Turbo-Charge Your Lead Engine with Predictive Lead Scoring #MKTGnation14
We’re live at The Marketing Nation Summit in San Francisco this week. Earlier this morning, Brian Kardon joined Beki Scarbrough of CA Technologies for our session at The Marketing Nation Summit to discuss the power of predictive lead scoring.
Making the Shift from Modern to Predictive Marketing
According to SiriusDecisions, 94% of MQLs will never close. To top that off, more than 50% of sales reps are failing to meet quota (CSO Insights). As marketers, our job is to improve lead flow and drive demand to grow revenue. We have all been part of a transition from the arts and crafts marketing to modern marketing and beyond.
Brian opened up the session by discussing the shift from traditional marketing to modern marketing to predictive marketing, thanks to the influx of data available about potential buying audiences. Data has changed the way we listen to radio, watch TV, read books, book a place to stay while traveling, and hail a taxi. The trend to data is also impacting how B2B organizations predict and close their next customer. Most companies have access to about one to five percent of the available data about their customers and prospects. Brian shared examples of how companies including Autodesk and Staples are using predictive analytics to identify opportunities and triggers to engage with customers when they are most likely to buy next.
Marketing is in state of constant change and both large and small companies are reaping the benefits by embracing technology. Brian then introduced Beki Scarbrough to share CA’s remarkable story of agility and innovation.
Innovating with Predictive Marketing
Beki opened her portion of the talk by announcing that today marks CA’s one year anniversary of implementing an impressive, new stack of marketing technology including Marketo, salesforce.com, Insightera, Lattice, Birst, Integrate, BrightTalk and Reachforce to name a few. The result of this journey was a 400% lift in MQL to SRL conversion rate all in one year.
In addition to building up an impression marketing tech stack, a large portion of CA’s shift had to do with reimagining and resetting the view of the funnel. Beki introduced a concept of a marketing vortex along with the goal of feeding more leads to the sales team. The marketing vortex helps recognize that there are leads, names and contacts completely outside of the funnel that you may or may not be aware of.
Beki walked us through an example of shifting our mindset from an ideal lead to an ideal customer. An ideal lead may have downloaded a whitepaper or a trial but an ideal customer recently hired 50 new employees including a new CIO and develops apps.
Along with the transformation of its marketing technology stack, CA also transitioned its traditional lead scoring to predictive lead scoring. By looking at the available data outside of marketing automation, CA was able to see all characteristics that are predictive of buying intent and combine that with everything sales is looking for. By educating sales early on about predictive marketing, CA was able to realize success more quickly. Now, CA is filtering in predictive leads into the marketing vortex that have a 30-40% chance of closing.
Beki also shared some great insider information and practical tips related to her journey building out the marketing technology stack and predictive lead scoring: • Ask sales to describe the “perfect customer” • Admit the marketing qualified leads don’t always match, but don’t discount their importance • Start with your most important solution areas • Trust the guys who do this every day • No need to reinvent any lead process • Keep the feedback loop going, refine
Thanks again to Beki for sharing this incredible story! Here’s a look at the full set of slides.