Shafqat Islam shared how his team at Optimizely is getting scrappy and spending less when it comes to their marketing strategies.
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[MUSIC]
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Welcome to Pipeline Visionaries.
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I'm Ian Faison, CEO of Caspian Studios.
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This show is always brought to you by Qualified.
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Go to Qualified.com.
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We love them dearly.
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For every single marker out there,
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check out Qualified if you haven't yet.
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And today we are joined by a special guest, Shofka.
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How are you?
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I'm doing great.
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Great to see you again.
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Yeah, great to see you again as well.
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I am super excited for this episode.
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We chatted years ago about marketing and
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oh, hasn't the marketing world changed.
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And we've never talked about it on Pipeline Visionaries.
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So I said it's chat about optimizes
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about your background,
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little nontraditional background to be a CMO.
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And of course, we're going to talk content and demand.
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So what was your first job in marketing?
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Believe it or not, this is my first job in marketing, CMO.
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I'm not even joking.
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My background is I was a co-founder and CEO of a software company.
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Granted, I spent most of my time building products for marketers.
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I was pretty deep into marketing,
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but I never had a marketing job per se.
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I was the CEO of the company.
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And then post acquisition, once optimized the acquiretas,
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I was still running our old business,
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which was called Welcome.
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Previous to that, it was called Newscred.
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And been the CMO for six, six months now.
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And what the heck does it mean to be CMO of Optimizely?
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It's a great question.
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I think Optimizely has a pretty legendary brand.
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We were talking about this earlier.
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Most marketers over the last 10 plus years
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have interacted or used Optimizely in some way.
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It was one of the first to ever invent the category
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of A/B testing and A/B testing platforms.
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We have some amazing products.
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I think it's a real privilege to be a CMO
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of this type of legendary company.
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It's a large company, much larger than I'm used to,
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coming from the startup role
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and being an entrepreneur and founder.
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We're 1,600 people, it's global.
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And we have an amazing product portfolio,
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mainly geared towards marketers.
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But also digital teams and product products as well.
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- Let's get to our first segment,
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the Trust Tree, where we go and feel honest and trusted
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and you can share those deepest, darkest marketing
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and demand and secrets.
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So yeah, tell us a little bit about more
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of what Optimizely does and who do you sell to?
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- Yeah, absolutely.
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Before I tell you what we do,
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I'll tell you kind of our three core beliefs.
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So if you'll indulge me, number one is I think
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a company's digital presence is potentially
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the most important product the company has.
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Number two is content is at the core of every customer
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experience, you and I both have content background.
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So we pretty aligned here.
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And the third is this belief that there's creativity
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and science required to really optimize
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and create these amazing experiences.
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And so with those three core beliefs, what Optimizely does
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is we have a number of different products
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where we help digital teams, both marketing and product teams
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create and optimize customer experiences across web.
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So we help you create better content experiences.
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We have CMS product, a CMP product, a BAM product.
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We help you experiment and A/B test on any channel.
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I think that's what Optimizely is fairly well known for,
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especially in the US and in the Bay Area.
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I think a lot of people didn't even know we have a CMS
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but we have a very large CMS business.
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But experimentation, A/B testing is probably
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what we're most well known for.
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And thirdly, we help you monetize any of those
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customer interactions.
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We have a great commerce product as well.
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So it's a pretty broad portfolio of really amazing products.
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- Yeah, what are the types of companies
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that are your customers size and scope?
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- Yeah, it's a pretty wide spectrum.
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I'd say we skew more enterprise.
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So enterprise to large enterprise.
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Again, it depends on the product.
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We're global.
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So across the entire world, we service most industries.
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You know, and we work with some of the most amazing companies
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in the world, whether it's Nike to run experimentation
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for them, GE Healthcare uses our CMP
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or counter marketing platform in our DAM.
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We have amazing customers on our CMS,
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like travelers or Dolby, Zoom.
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So really some of the best and biggest
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and most ambitious brands in the world use us.
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But we also, you know, what I like about Optimize
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is we have an interesting mid-market business too
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of really high growth companies and smaller companies
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that just have bigger ambitions and are more mature.
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So it's a pretty wide swath.
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In terms of the persona,
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mostly marketers and digital marketers.
