Hi, you're listening to The Get, the podcast about finding and keeping
Erica Seidel:great marketing leaders in B2B SaaS.
Erica Seidel:I'm Erica Seidel, your host.
Erica Seidel:Almost every CMO has the same grumble.
Erica Seidel:"Everyone at my company thinks they're a marketer.
Erica Seidel:Everyone has an opinion, even if they are not in marketing."
Erica Seidel:But what if that's a good thing for everyone to have an opinion?
Erica Seidel:Our guest today makes this case.
Erica Seidel:What if you acknowledged that people across the company have an emotional
Erica Seidel:investment in the brand, and what if you embraced it and actually harnessed it?
Erica Seidel:Today, you'll hear from Justin Steinman.
Erica Seidel:Justin is the CMO of Definitive Healthcare, the healthcare
Erica Seidel:commercial intelligence company.
Erica Seidel:Justin joined the company to help scale to the $500 million mark
Erica Seidel:and went through an IPO already.
Erica Seidel:You'll hear about what it's like to do a rebrand, a marketing
Erica Seidel:transformation, and an IPO all at once.
Erica Seidel:You'll hear why a CMO should never use the phrase 'my marketing budget.'
Erica Seidel:You'll learn how to tell whether a company that has not traditionally
Erica Seidel:invested in marketing is ready for it.
Erica Seidel:You'll find out how to bring in best practices from big companies
Erica Seidel:to companies that are scaling up without overpowering the business.
Erica Seidel:And you'll hear one particularly revealing interview question that
Erica Seidel:you will probably want to start asking all of your candidates.
Erica Seidel:Justin, I am delighted to have you on the show.
Erica Seidel:You are pretty fresh off of an IPO for Definitive Healthcare and I would love
Erica Seidel:to jump right into this and just ask what are lessons for a CMO following in
Erica Seidel:your footsteps and facing an IPO journey?
Erica Seidel:Can you share a definite do and a definite don't?
Justin Steinman:Sure.
Justin Steinman:So first off, Erica, thanks for having me.
Justin Steinman:I'm really happy to be here.
Justin Steinman:Looking forward to a fun conversation today.
Justin Steinman:I wouldn't say that anybody's going to follow in my footsteps, right?
Justin Steinman:I mean, everybody goes on their own unique journey and does their own, and I
Justin Steinman:wouldn't be so presumptuous as to say that I have anything figured out, much less the
Justin Steinman:whole pathway to an IPO, let me tell you.
Justin Steinman:There's no such thing as a definite do and a definite don't aside from
Justin Steinman:probably one thing, which is definitely remember that you are part of a
Justin Steinman:team and that no man or woman is an island that can do this on your own.
Justin Steinman:There are a million and one t hat are part of an IPO and it's going to feel
Justin Steinman:crazy and it's going to feel like it's a rollercoaster, but you've got to
Justin Steinman:remember that you're on a team and there are people to help you along the way.
Erica Seidel:Was there something surprising about the experience that
Erica Seidel:sticks out to you when you think about going through that whole process?
Erica Seidel:Like a moment that, you know, is just very iconic of that time?
Justin Steinman:So, there are all sorts of things that
Justin Steinman:are significant from the IPO.
Justin Steinman:I mean, we went public on the NASDAQ, and probably for us, the most iconic
Justin Steinman:moment was seeing our brand new brand, our logo, visual identity, and color
Justin Steinman:scheme up on the advertisements in Times Square on the big NASDAQ Towers.
Justin Steinman:Things that I would recommend that you never do is I'd never recommend that
Justin Steinman:any CMO do what we did, which is do a complete visual identity - in fact, more
Justin Steinman:or less complete rebrand of the company at the same time as you are doing an IPO.
Justin Steinman:It's just too crazy.
Justin Steinman:And, you know, we did everything from who our core foundation is, what's our
Justin Steinman:core identity to voice and tone, to vision, mission, about us, wordmark,
Justin Steinman:logo, color scheme, website, you name it, product naming hierarchy.
Justin Steinman:And to try to rebrand that entire company and create - also we created
Justin Steinman:a category, too, just for giggles, Healthcare Commercial Intelligence.
Justin Steinman:Trying to do all of that at the same time as you are going through an IPO
Justin Steinman:and writing an S1 with the bankers and meeting with potential investors and
Justin Steinman:doing a road show video and everything.
