Marketing stack talk by Aniruddh Jain (SaaSBOOMi Growth)
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Aniruddh Jain's dialogue towards companies with 500K+ ARR, providing valuable insights on building a marketing stack from foundational principles, at SaaSBOOMi Growth.
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Marketing stack talk by Aniruddh Jain (SaaSBOOMi Growth)
- 1. Building A Marketing Stack That Actually Works By thinking through first principles Aniruddh Jain
- 3. Quiz: How many marketing tools do you use?
- 6. Why listen to me? ➔ Consult on Growth/Demand gen for SaaS (both young and mature) ➔ Lead multiple million-dollar lead gen campaigns (first at Google, then for various companies) ➔ Worked on co- building mStack from scratch with a leading RevOps SF agency (clients included Zendesk)
- 11. How to begin to think about your mStack? ● Budget ● Company goals (next 3 years) ● Business model ● Socio-political environment (becoming increasingly important)
- 12. Quiz: What is your most important company goal of the next 3 years?
- 13. Goals give rise to jobs
- 14. Building a mStack = Product Management
- 15. A good mStack should have... scalability data security & transparency advanced reporting interoperability
- 16. 2. Building Your mStack Using JTBD
- 17. Meet Clayton Came up with JTBD framework “We hire products to do specific jobs” “Jobs remain relatively stable over time”
- 18. JTBD Example Job: “listening to music” Job executor: “self”
- 20. “don’t seek the right answers, seek the right questions” - Dalai Lama “I never said that” - Dalai Lama
- 23. 1 Evangelization “turning customers into evangelists” 3 Acquisition “increasing lead-to-customer ratio” 5 Awareness “attracting relevant traffic” 2 Retention “increasing customer retention” 4 Consideration “increasing product consideration” ●Ops&Analytics(“ensuringsmoothbusinessoperations”) ●Content&Design(“ensuringconvincingmessaging”) ●Engineering(“ensuringsmoothfunctionoftechnicalassets”)
- 24. <List of 40+ jobs and software categories>
- 27. 3. Research methodologies for finding tools
- 28. 1. Ask Friends Often your friends in the same industry and/or community forums like SaaSBoomi are great starting points. You’ll get clear unadulterated, tried- and-tested feedback.
- 29. 2. Snoop Around Competitors Make a list of competitors around your size and research their stack using BuiltWith or Ghostery. They’ve probably been through your stage or know what works.
- 30. 3. Review Sites This is a no-brainer. Multiple genuine customers have probably left a review of the product you’re planning to buy. Best part about reviews is nuances within feature functionality.
- 31. 4. Wildcard Be on the lookout for startups disrupting existing marketing categories. Best place to find them are PH, Show HN, YC, Techstars forums. Win-win.
- 32. While shortlisting tools, remember... ➔ Fulfils micro/macro job Now and for next 3 years. ➔ Is in your budget Or better yet, free ➔ Is easy to use You’d be surprised how many don’t meet this criteria
- 34. think of your stack as a living, breathing system...
- 35. Is Your mStack Working For You? Micro Jobs Key metric Expected outcome Actual outcome Next step 1 “form-fill drop offs” Reduce drop- offs Worse than expected Review 2 “email open rate” Increase open- rate As expected No action 3 “landing page speed” Increase speed Better than expected Review ... ... ... ... ...
- 37. Over-invest THAN under-invest Improved productivity pays dividends long term and can often become a competitive advantage
Hinweis der Redaktion
- growth marketing consultant by profession. (growth marketing a misnomer because as a marketer if you aren’t doing growth, then you’re simply not doing your job) what this session is not about Not about concrete answers to find the best crm/marketing automation/cms “my budget is X, where do I spend money for maximum effectiveness” “is X better than Y” Session goal: teach you how to arrive at your ideal marketing stack by reasoning up from first principles people rush into building their marketing stacks due to business or growth pressures which results in problems like spending too much and achieving too little, or facing low user engagement or ending up with several tools they have no idea how to make them work with each other like a symphony. So without further ado, let’s begin by looking at what we’re dealing with here.
- Unless living under the proverbial rock, the evolution of technology in marketing has not been missed by anyone. With about ~150 tools at the beginning of 2011 to 7000+ tools today. At 600%+ CAGR, we’re giving a tough competition to Moore’s law
- Live quiz: https://forms.gle/1nStQNg2zq2prbZo9
- In the current marketing technology landscape, an avg SaaS company uses 10-20 tools in marketing team alone. Can’t see this image clearly? Let me ZOOM in a little?! (get it? Zoom? Ok nevermind)
- 1000s of companies all trying to get your attention. Talk about the paradox of choice. what to pick and why? is it the right choice? overpaying for your choices? Will team use on a daily basis? Let’s explore this conundrum further...
