793: How to Solve the ROI Problem Every Marketer Faces w/ Melissa Todisco

ABOUT THIS EPISODE

In this episode we talk to Melissa Todisco, VP of Marketing at Concentric.

The Stages to Solving the ROI Problem Melissa shares:

  1. Setting Up Channel Analytics
  2. Unifying Your Data
  3. Attribution
  4. Moving to a State of Forecasting

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Click here to connect with this guest on LinkedIn.

A relationship with the right referral partner could be a game changer for any BEDB company. So what if you could reverse engineer these relationships at a moment's notice, start a podcast, invite potential referral partners to be guests on your show and grow your referral network faster than ever? Learn more. At Sweet Fish Mediacom you're listening to be tob growth, a daily podcast for B TOB leaders. We've interviewed names you've probably heard before, like Gary vanner truck and Simon Senek, but you've probably never heard from the majority of our guests. That's because the bulk of our interviews aren't with professional speakers and authors. Most of our guests are in the trenches leading sales and marketing teams. They're implementing strategy, they're experimenting with tactics, they're building the fastest growing BDB companies in the world. My name is James Carberry. I'm the founder of sweetfish media, a podcast agency for BB brands, and I'm also one of the CO hosts of this show. When we're not interviewing sales and marketing leaders, you'll hear stories from behind the scenes of our own business will share the ups and downs of our journey as we attempt to take over the world. Just getting well, maybe let's get into the show. Welcome back to the BDB growth show. I am your host for today's episode, Logan Lyles. I am joined today by Melissa to disco. She is VP of marketing at concentric. Melissa, how are you doing today? Great. How are you, Logan? I'm doing really well. We're recording this on a Friday and the week has flown by, so I appreciate you taking some time to join us today. No problem, happy to be here. Awesome. Well, Melissa. We are going to get into a hot topic today of setting up your analytic process to prove marketing Roi, which I think is a common struggle for a lot of marketers, especially in the B tob space. So I think you've got some really great insights and a unique perspective on this. Before we do,...

...though, I would love for you to share with our audience a little bit about yourself and what the team at concentric is up to these days. Sure. So, excentric, we have a software platform that help marketer of answer any strategic go to market question. So that could be really tactical questions, like helping you decide how you should allocate your PPC budget, or it can help you with more macro level decisions about understanding how your marketing plan will actually deliver, whether it will actually deliver enough leads to hit your sell target. This was actually a situation that just came up for me this path this past week and we're planning for next year in our head of sails. Wanted to know how you know how how many leaves can you expect to be bringing in on a monthly basis? And the way that I typically would approach this, and as I'm guessing most marketer do, is you look at well, what have we done in the path, and then you use your gut to adjust that. But you really have no clear, proven charge that you can say this is what I'm confidently, that I feel good about, that we are going to deliver, and it's really all all got instinct, and I think that's the shift that we're hoping to help people make. Is that what I was able to do in this instance is literally put my marketing plan into our platform and it was able to give me that lead forecast that I could then give to my sale team so they can understand do we need to scap up to be able to be handling this this volume of lead? Awesome. I think you hit the nail on the head that you know it is a common problem, you look back and then you base it on your gut. I think a lot of our audience can definitely relate to that feeling. Probably having that feeling this week sometime right. Yes, all right. So going from there, Melissa, you know you're new to the concentric team. You've got a little bit of a varied background in, you know, the agency side and working with folks in different capacities. So I would love for you to kind of set the stage for this conversation with some of the things that have led to your unique point of view of solving this Roi problem. Sure so.