Justin Steinman:There were days when we would literally finish the product naming
Justin Steinman:architecture, and then two hours later, I was on the phone with the bankers
Justin Steinman:telling them, hey, put this name, put these new product names in the S1.
Justin Steinman:Much less, we didn't have a couple hours for it to sit, much less the several weeks
Justin Steinman:that you would need for it to kind of sit.
Justin Steinman:But without a doubt, the most iconic moment of all was after we rang the
Justin Steinman:bell, we went out into Times Square and we saw on those massive towers our new
Justin Steinman:slogan "Discover Opportunity," logo, wordmark, everything in bright colors.
Justin Steinman:And to think that was on a drawing board, you know, six months ago, I
Justin Steinman:guess my laptop monitor, six months ago, as we are debating the finer
Justin Steinman:points of it with our advertising agency and our branding agency.
Justin Steinman:And so that was a pretty crazy experience.
Justin Steinman:It was very surreal, if you will.
Erica Seidel:That sounds awesome.
Erica Seidel:It's quite a moment.
Erica Seidel:So, a lot of what you've done at Definitive Healthcare is
Erica Seidel:a marketing transformation.
Erica Seidel:And this is kind of your signature sauce because you and I have
Erica Seidel:known each other for a while.
Erica Seidel:We've talked through various jobs that you've had.
Erica Seidel:And you seem really good at getting an organization to appreciate marketing,
Erica Seidel:both from a budget standpoint and a reputational standpoint internally.
Erica Seidel:Can you talk about steering that shift and that part of the
Erica Seidel:transformation and how you unlock and evolve others' view of marketing?
Erica Seidel:I'm very curious to get very specific here.
Justin Steinman:Yeah.
Justin Steinman:So there's a lot to unpack in there.
Justin Steinman:You know, I'm going to date us both here, Erica, and say that I've known
Justin Steinman:you probably for a decade at this point, and I will never forget having
Justin Steinman:lunch with you when you said, "Jus, you need to work on your LinkedIn profile.
Justin Steinman:And I think you should put that you're a senior executive with a
Justin Steinman:flair for business transformation."
Justin Steinman:And I think that flair for business transformation is actually on my
Justin Steinman:LinkedIn profile still to this day.
Justin Steinman:So kudos to you for that.
Justin Steinman:So, I do love a good transformation, if you will.
Justin Steinman:Looks, it's good to love a good transformation.
Justin Steinman:And so one of the things that I was brought into Definitive Healthcare to
Justin Steinman:do was really to up level the marketing.
Justin Steinman:It was - marketing, historically, had not been an area that
Justin Steinman:Jason, our CEO had invested in.
Justin Steinman:He's a very, very great product guy, and we have one hell of a sales engine here.
Justin Steinman:And Jason really built this company on product and sales.
Justin Steinman:And having taken private equity from admin back in 2019, and then going through an
Justin Steinman:IPO, basically the feedback was, what got you to $160 million in revenue,
Justin Steinman:isn't going to get you to 500 million.
Justin Steinman:And one of the things that you need to do is really up level marketing.
Justin Steinman:And so I had met Jason through a serendipitous introduction, actually, my
Justin Steinman:nextdoor neighbor introduced me to him.
Justin Steinman:And, you know, things went pretty quickly and I wound up, it's been
Justin Steinman:a little over a year at this point.
Justin Steinman:And so when I walked in the door, Jason gave me a lot of rein.
Justin Steinman:He said, hey, look, we don't really know a lot about marketing here at Definitive.
Justin Steinman:We've just done a lot of inbound, a lot of website, we've got a hunch that
Justin Steinman:there's a lot more, but we need you to help us frame that out and teach us.
Justin Steinman:And the thing that I've always thought about marketing, it's a
Justin Steinman:really interesting job in any company.
Justin Steinman:Because every single person is a marketer at some level and thinks
Justin Steinman:they know about marketing, right?
Justin Steinman:We all watch TV.
Justin Steinman:We all see advertisements.
Justin Steinman:We all surf the web.
Justin Steinman:How many ads do you see on a given day?
Justin Steinman:You're being marketed to.
Justin Steinman:And at the same point in time, marketing represents the ethos
Justin Steinman:of the company out to the world.
Justin Steinman:So everybody in the company is emotionally invested in marketing.
Justin Steinman:And, you know, we really felt this acutely in our brand.
