Episode Transcript
WEBVTT
1
00:00:00.080 --> 00:00:05.200
So you were listening to be to
be revenue acceleration, a podcast dedicated to
2
00:00:05.280 --> 00:00:09.759
helping software executive stay on the cutting
edge of sales and marketing in their industry.
3
00:00:09.960 --> 00:00:14.359
Let's get into the show. Hi, welcome to be to be a
4
00:00:14.359 --> 00:00:18.239
revenue excelmeration. My name is onion, with you and I'm here today with
5
00:00:18.440 --> 00:00:22.839
mocks to steal a prof identy tics
all. Are You doing today, mark?
6
00:00:23.239 --> 00:00:27.000
I'm doing well. Thank you so
much. That's pretty good. So
7
00:00:27.199 --> 00:00:30.920
today we we'll be talking about marketing, attribution to a pig that I'm sure
8
00:00:30.960 --> 00:00:35.039
a lot of people are hacching to
one dust on, particularly cu cfo.
9
00:00:35.119 --> 00:00:39.200
was that the only stage of investing
in marketing? Before we get into detail,
10
00:00:39.240 --> 00:00:41.640
would you mind thinking us? or
It's a bit more about y'all saying
11
00:00:41.840 --> 00:00:46.240
as well as the company had to
represent profanetics. Sure, so, I
12
00:00:46.359 --> 00:00:52.520
made former large company CMO, myself
who, about fifteen years ago, got
13
00:00:52.560 --> 00:01:00.079
into analytics, state and analytics pretty
pretty early, obviously trying to connect the
14
00:01:00.079 --> 00:01:04.920
dots and trying to optimize the spined
that we had, and given the companies
15
00:01:04.959 --> 00:01:07.719
that I was working for, it
was a lot of money, right.
16
00:01:07.799 --> 00:01:12.560
Yeah, so, so it really
mattered. I was actually educated on this
17
00:01:12.640 --> 00:01:18.519
primarily by finance guys, by CFOS
and people who work for CFOs. You
18
00:01:18.560 --> 00:01:22.560
know, took a while, but
we got to a point of very,
19
00:01:22.640 --> 00:01:27.879
very high maturity in terms of using
marketing mixed modeling to prove it all out
20
00:01:27.879 --> 00:01:33.159
into optimize is. But one of
the things that we noticed, which is
21
00:01:33.200 --> 00:01:38.599
a is very typical, is that
any analytics that are human powered, meaning
22
00:01:38.599 --> 00:01:42.879
delivered a large team or even a
small team, are very slow. Right.
23
00:01:42.920 --> 00:01:48.680
It takes a long time to do
the recalculation and so the problem is
24
00:01:48.680 --> 00:01:53.000
is that by the time you get
the answers, the answers are no longer
25
00:01:53.079 --> 00:01:57.920
relevant to your decision. Yeah,
it so. The Way we fixed it
26
00:01:57.959 --> 00:02:04.319
at Honeywell was we just over hired
the on the analysts. It was a
27
00:02:04.359 --> 00:02:13.159
total brute force solution. It was
extremely expensive getting right, but you know,
28
00:02:13.240 --> 00:02:16.000
everyone saw the value and no one
ever complained about it. But it
29
00:02:16.039 --> 00:02:21.039
was still as good as it was
in two thousand and ten and two thousand
30
00:02:21.039 --> 00:02:24.800
and eleven, two thousand and twelve. It was suboptimal right. And so
31
00:02:25.759 --> 00:02:30.879
when we kind of started thinking about
doing a start up in this area,
32
00:02:30.960 --> 00:02:37.840
we said, okay, automation is
the key and so that's what we built
33
00:02:37.840 --> 00:02:45.120
what did not exist, which is
a fully optimized, fully automated marketing mix
34
00:02:45.199 --> 00:02:52.360
modeling suffware platform. So that's what
proof analytics is today, significantly disrupt doing
35
00:02:52.520 --> 00:02:55.840
the space, not on even from
a customer point of view, but if
36
00:02:55.879 --> 00:03:00.280
you're a legacy provider of MMM services, is you're feeling us right now.
37
00:03:00.360 --> 00:03:04.400
Now, I'm just about something.
What would you say is y'all men ICEP
38
00:03:04.560 --> 00:03:06.719
to people? You would say it
to we did be the CMO, a
39
00:03:06.840 --> 00:03:09.639
the CEFO. I'll just see you
is figure acculate. What was the what
40
00:03:09.800 --> 00:03:15.759
is it? Yeah, it's actually
both. This is not about solving a
41
00:03:15.879 --> 00:03:22.400
marketing problem for marketing alone. This, this is this involves a lot of
42
00:03:22.400 --> 00:03:25.560
different people, or can involve a
lot of different people. We are the
43
00:03:25.599 --> 00:03:30.560
bridge in the sense, between all
these people. And so if you look
44
00:03:30.599 --> 00:03:32.039
at it, if you look at
the tool, if you look at the
45
00:03:32.039 --> 00:03:39.159
platform, it really serves two different
personas. There's an analyst persona right and
46
00:03:39.159 --> 00:03:43.680
and that's pretty self evident. With
that probably looks like for most people.
47
00:03:43.719 --> 00:03:46.960
It's the part of Bible thing that
most people must quote. Normal people don't
48
00:03:47.039 --> 00:03:52.280
understand. And then there's a business
user, part of it. That is
49
00:03:52.360 --> 00:03:59.199
incredibly intuitive and works exactly like a
GPS on your phone. Okay, one
50
00:03:59.240 --> 00:04:01.800
of the things that is really important
set of here, and this goes to
51
00:04:02.039 --> 00:04:08.000
paper that I helped co write not
not too long ago with Kathleen Shab is,
52
00:04:08.080 --> 00:04:12.960
one of the foremost analysts in the
space. Proving out the Roi is
53
00:04:13.000 --> 00:04:16.920
always going to be important, but
the most important thing today, in a
54
00:04:17.040 --> 00:04:25.680
multi variable world that's full of change, is figuring out what's changing around you.