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But because we have an experimentation product
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that can be used inside of your app
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or inside of a product, we do have product marketers
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as a persona too.
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In fact, we just went through a whole ICP exercise recently.
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So very timely question.
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- Yeah, indeed.
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And what's the breakdown for like B2B versus B2C?
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- It's actually fairly split down the middle.
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We have B2C companies like
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will luxury fashion companies and we have industrial giants
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and manufacturing companies.
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So from the super sexy to the very boring
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but very important businesses,
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I think we have a few thousand customers.
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So really it's touching almost every industry
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that you can think of.
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- Yeah.
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And anyone else in that buying committee
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or that's important to you, obviously,
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layering up to the CMO, I'm sure important.
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- Yeah, CMO is important for sure.
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We do have a lot of technical buyers
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'cause again, our experimentation product
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while it can be used on the web
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and like simply be testing for landing pages,
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that's more of the marketing persona.
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But imagine you're a company like Venmo,
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real customer of ours.
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They're not really testing much on their website.
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Their core product is their app
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and right to do testing inside of your app,
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to do feature flagging, to run experiments.
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You need to be aware that the buying committee,
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in this case would include product managers,
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potentially engineers.
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And then because we do so,
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a pretty broad portfolio of products,
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having buy in from the CIO is pretty important,
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especially in this economy as customers
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are starting to rationalize their tech stack
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and look at their costs.
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Now a CIO is gonna go through and say,
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"All right, why are we working with so many vendors?"
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And one of the benefits that we have is,
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through one vendor relationship with the optimizer,
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you can buy your CMS, your experimentation,
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your commerce products,
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and your digital asset management, that's an example.
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- What's your marketing strategy?
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- It's a big question.
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I'll say we tore apart the existing strategy
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this year when I took over.
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And we did something that,
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whether some people call it zero based budgeting,
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which is started with the completely blank slate.
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We also used kind of first principles approach.
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So really blank slate, both from a budget,
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but also one of the things that we do.
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And we then reformulated it from the ground up,
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starting with like every dollar
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and every initiative, every activity.
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And one of the things that we,
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I think did pretty well is we started
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with our top most business goals.
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So when I asked my CEO and our board,
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like what are our business priorities?
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So we started with kind of six marketing big bets
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that are aligned to our business priorities.
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You know, as an, I'll give you some examples.
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One was get our swagger back in web experimentation.
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We used to be the absolute dominant player in that business,
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growing super fast.
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Now there's a lot of competition.
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I think we need to like regain some of that dominance.
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And so that's a priority for the business.
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So we have a big bet around that.
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Another big bet is more crystallized,
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like our messaging around our content products
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because we have two or three content companies
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that we acquired as CMP and a CMS.
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And it was kind of unclear to the market.
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How does this all fit together?
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And so our marketing priorities were tied
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to those business priorities.
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But it's at that point, it's still a little nebulous,
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like a marketer on the ground or an SDR,
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how do they attach to that?
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So then we created these integrated campaigns
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that led her up to each one of those priorities.
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So those integrated campaigns, you know,
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when we're saying crystallize our message
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for content products is,
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hey, we have a really important plan
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and product strategy around headless and headless CMS, right?
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And we want to be known as a pioneer
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and kind of a leader in the headless space.
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And so we have a whole integrated campaign around headless.
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And then we have all these activities, events,
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out of home, webinars, emails around headless.
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So the activities led her up to the integrated campaign
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with led her as up to the bet.
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And so that kind of structured planning process,
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it sounds maybe a little bit over engineered,
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but we did that for literally every single bet
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in every integrated campaign.
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So then all of a sudden,
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every single thing we do in our marketing
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felt more intentional.
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And people had purpose,
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like it aligned up to that, those big bets.
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So that's kind of more on the strategic side.
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And remember, we cut our budget back down to zero
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and built it up again.
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We stopped the approach of,
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"Hey, what did we do last year?
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"And should we do this again this year or do more of it?"
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Which is, I think, how most marketing teams were.
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We just, "Oh, we did events last year,
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"so let's do more events or we did webinars,
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"let's do more events and more webinars."
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I just said, "Let's," I don't know if most of our marketing
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is working, if we shut down,
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I literally said this in our first all hands,
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which I don't know if maybe made me popular or unpopular,
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but I said, "Hey, I have a hunch.
