514: The Problem with Marketing Success Metrics in 2017 w/ Elle Woulfe

ABOUT THIS EPISODE

In this episode we talk to Elle Woulfe, VP of Marketing at LookBookHQ.

Are you struggling to come up withoriginal content weekend and week out? Start a podcast, interview your ideal clients, let them talk about what they care about most and never run out ofcontent ideas again. Learn more at sweet fish Mediacom. You're listening to theBB growth show, a podcast dedicated to helping betb executives achieve explosive growth.Whether you're looking for techniques and strategies or tools and resources, you've come tothe right place. I'm James Carberry and I'm Jonathan Green. Let's get intothe show. Welcome back to the BB growth show. We are here todaywith L Wolf. She is the VP of marketing at look book HQ.L How you doing today? I'm doing great. I am really excited tochat with you today. L I've actually been I've been hearing a lot ofpeople talk about look book HQ in some of the Linkedin posts that I havebeen sharing, and so so getting to...

...talk to you as something I'm reallyexcited about. But before we dive into the topic today, we're going tobe talking about the problem with marketing success metrics in two thousand and seventeen.Before we get into that, I'd love to have you explain to our listenerswhat is look book HQ? What are you and your team up dre over? There? Sure so. We are a growth stage company based on aToronto. I actually personally sit outside of Boston Massachusetts. I am an honoraryCanadian, not a true steining, and we are in intelligent content platform.So basically, we help marketers to always deliver the next best content asset onguide their buyers on the the their buying journey. You know, we believethat marketers can generate really great outcomes for themselves, for their companies and fortheir audiences. So we do this by making it easier for marketers and theiraudiences to simultaneously achieve their goals. And that is, you know, peopleconsuming the right content at the right time and marketers measuring the truth behind theirmarketing is working. So we build really...

...easy to implement solutions for marketers thatdeliver amazing results here after year, and part of that is as we're goingto talk about today, which is helping them to understand the truth behind marketingmetrics, getting deeper insights into how people are consuming marketing. I love it. I love it so to dive right into that L I guess what willstart just by talking about what marketers are doing today. What are they doingto look at their success metrics in two thousand and seventeen? Sure, soeverything about sort of where we've come from as marketers. I worked at Eloquafor a long time on the demand generation side and, you know, ten, twelve, fifteen years ago was revolutionary. This idea that we were going tobe able to sort of track what people were doing online, people callinga digital body language, online behavior. We could, you know, dropcookies and sort of see where people were going. And suddenly, you know, the buying process was happening online and the fact that we had some insightinto what people were doing was was empowering...

...both marketers and sales people. Whensuddenly, you know, the sales process started to, you know, getsort of taken away from the salesperson. So so we had all this greatinsight and and how marketers were measuring that was in the form of cliques anddownloads and, you know, conversions, form fills, this kind of thing. Right. So that has been the primary way that we've been measuring marketingsuccess. It's, you know, how many people click through on a thing? That's a form of success. How many people attended a Webinar? Howmany people downloaded a thing? Right, YEP, there's a lot of hopebuilt into those metrics. Right, okay. What we can't see with those metricsis what happened after they clicked. We don't actually know if the marketingwas actually consumed, if the buyer was actually educated. So that is reallyhow people are doing it today. That's how we've been doing it, youknow, for quite a long time. Yeah, and so obviously the problemwith that being that that we don't know...

...what's happening post click. We don'tknow if they're consuming that content. So why do you think we're stuck therein that kind of predicament of measuring the action that they took leading to what? Would you know? What we would hope would be them consuming the content, but not actually being able to measure whether or not they've consumed it ornot. I actually is a couple things. I mean, I think first ofall, we've been sort of painted into this corner because, you know, we all sort of put all our eggs in one basket, which wasmarketing automation. We all sort of ran to that side of the boat andsaid, okay, marketing automation is going to be the salvation and we're allgoing to we're going to build our our, you know, our bb marketing processaround this and we're going to build these, you know, landing pagesand forms, and this is how we're going to convert and we're also goingto assume that marketing success is based on these conversion points. Right, andI think we got away from what our jobs as marketers really is. Sowe really need to get back to the fact that our jobs as markers educatingbuyers. It's actually educating them so they...

