July 16, 2021 | Data Heroes
Jeff Ignacio, Head of Revenue and Growth Operations at UpKeep
"It all comes from strategy and that strategy is informed with data"
"It all comes from strategy and that strategy is informed with data," is Jeff’s mantra when it comes to targeting ideal accounts and businesses in the market. In this episode of The Data Heroes Podcast, Jeff Ignacio, Head of Revenue and Growth Operations at UpKeep talks about RevOps, and the successful alignment of strategy and execution to dominate the maintenance market.
"We started to take a look at the existing customer base for patterns". To expand and refine their customer base, Jeff and his RevOps team began analysing existing data sets to determine more ideal accounts to go after. With ICPs defined, territories were appropriately divided up amongst reps, and strategies decided upon for executing successful campaigns for their diverse customer spectrum. UpKeep specifically developed organic content to engage customers and build communities, improving user experiences, brand image, and company trust. “It's not enough to just win a customer, but do they stick around?” Utilizing RevOps capabilities, Jeff ensures that alignment on strategy is always retained to meet objectives and improve business outcomes.
Jeff and host John Kosturos also examine data management tools, ICPs, SLAs and MQLs.
How UpKeep uses data to target ICPs
Determining ICPs to Focus on.
"First and foremost, it all comes from strategy and that strategy is informed with data. At first, when we were building the only insight we had was solving the problem from the original founder and our product team. But as we started selling and started figuring out that there were some diversified customer bases, we can start to take a look at the existing customer base. Secondly, we can segment that out, look for some patterns along a couple of dimensions; account size, where they're located, etc. It's easier to facilitate transact business than certain markets. Thirdly it's taking a look at the personas. So job titles are another way of figuring out who is talking to us. And then from there, we're working with the sales team to understand how low or high we are answering the organization and then how long does that take for us to get to deal with the customer."
UpKeeps territorial split.
"Today, we're primarily based on net new and in-expansion split. But we'll be looking to create hybrid roles in the long run. That’s one hypothesis that we're exploring. With that comes a different kind of potential of our existing customer base. Those customers are going to come from all different industries, some from our core and some from our non-core. We'll have to come up with that delineation. But the way we think about territories is; what is the maximum potential to solve problems at scale through UpKeep? And it's going to come from certain industries. And since we sell to manufacturing, there are going to be clusters of different types of manufacturing around the country. I would expect that the rust belt, or maybe parts of the south and parts of the plains are going to have certain types of products that they manufacture; so different types of machines. But there's some universality between how maintenance professionals work through their machines and their properties. And so those are the things that I'm looking for in terms of cutting our territories."
Techstacks For Automation of Data Capturing and Lead Routing.
"We use a number of different tools. We use Salesforce Pardot, ZoomInfo, RingLead and Chili Piper. These different technologies allow us to interact with our web form technologies on our sites. Also, through our email booking links that allows us to capture those leads, sort them out, identify the right attributes to append onto the data, while not also encumbering our forms with too many requirements, because the more fields that are required on a form yields fewer and lower completion rates. So, one of these had that balance between higher volume of form fills, but then also to identify business emails. Particularly for us, it's super huge for a B2B. And then figuring out from there, based on the territories or Round Robin assignments, how we allocate and distribute those leads or those contacts for particular sales engagement. We do have a sales led model where we do outbound, but we also have our inbound machine between our product and our marketing leads. And those are sent over to our at least top of funnel, which is our sales development."
Establishing Account Regions.
"The things that we're doing around building those account territories is industry profile; Are they in our target segment? Are they in our sub industry segments? So those are things that we check on their ICP, or they're not on the employee count once they become a customer. Then we start to take a look at their product engagement. We do have the ability to capture useful product metrics inside of our CRM and our other systems. And that allows us to build a comprehensive playbook around how we prioritize existing customers and then also look for warning signs of accounts at risk. A couple of things you might want to consider; Is our champion still at that company? If that email is still working, or if they've left companies, have they stopped logging in or using your core features? Those are things that are critical. And you're going to have to build your way into getting a view into that world. And that gives us the ability to do scoring for customers and then for potential net new accounts."
MQLs: What is the True Value of a Lead?
"What is the value of a lead as a lead? A lead is an MQL and those leads are actually people in different environments that have different situations. They're at different points in their buying process or their solution process. And secondly, they have different levels of power or influence within their organizations, and each organization has different decision-making processes. So it goes to show that you can split, aggregate, group, and look at a bunch of data, but at the end of the day you're just trying to benchmark around some sort of average. You're trying to segment as much as possible to find common distributions within those different pockets or clusters of data that you're looking at. The third thing is our SLA's. SLA's at the end of the day are about alignment and partnership between marketing and sales. And so when you create alignment, you then have to have commitment and accountability. That commitment and accountability is about the series of activities based on the insight provided by management."
- Utilizing Pardot to Help Build and Scale. Jeff and his team used Pardot to help scale workflows, processes, and functionalities as their organization was in the initial phases of growth. They decided uponPardot, as it combined the best of Map and CRM platforms that worked cohesively together. "What we still love about Pardot is working through dynamic list generation, allowing us to create target audiences that are meaningful for us. And then secondly, to be able to interface and work with our external web technologies to capture set information. We're working our way to lead scoring and lead grading, which is a mechanism for us to sort and prioritize leads running up against certain capabilities."
- UpKeep’s Community Content. UpKeep has several campaign strategies which they use to engage and target key accounts with, such as free trials, paid reviews, and content via social media channels; LinkedIn, Facebook, etc. All these campaigns aim to provide value and are designed to be community building, useful and informative. "In terms of organic content, we've built a pretty strong community. I think it is one of the best communities out there, and we try to make it less of a commercial outreach than anything. It's really for the members who are looking to yield best practices around how to be a superior maintenance and reliability professional.It's a huge resource for that community."
- Account Scoring and Prioritizing. UpKeep uses a new account scoring system when engaging in customer outreach that acts as a filtering method, tiering accounts based on priority. To avoid fatigue and over messaging, UpKeep applies a rotation of their key accounts by applying different qualifiers. "A sort of filtering mechanism of A's, B's, C's or tier one, tier two, tier three, whatever you want to call it. You're going to then assign different plays or coverage models around each because you want to try to outreach to a quarter of your book at minimum. Because every quarter you're going to rotate those accounts out to minimize any fatigue in terms of outreach."
- Tips and Tricks for C-Suite Data Requests. When requesting tech upgrades from the higher-ups, Jeff recommends contextualizing how data can be utilized in different use-cases in terms of short and long term needs of the business. Determine which goals and objectives need to be targeted and work backwards to figure out what new tools could implement to greatly benefit your operating model. "Have a tool that is not meeting your needs anymore? Time to rip and replace. Start to put together a view of tools that are not meeting your needs anymore. Next thing to do is start looking at different options. Do a vendor evaluation and kind of a future state vision board of what our overall technology stack might look like in say, Q1 of 2022, Q2 2022, and then work backwards from there. That way we can seamlessly transition from one platform to the other."