CMO Insights: Tracy Eiler, Chief Marketing Officer, InsideView

July 25, 2017

This week’s guest on CMO Insights is Tracy Eiler, Chief Marketing Officer for InsideView.

In this video, Tracy shares

  • Her definition of the “T-Shaped” marketer and what this means for the future marketers
  • Where in the marketing funnel her team focuses time, energy and marketing efforts
  • How specific changes to existing processes has allowed the sales and marketing teams to become more aligned.

Learn more about Tracy from her LinkedIn profile and follow both Tracy and InsideView on Twitter.

For more great CMO interviews like this one, please check out our CMO Insights Playlist on our YouTube channel.

Full Transcript

Jeff Pedowitz:

Hi, welcome to Revenue Marketing Television, the CMO Insights Series. I’m your host, Jeff Pedowitz, President and CEO of The Pedowitz Group. Today, we have Tracy Eiler, who is Chief Marketing Officer of InsideView. Tracy, welcome to the show.

Tracy Eiler:

Thanks, Jeff.

Jeff Pedowitz:

So you and I were just having a great time catching up a little bit, lots of changes going on in the world of data. So could you tell us a little bit about InsideView, you know, where you’re at today and then strategically where you guys are going over the next year or two?

Tracy Eiler:

Sure. Inside view focuses on serving B2B sales and marketing folks and their operations counterparts. And we provide them data insights and connections for their target markets. We have a variety of products starting with our historical product that many people know as far inside sales, which helps sellers really micro target, who they want to go after. And it gives them all kinds of information about those accounts and the people in them. But now we have a whole portfolio of products that help sellers and marketers really figure out their ideal customers, the total addressable market for those customers, and then their progress against it.

One thing we’re doing more and more as we head into the future is really helping companies where their entire data strategy around customer data, making sure that all the right accounts are identified and the people in them, but that’s of course is not a one time thing. As you all know, Jeff, right? Data’s like a river. You gotta keep it refreshed people coming down, et cetera. And especially as so many of us marketers and sellers are moving into an account based or super targeted approach, you know, having a really strong data strategy is becoming more and more important.

Jeff Pedowitz:

So, you know, I’m interested in your take as a marketing executive because you’ve run several different organizations. Now over the last few years, how is marketing changing or are you finding it needs to be run more like a business in 2017?

Tracy Eiler:

I definitely think that marketing needs to run more like a business. And I also think that the talent composition of who we need to recruit and and, and train and mentor is changing. And, and I’ll explain that it, I have this notion that I’m playing around with, in my head of the T shaped marketer, like the capital T and you know what I used to build marketing teams, you would have a variety of disciplines in your marketing organization with really deep expertise. Like you might have your digital marketing expert in your events expert and your brand advertising expert and so on and so on. And I’m finding more and more because the disciplines are all sort of munching together.

And this is true about sales and sales development or lead gen whoever the folks are on the phone that are qualifying leads. These teams are starting to converge and our systems are converging, which I think is part of what’s driving this transformation sort of running more like a business sales and marketing as a revenue center.

Now, it’s not marketing over here generating top of funnel leads and the sales guys over here, you know, converting and going forward. You know, everything is much more designed around finding accounts, selling them and then growing those businesses. A lot of that I think is the subscription economy. But I think a lot of it is we realize as marketers, that we’re way more profitable when we’re selling more into our customer base. So constantly looking at the composition of net new, existing customer, you know, what’s my ASP, where are my upsell opportunities. And then to your point about becoming more like a business, when you really know your ideal customer profile, there is such a thing as good revenue and bad revenue.

And the bad revenue is really nice right now this quarter, but it doesn’t renew and you never sell them anymore. Right? So I think as business leaders, we are increasingly more and more kind of redesigning our teams around the idea of go after the good revenue, be proactive over taking those accounts, say no to companies that come knocking on your door, wanting to buy your product that you know, are not going to be profitable, send them elsewhere. Things of that nature, we’d never used to talk about that type of thing as CMOs.

