Sr. Director, Global Marketing Operations| LogRhythm| LinkedIn
Keys to Aligning with Sales
Highlights from this Episode
Welcome back to another episode of the Marketing Jukebox Podcast. Last week we were joined by Mike McKinnon for Part I of the discussion and on today’s episode we are once again joined by Mike for Part II. Mike is the Senior Director of Global Marketing Operations at LogRhythm, a company that reduces risk by rapidly detecting, responding to and neutralizing damaging cyberthreats. Mike is an award winning and published B2B marketer with 20 years-experience in demand generation and marketing operations experience. His expertise is in marketing automation, demand generation and RPM. In this episode with Mike, we continue the conversation and talk about how to recognize the disconnect between the marketing and sales team, Mike’s dream vision for the future of funnel measurement, and the role technology plays. Join in to get all these incredible insights, and more!
Key Points from This Episode:
- The importance of having your marketing and sales teams on the same page.
- An overview of Mike’s vision for the future of funnel measurement.
- How lead tracking gets lost between marketing and the handoff to sales.
- Hope for creating a unified lead management process that also involves your channel.
- The role that technology plays in funnel metrics.
- Using Full Circle to seamlessly deliver reliable marketing data.
“Technology cannot build the process, but technology can certainly make the supporting and reporting of that process much, much easier.” — Mike McKinnon [0:06:20.1]
Links Mentioned in Today’s Episode:
Mike McKinnon — https://www.linkedin.com/in/mimckinnon/
LogRhythm — https://logrhythm.com/
Salesforce — https://www.salesforce.com/ca/
Full Circle — https://fullcircleinsights.com/
[0:00:07.2] ANNOUNCER: Welcome to the B2B Marketing Jukebox by LeadCrunch. Help us start a movement to make B2B marketers the maestros of shareholder value. On our website, LeadCrunch.com, you can find timestamped transcripts of these podcasts and info about the guests. Subscribe to these podcasts on all major platforms, like iTunes. Send topic or guest suggestions to the host at firstname.lastname@example.org.
[0:00:33.2] DG: I have Mike McKinnon, who’s the Senior Director of Global Marketing Operations at LogRhythm with us today. Mike has 15 years of B2B marketing operations experience at companies like Avaya, ReadyTalk, and LogRhythm. He has spoken at a variety of conferences, like Oracle, South by Southwest, the AMA Conference, and the pinnacle of conferences in my opinion, SiriusDecisions. He’s had some fantastic successes that I’ll ask him to talk about and a case study that he talked about at SiriusDecisions for Avaya where he improved conversion rates over time across the funnel.
Mike, welcome and thank you for joining us today.
[0:01:17.6] MM: Thanks, Dave. It’s great to be here.
[0:01:19.0] DG: Well, tell me about the problems your company solves, the role that you have there and what it means to be director of global marketing operations, for those people that don’t have a marketing operations function inside of their company today.
[0:01:31.8] MM: LogRhythm, briefly, is network security. We focus on using artificial intelligence to identify suspicious activity, both externally and internally, to eliminate bad actors. That’s our core mission. Obviously global operations, here my remit is the entire marketing technology stack. So obviously as marketing matures as a business and an organization, we require more and more technology, and it becomes more and more critical to be able to have a team that can optimize support and implement and run that technology, so your management team is getting the right metrics and the right process.
Tech stack, process, reporting all fall under the remit of marketing operations. That’s the typical remit of marketing operations. At LogRhythm my reach extends a little bit further. The tele-qualification team and the web team also reports in to me as well at LogRhythm.
Then can you move to the middle of there. I’ll skip right to the middle of that spectrum. In the middle it’s usually MQLs or TQLs. How many qualified leads, and I’ll use that, use that openly, how many either qualified leads can my automation team dig up, my Eloqua, how many scored leads, or how many qualified leads can my qualification team dig up? That’s the middle of the pack right there. That’s a little bit better than leads, right? At least I’m qualifying them, but I’m not counting whether sales agrees either, so that’s where you get the finger-pointing, because now all of a sudden marketing is saying, “Hey, we generate a thousand qualified leads,” and sales is saying “Yeah, yet not a single one got into my funnel, so you didn’t generate anything.”
