It should be reasonably easy to integrate Market2Lead code in Oracle applications.

My Take On This Deal

I think this deal signals the beginning of a 3-5 year long consolidation process in the Marketing Automation industry. The winners will have tied their applications into other vital marketing and sales processes, either through integration or through acquisition. So my advice for marketing practitioners is to hedge your bets: your Marketing Automation vendor may not be around anymore in a couple of years.

Both CRM and Marketing Automation are changing because of Social Media and Inbound Marketing. It plays out in a slightly different way for each of them.

Social CRM

CRM is very broad, it’s not just about sales, but about pretty much anything that involves communicating with your customers. For now I’ll focus on the “sales” part of CRM (Sales Force Automation). Some of the new social CRM features help sales people identify more opportunities, get more background information on existing leads and facilitate intra-company collaboration (see earlier post). This all revolves around leveraging connections with other people, whether that’s other sales people who share their contacts (like with Jigsaw or Netprospex), a sales person’s own network (LinkedIn) or co-workers within the same organization (Lithium).

Social Marketing Automation

Marketing Automation used to be focused on capturing leads, adding them to an email nurturing track, and giving them a score that indicates when they are sales-ready. Social Media doesn’t change anything about that: capturing, nurturing and scoring simply isn’t very social. The big changes are in the phases before and after this.

Before – Social media is great way to get in touch with new prospect, in addition to the more traditional approaches like advertising and list buying. But it’s a lot of work to monitor all online discussions and contribute if needed: marketing automation could play role in automating this. I won’t automate great content, but at least it can take care of the logistics.

After – Once leads are sales-ready, they are passed on to the sales team. Unfortunately, in most organizations this process isn’t very well organized. That’s too bad, because this is the most important collaboration point between marketing and sales. The eternal source of discontent is about lead handover: sales says the lead quality is lacking, and marketing claims the sales people don’t follow up properly. Better social collaboration options can improve this situation.

Social + CRM + Marketing Automation

Increasingly I believe that Marketing Automation should be seen as part of CRM. Sales & Marketing alignment is so important for the success of Marketing Automation that you can’t see it separate from the system that is used by the sales teams. Even though automation of social media participation may be the hottest topic, the most immediate benefits from “Social” come from better collaboration between Sales & Marketing.

• Do you want to nurture new leads, existing leads or both?
• How do you to segment your audience?
• Do you want a linear drip campaign, or rule-driven dynamic campaign (flow chart)
• Which content is available for nurturing?
• What frequency of emails and duration of campaign do you prefer?
• When do you send leads to sales?
• Do you need to improve the quality of your lead data?

Let’s look at each of these questions.

New Leads, Existing Leads, or Both?

If you’ve never nurtured your leads, you may find sales opportunities in your existing database. This depends on many factors, including the size of your database, the average age of the leads, the lead source, and the length of your sales cycle. If you sell multiple products, cross-selling may work for you. If you expect to find sales opportunities in your existing database, this may be a good place to start. Don’t expect to close 10 deals after the first email: nurturing takes time to deliver results.

Once you’ve set up nurturing for existing leads, start with your new leads. These nurture campaigns start when new leads register, while campaigns for existing leads are batch campaigns started by the campaign manager. Once new leads are entered in a nurturing program, make sure they will always be in some kind of nurturing track, unless they unsubscribe.

Segmentation

Nurturing is most effective if the messages are relevant for the audience. If a lead registers for a technical whitepaper, send more technical information or invitations for technical events. If someone is interested in product A, don’t send info on product B, unless products A and B are similar or at least complementary. If you market in multiple languages, make sure your emails and marketing materials are also available in the local language.

Drip vs. Dynamic Campaigns

The simplest campaign is linear: leads receive a series of emails spread out over a certain time period. For example, a lead could receive one email per month for 6 months total. If you’ve segmented your database you can assign a lead to the most appropriate campaign. Once the campaign is over, move the leads to the general nurture campaign (e.g. a general newsletter), so they continue to hear from you. This is a simple but effective way to start with email nurturing.

If you find that people are often in the wrong segment, or if you want to respond differently to leads based on by their response to your campaign, you want to use dynamic campaigns. This is more complex, because you’re creating dynamic rules for campaigns, and with every rule there is the possibility of errors. However, if you get it right, you’re really responding to lead behavior in real-time.

Content

Every campaign needs content. Not just the text in the email that you send out, but especially the offer in the email. The best offers are whitepapers, webinars, ebooks, blog posts, analyst reports, or any other educational resources. In some cases you can send product collateral, but educational materials are usually most effective, because they address an issue that the recipient may have. Unless you are sure that a lead is ready to buy, you wouldn’t use a discount or other price incentive in your campaigns. After you do some digging, you’ll be surprised how much content your organization has access to: sometimes you can even point to 3rd party blog posts.

Frequency & Duration

The longer the sales cycle, the longer you want to run a particular campaign. In B2B marketing, campaigns often run 3-12 months. After that, you still want to occasionally send something to prospects: even after years of ‘lurking’ some may suddenly be ready to buy. Shortly after a new lead registers you can send email more frequently, but after that you can slow down to one message every two, three or four weeks. The minimum frequency for emails is once a month.