55
00:04:26.000 --> 00:04:30.279
How do I react in response to
that? And and it's really just
56
00:04:30.360 --> 00:04:34.040
like the journey that you take to
you a restaurant that she'd never been before.
57
00:04:34.199 --> 00:04:38.480
Right. So you're on the GPS
and the GPS says, Hey,
58
00:04:38.480 --> 00:04:41.399
you need to go, this is
the way forward, this is your route
59
00:04:41.560 --> 00:04:45.920
value. Right. But then all
of a sudden something happens right or there's
60
00:04:45.959 --> 00:04:49.519
an accident or the traffic files up
or whatever, and the GPS says a
61
00:04:49.639 --> 00:04:55.199
really and hey, guess what,
you need to go right, go left,
62
00:04:55.240 --> 00:05:00.160
go right, you know, go
strot. You Know Ed and you'd
63
00:05:00.240 --> 00:05:03.480
make the change. And that's the
real value proof. Right there. There's
64
00:05:03.480 --> 00:05:06.839
a CMO that I just spoke with. The said I really love this because
65
00:05:08.079 --> 00:05:14.399
it means I'll never be wrong and
and in a sense he's right. These
66
00:05:14.439 --> 00:05:15.959
crops. So way to say so. So which we saying? Yeah,
67
00:05:15.959 --> 00:05:19.519
we saying that you've got to soucition. It's not just about the Roy and
68
00:05:19.560 --> 00:05:24.639
doing what that ton of a NIS
would do normally, which is proving the
69
00:05:24.800 --> 00:05:27.800
kindy of the campaign and the Reti
as you got on the campaign, which
70
00:05:27.839 --> 00:05:31.519
your tool or so provide. Is
that intelligence as to how you should adapt
71
00:05:31.680 --> 00:05:35.040
what you are doing. So Do
you do? That's for sality. S's
72
00:05:35.040 --> 00:05:39.399
always he thought of the soft twalp
by cage that to actually proved ourself.
73
00:05:40.199 --> 00:05:42.879
To look at it as a constructancy. Appreciate you, example, was a
74
00:05:42.959 --> 00:05:46.839
GPS, but when he comes to
marketing, it's almost like a marketing constructency
75
00:05:46.839 --> 00:05:50.680
in the box. Right. Yeah, well, it can be right,
76
00:05:50.959 --> 00:05:56.319
it is part of the software.
You can, maybe an unfortunate term to
77
00:05:56.439 --> 00:06:00.040
use, particularly what's going on in
the Ukraine, but you can orgain a
78
00:06:00.199 --> 00:06:05.439
different alternatives, right and and make
choices and lock them in and they will
79
00:06:05.639 --> 00:06:10.399
they will ripple through the whole programatic
piece. Right, if you if you're
80
00:06:10.519 --> 00:06:14.720
set up to do it that way, it will just automatically do it for
81
00:06:14.839 --> 00:06:20.040
you. There are a lot of
times where the marketers in prove are asked
82
00:06:20.079 --> 00:06:28.920
to consult with a CMO or CMOS
team for several hours, maybe something like
83
00:06:28.959 --> 00:06:34.519
that, to help them understand and
evaluate what they're seeing and what what it
84
00:06:34.560 --> 00:06:39.680
means right and what they maybe ought
to do. That's usually kind of like
85
00:06:39.759 --> 00:06:46.040
in the earlier stages, because the
tool is actually really, really intuitive and
86
00:06:46.120 --> 00:06:48.600
so once you once you really are
up to speed on it, you don't
87
00:06:48.680 --> 00:06:54.319
really need our help anymore at all. So this is sort of early stage
88
00:06:54.439 --> 00:06:57.839
kind of thing, but it you
know, it's actually one of the things
89
00:06:57.839 --> 00:07:00.959
that I enjoy the post because it
is about, you know, at the
90
00:07:01.040 --> 00:07:06.399
end of the day, the software
exists to serve people, that people do
91
00:07:06.480 --> 00:07:13.360
not serve the software right, and
that that I enjoy those conversations because it's
92
00:07:13.399 --> 00:07:16.279
all about ultimately, Hey, this
is what the data and the analytics have
93
00:07:16.399 --> 00:07:23.759
to say, but how are we
actually going to act in the light that?
94
00:07:24.079 --> 00:07:28.800
Right now, I pusent. So
we see we sti have conversation about
95
00:07:28.839 --> 00:07:32.639
all measury board marketing a treaty actually
easy, and the concept of DC phno
96
00:07:32.680 --> 00:07:36.319
or that maybe you can also explain
to our to all agents. Seems to
97
00:07:36.360 --> 00:07:43.639
beginning mode and more visibility from your
point of views, down anything that he's
98
00:07:43.759 --> 00:07:50.079
nuts. You can just measure from
a marketing perspective. I think that the
99
00:07:50.480 --> 00:07:56.000
you know, this is going to
sound like I am engaging in semantics.
100
00:07:56.000 --> 00:08:00.519
Okay, but I'm actually really not. Okay, there's a difference between measurement
101
00:08:00.920 --> 00:08:07.759
and analytics. Measurement is data and
by definition it's always in the past.
102
00:08:07.920 --> 00:08:13.600
Right, this happened this way,
on this day, in this country,
103
00:08:13.879 --> 00:08:20.839
whatever. Right. Analytics is about
the relationships that exist or don't exist between
104
00:08:20.879 --> 00:08:26.000
all kinds of different things that you're
measuring. So I the way I would
105
00:08:26.000 --> 00:08:33.759
answer that question is is that there
are some things about marketing that you have
106
00:08:33.799 --> 00:08:39.759
to measure inferentially. Right, and
dark funnel is a is a great example
107
00:08:39.960 --> 00:08:43.279
this. There are, I mean
that the one of the best examples of
108
00:08:43.360 --> 00:08:48.440
dark funnel is peer to peer.
Right, what are what are what's happening
109
00:08:48.440 --> 00:08:54.840
in private conversations? You are never
going to be able to measure that unless
110
00:08:54.840 --> 00:08:58.240
we live in a totalitarian state.
