B2B Revenue Acceleration
B2B Revenue Acceleration

Episode · 2 years ago

42: Turning Marketing Into a Revenue Engine w/ Lee Hackett

ABOUT THIS EPISODE

CMOs are often faced with an overwhelming amount of shiny new toys when they step into their role — marketing automation platforms, ABM tools, website personalization, the list goes on. But regardless of where they place their efforts, CEOs and CFOs often look at marketing and ask: What is the bottom-line contribution?

If CMO contributions are not observable in terms of ROI, the CMO may eventually vacate their position. Then, a new CMO comes on board, and the cycle starts again.

Lee Hackett sees it all the time. It’s what keeps him up at night, and it’s part of the reason he started Bluprint in 2013, where they help CMOs and marketing leadership maximize their investments in marketing technologies.

With 25 years in marketing, Lee has a lot to say about how marketing leaders can tie their hard work to the bottom line of the c

You're listening to be to B RevenueAcceleration, a podcast dedicated helping software executives stay on thecutting edge of sales and marketing in their industry. Let's get into the show hi welcome to be to be reviiewaccederation. My name is ovelin with Yer and I'm here today with lipacket coat Blu crane x. How are you doingthing and Grat? F Whas, the pleasure you andI think the toic of today is it's actually quite distruptive Ol the setpeople that are listening to us because it's around turning marketing orrevenue engine, but but before we stopp the conversation you would you minintoriecin your sendtal audience as well as teling us a little bit moreabout what you do and go crenize yeah course. Absolutely so! I'MCO Bluperx,as you as you mentioned, Boohan X, is really a technology agency, but it'squite a kind of simple. We help CMOS and marketing leadership reallymaximize their technology investments, as you know, and as most peopleprobably knows, an explosion in Mafton technology. So you know how to best usethat technology to drive revenue yeah, which is always the purpose, is our emand we've been doing that for five years now we kind of worked out whatwox and what doesn't, I think and we're kind of you know we work with mainlymidside the enterprise upsize companies, God shop, Soein Marketing. There is somany things that marketing team can do, and I guess, depending on the sace ofthe organization, depending on the Tapof Organization, depending on howfamous the brand is, the marketing activity can change and you can go fromgoing wopotation. You can go pr, you can go ne generation, AutenSindications of en creat serf canes Barketin, but we su strong Shif towardsMarketig in in the tecoginustry av bing low joing back with in Senroen. You areall reled from from the box, lactually drive more revenue from marketing. Whatdoes it take for marketing teams to make this shift and AV e mindset ismore focussed on generating Besias Generato reven yeah,no t s, it's a true silary Kand of good question. I think the last bit you knowthe key tot. The weird of the key to this is the one of the last words youmentioned: Theearlier was which was mindset right, so the whole function ofwe kind of go back a little bit. You know. Marketing is a function as in akind of midsized company and Enterprise. Global Company can be very, verydifferent RIGDT. So, and I think we have to recognize that we have toremember that, but Yalet's take a typical company have been set up bychannel whethe being settl, as you said, by brand by wod by marketing digitalthen come along and there was another strand of marketing but a differentdepartment so effectively. A lot of these kind of things have been set upin a cound of organizational structure, which is pretty defunt, so quit rightright. So what's kind of happening now...

...and it's been happening for a while,but it's geting in a lot of it's accelerating fast, is you know, there'sa lot of investments being made in marketings a lot of shiny new toys thatCMOS can buy, O digital teams can buy and with the pretext of you know, akind of really Shiftin, the needle and finding out that it doesn't really dothat, and so there's a huge amount of money being put into crustom experienceand and the web and pecalization. And then I can't base marketing and all ofthese kind of disciplines, which are all hope to ultimately drive revenue.But I think the key thing is is in our experience and in my experiences thatkind of what happened is alot of these investments have faile and a lot ofthese these approaches have failed, and so what kind of Cos? Woe Alto? Lo Cfos,altime, Salis San is kind of stuff off now you know they want to see the wasthe Retainin ofr investment. You know. So if we put a dollar in whether we getbar from when do we get it, and you know we want to see a bit more securityaround that happening rather than you know, we're going to buy a new piece oftechnology which will help us persalize off us in the journey. Well, that'sgreat, but how we're going to get to retain on that, and I think that takesa new mindset. You know for Amarketiv Department in general and a kind oftypical company. You know they've adominantly focused and I've been inmarketing a Mone waying another for twenty years, a focused on doing stuff.You know, output, you know, number of events, the number of campaigns numberof visitors, the website and again they. You know they keep performanceindicators, but really are theye going to shift the need on drive towardsrevenue. So what is kind of required? There's a new mindset of you know,failed fast. You know test and target really quickly and have a real modelthat drives towards revenue and make sure that ultimately, the mostimportant thing is that the market and thepormen is aligned to the o thefunctions within the business, because this is particularly sales. This issuper important in every sect at but Youw particularl in he tex ector Surand I guess jus O shift depending on the size of the organization, theinterm of the importance of marketing being linked to Rovenu yeah. No,definitely, I think in a midsize company, it's definitely more importantand it's more of a focus because the management team may be smaller. The CEOis closer to the business a the day today, business in an enterprisecompany- let's say a big. You know a big bank in the financial servicesindustry. Then you know that h that Morton Department could be huge. Icould be you know several hundred people in it and lots of differentfunctions so actually is also about doing stuff. That needs to be done upat a regular, daily, weekly monthly basis right. So I think the gap in asmall in a the difference in a midstars company and Enterprise Company. Youknow the gapes is reducing fatter and midsize, because the C alwas closer toe the from line yeah hat Mak an. I...