...become influence, so they become educated, so they become qualified to enter into a sales process. And what we'vestarted to do is sort of like gamified the whole thing. It's like whatwe what we're trying to do is get them to click, get them toscore a lot of points, get them to a point where we say yeah, that's good, okay, pass them over to sales. And really allyou're doing is handing over a person who potentially clicked on a lot of thingsbecause again, you don't, as a marketer, have insight into did it. was there any value to that click? What was the quality of that click. Did they actually are they actually educated? They actually do anything?That they consume anything? Are they actually educated? So and now there's youknow a lot of people are talking about intent and you know, you cansee what people put intent is just another form of clicking. It's like,Oh, we can see what people are clicking on. Information like this.It's still is divorced from consumption of information. And so I think part of itis, you know, just lack of a better alternative, but alsojust, you know, we've kind of...

...gotten in the mindset that instead of, you know, as marketers are job is to educate buyers, as marketers, we've kind of have gotten to this place where our job has become toto sort of tally points and we've got a we've got ex sort of tipthe scale back in the other direction. So what's what's the alternative then,to this exp what can we do to kind of get over this help?That the corner that we painted ourselves in? Well, I mean it's exactly that, right. I mean, if we assume that as marketers are,job is to really sort of educate buyers and to separate those people who aretruly doing research, right, they are showing an intensity around, you know, the buying process. They are consuming cut like so I always use thisanalogy. So last last summer, I had to buy a new car becauseas my husband took my car out and, let's just say, it didn't comehome with him, and so I needed a car. I was andit was like a mission critical. I have little kids, like I hadto have a car, and so I didn't, you know, every Thursday, at one PM, click on an...

...email from a car dealership and likeread a little bit of information. I sat down, you know, afterI put my kids to bed, and I spent about two hours like readingevery piece of information I could get my hands on about the cars that Iwas thinking of buying, because I had to. I had to buy.So people who are about to buy something, that is the behavior that they demonstrate. Right. You don't consume a ton of content because you're not goingto buy something, right. So what we need to do is be ableto both facilitate that behavior make it easy for buyers who want to consume outof content. We need to get out of their way and deliver content ina way that makes it easy for them. We also need to be able toidentify when that's happening. That's the consumption behavior you're looking for, andso if we can, you know, give empower marketers to identify those consumptionmetrics separate those people from all those other people who are just clicking. Imean the problem is in your marketing automation platformer or however you're you know,whatever you're running your marketing on today,...

...if you've got two people who areclicking on lots of stuff and one is spending a ton of time pouring overthis information and the other is, you know, it's going to die ontheir on their desktop look much like my desktop looks like right. There's tonsof great intentions to read that information, but it's not actually happening. Yoursales team absolutely wants to talk to the person who's spending the time with thecontent, because that's a real buyer, and so that's the consumption behavior weneed to zero in on and we need to be able to action and,you know, intelligent content delivery. Because of the way that we deliver thecontent, we're able to track the the number of assets consumed in the timespent with that content and actually now append that information to the stuff we've alwaystracked the clicks in the form fills and the downloads and all that stuff,so you get a heightened sense of is their actual consumption happening behind the click. And so once you know that there's consumption behind the click, at thatpoint is when you hand it over to sales, not just when you knowwhen the form has been filled out or...

...when the when the click is happen, but you're actually waiting until after the content has been consumed before you passthat over. Am I understand that right? Yeah, you are, and Imean what I would say is it's up to you how you want tohandle that as a marketer. I mean we see people who are sort of, you know, treading into this new world and with different levels of caution, and some are completely, you know, our are it's become a somewhat ofa religious experience, and they're saying, you know what, if there's nota serious level of consumption, we're not going to pass it over atall. They're seeing such on the believable, you know, increase in whether it'sfunnel conversion, you know, sales acceptance, all of the metrics arelooking for that. They're unwilling now to pass you know what, whatever youwant to call it, lead, lowercase l leads that don't meet this levelof sales readiness. Some people are are using it as yet another sort ofdimension to score leads and sort of fast...

