As the leading provider of forecasting and advisory services, The Economist Intelligence Unit (EIU), a subsidiary of the Economist Group, wasn't short of sales leads, but rather lacked marketing automation and sales insight. A large number of leads were regularly generated from various channels, including events, the Web, and webinars. These were then manually forwarded onto the EIU sales teams in the UK and globally via email or spreadsheets for follow-up. However, the sales teams were often frustrated by having to devote hours sifting through low quality leads to find lucrative sales opportunities. Sorting between a student for example, who had downloaded an EIU white paper as part of their third-year dissertation, versus a blue-chip organisation looking for advisory services was not best use of the sales team's time.
The EIU chose Marketo over a competing solution, based on the simplicity and ease of use of the Marketo platform. The solution is also similar to the look and feel of the EIU's existing Salesforce CRM system—which means the sales teams could swap between systems seamlessly. Now live for two years, the EIU marketing team relies on Marketo to deliver leads to a large global sales team in a quick and efficient manner. The best-in-class solution delivers a one-stop shop to lead nurturing, scoring, and sales insight. When prospects arrive—whether it is through an event, a download, lead form, or other channel—they are scored according to the campaign type. When a threshold score is reached, they are passed over automatically to sales for follow-up, together with the full history of the engagement with the EIU.
Marketo has led to a step-change in the EIU's marketing effectiveness. Leads are now nurtured using a best practice process. The entire organisation now has a single, complete view of each lead, and its progress through the sales process. This allows the EIU to more effectively manage its sales pipeline, close more business, and close business more quickly. The gap between sales and marketing has also been bridged. Sales welcomes the fact that leads arrive pre-qualified and scored with a far greater rate of closure success. Over time, the EIU will also integrate social marketing feeds into Marketo from LinkedIn, Twitter, and other sources, driving even broader and deeper prospect insight. The EIU estimates that the marketing automation enabled by Marketo is the equivalent of having two extra full-time staff working on marketing campaigns.