...think we we see at epenning a lot init's more organization, but can even do the one that have received investmentrecently or even a lot of investment. People tend to be Al Isa. The CFO isclose of to the CEO in the Wendin, the Te investing and they are often askingus or what theasking us to build a business modul business cases before weeven stop walking because they want to make sure every single ection we doingevery single. As you mentioned, every single dollar found invested into intothe marketing Mession wher WCREAT, O Ritap, when it goes to revenuegeneration techniques. Have you seen any working generation technicqes thatfrom Youn despective walk better than other Omatin people? No, I think, forme the crucial element is CONSISTENC and and align right. So you know, I thinkall of our customers will use different forms of revenue generation demandgeneration. You know in their particular martid segment contentindication. You know ABM Ou, all strategies and tactics that have varioudifferent degrees of success, but I kind of think that what I see the bestperformance is when Tis a consistent approach. I joined up approach andaligned approach with sales. Where there's a you know, a combined sales,fullol, there's agreed ways of working. All of these things are in place thatyou know to really get visibiity on the performance. The tactics have a degreeof Vererable. But again you know for me, Tho for the Begann to fund them out,Tri N, being consistent in the approach and being joined up, always delivers abetter result and when you say Jundup is a traine with your management as amarketing person, Youv Senteam, inyears organization within your copary oallthat but the most important pieces set. I an where I see the biggestdisconnectis- and this is the most difficult thing to resolve, is whereyou know. If you have a sales and marketing team with agreed ways ofworking and o Griev integrate itself on all you know, joking top tactics interms of how to approchiate agree las on. You know how things will befollowed up and on the what time frame you know not then implemented into thetechnology from a you know, from sales for sort or market and Autimation, andyou know, topics rand what how content should be written? What type of contentwere KIP OF NERTIC conveyns? All these kind of things should be a decisionthat is taken between the marketing and sales team to you have a combinedapproach for me that you know in the five or six years that I've been doingand advising some very big companies dalnowed to do this. That alwaysdelivers a better result show. So that's that's actually a veryinteresting Topi and I was just about to contect you down. So I'm gled you,you kind of builging me a gridge to my...

...next question, which is you know. Weoften seel an issue in geting, the Vidu of Maating, of or associating marketingto Roveneuacsociati back activity. Sor, its coroing you- and that's so oftendue to the fact that the seventeen may not attribute deal back may not declarepyline may not input all that Dayca peally important forall, the marketers,including Tsisteme, so the Gusha Danfor is what is the attribution model you'veseen being the most successful well ov got. I think you've hid thenail on the head right, so you know we can get relatively accurate attribution a topof the full because that's in marketings control marketing give. Butthen, when we get through the funnel, as you've said- and this is kind ofpaise out in most organizations- is you know we don't have? You know, sellspeople putting pie line into sales for sor of the CRND. We don't have. Youknow the correct egrin ways of working which this is the problem right. Sothis is this is if- and I sy I was with a company last week- and you know ananother pars of the world- quite a big company in technology sect at and Isaid to the CMO there. Look, you know unless you solve that problem, whateverwe do over here, whatever level of that fot we do on you know, the top of thefunnel is an a reducee fact of performance, because you're constantlystill going to be spending sixty to seventy percent of your time happen tojustify your seat at the table, because we can't get attribution feather downthe fullol. We can't ultimately understand what the contribution ofmarketit is, and this is for me, the big issue that you know the kind ofindustry need to get the head around theres Yo ow. There's a lot of shinynew toys around that out there there's not a lot of tactics and strategiesthat it's been like a fitness industry right or the health and fitnessindustry, lots of different approaches, there's lots of different things thatyou can do, and you know what Il probably work in some form. But unlessyou get the fundamentaals right, then everything you do will have at thelinits at the fecth and probably won't last that long, and I think that's whyyou see a lot of CMOS, a a lot of leadership in marketing with very shorttenyures in their roles, because they're spending most of their time,trying to justify witer there in the first place, absolutely a ot questionkin of then just came up BA base on the on Yosoom Provat pession. I addoocunityto spend one evening with tweve or fourteen cm was in the bay area a fewweeks back and we wehade a very interesting topic of conversationsomeimes in the evening. While we spoke about how do you market to existingopportunities and what I realize I realize that most of them and some ofthem are on the table very long organization. You are probablyfocussing on and they made me feel that it focuse most of that efforts ingenerating net. You Lean Jeret, you...