Right before I was working at concentrics and agency brought me on to specifically tackle the measurement Roi Challenge because they were every new visit pitch, every call they were getting from their clients was what's your approach to measurement? How can you help me prove the rol of the activities that you're doing and how those are are influencing sails? So this this problem was has become really prevalent across across the board, and what I was really surprised to see is this agency was working with fortune five hundred companies and really none of them had cracked this coke. And you would think that we're living in this world a big data and AI. You know, how, how is it possible that we don't have a way of answering the question? And you know, I was reading this support the other day from deloight that says marketing and Alys alytic budgets are affected to, you know, double. But still companies haven't been able to find a way to correlate that to some kind of improvement in in performance. And I think, in my opinion, I think that what I've been seeing is there's really an insight shortage and the problem is that with today's analytic people don't know what to do next and so, because they're so they're backward looking. So I was actually in a meeting one day and they a team was talking about how they spend all this money on marketing mcmodeling and they do it surely as air cover so that they can just say, well, this is this is how we drow borrow line the past. I have no idea what to do next or how what I'm going to do today it's going to impact tomorrow, but I can show you that I am doing my job and I think it exist mentality that that's hurting, hurting us as marketers, and we really need to move that to the next to the next level. Yeah, yeah, I think you hit the nail on the head there. You know, we're drowning in data, but we're starving for insights, you know, I and and then that leads us to think like how can this be happening?...

So let's let's move the conversation from their molissa. I think that's phenomenal. Background. What you wanted to touch on where three specific stages, you know, that marketers and marketing teams need to go through to set themselves up, to be able to look forward and to be able to set up, you know, and analytics process that's going to give them more than just that gut feeling on, you know, predicting Roi. So the first stage I know you wanted to talk about was, you know, one that most are probably familiar with and as as you mentioned, as we were chatting offline, where a lot of people. You know they are starting, but I think it's it's important to make sure we touch on this so that we can we can move past it and see what the transition looks like based on your insight. So that first one is setting up your channel analytics. So tell us a little bit about this stage. Sure. So I think this is this is table stage right. So, you know, everyone's familiar with Scott brinkers Mar teche landscape and I think that probably the majority of that landscape is made up of these thege channel analytics, which I consider the thing that help you execute tactically on a day to day basis, and they have analytics tie to them to help you understand, you know, how to improve and maybe you have, you know, some additional enhanced analytics around those. So here, you know you want to have your social media tools, your email marketing or google analytics like thee are all really the basic so, but the important thing here is that it's not just getting those tools, making sure that you're spending them up and using them to improve your tactical execution and making sure that you're spending the time, to say, of all of these analytics, which are the ones that I'm I'm paying attention to, because I think these I bought many of these tools over over the years. I've met with many, many companies and it you sit in these meeting and you look at these dats words and you're like wow, great, I can't wait to get in on this. And and then you get that dad board and you're like, okay, what am I looking at and what do I need to pay attension to? So I think it's important to really sit down with your team and make sure...

...that you all agree and say, okay, these, this is where we can see in those value this is where we all need to be paying attention to. So if we see this metric go up, that's what we need to call attention to that, if we stay it going down, we need to take some kind of actions. So I think first step is really making sure you have your channel and it what it's set up, but, more importantly, are you using them to their fullest extent? kind of like you know someone. I picture someone sitting at Mission Control and they've got hundreds of buttons in front of them, but they need to know where that big red button is in the big, you know, green button that really make a big difference. Right, exactly. So moving from there, the second stage that you recommend people think through, after, you know, setting up their channel analytics, is trying to unify their data. Tell us a little bit about making that transition and why this stage is so important. Sure, so, channel analytics are great for the people who are doing the work in those channels every day, but when you start to have to report your marketing performance to more senior people, to other departments, you need an easy way to get those at a glance analytics, because that's the thing you're you know, your cmo or CFO doesn't need to go into a social media tool and see what time it's the best to post on social media. So it's about identifying what are those data points and having one central destination for the more senior decision makers to say, okay, are our numbers up or down across these varied these very channels. So for a concentric we actually use Google data studio to do that so I at least have one link so I don't have to go log into every single platform to see how how are we performing, and I can use that as a resource to make decisions. But I think again, it's only giving you a pupe on what's happening today or what's happened most most recently. I think the second stage of unifying your data is also taking that and then finding a way to correlate it with sale. So at concentric we're...