Jeff Pedowitz:

I’m glad to hear you say that because I think more marketers should spend time figuring out the right type of customers for their business. We actually just adopted the third party account methodology called clients for life. And a big part of it is figuring out in the beginning who you should be aligned with and who you shouldn’t, because there’s a lot of early indicators in terms of what that’s gonna look like over time. So how does that translate then into your customer engagement philosophy? So you’ve picked the right customer, but how much of your mix is spent in the beginning getting the customer versus because you have multiple products. I mean, how much of your marketing mix is working with those customers over their lifetime?

Tracy Eiler:

It did. The mix is really more thing to right now I would say two thirds of our effort is spent on growing existing customer accounts and the rest is spent on net new logo development. And we are,

Jeff Pedowitz:

Yeah, okay. Very happy for the install dates.

Tracy Eiler:

And it’s very related to our maturity as a company and the size of our install base, but it’s also related to our own analysis, knowing that there are certain types of accounts that are super, super profitable or our product is very sticky. And inside these case, those customers are customers that have very high relationship selling and marketing motions. Commercial real estate is a good example. Financial services is another good example. Insurance is another example where we get in with that customer and we became part of their go to market fabric. So we know that if we work with those accounts, get them to best practice as fast as possible and has a role to play there. It’s not just our onboarding and customer success guys get them to best practice, get them to the advocates, you know, and then the virtuous circle continues. So, you know, I don’t know if two thirds, one third is going to be the composition two years from now.

But I don’t think it’s going to be less than 50 50, you know, and in the old days I would say, gosh, 80% of my time was spent on top of funnel and net new logo acquisition. So I think it’s really quite satisfying to see it more than, of course that’s very related to the account based everything phrase or craze, you know, that’s going on. So I personally really enjoy it figuring out how to get even more engaged with our customers and to your point about customers for life.

We know in our business that when we have relationships across sales, marketing, and operations, we’re super sticky as opposed to just entering in through one of those departments, which used to happen all the time. And as you know, people change all the time, right? So you all your eggs in the relationship basket with the CMO, for instance, she leaves two years later, what are you going to do? So making sure that you’ve got that breadth of relationship, you know, in multiple people in the company is really key.

Jeff Pedowitz:

So you mentioned earlier sales and marketing, being a shared revenue center at inside view, is that what you’re measured on by your boss? And then what you measure your team on?

Tracy Eiler:

We are in marketing almost a hundred percent measured on pipeline and there’s of course we look at lots of other measures, right? We’re looking at net new leads and MQL and all of those sorts of traditional things, but pipeline is really where we zero in and, and then pipeline composition. How much is how much of it is in our ideal customer profile set, how much of it is inbound or related to only one product and so on. We’re trying to get to the point where pipeline composition is almost all ICP industries. Almost all multi-product, as an example, we’ve even set a floor and our small business, because we have a traditional kind of inbound driven, small business. That’s about a third of our revenue.

And then the rest is enterprise and OEM and that small business. Now we’ve set a floor, a minimum floor deal size, and we’re trying to figure out right now, how fast can we figure out whether that new lead will hit that floor so that we can qualify them out if they’re not. And you know, it’s a great problem to have, but it’s super, it’s a whole super interesting new set of challenges. So pipeline is what we align around and we’re measuring.

Jeff Pedowitz:

Okay, great. So what’s your take on MarTech? I’m not enough. It’s just right too much overwhelming. What do you think

Tracy Eiler:

I am? I’m I’m frustrated and sick of the amount of marketing technology that is out there. And I think that we’re starting to see, at least in my peer set almost a backlash back towards the basics and back towards simplification. I know myself when I came to inside view two and a half years ago, I took a look at our stack, Jeff, and we had, I mean, there was about 14 or 15 different technologies and they’re not cheap, right? They might be anywhere from 10 K to 80 K annually, CV, not even including our marketing automation system and not mix and not one person in the entire marketing organization could tell me everything that was in our stack and what it was four different people knew different things. And in some cases there were just complete orphans, right? I remember this one particular tool that did something on the website to, you know, change buttons, green or yellow, or, you know, things like that.