- ...but before that, a quick slide on why me? Why am I suited to offer you this advice? In my decade of marketing experience, running several multi-million dollars marketing campaigns, I was exposed to different marketing scenarios, not just within SaaS but also from other industries as diverse as F&B and Automotive. Since the last few years I’ve been consulting companies, primarily, B2B on their paid and organic growth marketing channels alongwith consulting them on their marketing stack. I was also deeply involved in building the entire sales-and-marketing stack for a $20M company working closely with a RevOps agency which had clients the likes of Zendesk.
- Before we get into the details of how, let us understand the core need of a marketing stack and the core job it fulfills.
- Consider your marketing stack as a car which drives you from point A (i.e. your current revenue run rate) to point B (i.e. your target revenue run rate). The passengers and driver = marketing team, fuel = budget road = strategy. Then based on your specific conditions, you need to pick your vehicle accordingly. the engine, the body frame, the tyres the chassis, should be optimized to get you from point A to point B. Don’t sell your house to get a Ferrari when all you need is a Honda City. Now how does one think about one’s marketing stack? What is important? It’s simple...
- ...just ask your SaaSy friends… they will recommend you killer apps, apps that can probably kill you with their invoice
- ...OR Google it! I wish it were that easy.
- four factors in mind while starting First is, their company budget (putting this first as this can quickly go out of hand). company goals for next 3 years (not 1 year and not 5 years),and being realistic about them business model (I know most of us here follow traditional SaaS but it is important to keep in mind nuances within our business models, do we get significant business from agencies, or does our solution need to work with a hardware, do we deal with multilingual clients, are we heavy on inbound/outbound/field sales). And last but increasingly important, look at your socio-political environment. need to adhere to certain guidelines like GDPR, HIPAA etc.?
- Quiz timeeee: https://forms.gle/2sYSWDdTFbr9yFgR6
- In this way, building your marketing stack is a form of meta-product management. When you’re building a product, you do user research, you do needs analysis, you research what features takes priority over others, you decide what resources to spend where, your build MVP to test hypothesis. And you do that iteratively to get the best results. Building a marketing stack works exactly the same way, except that you’re not building any of the features yourself but instead picking up pieces of the puzzle off the shelf and then combining them into one large system that you call your marketing stack. Product managing products, hence meta-product management.
- While selecting tools for our marketing stack scalable (both scalable up and scalable down, keeping in mind industry changes and black swan events like COVID), be interoperable (i.e. works well with all the other tools of your stack and is modular in nature and API/integrations based support, so you can easily replace just one of the tools if you outgrow it without having to throw away your entire marketing stack) advanced reporting (ability to get advanced data points exportable in various formats and supports advanced analysis) data security and transparency laws and regulations (a few years back, this would not have been a top priority but as more and more governments are waking up to the issues of data privacy and misuse, this is one point we can’t ignore as a growing company). AI, automation and personalization
- first principles approach applied to business Not implemented for building a marketing stack but equally affective boils down large complex problems into smaller, more manageable problems.
- Meet Clayton Christenson, now deceased professor at Harvard university and one of the co-authors behind the JTBD theory. basic tenet of the JTBD theory: we don’t buy products to fulfill a need but instead we hire them to do specific jobs. And jobs, by definition, are relatively stable over time. Originate from our basic needs and hence we can and may hire different types of products from time to time to do a job but essentially the core job remains the same. This came at a time when marketing and user research studies were strife with the persona-based approach. JTBD came along and said that you guys maybe looking at it the wrong way all along. Better way to compartmentalize the data would be to look at what jobs these people need to hire the product for so we can better plan our messaging and products around the same. Let’s learn this through the lens of an example.
- Consider a simple example of a job most of us are familiar with “listening to music”. We have all done it and we all do it.
- Journey from vinyl records to streaming Within streaming, we have such jobs like “helping me relax after a long day at work”, “helping me to focus and study well”, “helping me entertain in a house party”, “something to listen to while driving”. Now you’d see several streaming services focussed on these specific use cases. Brain.fm caters to help you focus. Calm helps you relax etc. “What CRM should I get?” = wrong question. I don’t know how many leads, which market, other tools, sales process works. “What jobs do I need to get done from my CRM?” OR “Hey do you know which CRM tool has a great workflow to handle 1000 leads a month and has a great integration with Wordpress and Zapier?”
- In essence, don’t seek the right answers, seek the right questions.
- For applying key jobs within marketing, the principles remain the same. Job (stable with time, action + metric + object of control) Job executor who executes the job (software OR human OR service OR any combination of them) Outcome (clear, tangible or intangible)
- Here’s a quick rundown of macro jobs Awareness stage= to attract relevant traffic consideration stage=free trial or demo acquisition= get most of these people to become a customer. Once they become a customer, at the retention stage our goal is to keep most of them, hopefully happy and willingly followed by the evangelization stage where our key job is to enable most of our happy customers into becoming our brand ambassadors. certain macro jobs which are common across all stages ops & analytics where our key job is to ensure all business operations run smoothly, content & design, where our key job is to ensure good and convincing content delivered flawlessly engineering where the key job is to ensure smooth functioning of our old and new technical assets.