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"If we stop and shut down all of our marketing activities,
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"I don't think it would change
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"or pipeline that dramatically or at all."
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And that's like, in some people may interpret
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that as insulting, like, what do you mean?
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You're 100 and something people, like, of course it would.
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But others thought of it as very freeing.
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I said, "You know, all the stuff that we just do
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"because we feel like we should do it
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"and we feel like marketing teams should do it.
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"We're now, the shackles are gone.
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"We can start afresh and we can come up with all sorts
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"of new ideas, some crazy, some wacky,
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"some maybe repeats."
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So that's kind of what we've been up to in the last six months.
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- Yeah, that's incredible.
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It's not to say that everything that you've done
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hasn't worked and it's not to say that marketing is useless.
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It's to say that if you could hit the tear button
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and rebuild it, then what would you build?
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And that's like super exciting and freeing.
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And I think a lot of CMOs, when they come into a role,
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like they don't really have that ability to do that.
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Or there's not the sort of intestinal fortitude
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of the organization to be able to do that.
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So it's absolutely fascinating.
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- I have a very supportive CEO
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and I think I'm just like this crazy founder guy
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so I'm willing to do it.
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I think the other thing is I'm not here to be a career CMO.
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I did this job and I'm doing this job
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because I was asked to and the company needed someone
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in this role and I wanted to do anything to help.
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And so I'm able to take a little bit more risk
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and to your point, I'm absolutely not saying
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the stuff before didn't work.
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I'm just saying there's probably a lot of things
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that didn't work and some things that did
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in all things in life that's probably true.
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So let's just take the learnings
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and focus on the things that did work.
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And then for the things that didn't work,
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let's run more experiments
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and there's gonna be more failures and that's okay,
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but let's run with it and learn.
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- Yeah, so as part of that, I'd imagine that there's,
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there has to be a re-org or re-imagining of the org
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if there's gonna be a re-imagining of all the priorities.
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So how did you think about team?
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- We made some major changes and what we did
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when I came in and this was absolutely not the plan.
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Some of it happened organically,
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some of it was intentional, some of it was like,
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we just looked at performance
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and also just looked at what's the type and culture
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of marketing that we wanna do here.
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We wanted to get a lot scrappier,
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a lot more entrepreneurial, a lot cheaper,
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like spend a lot less money, even though we have big budgets.
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And it just requires a different type of person, right?
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And so as I mentioned, some people opted out,
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some were encouraged to find a better fit somewhere else
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and the entire leadership team in our marketing
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or turned over very quickly.
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And I had the opportunity and I think this is probably
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the most exciting part about this job
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is to promote the layer of management
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that was like one layer under the existing MLT,
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MLT is marketing leadership team.
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So they all left and all the people who were doing
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the job one level below got promoted
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into the new marketing leadership team
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and they've absolutely crushed it.
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Like I'm so proud of them because they were just waiting
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in the wings to take on more responsibility,
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get shit done, prove that we can run
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a very different type of scrappy marketing organization
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and sometimes you just need like a little bit of luck
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and an opportunity and they've really stepped up.
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And as I mentioned, it's not necessarily right or wrong,
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it's just the only way I know how to build something is
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like it's a very scrappy, agile, like test stuff,
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break stuff.
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I would describe them as like Mavericks.
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And I had all of these folks on our team
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who were Mavericks who just needed the opportunity.
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So that's my new leadership team and I love working with them.
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- Yeah, I think it's also super fascinating.
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I think it's also, I think it's really different
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marketing to marketers as we both have done in our careers.
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And as what a marketer is looking for in solutions
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is just very different from what a CFO is looking for, right?
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So it's like the way that you go to market to marketers
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is just very different.
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And if you want to have a sort of,
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and I'm not saying that this was the case,
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but if you want to have a more legacy mindset,
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then you need to be selling to type to people
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who would receive that.
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So it's interesting that you say all that
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because I mean, I always think that being at the cutting edge
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is why we make this show literally is to be at the cutting edge
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and to talk to the people who are doing stuff right now,
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to know what they're doing right now,
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to see the playbook right now.
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So I always want to know that,
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to plays that are working today.