Right, and I don't get getty more's
111
00:08:58.320 --> 00:09:03.840
that while a Chi yeah, that's
yeah, so, but what you can
112
00:09:03.879 --> 00:09:09.960
say is, Hey, you know
what we are seeing evidence that confidence and
113
00:09:11.120 --> 00:09:18.879
trust scores about us and about our
competitors are moving in the following directions,
114
00:09:18.960 --> 00:09:24.679
right, and there are relationships that
we can find between those, let's say,
115
00:09:24.720 --> 00:09:30.320
increasing trust and confidence scores and faster
and faster time to close, meaning
116
00:09:30.320 --> 00:09:35.840
faster deal elst which is a classic
relationship. And so that's a really important
117
00:09:35.879 --> 00:09:39.240
thing, because what you can say
then is, okay, you know what
118
00:09:39.519 --> 00:09:45.639
we need to do more whatever it
is we're doing that is impacting trust and
119
00:09:45.720 --> 00:09:50.759
confidence scores Right, based on the
analytics, we need to do more of
120
00:09:50.799 --> 00:09:58.759
that. Dark funnel is a really
catchy way of talking about brand, right,
121
00:09:58.840 --> 00:10:03.039
but three, three years ago,
right, it was right before it
122
00:10:03.080 --> 00:10:09.360
was the last south by southwest,
before covid yeah, ikenoted on this and
123
00:10:09.440 --> 00:10:13.720
it was it was all about brand
in demand. It was called gear.
124
00:10:13.840 --> 00:10:20.480
The presentation was called gears in Greece, right. And demand is, you
125
00:10:20.519 --> 00:10:26.919
know, is really the the machinery
of marketing, right, but the lubrication
126
00:10:28.440 --> 00:10:33.200
that allows things to move more smoothly
and faster is brand. And so that's
127
00:10:33.240 --> 00:10:39.679
really what dark funnel represents today,
the branded image with me. Yeah,
128
00:10:39.840 --> 00:10:43.320
yeah, yeah, absolutely, and
so you're basically, I think, what
129
00:10:43.399 --> 00:10:48.399
a lot of people you know,
came back to during the covid period is
130
00:10:48.440 --> 00:10:52.440
wow, you know what, this
this brand thing, this dark funnel thing,
131
00:10:52.480 --> 00:10:58.000
really, really maps a lot and
it's not all about how much can
132
00:10:58.000 --> 00:11:01.200
we push through our marketing automation.
And you gotta have both, without a
133
00:11:01.200 --> 00:11:07.720
doubt, right. But you can
have a great demand operation and if you
134
00:11:07.759 --> 00:11:11.399
have no brand or dark funnel activity, you're going to have a hard time.
135
00:11:11.960 --> 00:11:15.240
Yeah, appreciate that. I mean
we if you look at the all
136
00:11:15.399 --> 00:11:18.759
Joanne, we've been we've been at
it for ten years at the protects,
137
00:11:18.840 --> 00:11:22.679
the false triols, fells fil else. The foot is not stringing. You
138
00:11:22.799 --> 00:11:26.000
all try to get to the tuffed
about is the autograph. You've got to
139
00:11:26.000 --> 00:11:30.840
go. You've got to meet the
demon on the tell and then you build
140
00:11:30.879 --> 00:11:35.720
up renationship. And in fact I
was a little bit against the print stuff.
141
00:11:35.759 --> 00:11:37.320
I was such an easy at back
in the days because that's what she
142
00:11:37.440 --> 00:11:41.279
was just sort of strangled. We
all were it some way, shape or
143
00:11:41.320 --> 00:11:45.960
form, always just gonking. You
know, it's just the brightest stuff.
144
00:11:46.000 --> 00:11:50.840
We just whatever is. It's something
that the marketells. I using to spend
145
00:11:50.919 --> 00:11:54.960
money and don't want to be in
you know, and I'll basically I was
146
00:11:56.000 --> 00:11:58.799
just so, so bad about it
and I was convinced to do it anyway
147
00:12:00.000 --> 00:12:03.279
and to spend more time on building
up the brands and being careful about what
148
00:12:03.320 --> 00:12:07.120
we are doing and and the way
we're communicating and what we're communicating about.
149
00:12:07.120 --> 00:12:11.360
And and you've got lots of dimension. You've got what your clients are saying
150
00:12:11.399 --> 00:12:13.879
about you, you've got what's your
employees are saying about you, you've got
151
00:12:13.919 --> 00:12:18.320
the way you look on Linkedin and
you know, all those things. From
152
00:12:18.320 --> 00:12:22.360
my perspective, some of it would
actruly create demand, because people find you
153
00:12:22.480 --> 00:12:24.600
and then I oh, this is
something I need, so let's use that
154
00:12:24.639 --> 00:12:28.840
stuff. But first and formless,
we almost use it as a way to
155
00:12:28.879 --> 00:12:35.399
be to have a competitive advantage when
we are on a deal and basically someone
156
00:12:35.480 --> 00:12:37.639
is looking at us, of us
with strels, are competitor. Also,
157
00:12:37.720 --> 00:12:41.679
we are part of your fact,
the three finalists and all people will start
158
00:12:41.720 --> 00:12:45.879
to go online. So let's see
what we can find about these guys and
159
00:12:45.919 --> 00:12:50.480
if you get a company where you
can find a bit of a brand,
160
00:12:50.559 --> 00:12:54.279
a bit of presence, someone who
gives back to the community, things like
161
00:12:54.320 --> 00:12:56.000
the podcast. We don't do it
as a way to generate revenue. We
162
00:12:56.039 --> 00:13:00.120
do it because we want to be
on the bleeding edge. We learn from
163
00:13:00.120 --> 00:13:05.960
the conversation we having every week on
the podcast. But that's what thing that
164
00:13:05.480 --> 00:13:09.039
our competitors don't tend to do.