So that’s where, back to that party, marketing is having a party in conference room A, and sales is crying in conference room B, and that’s what you want to avoid. Then all the way down to the most mature is SQLs. How many opportunities did marketing generate, and of those opportunities how many were booked, and what’s the pipeline? That’s ultimately where you want to get to.
[0:03:31.5] DG: What’s your vision for the future of funnel measurement?
[0:03:32.9] MM: Automation. Really right now, I think I mentioned it, is the channel is a huge, huge problem for funnel measurement and any company that has a large channel distribution. Because what happens is, either one or two things happens; either you’ll — at Avaya and we actually did both. It was a double-edged sword at Avaya. We would hand leads directly to the partner and they would basically log into our partner portal and then, what they would do is they would copy and paste them out of the partner portal into their CRM, go work them, and we would never ever realized what happened to that lead until the order came in, but the order came in to NetSuite. So that opportunity in Salesforce that marketing generated was set at zero dollars at stage one forever, even though it’s closed-one [inaudible] the customer and the order came in a year ago. That’s a problem.
Then the other problem is handing it to the rep, and then the rep then hands it to channel, and the same thing happens, it’s just a different avenue. That was what we were struggling with at Avaya. A way to solve that is through some kind of automated, and there are solutions out there that will sync partners’ databases to your database, a hub-and-spoke model. There are ways to solve it, but that’s the next big, trying to get a unified lead management process that also involves your channel is the next pie in the sky for me.
[0:04:50.4] DG: Well, on that note, let me let me ask a final question, which is about the role that technology plays in funnel metrics.
[0:04:59.3] MM: It plays a pretty big role and the newer technology coming out makes it really easy to do some of the harder stuff, and I can give you a—I can juxtapose most recently. At Avaya, the only tools we had access to were Eloqua and Salesforce. So I had a team of people that did reporting in Excel, and we would just pull a ton of stuff out. We’d pulled date stamps out, we’d pull all of this stuff out and we would calculate funnel metrics based on the presence of a date stamp, and then the time and date of that date stamp by doing some manipulation to find out velocity. While it was good and directionally correct, it was a beast to run, and the Excel workbook was massive and took—we had to pretty much crash my computer to open every time I’d use it.
So that juxtapose, that is the old-school way, Excel way to do it. Juxtapose with now I’m at LogRhythm and we have some slick tools. Full Circle, for one, is — because everything that we’re doing in Excel it does natively in Salesforce. Velocity, path conversion, number of paths, costs per whatever, cost per TQL, cost per SQL, cost per lead, campaign attribution, custom attribution, all of that is out of a box in Full Circle and it’s really a breeze to get that stuff now, and so those are two different paths. Technology cannot build the process, but technology can certainly make the supporting and reporting of that process much, much easier.
[0:06:28.3] DG: Does it store the baselines and benchmarks that we were talking about earlier, month by month or quarter by quarter?
[0:06:34.2] MM: It does, yeah, because it does some really cool slick things using that campaign member record, which is a really nice way to keep historical data in Salesforce. So it’s a pretty slick tool.
[0:06:44.6] DG: Well, Mike thank you so much. I really appreciate the time today.
[0:06:46.7] MM: Yeah, no problem.
[0:06:48.1] DG: I’d love to have you back any time.
[0:06:49.1] ANNOUNCER: Thank you for listening the B2B Marketing Jukebox by LeadCrunch. On our website, LeadCrunch.com, you can find timestamped transcripts and info about the guests. You can send topics or guest suggestions to the host at email@example.com. Subscribe to these podcasts on all the major platforms, like iTunes.
Thanks for joining us, and we wish you happy, data-driven growth.