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- And honestly, like the people who were here
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before, they're amazing and potentially
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they're going to be very successful marketers,
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but maybe in a different size company
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with a different style marketing playbook,
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marketing to different people.
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One thing when you're marketing to marketers is
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we get so much kind of marketing messaging
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thrown our way, emails, SDRs, cold calls, ads.
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Like we tune out most of it, right?
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So in one hand, it's so fun.
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We get to market to marketers.
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On the other hand, it's pretty brutal
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because there's thousands of companies
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marketing to marketers.
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I get hundreds of emails a day that I never open.
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Give me an example.
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We decided in order to market to marketers,
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we better not have any sort of jargon
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in our marketing messaging.
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And we're still doing work to clean it up,
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but I always tell my team, let's write like how we speak.
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When we speak to each other,
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we speak like normal human beings,
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but somehow when we write copy for a website,
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it sounds like a robot wrote it.
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And no human would ever say those words.
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So let's stop doing that.
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That's just one example of like,
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I think what marketing needs to be going forward,
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at least for us.
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And a lot of it is the culture that we have as people.
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I think that should be reflected in the marketing that we do.
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- So how do you organize the org chart?
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- So we have similar structure to a lot of marketing teams
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in that I have someone who runs digital.
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I have someone who runs my field marketing team.
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And we have a field marketing team
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because I have a global team.
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We operate in so many different markets.
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We have field marketers and all over.
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We have our head of SDR.
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So the SDR org reports into me.
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I think that's not always the case,
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but I like it because it creates really tight alignment.
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So marketing campaign doesn't end,
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or marketing event doesn't end when the event ends.
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We are totally aligned to make sure the follow up
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is crisp, it's within 24 hours
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and the SDRs have the right messaging.
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So I think it creates good alignment,
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having it within SDR, the org within marketing.
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We have, let's see our corporate kind of event marketing team
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as well, who am I missing?
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Product marketing is a key key function within my team.
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And I have customer marketing within product marketing.
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And I think that's really important
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because customer marketing is not just like
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organizing customer events,
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but it's really driving adoption,
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cross-sell and upsell from our existing base.
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And in this kind of 2023,
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we're driving a lot of demand and pipeline
18:49
from our existing base.
18:50
So that customer marketing team
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tightly aligned with the product marketing team
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to drive that cross-sell and upsell
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is a key component of my team.
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And actually, to me, customer marketing and product marketing,
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they're as responsible for generating demand.
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You'll notice I don't have a separate person
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whose title is like, "Demand Gen"
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which I think is obviously very common
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because I said everyone's demand gen.
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Like every single person on my team is demand gen.
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If you're organizing Opticon, which is our flagship
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kind of brand conference,
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if you're creating content,
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if you're on the product marketing team,
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if you're digital, like everyone better be thinking
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about how you're generating demand for this business.
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- Yeah, I mean, I think it's all about pipeline, right?
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It's like, it could be super early stage.
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It could be, I'm not ready to buy for two years,
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but when I'm ready two years from now,
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like I'm gonna be talking to someone
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or the person who says scorching hot lead,
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like I want this right now, send me a proposal.
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Like at the end of the day,
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it's all about pipeline and B2B.
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- I totally agree.
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The other thing we did kind of specifically
19:57
that's different is I've reoriented marketing schools
20:01
around the entire company's pipeline,
20:03
not just like marketing source pipeline.
20:06
I think kind of the traditional playbook
20:08
was like marketing sources, whatever,
20:10
40% of overall pipeline.
20:11
And that's what we're KPI towards.
20:14
I think it's interesting to measure marketing source pipeline.
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I don't really care, frankly.
20:19
All I care about is are we generating enough pipeline
20:22
as a business across marketing, SDRs, AECSM's partners?
20:26
Those are the five people who contribute to pipeline.
20:29
And so the overall pipeline is the thing
20:31
that we should all care about.
20:32
And for my marketing team, that was a big shift too.
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Like prior, they were very kind of
20:38
myopically focused on marketing source pipeline only.
20:43
And now I've said, it's all company sport
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and we're all responsible for that same kind of bigger
20:51
pipeline number.
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- Yeah, I mean, again, these are things
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that are like so obvious now
20:56
that like we've all been through the past few years,
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but it's like, hey, if you bring in a deal that churns
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versus a deal that, you know,
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decides to buy more stuff from us,
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those two things are not created equal, right?