We probably are the only company that in
165
00:13:09.080 --> 00:13:13.480
our space that does it. So
would it be a plus for someone or
166
00:13:13.600 --> 00:13:16.679
not? You know, it's we
don't even think that way, but it's
167
00:13:16.919 --> 00:13:24.120
about building that sort of presents that
the OS are sometimes don't have because they
168
00:13:24.120 --> 00:13:26.919
don't invest in their brand. They
just the just relay on the DEM and
169
00:13:26.000 --> 00:13:30.840
to come and and yeah, I'm
glad that was I was being convinced like
170
00:13:30.919 --> 00:13:33.919
six years ago to take that tone, because now the phone is ringing and
171
00:13:33.000 --> 00:13:37.440
in fact he doesn't stop ranking and
coming back to the world of mouse.
172
00:13:37.559 --> 00:13:43.320
We we actually see it. We
try to have do straightfold problems, which
173
00:13:43.360 --> 00:13:48.080
is always very interesting, because you
want to know and someone gives your name
174
00:13:48.159 --> 00:13:52.279
to someone else and when someone comes
to us Ay, you know the people
175
00:13:52.320 --> 00:13:58.960
would just give us business or refer
reference for business with be cmocro CEOS of
176
00:13:58.000 --> 00:14:01.960
companies. You give them five hundred
dollars as a kicker. They they just
177
00:14:03.039 --> 00:14:05.360
laugh at you. They don't you
know. So we try to do something
178
00:14:05.399 --> 00:14:09.519
a little bit more meaningful, which
is planting trace. So we plan trays
179
00:14:09.559 --> 00:14:11.720
when we've got and people get to
the game, you know they what's up
180
00:14:11.799 --> 00:14:16.159
me. So I've done another introduction. I was in the meeting. That
181
00:14:16.200 --> 00:14:18.279
company should come through your website or
whatever. Watch out. Can you please
182
00:14:18.320 --> 00:14:20.759
make sure I've got my two hundred
trees. You know, I want my
183
00:14:20.799 --> 00:14:26.000
forest to give the Gal and that
guy and that all competing with it shows,
184
00:14:26.120 --> 00:14:28.679
which is fantastic because it's for the
good of everyone. So but I
185
00:14:28.679 --> 00:14:33.559
think there is a way where you
can actually have a feeling for that,
186
00:14:33.720 --> 00:14:37.279
maybe more for us, because why
the BB world? And and I guess
187
00:14:37.320 --> 00:14:39.519
you know in the in the software
industry it's a little bit. It's a
188
00:14:39.519 --> 00:14:43.200
little bit of a nish. It's
a big niche, but it's a little
189
00:14:43.240 --> 00:14:45.919
bit of a nish. But I
will expect to us is someone within the
190
00:14:45.960 --> 00:14:50.679
COMSUMER business to really struggle to under
some of the conversation between consumer and everything.
191
00:14:50.720 --> 00:14:54.200
But yeah, we found a way
to actually measure it, we found
192
00:14:54.200 --> 00:14:58.679
a way to incentivize it, we
find a way to get more and more
193
00:14:58.720 --> 00:15:05.159
basically and quarter on Walto we see
that preissing and then we have translating the
194
00:15:05.360 --> 00:15:07.360
bread we which we are trying to
do. We's to get. I'll do.
195
00:15:07.399 --> 00:15:11.600
We get every single on throw he
of the company to be a brand
196
00:15:11.840 --> 00:15:15.720
and best of all. So we
don't talk about being a brand and bust
197
00:15:15.759 --> 00:15:18.600
of all, but we speak about
everybody's customers success. Right, I'll do.
198
00:15:18.639 --> 00:15:22.360
We make sure that's your clients.
Even if they leave you, they
199
00:15:22.480 --> 00:15:26.879
leave you, no, Stensic,
right, absolutely out up. Yeah,
200
00:15:26.000 --> 00:15:30.399
and we mution all that. Yeah, I mean, I think there's several
201
00:15:30.480 --> 00:15:33.759
points that are really important what you
just said. One is that time.
202
00:15:35.080 --> 00:15:41.120
This is actually a great relationship between
what you're doing with trees and brain right,
203
00:15:41.519 --> 00:15:45.840
both take a lot of time.
There's a lot of time lag.
204
00:15:46.039 --> 00:15:50.000
Right, if you plant a tree, let's say, let's say you you're
205
00:15:50.080 --> 00:15:54.080
you want to farvest that tree later
for would right. You're not going to
206
00:15:54.120 --> 00:15:56.759
do that the next year. You
know you're going to have to wait probably
207
00:15:56.799 --> 00:16:03.679
two decades. You don't have to
wait two decades for brand to make a
208
00:16:03.679 --> 00:16:10.720
difference in your business. But what
really the reason why most CFOs and CEOS
209
00:16:10.919 --> 00:16:15.080
think the brand is a waste of
money is because of time lag. Right,
210
00:16:15.240 --> 00:16:18.639
when all of a sudden. You
compute the time lag because that's part
211
00:16:18.679 --> 00:16:23.919
of the math, pure improve right. So you're showing everything net of time
212
00:16:25.039 --> 00:16:30.240
lag. That is an eye open
yeah, one of them. So when
213
00:16:30.279 --> 00:16:36.720
you see a large budget cut in
marketing, it's because they need the money
214
00:16:37.200 --> 00:16:41.519
now. They need to claw that
money back now, because they have some
215
00:16:41.600 --> 00:16:47.200
pressing need or something right, and
they can understand that immediate need. But
216
00:16:47.879 --> 00:16:53.120
the time lag of these skates what
the cost of that cut is going to
217
00:16:53.159 --> 00:16:57.320
be the year later, for year
and a half later, right, so
218
00:16:57.360 --> 00:17:02.440
it comes not real. But if
you show them what it's going to cost
219
00:17:02.519 --> 00:17:07.279
them in loss momentum and or you
know whatever, what we see again and
220
00:17:07.319 --> 00:17:11.480
again with our with our customers,
is that the businesses, and I don't
221
00:17:11.480 --> 00:17:15.240
think I really want to make that
cut. We had a very large customer
222
00:17:15.400 --> 00:17:22.160
during covid still have this customer,
but during covid they were approached in July
223
00:17:22.640 --> 00:17:26.960
of two thousand and twenty by finance
for a forty percent cut. They showed
224
00:17:26.960 --> 00:17:33.680
them the analytics from proof and they
ended up getting a fifteen percent cut because
225
00:17:33.319 --> 00:17:37.559
finance and the business said, you
know what, it's too expensive to cut
226
00:17:37.640 --> 00:17:41.079
you. That's what you really want. That's what you want to see,
227
00:17:41.200 --> 00:17:45.720
right. Yeah, and so I
really, I really, I think that
228
00:17:45.839 --> 00:17:52.200
you're right on there, right,
and the Rit that the corresponding issue is
229
00:17:52.200 --> 00:17:57.839
that there's a tremendous amount of risk
associated with brand spind again, because of
230
00:17:57.880 --> 00:18:04.640
the time let it. So if
you are not recaculating it constantly, very
231
00:18:04.720 --> 00:18:11.839
much like your gps on your phone, recalculate your true right. If you're
232
00:18:11.880 --> 00:18:15.240
not doing that, if you're waiting
six months before you recalculate your brands,
233
00:18:15.319 --> 00:18:19.160
then you're going to have a big
problem. And then there's a lot of
234
00:18:19.200 --> 00:18:22.839
movement, a lot of change.