...using part ought to serve, is that performance analytic solution or it's helping us with execution, but helping us really understand campaign performance. So that's again the next generation and recognizing that you know, your channel analytic and your Dash Board are not going to help you understand the correlation between your marketing activity and and sale. So you do need to advance of sit to that. And that next that next stage, and I would say this is probably where most marketer stop, is that they if they can get attribution set up, if they can get some kind of correlations that up, they've gotten to a good they've gotten to a good place and that is a really, really good place. But again it's this is entirely backward looking and they and you're still unable at this point to make decisions of well, how do I know whether I should do this campaign or this campaign, or how should I adjust my my mix of activities or my budget? And your traditional marketing attribution or marketing. MC modeling really doesn't allow you. You to do that perfect I think you know. The thing I heard you say there that people, you know, like you said, a lot of marketers are getting to this spot. If you're not getting to that spot, think about, you know, a dashboard for your dashboards, because you know the executive level, you know the CEO is not going to care what time to post to specific channels but wants to see that data kind of boiled down across those channels. So I think you know that step number one. And then you know, once you get to that point and you've got, you know, some attribution set up and those sorts of things, you know what's your recommendation to take it from there? For folks that that have gotten it to this point, I think you've shared some good things for marketers. They were maybe stuck in that first stage. If folks are have made it to this second stage, they're starting to figure some of these things out. You mentioned a lot of folks stop there. So so what's the next step in the process? What's the next stage that that you like to share? Sure, so I think the final stage is developing a forecasting capability that allows you to test what if scenarios and to forecast in...

...real time. And I think you know, I always saw the forecasting at something that was handled by the finance team, that it was a long, lengthy manual process, that you need to be a financial analyst to to do it, and recognizing that there are solutions out there that that can allow you to to forecast. And I really think that it's this is the bridge between the the battle between the CMOS and the CFOs. Right. So, the CFOs they want to know how, what are you doing today? How is your marketing plan going to deliver sale moving moving forward and and instead with the cmoke's doing a thing, will look at my marketing attribution and look at how I drove our away in the class, and that's sort of they're speaking the same language. But if, if marketers are able to have a forecasting capability, they'll then be able to very clearly answer the CFO and say, well, this is what I can expect and I'm using this based on all of our path data and based on what I'm doing today. This is what you can expect moving forward. Yeah, it makes total sense that there's a disconnect because you know it. Not only are they not speaking the same language, they're looking in different directions. You know, I think that's a great analogy of just picturing the CMO looking one direction the CFO looking the other. Because, you know, as you put it, one is looking at the past and one is looking to the future and they're trying to meet in the middle. So if you can, if you can turn and find ways to look to the future along with your cfo, then you're going to have better conversations. Right. Yeah, absolutely, and I think to you know, you can't improve performance that happened in the past. You can only improve performance that is happening in the future. So why are we spending so much time looking looking at the past? You do need to learn from the past, but we need to find ways to how do we make better decisions today that influence tomorrow? I love that, Melissa. This has been a great conversation.

I love the way that you broke it down into three stages for marketers to be thinking about to really solve this Roi problem and setting up an analytical approach that's going to help them look forward more than look back and try and solve that sometimes sinking feeling in your gut when you know that you're just using your gut to to make those those predictions. A kind of an interesting correlation there, but awesome. Well, Melissa, thank you so much for coming on the show today. If anybody listening to this would like to reach out to you to either ask some follow up questions or just stay connected with you, obviously you've got some great insights to share. What's the best way for them to go about doing that? They can reach out to me on Linkedin. I'm pretty active on their awesome well, we will also link to your profile on the show notes. Linkedin is usually we're are we're most active as well. So definitely recommend folks reach out and connect with you. Thank you again so much for being on the show today right. Thanks so much for again. Becoming a thought leader doesn't just happen. If you want to build a strong personal brand and extend your reach online and offline, you need a plan. Want help developing yours. CHECK OUT IMPACT Summit. This one day event is bringing together best selling authors, professional athletes, influential CEOS and emerging entrepreneurs, all for one purpose to equip you to lead, influence and inspire whether you're looking to build a lasting legacy with your business or extend the reach of your brand, impact summit speakers will share inspiring stories and practical lessons to help you on your way. Did we mention a session on launching and growing a podcast? You guessed it. You'll hear from sweet fish media's own James carberry during that session. You won't want to miss all of these influencers and leaders coming together in Salt Lake City on October thirteen. Ready to learn more? Check out influencer ink dot CEO. IMPACT SUMMIT BE TOB growth listeners can get fifteen percent off the price of their tickets for this event by using the Promo...

...code sweet fish sweet fish. So use that code, get your tickets today and get ready to grow your brand and your influence at impact summit. Two Thousand and Eighteen.

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