21:13
Like, you know, that customer journey
21:16
is actually super important.
21:18
ACV is super important.
21:20
The type of accounts that you go after
21:22
that can produce the best ACV and produce the longest
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and like the longest LTV, like those are all super valuable.
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So like, we shouldn't just view like in MQL.
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Of course it's a super flawed statistic
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'cause does that MQL have all of those traits
21:38
and how many different pieces of content to the data?
21:41
I mean, it's so, so much more dynamic than it was.
21:45
- You're absolutely right.
21:47
- Which is why like the MQL is almost to me,
21:50
it's irrelevant.
21:52
There's people who care about it in their roles,
21:54
specifically because they are trying to drive
21:58
kind of at the way top of the funnel.
22:00
But I care about this stuff becoming an opportunity,
22:04
but to your point, if you really think about lifetime value,
22:06
then you have to think about what type of opportunity,
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what product is it, what industry is it, what persona,
22:13
what size of company and all those things will drive
22:16
some sort of predicted retention rate.
22:20
- And you're right, but I think now we're stretching
22:23
marketing past where it's traditionally been.
22:25
- I would say that for the listeners of this podcast
22:27
who's listened to 100 CMOs
22:29
and marketing leaders talk about this stuff that,
22:33
I would say like the majority own SDRs now,
22:36
I would say the majority of them are tied to a pipeline number,
22:40
I'd say the majority of them are in B2B
22:43
are doing some type of account based experience.
22:46
I'd say the majority of them are owning a piece of customer
22:50
marketing or upsell or journey,
22:52
like it's all moving that way.
22:55
And yeah, and I would also add that there's one other piece
23:00
that we've talked about a bunch on the show
23:02
of like the chief marketing officer being the chief market
23:07
officer that like this is the person who actually understands
23:10
the market better than anyone else in the company.
23:13
And like that part is really exciting to me.
23:17
- As a marketer where it's like who else would own it, right?
23:20
- Yeah, I think I have a distinct privilege as well
23:24
because we sell a lot to marketers and I'm a CMO,
23:28
being the chief market officer means I get to work closely
23:31
with product as well.
23:33
I spend a huge amount of time with product.
23:36
We actually use all of our products.
23:38
I'm the alpha or beta customer for every single product
23:41
we put out, we give a lot of feedback to try and help shape
23:45
the right product roadmap.
23:47
And I think that's another area that CMOs can contribute
23:51
to the business overall.
23:53
- All right, let's get to our next segment,
23:54
the playbook where you open up that playbook
23:56
and talk about how you're spending that money,
23:58
the tactics that help you win.
24:00
What are your three channels or tactics
24:02
that are your uncuttable budget items?
24:04
I know it's all brand new for you right now,
24:06
but what's uncuttable to you?
24:08
- To me, anything that's measurable is uncuttable.
24:13
Anything that's not measurable is cuttable.
24:15
So it's pretty straightforward.
24:17
Obviously things like paid for us is very measurable
24:20
and very attributable.
24:21
To me, we've been aggressive.
24:26
In terms of paid, I'll give you an example,
24:29
Google Optimize, which is an A/B testing product
24:32
that's free from Google.
24:33
Has always been a competitor.
24:35
They're the largest in market share,
24:36
we can free, we were second, they're shutting down.
24:39
They have a sunset date, I think it's in the fall.
24:43
I know I have a tight time horizon
24:47
and we are just stepping to the pedal to the floor
24:51
super aggressively because we can just measure
24:54
every single detail of how we're spending money.
24:56
So like, I think that's an obvious one.
24:58
For me, events has always been not cuttable,
25:05
or uncuttable if you already used,
25:09
because to me, events are very measurable.
25:14
I can track every single person that walk through the door
25:18
and whether they were sourced at the event
25:21
or influenced or accelerated by the event,
25:24
I can track all of that directly back to pipeline
25:27
and can show the ROI of every dollar is spent on events.
25:30
And to me, some companies are like cutting back on events.
25:34
We're actually going bigger in events,
25:35
so we're gonna have a bigger Opticon.
25:39
We're doing road shows, it's been really good for us.
25:42
I'm gonna throw in not necessarily my third most uncuttable one,
25:48
but I wanna throw in a Northadox one that we are doing.