...track or action these buyers in adifferent way. You know, we call them internally, we call them,you know, are fast moving buyers, those people who demonstrate this type ofbehavior. We want to treat them differently. We want to we want to talkto them faster, we want to move them through, and our salesteam does too, because, guess what, they move through the funnel two anda half times faster. They command much higher ACVs. And it's notbecause we're doing anything magical here. All we're doing is we're identifying real buyers. Were separating the actual buyer, the person who has a need to buya car tomorrow, versus the guy who's like, Oh, I love BMW's, maybe some day I'll get one. I'll click on that ad right andI and we're in. We're just taling up the points, and so it'sjust all we're trying to do is both facilitate that natural behavior of a buyerwho, you know, has something they need to buy and then identify whenthat behavior is occurring so that sales can take action on it. And it'sit makes perfect sense and it's just the next evolution of where we need togo and be, to be marketing.

So how have you found that there'sa particular type of content that that is getting consumed more more frequently than others? Is it? Is it video? Is it is a case studies?Is there? Is there a particular type of content that you guys are seeingon the back end? Obviously having lots of clients and lots of different industriesusing your product, is there anything standing out to you as far as thecontent that actually gets consumed? I will say the thing that you expect thatI will say it's very unique to you know, buying stage or stage ofthe funnel, type of buyer, type of solution. There's a couple neatthings you can do when you deliver your content this way for known buyers.So if I know exactly who I'm targeting with this content, so it's someonein my database, I'm trying to move them from point a to point B, I can curate an experience. I can say I want you to moveyou through, I want to take you from this high level video to this, you know, analyst report, to this customer story, to this,and I can, I can see,...

...you, know, put these inthis sequence and try to move you through these pieces of content. You canalso, if I don't know who you are and perhaps you came you wereout in the wild, you clicked on a display add or it came tomy website and I had no idea, we can power content recommendations with analgorithm where we say for people like you and the relationship of these content assets, we know that. You know, this is the likely series of contentthat is going to make you stick around. You know. You know. Ourhypothesis is here is that attention is really hard to get. When youget someone to click on your addicle, click on your email, to converton, you know, XYZ offer, we let them disengage so easily fromour content. Why don't we make it a little bit harder? Why don'twe deliver us? I mean, if you think about how digital publishers keepyou engaged, right Netflix, yes, PN, you know YouTube. Youcan go there and squander an hour because they're using all of this great datato say people like you and they click...

...on this thing. They will tendto stick around for three hours if I serve this, this and this,and we believe be tob marketers should do the same thing with their content.Right. So we're powering a lot of different ways from marketers to be ableto do that, and when they do, they can keep buyers much more engaged. And so it has less to do with the type of asset andmore to do with the circumstances under which they're serving it. Right, youknow, is it an unknown user who shows up on my website and clickedon this first, and therefore I'm going to serve them this, this andthis, and so, using all this great information that we have, bothabout the assets you're trying to serve, the type of people you serve themto in the past the type of person you're serving it to now, wecan. We can, you know, serve up a great series of contentrecommendations that is likely to keep person engaged and clicking and reading and self educating. That makes perfect sense. Oh, this is this has been fantastic.If there's somebody listening to this and they want to dig more into this,they have some more questions, what's the best way for for them to stayconnected with you and also learn more about...

...book HQ. I mean it's theit's the old fashioned stuff right. You can visit a book hqcom. Wehave a great set of resources you can experience. Look Book HQ Content Experiencesin action on our website. You can always find me on twitter, LH Wolf, and I'm readily accessible on Linkedin. I'm always happy to connectwith fellow marketers out there on the speaking circuit quite a bit. I'll betalking at the Martek Show and Boston, the Zummer and a content marketing worldand always happy to connect with with fellow marketers. Awesome. Now. Well, thank you so much for your time today. This has been fantastic andI really appreciate it. My pleasure. If you're a BB marketer, wewant to feature you on sites like the Huffington Post, social media examiner andchief marketer. Every week we send out a question related to be to bemarketing. We use the responses to those questions to feel the content we writefor really popular websites. So head over...

...to sweet fish Mediacom slash questions andsign up today. Thank you so much for listening. Until next done.

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