So if a visitor delayed that would proactively get them to do a behavior, not one person in my team could tell me what it was for who bought it or anything. And then the $33,000 ACV renewal came across my desk, like so we did a purge and took ourselves down to marketing automation and CRM and a massive, massive data cleanup in our sales and marketing database. And then we re added some specific things to the mix. So I think there’s way too much, I think it’s way too confusing for marketers. And I also think that the bright, shiny object marketers going out of Vogue, we all know that person or people in the marketing team that you know, is always looking at the latest and greatest new thing plays around with it, sticks it in a sandbox and then, you know, Amanda and get abandoned, they leave the company and then you end up like me coming in.

And there’s just a whole bunch of crap that may or may not have ever been set up correctly. So I think marketers have to be back to basics. I think they got to focus on their core systems and their data you know, and then add the rest, but you gotta be careful and you have to be really judicious and there’s so much consolidation going on. You also have to be careful if, you know, there’s a product that you’re putting in there in your stack that requires really intense hookup. And then that company ends up and gets acquired. Unhooking, you know, can really be painful. So, you know, vetting the vendor and the vendor stability and all of that, you know, has taken on new meaning.

Jeff Pedowitz:

So from your perspective, and with the spirit in mind what would be the top few processes you think marketing executives should be really focusing in on to build their foundation

Tracy Eiler:

Processes? Well, I’ll answer it slightly differently, which would be a business problems that I think that marketers need to look at it, you know, mine. So one would be what, what is your business process and your technology for making sure your customers get to best practice and turning them into advocates? So for instance, I’m a big fan of, you know, advocacy platforms like Influitive happens to be the one that I have experienced with, to get your customers to really be rabid fans in the B2B world. That’s a whole body of work. Another one is all around sales enablement and and sales productivity. And there’s so many great tools out there now to help your sellers get up to speed faster to orchestrate their work. And, you know, my life partner is a VP of sales and he always says, you know, the only thing that the sales reps control is their time. 

Everything else is out of control. So if you can make them more productive, decrease the research time and help them figure out their next best action and so on even about it. And one of the best things we’ve done personally in the last couple of years is put in a a sales content portal so that our anybody that’s customer facing always has the exact right piece of content, it’s up to date and they can track where it’s going when they send it out to a prospect, they know who’s opened it and who’s clicked and so on. And then I’ve got metrics now that say, okay, here’s all my top sellers, here’s their wind rate. And here’s what they’re using day in and day out. And that’s been really transformative and helping to make our Salesforce as productive as possible. Those are two.

Jeff Pedowitz:

Yeah, that’s great. So, so I shift to talent for a minute. Do you think that there is a talent gap out there? And if so, why?

Tracy Eiler:

So I used to think that there was a very severe marketing operations talent gap. It’s getting better, but I still think it exists. You know, if you think about just people that can know the basics on implementing a marketing automation system, it’s pretty hard to find that talent. That’s why agencies are so important. You know, even though we have a full time marketing ops person and demand gen team, we also outsource, you know, two partners, quite a lot of things either get us jump-started or, you know, keep us going on a regular basis. You don’t want to put all your eggs into one marketing ops basket and have that person leave, and then nobody can run the keyboard. So I think that’s really an issue. And I think that we’re starting to see universities address the issue of B2B marketing talent development. You know, when I went to the university of Michigan and graduated in 88 with a sociology degree, there were no marketing choices for me that were not just consumer four P’s mass media communications.

We’re starting to see in a few different places in the country programs that are much more related to B2B sellers and more related to technology and data concepts and things like that. But I think we’re behind and it’s mostly behind on things that are data and systems oriented. It’s getting better, but there’s a long way to go. And if you’re in a business that’s, you know, in a city that is in the middle of the country, you’re in Kansas city. As an example, I was talking to one of our customers who recently bought Marquetto. It was very hard for them to find experience with that platform in their city. And, you know, that’s where I think we, you know, definitely have a problem with it being behind. And some of these vendors are doing a pretty good job with, you know, training and communities and things like that, but there’s a way to go.

Jeff Pedowitz:

Yeah. Great, great advice as always Tracy. So unfortunately we’re out of time. I could probably do another 15 minute session with you easily, but thank you so much for being on the show this afternoon and looking forward to tracking all the great things that are coming out of inside you this year.

Tracy Eiler:

You’re most welcome. And thank you guys at Pedowitz. You always have such great content and I really appreciate you taking a leadership role there.

Jeff Pedowitz:

You bet. Thanks Tracy.

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