25:53
So I don't know if it's gonna make a long-term or not,
25:56
but out of home, which most people are shocked
26:01
as like me from my personality and like my DNA of CMO
26:05
that I'm doing out of home.
26:08
But I'll tell you why.
26:10
Yes, I'm obsessed about numbers and tracking
26:13
like every single cost per MQL and cost per op
26:16
for every channel and I obsess over that kind of stuff.
26:19
And out of home is inherently hard to measure.
26:24
They'll tell you you can measure it this way in that way,
26:26
but really it's hard.
26:28
But two reasons that I'm investing aggressively
26:33
or at least pseudo-aggressively,
26:36
and I'll tell you what that means in a second.
26:39
Number one is when everyone pulls back
26:41
and everyone says, "Oh, we're not doing X anymore,"
26:44
then I'm interested.
26:45
My brain just switches on and I'm like,
26:47
"Oh, now I'm gonna dig into it."
26:50
Because a few years ago, you go down the 101 in San Fran
26:53
or any subway, it's plastered with every SaaS company's ads.
26:58
Now, economy since 2022, the economy's tough, layoffs,
27:05
people are not spending, marketing budgets are getting/
27:07
everyone's pulling back and one of the first things
27:09
you pull back on is that type of out of home spend.
27:13
And so we've just figured out really creative
27:15
and scrappy ways to buy direct, buy programmatically,
27:19
get inventory that you would never imagine
27:22
we would be able to get at the type of surprises.
27:25
We're able to do, we're doing it all in-house,
27:27
we're not going through tons of agency.
27:28
So we kind of figured out this really scrappy way
27:30
to do out of home.
27:31
And when everyone's pulling back,
27:34
we think there's an opportunity to lean in.
27:37
And the second thing is,
27:38
I've pulled the lever very hard
27:42
in terms of moving dollars from brand to demand
27:45
because we had to get scrappy this year,
27:48
just because of scrutiny of every dollar
27:50
that we spend in this business.
27:52
And I am obsessed about kind of sales and marketing efficiency
27:55
as a ratio to bookings.
27:57
And at some point I just realized
28:02
that when you pull the lever that hard,
28:04
you have to be really careful
28:05
because things look good in the very short term,
28:07
but your brand is the most precious asset
28:10
that we have long term.
28:11
- I'm curious, how do you do attribution?
28:15
- I think the first thing I told my team is don't obsess
28:18
over like getting the perfect multi-touch attribution model
28:22
because otherwise we'll just spend six months, 12 months
28:24
in like meetings and building stuff.
28:26
And then we're gonna say it didn't work
28:28
and scratch it and start again.
28:29
So we have-
28:31
- Sounds right.
28:32
- Yeah, and we have obviously,
28:34
and when we look at our BI tools, we use Power BI,
28:38
and we have all of our kind of Marketo and Salesforce data
28:41
and data from other tools all kind of aggregated
28:44
in our dashboards in Power BI.
28:46
And we have very basic first and last touch attribution
28:50
models there and an influence model.
28:53
And all I care about is like,
28:59
are we intentional about what we're doing?
29:01
So if we are going to an event
29:03
or if we're organizing an event,
29:04
are we intentional about,
29:06
hey, this event is really for prospects
29:09
that are already in the funnel,
29:11
they're already opportunities created.
29:13
So really this is an acceleration play versus,
29:16
hey, this is an event in a territory
29:20
where we have no customers, we don't really know anyone
29:23
and we're inviting net you through SDR outreach
29:26
and it's a totally different type of event
29:28
where we would expect first touch attribution
29:30
to be impacted versus the previous one,
29:32
it's really an influence model.
29:33
And so just knowing that and being intentional,
29:38
I think is the key.
29:40
I also realized like,
29:42
optimizes as massive brand power,
29:44
we get so much organic and inbound traffic,
29:48
but it's very easy for us to say,
29:51
oh, everything is inbound and everything is contact us,
29:55
because that's like the number one channel
29:58
by which someone enters our pipeline,
30:02
especially if you look at opportunity,
30:05
where did we source most of our opportunity?
30:06
Someone fills out the contact us form
30:08
and we have massive amounts of this
30:10
where very lucky as a company.