- A comprehensive look at different marketing macro and micro jobs as well as their required product mapping. Source: https://docs.google.com/spreadsheets/d/1wFTy5vC02EySFhbFaUfd5MHqexcQDgrzEqptfY1TQoQ/edit#gid=1451282685
- The outcome of the last exercise should be to be able to build a table like this where one can mention all the macro andmicro jobs alongwith each macro jobs contribution to the end company goal. Let’s go through this spreadsheet in more detail. Source: https://docs.google.com/spreadsheets/d/1wFTy5vC02EySFhbFaUfd5MHqexcQDgrzEqptfY1TQoQ/edit#gid=1817326462
- Source: https://docs.google.com/spreadsheets/d/1wFTy5vC02EySFhbFaUfd5MHqexcQDgrzEqptfY1TQoQ/edit#gid=1817326462
- Finding top candidates for P1/P2/P3 is always going to be a challenge in the sea of tools. Following are some ways you should do your research.
- Nothing path breaking, your friends should be your first source of information. finding contacts who have context of your company stage, same industry/size community forums like SaaSBoomi are great starting points
- Snooping around competitors of your size/bigger than you is probably the next best thing you can do. They’ve probably been through your stage and know what works especially if they’ve outgrown you.
- Review sites like G2 and Trustradius are used by SaaS employees and customers alike. nuanced feedback about not just the products but also associated customer service and sales process
- Wildcard tools can often be your competitive advantage since you're just starting to build your stack. Best sources: product hunt, hackernews, YC/techstars startups, Chrome webstore for new products/plugins/extensions popping up everyday. win-win situation as it is good for the ecosystem tools are often cheap/free and are looking for validation.
- Fulfils your job you hired it for: Having a well defined job and its outcome will work like a charm here. Most time, we don’t know what criteria we’re evaluating our tools against. Building that upfront before researching will help. Tools in +-20% of your recommended budget as defined in the google spreadsheet we just saw Tool is easy to use. Importance of defining the job executor comes into play. Your job executor should be the one taking shortlisting, taking demos and ultimately evaluating the tool. Instead of centralizing this process, decentralize it. Sidenote: all-in-one tool vs multiple siloed tools. always go for the market leader, which more often tends to be a “siloed” tool. (for cases where company goal contribution is high) You spend money on integration once get the best in the business
- Hopefully you could gain something from the approach we just discussed. I want to now share some closing thoughts on this process.
- living, breathing system whole is bigger than the sum of its parts affects all areas of your business, and is affected by changing socio-political-economic conditions and changing consumer behaviour. And just like any dynamic system, it needs review, nurturing and adjustment time to time to make it work. A good stack will take you 6 months to build.
- Is your marketing stack is actually effective and working for you? initial job-product mapping-executor sheet we build will come in handy. Compare expected outcomes vs actual outcomes every 2 weeks, 1 month and 3 month timeframes. The numbers can be different: product issues, people issues or process issues Rinse and repeat
- Always think effective over efficient. On that note, effectiveness of a (human + tool) combo should be far higher than the effectiveness of just the human alone, else why bother with the hassle of getting a toolin the first place. Hence it is important to know your baseline metrics. Unpopular opinion but your marketing automation and CRM tools is where you should spend the LEAST amount of money on. Success will depend on your ability to attract and convert quality traffic. spend on tools which help you write and publish great content build brand awareness personalize your visitor experience Marketing leaders start by setting aside significant chunk of their budget for getting a top of the line MA/CRM These tools don help you attract quality audience, they streamline your marketing operations which is super importan but if your traffic isn’t good quality, that marketing automation tool will just sit there burning a hole in your pocket. So invest wisely and for effectiveness.
- If you’re afraid you might over-invest, you’re not alone. Most CMOs reserve their biggest dollars for purchasing marketing tech as it often translates into direct growth/ROI for their business. err on the side of over investing than under investing google sheet we built in the beginning. The contribution to the company goal numbers should be spot on in your assessment. If you assign 50% of your company goal contribution to something that doesn’t affect your bottomline, it is a disaster in the making.
- It is an iterative process of continuous optimization, just like life. You build something, you use it or test it, you review if things are going as per plan, if not, discard your last approach or adjust it. And the cycle repeats till you achieve nirvana.
- Recommended reading: https://chiefmartec.com/2018/04/54-marketing-stacks-stackies-2018-marketing-tech-stack-awards/ https://www.piesync.com/blog/10-of-the-best-sales-and-marketing-tech-stacks/