It's, in my eyes, about doing
235
00:18:22.880 --> 00:18:27.440
the important verse Physic Agent. You
know, the demon is Urg tweet pipeline
236
00:18:27.559 --> 00:18:33.680
now and you know it's it's actually
quite interesting and we are married to a
237
00:18:33.680 --> 00:18:37.920
finance person, so we got defferent
point of view. That battle three on
238
00:18:37.000 --> 00:18:41.480
Tho stole the whole quarterly piece.
Like I'm going to invest the budgets in
239
00:18:41.519 --> 00:18:44.039
the quarter, I need to see
a return in the quarter. I mean,
240
00:18:44.279 --> 00:18:48.039
how do you do that? You
know, if you have example of
241
00:18:48.079 --> 00:18:49.000
the tree is the same. You
know, it's like if you want to
242
00:18:49.160 --> 00:18:53.640
avest a relationship with a new prospect
and and most of our clients will have
243
00:18:53.680 --> 00:18:59.200
an averaged in value of fiftyzero dollars, hundredzero dollars on hundred. You Got
244
00:18:59.200 --> 00:19:03.599
gonna close it in the quarter unless
you are very well known brand and you
245
00:19:03.640 --> 00:19:07.000
are the facto, like you are
Appool or sex foss or selfies now,
246
00:19:07.000 --> 00:19:08.640
and people have already made up down
mind before they come to you, and
247
00:19:08.759 --> 00:19:12.000
then then they could could become available, but they are read. Is A
248
00:19:12.079 --> 00:19:17.839
threatn in the quarter ready and it's
often the large organization at think that well,
249
00:19:17.880 --> 00:19:18.839
and then you get to the end
of the quarter. They've got some
250
00:19:18.920 --> 00:19:22.440
budget left and we need to use
it because if we don't use it is
251
00:19:22.480 --> 00:19:29.000
gotten and then we rush about.
So I think it's kind of interesting about
252
00:19:29.039 --> 00:19:34.559
how there is a great sight of
marketing attribution and measuring and and and doing
253
00:19:34.599 --> 00:19:40.119
the anetics and and and thinking,
faldable, what you gonna do. But
254
00:19:40.200 --> 00:19:45.799
I thinks in some organization and sometimes
too much measurements actually kill the flow because,
255
00:19:45.119 --> 00:19:49.200
as you said, it's a snowbell
now. It's a time like but
256
00:19:49.400 --> 00:19:53.119
you need things like that. You
Rome was not built in one day,
257
00:19:53.160 --> 00:19:57.240
as you know. We've got the
French setting around that and and and I
258
00:19:57.279 --> 00:20:00.839
think it's it's true. You've got
to build something, you've got to do
259
00:20:00.920 --> 00:20:06.640
the important use was the agent which
recently, and just going to move slightly
260
00:20:06.720 --> 00:20:10.759
the the topic, came across a
nautical that you shared and that was titled
261
00:20:10.839 --> 00:20:15.279
Marketing is not of Ending Machine,
which discusses marketing our Royy in a complex
262
00:20:15.319 --> 00:20:21.359
digital area. So can you shore
with audience the main points that the article
263
00:20:21.440 --> 00:20:25.599
cover? Yeah, it's so it
goes back to the GPS idea, right,
264
00:20:25.640 --> 00:20:30.240
that you're living in a multi variable
world and that most of the impact
265
00:20:30.400 --> 00:20:36.119
is generated by things that you do
not control. So you can understand those
266
00:20:36.319 --> 00:20:40.400
to some degree, which you not
control them. It's like the wave and
267
00:20:40.480 --> 00:20:44.240
an ocean, right, you don't
control the wave, you do not generate
268
00:20:44.279 --> 00:20:48.240
the way. Right. Your job
as a surfer, right, is the
269
00:20:48.359 --> 00:20:53.920
either ride that way well or poorly. Yeah, and so one of the
270
00:20:53.920 --> 00:20:59.000
things that the analytics really talks about, and that's what's in this article,
271
00:20:59.559 --> 00:21:03.960
right, is this idea that you
have to understand the context. If you
272
00:21:04.000 --> 00:21:11.039
don't understand what the environment is doing, what's going on in the marketplace relative
273
00:21:11.079 --> 00:21:17.519
to Your Business and how that changes
the head winds or the tailwinds that your
274
00:21:17.519 --> 00:21:22.720
business is dealing with and thus that
your marketing spend has to address. Okay,
275
00:21:22.240 --> 00:21:26.279
your you're going to have a problem
that you're not going to be able
276
00:21:26.359 --> 00:21:30.839
to achieve what you need to achieve. Again, going back to the GPS
277
00:21:30.880 --> 00:21:34.319
analogy on the phone, right,
this is, you know, when traffic
278
00:21:34.400 --> 00:21:38.680
happens, piles up front of you, or an accident happens, or something
279
00:21:38.759 --> 00:21:45.079
rain. It also a huge storm. These are examples of head winds that
280
00:21:45.240 --> 00:21:49.839
slow your journey down, that force
you to make changes. Same thing as
281
00:21:49.920 --> 00:21:56.039
happening in the marketplace all the time. The thing that's really important, going
282
00:21:56.079 --> 00:22:00.119
back to what you were just talking
about, is the fact that all these
283
00:22:00.359 --> 00:22:07.240
so some things that you're spending money
on have an immediate impact, mediate as
284
00:22:07.240 --> 00:22:11.720
a relative word, but quick impact. Other things take a lot longer,
285
00:22:11.759 --> 00:22:18.920
but both are going to be either
accelerated or retarded by what's going on in
286
00:22:19.039 --> 00:22:22.799
the environment, the marketplace. Right. So, again, going back to
287
00:22:22.839 --> 00:22:29.039
your example of trees, if you
take a, you know, hundred year
288
00:22:29.039 --> 00:22:33.440
old tree and you and, let's
say, if all's over in a store,
289
00:22:33.640 --> 00:22:37.279
right, so, you didn't kill
it, but you've cut it open
290
00:22:37.319 --> 00:22:41.839
and you can see the rings okay, and some have. You know,
291
00:22:41.920 --> 00:22:45.240
there's a lot of growth in a
year and some have very little growth in
292
00:22:45.279 --> 00:22:51.759
the year. That's not about the
tree, typically right. That's about what's
293
00:22:51.799 --> 00:22:56.319
going on in the environment and it
took a long time for that portrait of
294
00:22:56.359 --> 00:23:02.279
impact to be seen, to be
visible right in the in the tree.