30:12
But I know like someone,
30:13
most people didn't just wake up when they go to Optimize.com,
30:17
go to a contact us page and then fill out a form.
30:19
Like they obviously saw that out of home ad
30:23
or went and sat through a webinar down a red,
30:27
18 pieces of content and then eventually decided
30:31
they have a pain.
30:32
And so just rather than trying a tribute, like,
30:36
okay, they observed or they read 10 pieces of content
30:40
on the journey towards becoming a lead
30:43
and then try and like give $100 to each piece of content.
30:47
I don't try and do that.
30:49
What I do is I hold my content team accountable
30:52
and say, hey, is the content that you're reading,
30:54
you're creating, is it being read on the path
30:56
to someone becoming an opportunity?
30:59
If your pool is big enough,
31:01
I think ultimately this is one of those things
31:04
that over the longer term, I'll be able to measure
31:07
kind of how it impacts all my other demand channels.
31:11
But there is one thing that we are going to do.
31:13
We're going to re-amplify that out of home,
31:16
massively on digital and social.
31:20
- Yep.
31:20
- Make it seem and feel like we're a much bigger company, right?
31:24
And spending millions and millions of dollars
31:27
and not necessarily kind of the budget that we are spending.
31:30
And I think we'll get a lot more mileage out of that
31:34
out of home on digital channels.
31:36
- One thing before we get to our last segment here
31:39
is funny that you started with saying like, you know,
31:42
obviously we're going to be scrappy
31:44
and we're going to try to, you know, do more,
31:47
you didn't say do more with us, so I shouldn't say it.
31:49
But we're going to be scrappy.
31:50
And then the first thing you listed was paid,
31:52
which is like the least scrappy thing you can do
31:55
is spend a bunch of money on paid.
31:57
And obviously that's a brilliant example
32:00
of like this, like golden opportunity
32:03
that you have coming up of like,
32:04
this is the most perfect opportunity for paying.
32:07
- Yeah, no one else is doing it.
32:08
- Yeah.
32:09
- And same with out of home, no one else is doing it.
32:12
I think it kind of goes without saying to be frank,
32:14
like we have this massive inbound engine
32:17
that on a weighted basis brings down our cost per MQO
32:21
and cost per opportunity, right?
32:22
We get so much inbound traffic, content SEO.
32:27
Like we get content SEO works really hard for us.
32:30
I'm hoping by now your listeners
32:32
all have some sort of content marketing program
32:34
and a content engine and have,
32:36
and maybe they don't, if they don't, they should start there.
32:39
I think you have to earn the right to do paid.
32:41
You have to earn the right to do out of home.
32:43
I'll give you an example.
32:44
Like we, this year, we're gonna spend
32:48
$7 million less in program relative to last year
32:53
or like 30-ish percent less, 40 percent less.
32:56
So we're spending 30% less on a cost per MQO
33:01
or cost per op basis.
33:02
And that's like we had a target that we set
33:04
that was already aggressive and we're beating that.
33:06
And we're generating kind of 30% more pipeline
33:10
with that lower spend.
33:13
And what that does is it allows you permission
33:17
to try these new channels,
33:19
to try aggressive new paid channels,
33:21
to try out of home, to try whatever podcast advertising
33:25
that maybe we wouldn't have tried before.
33:26
So to me, it's like you gotta get the basic,
33:29
gotta nail the basics and be a very efficient marketing team
33:32
before you can start spending.
33:35
- Well, speaking of podcast advertising,
33:37
boy, do I have a great opportunity for our listeners.
33:40
You should go to Qualified.com.
33:43
'Cause Qualified helps companies generate pipeline faster.
33:47
You know this if you've been listening to the show
33:49
'cause they've been with us since the very beginning
33:51
and we love Qualified dearly.
33:52
And all of this content is on Qualified Plus
33:56
where they have all sorts of great content.
33:58
- We're actually, sorry, just an organic plug.
34:01
We're switching to Qualified right now.
34:04
I had no idea they were your title sponsor
34:06
but it's a good product.
34:08
Look at that. - Shaft, that's just.
34:09
It's serendipity, that's great.
34:11
They're the best, well, you know they're the best
34:13
'cause you're gonna switch over.
34:14
Now your pipeline really is gonna skyrocket.