Sales Handover

At some point in time you want to hand over leads to the sales team for follow up, both for new as well as “revitalized” existing leads. When you start your campaign you may want to review lead activity manually to find interesting leads to send to sales. Once you see patterns, you can use lead scoring to automatically send leads to sales. When sales is actively talking to a lead, you want to pause the campaign for this lead. However, when the lead is not yet ready to buy, the campaign should resume.

Data Quality

The success of the campaign depends on your ability to send relevant content to leads. For new leads, you want to ask enough information so you know what they are interested in. For existing leads, you ideally have enough information in your database to add leads to a relevant campaign. On top of that, you want to avoid duplicates and other errors, because people may receive the same email twice, or with silly personalized fields. To give an example of the latter: sometimes sales people add notes in the name field, such as “Robert (goes by Rob)”. It would be undesirable to send out an email that starts with “Hi Robert (goes by Rob), rest of the email…”.

Getting Started with Lead Nurturing

If you have great leads in your database, that’s a good place to start lead nurturing. Start simple, and don’t try to automate everything (you may automate the wrong things). Be creative in finding interesting content, and keep up the nurturing for at least three months. Once you get started you will discover what works and what doesn’t, and you can get more sophisticated as you go along.

The CEO/CFO of your organization may be asking you to measure Marketing Campaign ROI to determine marketing’s contribution to revenue. The question is straight forward, yet what you may have already discovered is that the answer on what to measure and how to measure is not simple.

In B2B, a prospect doesn’t convert into a customer in a single interaction as is often the case with e-Commerce. Usually, it takes several interactions in the prospect lifecycle that help conversion from prospect to customer. This complex lifecycle makes it difficult to track and report on ROI for the various campaigns that touch prospects, especially at the granular level. In addition to determining the ROI for campaigns, additional ROI related questions are asked such as the ROI by channel (Webinar, SEM, Content Syndication, etc.) and by vehicle (Email, Print Mail, SMS, Survey, etc.). Yet these questions are difficult to answer without costly manual analysis. What you need is a solution that will properly track the influence of marketing campaigns on the funnel and also the accurate attribution of revenue to marketing campaigns. The benefits of such a solution are:

• Highly accurate measurement of marketing contribution to revenue generation
• Significantly improved campaign management as a result of deeper visibility into performance
• Time cost savings due to elimination of need to do painful manual analysis

In order to provide a better explanation of how these benefits would be accrued by your marketing organization, I would like to start by providing a more detailed definition of Campaign Attribution and Campaign Influence and why properly measuring these are critical to achieving success  for your marketing organization.

Campaign Attribution:

In order to report on Campaign ROI, the first key concept that we need to define is Campaign ROI Attribution i.e. what percentage of bookings from a deal should be attributed to any given campaign. Should the bookings be attributed to the first campaign that generated the first lead into a deal or maybe the last campaign that touched it or maybe it should be equally distributed across all campaigns that touched a deal? Determining an accurate method of revenue attribution is typically very difficult. Consider this scenario, you may be using the first and last campaign attribution model which splits the revenue between the first and last campaign that touched a deal. Now suppose for a new customer win, the first campaign was an awareness-based campaign utilizing SEM and the last campaign that touched this customer was a webinar. However, there was a tradeshow that highly influenced the prospect, yet utilizing your current attribution model the tradeshow campaign would not be attributed any revenue. In the end you would not be attributing credit where it’s truly due. At the end of the day, whichever campaign attribution model you choose is the one you would be held accountable to and this further intensifies the need to track all campaigns across the lifecycle for all deals.

Campaign Influence:

Regardless of what your campaign attribution model is, tracking all campaign responses will tell you which campaigns a given prospect was influenced by. So Campaign Influence measurement focuses on all campaigns that any prospect is responding to. It tells us what campaigns are helping the prospect move closer to making the purchase decision. This measurement is a holistic approach and it helps provide insights that typical Campaign Attribution models may not be able to give. So for example, it would show the influence of educational webinars that your prospects attend during the mid-point of the prospect lifecycle. Now if you were using a first and last touch campaign attribution model then these educational campaigns would not have revenue attributed to them, yet they are critical part of the prospect lifecycle. The Campaign Influence model would capture this data and provide the necessary insight to marketing and company leadership on the value of these campaigns. Otherwise these campaigns may be sidelined in favor of campaigns with a higher ROI based on the attribution model. Aggregating data on campaign influence will also tell you what campaigns are effective in nurturing a prospect and what campaigns are ineffective. So in a sense, it is as equally important to measure Campaign Influence as it is to measure Campaign ROI.

Summary

Given the complex nature of the B2B prospect lifecycle, building a solution that can properly track these metrics as they relate to your specific business situation is necessary. This solution will help provide a deeper understanding of the marketing campaign performance thereby helping in optimizing your marketing campaigns. This solution will also help you provide your CEO/CFO with the necessary reports that they can rely on to understand marketing’s contribution to revenue generation.