295
00:23:02.480 --> 00:23:06.160
Same thing as true in marketing,
and so one of the things that we
296
00:23:06.200 --> 00:23:10.039
are, the only thing we're the
only thing that I would disagree with you
297
00:23:10.079 --> 00:23:15.440
about in terms of people, people
being obsessed with data and analytics right and
298
00:23:17.000 --> 00:23:21.319
getting in the way, is that
it only gets in the way if you
299
00:23:21.519 --> 00:23:27.319
have the wrong view of it.
If you're constantly trying to react as opposed
300
00:23:27.400 --> 00:23:33.599
to react appropriately right on the timescale, you're going to have a big six
301
00:23:33.720 --> 00:23:37.799
sag back and forth right, you're
going to be overcorrecting on your journey.
302
00:23:37.839 --> 00:23:41.559
It's going to it's not going to
be good. But if you say,
303
00:23:41.559 --> 00:23:45.319
okay, you know what, the
trend line that showing up right now is
304
00:23:45.359 --> 00:23:51.039
divergent from my my ideal path and
I'm going to kind of experiment here and
305
00:23:51.039 --> 00:23:56.319
I'm going to start incrementally moving things
in a way that should bring me back
306
00:23:56.359 --> 00:24:02.519
to my main route. To value
and then you see that in the analytics
307
00:24:02.559 --> 00:24:07.200
it's actually happening that way. That's
value, that's real. The idea that
308
00:24:07.200 --> 00:24:11.960
that you can make huge changes overnight
as now. No, I do have
309
00:24:12.000 --> 00:24:15.880
the energy of the tree rings.
must say, I may. I may
310
00:24:15.000 --> 00:24:18.559
use it to get in the future
and just make sure I give you the
311
00:24:18.839 --> 00:24:21.640
trademark on it. But it is
so true. You not. The environment
312
00:24:21.720 --> 00:24:25.680
is important and you of the environment
can play in your favor against your favor.
313
00:24:25.720 --> 00:24:27.160
I could do both. It could
be fantastic. Like, for example,
314
00:24:27.279 --> 00:24:30.920
for us right now we've got a
ton of demand in orders of people
315
00:24:30.960 --> 00:24:33.519
are looking at grewing that business.
Things have been a bit slow. The
316
00:24:33.519 --> 00:24:37.240
market is really active in the technology
space. So everybody wants to go big
317
00:24:37.279 --> 00:24:41.599
and they wants to go big yesterday. But at same time we've got circumstances
318
00:24:41.599 --> 00:24:47.039
that are very difficult, which is
there is a lot of everybody's recruiting at
319
00:24:47.079 --> 00:24:49.400
the moment. Finding talents is difficult. So right, so you've got to
320
00:24:49.400 --> 00:24:53.440
rethink about all your finding those things
and you've got to apisode one thing that
321
00:24:53.519 --> 00:24:57.759
is an abostuity in one end.
On one end can be sothing at slew,
322
00:24:57.799 --> 00:25:03.039
you dowl on the other. So
it's interesting. All the context actually
323
00:25:03.119 --> 00:25:04.599
change things and I do agree with
you. You know, I think that
324
00:25:04.960 --> 00:25:08.279
it really depend on the people and
I think my point that people sometimes over
325
00:25:08.400 --> 00:25:12.359
kill analytic and it's not just about
number and something. It can be slow
326
00:25:12.440 --> 00:25:15.519
to start, Wiez, because you
don't get a lot of results. Maybe
327
00:25:15.519 --> 00:25:19.519
if you are it photos of quarter
would actually come to fruition. You know,
328
00:25:19.519 --> 00:25:22.640
there is thing that there is to
that needs to be pushed little bit
329
00:25:22.680 --> 00:25:29.559
harder and as a strategy. And
tactical things are always good, but tactical
330
00:25:29.599 --> 00:25:33.160
things and I don't know if you
ever get the big box out of tactical
331
00:25:33.240 --> 00:25:36.759
things. You know when you expect
quick for Toub, but when you invest
332
00:25:36.839 --> 00:25:40.559
of all time, and what's surely
a wrong breadn as we discuss an even
333
00:25:40.599 --> 00:25:42.519
the markets, is that you actually
try to do something and you are genuine
334
00:25:42.519 --> 00:25:47.759
about it, the strong time investment
can be a fantastic so, speaking about
335
00:25:47.799 --> 00:25:52.200
the kind of misconception, and then
may misconception of some of the marketing attribution,
336
00:25:52.359 --> 00:25:56.000
the one that I yet at six
shells ago regarding bread. What are
337
00:25:56.039 --> 00:26:00.480
the misconception regarding marketing attribution that you
come across? The must often and then
338
00:26:00.640 --> 00:26:04.200
now I guess that's do. Maybe
the maybe we would open up toward the
339
00:26:04.279 --> 00:26:07.640
CMOS on marketing. People listening to
us like giving him, giving them a
340
00:26:07.640 --> 00:26:12.359
little bit of cruises to well,
the struggles out well to the issues are
341
00:26:14.640 --> 00:26:18.359
marketing, instribution and now they should
fight entirely funny. On right. One
342
00:26:18.359 --> 00:26:22.039
of the biggest ones is that more
is better. Now you have to you
343
00:26:22.079 --> 00:26:27.400
have to really be specific about your
business. Okay, but when you make
344
00:26:27.440 --> 00:26:32.960
that kind of statement, but in
bed, be in long cycle, be
345
00:26:33.119 --> 00:26:37.599
to be where it's long. The
reason why it's long cycle is that there's
346
00:26:37.640 --> 00:26:41.480
a lot of risk in the by
decision, and so trust and confidence plays
347
00:26:41.559 --> 00:26:47.279
a much bigger role, particularly in
the back half of the journey, then
348
00:26:47.359 --> 00:26:53.480
awareness ever did in the front.