34:17
- I hope so, that's what I was promised.
34:18
- Oh, you know what?
34:21
I can promise it as well.
34:22
It's like everybody.
34:24
I mean, everybody who we ever here switched to Qualified,
34:27
they're like, this is the best thing ever.
34:29
So I don't just say it, I believe it.
34:32
Quick hits, quick questions, quick answers.
34:35
Shaft, are you ready?
34:38
- Born ready, let's go.
34:40
- Do you have a hidden talent or skill
34:41
that's not on your resume?
34:43
- Ooh, I was a DJ for a long time.
34:47
Hip hop, DJ, old school, hip hop only.
34:50
- DJ, what is your DJ name?
34:51
- I just used my name, my real name.
34:53
It was really boring but the music was dope.
34:57
Yeah, that's true.
34:58
People probably thought I made it up.
35:00
- Yeah, they probably did.
35:01
Do you have a favorite book podcast TV show
35:04
that you're checking out that you'd recommend?
35:09
- I'll just recency bias.
35:10
I'm gonna go with the show The Bear.
35:12
It's about a restaurant in Chicago.
35:15
It's amazing and the reason why I love it is
35:18
I have a little side hustle, just opened a restaurant
35:20
and a bar, I know nothing about those two
35:22
but I'm learning a lot from The Bear
35:24
and reading out a lot of books about it.
35:26
- Oh, good luck.
35:28
That's awesome.
35:30
What would be your best piece of advice for a first time CMO
35:34
trying to figure out their marketing strategy?
35:37
- Well, that's me.
35:39
So I would say don't feel obligated to hold on
35:44
to the way things were working in the past.
35:47
Start with first principles approach, break things,
35:51
zero base budgeting, be really ready to try stuff
35:56
in experiment and know that a lot of the stuff
35:58
is not gonna work.
36:00
So I'd say like break things, like move fast,
36:04
break a bunch of stuff and I think,
36:07
"Oh, one other advice I'll give.
36:09
"Don't market your marketing."
36:11
To me, that's like a really important one.
36:13
I told my entire marketing team,
36:15
"If we're successful, the company will know
36:18
"because looking as it's gonna go up,
36:20
"cales are gonna go up, we're gonna be successful
36:22
"as a company."
36:23
We don't need to sit there and say like,
36:24
"Look at our marketing, it's so good.
36:26
"Everything's working, everything's great.
36:28
"Make fancy PowerPoint decks.
36:29
"Like we don't make any decks anymore."
36:32
- That's funny because that is definitely something
36:35
that I think some CMOs would disagree with you on.
36:37
That's fun. - Oh yeah, for sure.
36:40
- Chuff has been awesome.
36:43
Thanks so much for our listeners.
36:45
You can go to Optimizely.com.
36:47
Obviously everyone's heard of Optimizely,
36:51
but if you need to CMS, if you need a content marketing
36:54
platform, if you wanna do some A/B testing,
36:56
experimentation, monetization, all that stuff,
36:59
go to Optimizely.com.
37:01
- Mailed it, mailed it.
37:02
- Hey, you know I try.
37:04
Any final thoughts, anything to plug?
37:07
- No, I think we have an amazing company and amazing brand,
37:11
but there's a lot of great products
37:12
that people don't know that we're in those categories
37:17
and we're leaders, so go check it out.
37:19
Give me some feedback on our marketing if you ever want.
37:21
You can fill out the contact us for 'em
37:23
and just do like, "Hey, Shav, here's feedback
37:24
"for your marketing."
37:26
- That's perfect.
37:27
I'll give you some feedback.
37:28
I mean, I think your stuff's great.
37:30
So, you know, there's my, I love the website.
37:32
I think it's pretty slick.
37:34
And I'm sure you've got a huge website,
37:36
Rebuild Plan Ready 2.
37:38
- No, no, it's good.
37:39
It has this little smiley face with sunglasses
37:42
in the top right, if you click on it.
37:43
You go into dark mode, it's kind of a nice,
37:46
nice little Easter egg.
37:48
- That is fun.
37:49
I did notice that.
37:50
Cool. - Thank you.
37:53
- Thanks so much and we'll talk soon.
37:54
- Enjoyed it, thank you.
37:56
(upbeat music)
37:58
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38:01
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