...gotinses. If you will whati oity wasdeclared. OTHERWORD othing was getting into the SARN system. They kind of leftit to the Senstim to follow up and closs. Basically, but since theconversation was going around account base marketin going back into theaccounts, people going quiet on you and the question I've got for you is: Doyou suggest that you recommend or and what will be, the Glos of the Yor OlWich Time? Should you ininvest in Actually Marketing Twix sistipotunities?And I'm not talking about e potionitis that our close business, I'm talkingabout people that Yourself Tam, are tl currently trying to set into, and thenthey know that there is somthing going on yeah yeah, yg soiis an account pacedapproach. And how can you sell more? You know to your existent customers andYealok. I think it's a you know account peach marketing, which again is a big,misunderstood and misuse ten right, because a lot of people think that Canospace marketing is a technology which it is because you know it's anaccount base marketin platform. But I can't pay mart into strategy and youknow it's a very broad strategy and it makes a lot of sense for martingdepartment and look his aren. Normally kind of rolls out right so is whathappens? Is Sales Sato Marketing Right? Look, you do top of the fornal andcare's a lot of lead right and will kind of trash those leads, but willpick the ones who want to pick. It goes to sales and then say I'll, say, lookmarketing help us, you know, provides ame information for as enablement whatthey would classify as Nabalten, which is really just kind of information forthe sales guys to use. Now that isnat Account Bas marketing and it's kind ofoften leverage that way, but a scrategy and account based market and strategy.You know right the way through the font, so I believe that marketing can provideand see it. You know with with our own clients a huge amount of value to thesales process, and you know to I'm just find mapping out that process that andhave an at integrated pipeline and having agreed ways of working acrossthe sales of marketing program. Then you know marketing can provide a hew ofhuge amount of value and I've seen this in you know: Sales Teams, where salesteams V obseen the value of this and and you know and really really getbehind it, and you know nd and there's lots of great companies out there. Thetdoing this really well, and you know a lots of sales people that you know now.Woll go and work at a tech company. If these kind of fundamental pieces of arein place, because when they've seen it in the organization they've come fromand how powerful it is, then you know they know they're going to limit theirsuccess. Of these things are not in place, so it's hard to do it takes a new mindsetand takes you know, leadership, the whole business being on board. You knowthere's going to be some people who am...

...particularly in sales and marketingteams that don't buy into it, but it really is the only way to approach itand it's on the matal things of getting anything right. Absolutely, but do youthink, is because it's kind of normal practice toav the pelception, thatmarketing should be INSENSIV righes on Bi Blakrasan Revenue, Oh yeah,definitely noparte and Loveit, even pipelineis kind of second phase formost businesses. I think most businesses are and lucky. You know thistheres a lot of big, I don't buy into the whole. You know the US is a lotmore mature than Youreporty Ukar. I think there's an element of truth inthat, but I think in general the you know most businesses Mot Marton teamshave been still measured on outp and whant. To mean by that is, you know,number of leads, N Qa right and number of camvains number of people visitedthe website. You know these kind of metrics, which are you know you need tohare. He need to understand Wot, Tha thearno leading des, I think, which isthe Ronyou anenof the day, yeah of course, and but it's in isolation, kindof useless and an because all it does is. This is what kind of happens andgives the C or the CFO or whatever I want to CMO, keep coming back and askhimg for more money and keeps resenting the same metric over and over again,and then the CFL goes. Okay! Well, we've been doing that for a year nowand as we spend x amount of dollars on tactics and new technology and NewPeople- and you know, actually we got very little for it great we've. Youknow, we've done five more campaigns and you know what we'v now doingpeicalization on he website. WEL, that's fantastic! For me. A lot ofthese kind of things are common sense, but they haven't been able to drivedown to the bottom line in termds of driving, new customers and again thatyou know comes back to the same kind of problem that we see over and over againin terms of the you know, cover you know or Beagin in our business. Is Youknow we want to make our customers herups, and you know what marketingpeople are going through right now at markets and organizations a and peopleare don't fee, a huge transformation and this stilf its hard. But when I seesome of our, whether it be our clients, sor, f the marketplace, doing thingsthat and spending lots afd lots of money on things that are going to havea really limited effact. You know we've got to speak out because you know it'sthe wrong. It's just fundamentally the wrong approach. There's lots of reasonbehind it of why it happens. But you know a lot of these kind of things. Noware relatively simple and simple as hard and that's where again companies,you know Kand of get lost because they got lost in the politics of roll.Absolutely so I'm kind of dreing a litte bit in that point. But do youthink that the the marketers of tomorrow, the semos of Tomor, shouldactually go to the C and go to the and of Selfshit from Enou o? So whatever wecall that person that cosent would be responsible for the top plannd actuallysai well, I want to have measurable, Kpis and objective base on revenuebased on company success. You think...