Right. So whareness, confidence and trust
349
00:26:53.640 --> 00:27:00.440
are the three legs. Everyone knows
what awareness is. Confidences by leave that
350
00:27:00.480 --> 00:27:03.039
you can do what you say you
can do and that you're not exaggerating.
351
00:27:03.799 --> 00:27:11.559
Trust is is really existential. It
means that when our interests diverge, I
352
00:27:11.599 --> 00:27:15.599
still know that you'll treat me well, you'll do the right thing. The
353
00:27:15.720 --> 00:27:18.480
more trust you have, the more
confidence you have from your customer, the
354
00:27:18.559 --> 00:27:22.880
more likely there's they are to spend
more and the faster they will make a
355
00:27:22.920 --> 00:27:26.839
decision in your favor. Likewise,
and you this, unfortunately, the way
356
00:27:26.920 --> 00:27:32.920
you see it a lot is that
when those scores, when trust and confidence
357
00:27:32.920 --> 00:27:37.039
are low, takes forever to close
the deal. Yeah, this is actually
358
00:27:37.079 --> 00:27:41.240
one of the biggest problems at startups
have, right, because they haven't been
359
00:27:41.279 --> 00:27:47.720
around long enough to have created a
lot of trust and offits, and so
360
00:27:48.000 --> 00:27:52.720
the customers look at them as wow, this is really cool, like whatever
361
00:27:52.759 --> 00:27:56.039
it is they've created really cool.
But how there's a lot of risk,
362
00:27:56.359 --> 00:28:00.400
a lot of risk here, and
so they they sit on their hands for
363
00:28:00.440 --> 00:28:06.799
a long time, they take forever
to make a buy decision, which almost
364
00:28:06.920 --> 00:28:11.559
insures the failure of the startup,
right. So there's there's a little bit
365
00:28:11.599 --> 00:28:15.119
of a self fulfilling prophecy here.
It's one of the reasons why a lot
366
00:28:15.160 --> 00:28:22.000
of startups that are successful have as
their principle, maybe it's their founder,
367
00:28:22.039 --> 00:28:27.640
Babes, their CEO, whatever,
someone who already personally has a brand with
368
00:28:27.680 --> 00:28:32.559
a lot of trust and common offence
attached to I think that that was probably
369
00:28:32.599 --> 00:28:38.119
one of the things that happened with
proof is that even before we even thought
370
00:28:38.160 --> 00:28:45.200
about creating proof. I had developed
those kinds of personal relationships with people,
371
00:28:45.319 --> 00:28:51.440
high trust high confidence relationships. So
when we did it, people, when
372
00:28:51.440 --> 00:28:55.039
we did prove people were willing to
listen and people were willing to take a
373
00:28:55.160 --> 00:28:59.039
risk. At that time, five
years ago, it was really probably in
374
00:28:59.079 --> 00:29:03.880
retrospect, they were taking a risk
on me. Today it's not. I'm
375
00:29:03.920 --> 00:29:07.960
not it's not all about me at
all. Right, I mean we have
376
00:29:07.000 --> 00:29:12.319
a great team, we built great
products and it's people evaluated on that basis,
377
00:29:12.319 --> 00:29:17.240
together with our what our customers say
abouts. Right. So, but
378
00:29:17.480 --> 00:29:22.759
I would say that the other big
misconception here is what you touched on before,
379
00:29:22.759 --> 00:29:29.319
which is that this idea that I
can look for the impact of my
380
00:29:29.359 --> 00:29:34.160
investments in the next quarter, unless
you're talking about retail or something like that,
381
00:29:34.240 --> 00:29:40.440
with a really, really super tight
turn and sit now the feedback loop
382
00:29:40.599 --> 00:29:44.559
is immediate, or fairly immediate,
and the risk of the purchase risk is
383
00:29:44.599 --> 00:29:48.599
low, and so it's primarily emotional. But if you're talking about be to
384
00:29:48.680 --> 00:29:52.839
be right, this is just not
it's not going to happen. Time lag
385
00:29:53.079 --> 00:29:57.440
is a big, big, big
deal, right, and you are going
386
00:29:57.519 --> 00:30:03.400
to have to say, okay,
you know what some of this is a
387
00:30:03.480 --> 00:30:08.359
long play. I'm going to need
the analytics to prove it out. Otherwise,
388
00:30:10.200 --> 00:30:14.319
guess what everyone's going to think that
brand is just a huge reason to
389
00:30:14.400 --> 00:30:19.440
spend a lot of money unnecessarile.
So that is a misconception and some ways
390
00:30:19.519 --> 00:30:23.880
more of a misconception by the business
than it is about marketing from marketers.
