April 23, 2021 | Data Heroes
Andy Caron, Head of MarTech Consulting at Revenue Pulse
You Need to Know Your Business to Define Ideal Customer Profile
"You had the data you had, and you did the best you could with it," says Andy, referring to old, simpler approaches to data in times gone by. In this episode of The Data Heroes podcast, Andy Caron joins our host, John Kosturos, to discuss the data landscape evolution. She delves into the requirements of the modern marketing world, and the importance of having a marketing automation platform to perform specific functions.
Andy talks about her professional path and explains why the community is the biggest strength of Marketo. Our guest and John also chat about the Ideal CustomerProfile (ICP) and best approaches for building it out.
"If I'm building out an ICP model inside of scoring for the demographic components, I'm using a combination of different segmentation. And then I blend that all together."
Andy Caron, Head of Martech Consulting at Revenue Pulse
The changes within the data landscape
"When I first got into Marketo, it was all about the program. It was more simplistic. It wasn't as informed; it wasn't as deep. The data you could get, especially from a B2B perspective, wasn't as integrated across so many different channels and platforms and tools people are using. The connectivity wasn't there. You had the data you had, and you did the best you could with it.
Now, the type of data we're looking at, either when you think about personal sources, I'm not going to say it's a webinar. I want to say how they got the webinar. I want to say how they got to the brands the first ten visits before they finally signed up for the webinar. The complexity there and the tools that go along with that complexity are boggling."
No one will ever know everything about Marketo
"When you think about the number of companies that are using tools like Marketo versus the number of people that can at least prove they're an expert, there is a disparity. That's why you see a lot of the consultancies, where instead of being with one company and helping just one company be successful, I can touch 10, 15, 20, 30 companies over the space of a year or however long to help reset their compass and get their bearing in the landscape.
I don't think it takes nine years to become an expert in Marketo. I've been in the tool for nine years. I think about it a little bit differently now than I did several years before. But I've seen people digging on the tool and mastering it. And they've done it in six months, in a year. No one will ever know everything about Marketo because there's constantly a process of discovery of new things."
The importance of having a marketing automation platform
"Marketing has moved from being a perceived cost center inside a business to being a revenue producer. To do marketing in today's world, there are certain tools. You have to have a marketing automation platform; it is necessary to run your business as having an office was pre-pandemic. It's a physical space that has to exist to make business happen. And it's not necessarily going to be ROI producing, but what you're going to do because you have it is going to be exponential."
The process of building out an ICP model
"If I'm building out an ICP model inside of scoring for the demographic components, I'm using a combination of different segmentation. So say, 'Okay, here's a cross-section of our entire database based on whether they fit criteria one, two, three, four, or five.' And those are organized based on certain criteria. They can only fit in one segmentation. And then I grouped those segmentations into literally just standard, good old school, A through F gradation. What group of segmentation is an A: 'I absolutely want to talk to them.' And then I blend that all together.
In a lot of the scoring I do, I try to blend that just in one score. Those are different components that can be married together. I can then use a floodgate system to allow people through, but you have to know who you are and who you're selling to and who your business is. If you're stuck shooting spaghetti against the wall, just trying to test it out, then you're going to spend some time gathering data before you can build that model to say, 'This is my Ideal Customer Profile."
Some companies don't use the lead component
"They immediately sync it to the account because if it's in there and you can match it against the account, put it over there. Otherwise, the salesperson is not fully informed that people in the database don't align with the account or align with it. The way you can utilize both the native functionality of, let's say, Salesforce and ways that you can architect around what maybe Salesforce intended, but how your business works, are going to make the difference between a system that works and a system that doesn't.
The more open your systems are, the more communication that's flowing back and forth between them, and the earlier you provide that lead the ability to be in other systems that can enrich it, enhance it, help the entire process, the better off you'll be."
We need clean data
"If you move into a house that had a hoarder living in it before, and you don't clean that place out, you're not going to be able to live there. Dirty data is the same way. People spend a lot of time and money, effort to get those leads to get that information. There's a fear of loss, but sometimes the best thing you can do is grow it out. Clear out the house, make a big pile on the lawn, have a party. Light that bonfire and start fresh. There is a litany of ways you can retain that data that doesn't require it to be in Marketo — export it before you delete it."
- The community is the strength of Marketo. According to Andy, all the people gathered around Marketo are so unique. As she says, it is the community of nerds who grew up around this tool. The immediacy is its primary characteristic. "The capability to go in and post the most random questions inside of the community and have fifteen people who will jump up and be like, 'Yep, I've handled that. I've dealt with this. Here are some things to think about.' It's so unique. We nurture and foster it, and it nurtures and fosters us."
- A lot of organizations rely on third-party tools. Andy says if you want a tool that can algorithmically help you define your target audience, relying on third-party tools is one way to go. "If you have confidence in the tool and feel like you have enough of a data pool to build a model off, it's not a bad way to go. Some things make more sense to outsource. Even with a mechanic for a father, I'm not going to fix my car; I'm going to take it to somebody who knows how to fix cars. There are specialized tools and enrolls out there because of that. If you're running with a very lean budget with a very simplistic organization where you have to do a lot with a little, there's native functionality inside Marketo that allows you to do these types of things."
- When I was in Marketo, I was happy. Andy is grateful for having the chance to work in a community like Marketo. Dedicating your life to a field you are passionate about is something all of us desire, but just a few achieve. "If you find something you love to do, I know my parents, they both had things they loved, and they did what they love, but most of their generation found something they didn't hate, and that was a good job. Our standards today, something you like or something you love, which is a great goal to have, but also not very realistic. I just happened to be one of the few people that found something I love doing. I feel blessed with that."