...ther's a future yeah. Definitely lookat. I think if you're really smart cmo now, then you know if I was going intoa cml roll, I would say no, I need a few things and need you know from theonally times of revenue number, but I need the ability in the scope to beable to affect that yeah. So that's probably going to need someorganizational changes. It's going to need a model right because you know alot of the kind of you know. Let's go back to the health and fitness kind ofexample, allover the kind of things out there the moment the fads don't aregood in isolation, but it's not a broad model and that you know the CMO canpresented the CO and say: Look, here's a model, we're going to introduce his.Why I need and need your support and need money. I need. I'm willing to. You know be tied to arevenue number and and get the busness on board farst. I would do that beforeI do anything. The kind of what normally happens is you, and I know, isthe SEM OL comes in and goes what kind of shiny thing and I do to prove ofsomewheth and you ARL Webron the website and and then ye spend half amillion dollars rebran an the website, and what happens is that you know thelevel of effort compared to the level of impact of that approach thendelivers very little, so you know it can of, and we see yogets frustratedand see if I'll get frustrated to see him Oll leaps and then we go roundagain, and so, if I was a so that's what Io'ld be doing, I would basicallyhere's my model. Here's my approach. You give me the support. Ou deliverthis number. If you don't give him the support, I'm not going to delover thenumberit's kind of black and white, a that makes ples, makes perfect sense.Coming back to a dectical question in the preparation of that podcast, wespoke about sern and coming back to the revenue tribution as well with eSevicty. We spoke about our market lotomation plain your wole inpacilidating tha attribution. Can you please develop on that litte good, moreYel of markets, an autimation is a kind of T. metaphorm analogy that I use isit you know it', an engen and from Lofton team, and it sits at the centerof the Marfets and business. You know it kind of has to be integrated to thethe CRM and whatever that is. You know, we've got to be pollin data back andforth, and you know we've got. AM every channel that we access, you know, hasto be pulling back data from that channel into mortan automation platform,so WER, starting to build up a really clear picture of Ou market, a balldatabase against our addressable top addressinal market, and you know, for Iguess, the majority of my experience in Martas and automation. It's not Lhot talike that Rightoo Otimation is look that how can we, you know automate EAright? How can we what we do now, let's keep doing that, but can we do itbetter and Jon? That's a complete as a waste of time, and it's not what it wassupposed to be. What makes perfecsensly...

...wor thin tank you ore much faten andsenall the INSIGHTAN INPU to we shal with us. Today we have a traditionalquestion, an you know the PODCAST, which is Bot if someone wants to get inDetrit Uny to is also don some of the topics widicuss today or if they wantto toengage with ofrint x. What would be the best way Tong it with you, Yelof easist way to channels on instagram or Lindon, obviously put my name intoLinton for instagramis Lee on the Schol hacket and we're tryig to build thecommunity of Bluebrint Acx of marketing and sales people, and you know, reallyroll out these best practices and take away a lot of the kind ofmisinformation and a lack of understanding of what you know thefunddamentans are. So you know more than happy if anyone was to shootin mea message Directo, but you know really appreciate you taking the time to youknow to bring me on and- and you know and answer the question while Leed wasgreat to Worki on the show today, fo sank, you broter SFOR pain, TAK, soo,appreciate it. operatics has redefined the meaning ofrevenue generation for technology companies worldwide, while thetraditional concepts of building and managing insize sales teams in househas existed for many years. Companies are struggling with the lack of focus,agility and scale required in today's fast and complex world of enterprisetechnology sales see how operatics can help your company accelerate pipelineat operatics, dot net you've been listening to be to be revenueacceleration to ensure that you never miss an episode subscribe to the showin your favorite bodcast player. Thank you so much for listening until nexttime.

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