391
00:30:23.920 --> 00:30:30.240
I think that the other big misconception
that the business has about marketing is that
392
00:30:30.319 --> 00:30:37.480
if we put an analytics platform like
proof into the equation, that the analytics
393
00:30:37.480 --> 00:30:41.680
are going to say that half the
spin is a waste or that it is
394
00:30:41.799 --> 00:30:48.559
being spent in correct incorrectly. I
think that what we see in time again
395
00:30:48.759 --> 00:30:55.400
is that marketing teams had correctly intuited. In many cases they're intuition in their
396
00:30:55.440 --> 00:31:00.200
experience right. They can't prove it
right, but they have correctly intuited what
397
00:31:00.319 --> 00:31:07.039
works. The twenty rule is alive
and well. Okay. So when when
398
00:31:07.039 --> 00:31:11.759
proof is deployed, what typically happens
is that the analytics show that roughly twenty
399
00:31:11.759 --> 00:31:17.799
percent, twenty five percent, maybe
sometimes ten or twoteen percent of the spend
400
00:31:17.920 --> 00:31:22.119
is suboptimized. But the cool thing
about that is is that you based on
401
00:31:22.160 --> 00:31:26.359
the analytics. You can eliminate that, right, you can correct it and
402
00:31:26.400 --> 00:31:30.000
you can correct it on an ongoing
basis as things change. So the amount
403
00:31:30.039 --> 00:31:33.640
of this is actually what that CMO
was sort of talking about. What he
404
00:31:33.640 --> 00:31:37.920
said, you know, this is
this means I'm never wrong, right.
405
00:31:37.960 --> 00:31:41.119
I mean he's joking, but sort
of not joking all the same time,
406
00:31:41.119 --> 00:31:48.319
because the ability to constantly understand what's
going on and make changes, make tweaks
407
00:31:48.359 --> 00:31:55.000
to it means that you're never going
to be caught out with a huge error,
408
00:31:55.039 --> 00:31:59.200
and so that there. There was
one situation with a customer about a
409
00:31:59.319 --> 00:32:05.319
year and a half ago where the
finance team we presented to them. They
410
00:32:05.400 --> 00:32:07.680
immediately got it. They look,
you know, proof is totally in their
411
00:32:07.720 --> 00:32:12.960
area. They totally understand it and
you could sort of see this little gleam
412
00:32:12.960 --> 00:32:17.640
in their eye right that they're like
to finally put the screws to marketing and
413
00:32:17.680 --> 00:32:22.799
the marketing team was obviously very concerned. Right they were. They were kind
414
00:32:22.839 --> 00:32:28.599
of having a little freaked out moment. The analytics came back and that was
415
00:32:28.640 --> 00:32:30.599
you know, that's usually about forty, five, sixty days later, and
416
00:32:30.680 --> 00:32:37.200
that happens. It showed that there
was only about ten percent twelve percent of
417
00:32:37.359 --> 00:32:42.880
suboptimized marketing spin. So now the
the marketing team is like kicking back in
418
00:32:42.960 --> 00:32:46.720
their chair, you know, smoking
a cigar basically, and the finance team
419
00:32:46.759 --> 00:32:51.359
was kind of sitting there going,
wait a minute, that's not the way
420
00:32:51.359 --> 00:32:55.000
it was supposed to turn out.
But everybody agreed that that was point in
421
00:32:55.039 --> 00:33:00.920
fact, the truth right, and
so it really changed the conversation at between
422
00:33:00.000 --> 00:33:05.240
marketing and the rest. Yeah,
that makes perfect sense. At the end
423
00:33:05.279 --> 00:33:07.599
of the day. It's probably a
bit of to have the inten and discuss
424
00:33:07.640 --> 00:33:09.559
about it. You know, if
it's good, it is bad. If
425
00:33:09.599 --> 00:33:12.680
he's bad, do something about it. If he's good, and as the
426
00:33:12.759 --> 00:33:15.359
boy it seeks so well, look, mark we we could of getting to
427
00:33:15.400 --> 00:33:17.960
the end of the time, we
could have got on. I've got so
428
00:33:19.000 --> 00:33:22.759
many it is such an interesting to
peak and there's so much psychology it.
429
00:33:22.000 --> 00:33:27.119
Again, I I did write down
the trust and confidence and the Tree Riggs
430
00:33:27.119 --> 00:33:30.680
and up. That's gonnect. The
Tring is probably I really love the technology.
431
00:33:30.759 --> 00:33:32.279
It makes so much sense. Never
also though about it befo. Also,
432
00:33:32.519 --> 00:33:35.799
if it's one of yells. You're
really good with an energies, but
433
00:33:35.920 --> 00:33:38.319
you shot so much insight to business
students that I'm so thankful for that.
434
00:33:38.559 --> 00:33:43.480
If anyone wants to carry on and
post you the conversation with you all speak
435
00:33:43.480 --> 00:33:47.079
about proof and and how your solution
could add them and the organization. What's
436
00:33:47.119 --> 00:33:51.079
the best way to get rid of
you? Well, I'm very active on
437
00:33:51.160 --> 00:33:53.640
Linke then, and if you reach
out to me we're not already connected,
438
00:33:53.720 --> 00:33:58.480
I will absolutely connect with you and
we'll have a conversation. They can also
439
00:33:58.519 --> 00:34:05.839
reach me directly on email. Mark
in a rk dot stus stou se at
440
00:34:05.920 --> 00:34:08.719
proof analytics, and that's also our
Aur Url for the website. Right,
441
00:34:08.880 --> 00:34:12.920
is pretty analytics. That Ai.
So there's a lot of it, and
442
00:34:13.119 --> 00:34:16.679
I'm also on twitter. Right it's
Mark Stue is my handle on twitter.
443
00:34:16.760 --> 00:34:21.079
So there's a lot of different ways
to it. Well, right, and
444
00:34:21.159 --> 00:34:23.320
thanks again for your time, mark, today's he was an absolute pleasure to
445
00:34:23.360 --> 00:34:27.880
have you on the show. Hey, thank you so much. You've been
446
00:34:27.880 --> 00:34:30.840
listening. To be be revenue acceleration. In to ensure that you never miss
447
00:34:30.880 --> 00:34:36.000
an episode, subscribe to the show
in your favorite podcast player. Thank you
448
00:34:36.039 --> 00:34:37.039
so much for listening. Until next
time,