Justin Steinman:Whether we pick Microsoft, Azure, or the Google Cloud or Amazon Web Services, I'm
Justin Steinman:not emotionally invested in that, right?
Justin Steinman:That is a decision that our CTO and his team of engineers make and
Justin Steinman:whatever they go [with], I go great, you guys are the experts, I trust you.
Justin Steinman:Conversely, those folks are emotionally invested in what our brand is and
Justin Steinman:what our tagline is, and what we stand for, and how we look and
Justin Steinman:present ourselves to the market.
Justin Steinman:And you know what?
Justin Steinman:They have every right to be emotionally invested in that.
Justin Steinman:And they have every right to weigh in on that.
Justin Steinman:And so, to be a good CMO and get people to appreciate the value, you have to
Justin Steinman:not only acknowledge that emotional investment, but you have to embrace it.
Justin Steinman:And you have to bring people on the journey.
Justin Steinman:And you have to hear people out.
Justin Steinman:And you have to not let it get personal when you put, you know, the
Justin Steinman:new brand out there and somebody from sales who's been here maybe two years
Justin Steinman:says, "I really don't like that.
Justin Steinman:It's not who I think we are."
Justin Steinman:Well, you gotta hear that person out.
Justin Steinman:Now, the trick in all this because if you listen to everybody, you're going
Justin Steinman:to wind up with a brand of mish-mash and you're not going to stand for anything,
Justin Steinman:which is the worst thing of all.
Justin Steinman:Because if you make everybody happy, you're going to make nobody happy.
Justin Steinman:So the real trick here is to do pattern recognition and to synthesize a bunch of
Justin Steinman:data points that may at first seem random into a comprehensive view where you can
Justin Steinman:get a real true brand architecture and message and story to the marketplace.
Justin Steinman:That's a little bit about how you start to get everybody in, and you've got to
Justin Steinman:bring people on the journey and never let it get personal for you because
Justin Steinman:it's personal for everybody else.
Justin Steinman:And that's really important, I think.
Erica Seidel:That's so great.
Erica Seidel:I love this idea of acknowledging and embracing the emotional investment
Erica Seidel:that the rest of the company has in marketing because I think a
Erica Seidel:lot of people run away from it.
Erica Seidel:They're like, oh, everybody's going to have an opinion.
Erica Seidel:And like I interviewed somebody recently who said, "Other people come to me
Erica Seidel:and tell me they have a background in marketing, and I tell them, 'Well,
Erica Seidel:I have a foreground in marketing.'"
Erica Seidel:And so it's a little bit of this fight back and forth.
Erica Seidel:But you're, it's like a jujitsu move or, like, going with it as
Erica Seidel:opposed to, you know, pushing against the opinions of other people.
Justin Steinman:You really have to embrace it because people care.
Justin Steinman:And you've got to accept and appreciate that people care.
Justin Steinman:Honestly, the worst thing in the world that you could do would be to
Justin Steinman:launch a new brand and have people say, "Eh, I don't really care."
Justin Steinman:Right?
Justin Steinman:That's terrible.
Justin Steinman:I got - not to pat my team on the back here - but I got like love notes from
Justin Steinman:various people across the organization, saying, you know, Justin, you and
Justin Steinman:your team have managed to put what I've always felt about this company
Justin Steinman:into our website and into our story.
Justin Steinman:One person was like, I honestly got choked up reading the new vision
Justin Steinman:and mission cause it's really who I think Definitive Healthcare is.
Justin Steinman:When you get those messages, like I started to get choked up.
Justin Steinman:I'm like, oh my god, these people care so deeply about this company.
Justin Steinman:Cause they come in and they put their heart and soul in every day.
Justin Steinman:If I can pivot a bit, it's not just about brand.
Justin Steinman:One of the things that I know you and I have always joked about over
Justin Steinman:the year when I talk about marketing budgets, I never ever, ever use
Justin Steinman:the phrase "My marketing budget."
Justin Steinman:Never.
Justin Steinman:It is our marketing budget.
Justin Steinman:It's my job as the CMO to be the best spender, best investor, best
Justin Steinman:utilizer, use that budget in the most efficient way to generate the best
Justin Steinman:return on investment for the company.
Justin Steinman:But it is never my money.
Justin Steinman:It is ours and it's collective.
Justin Steinman:And I really view myself as the steward for spending that.
Justin Steinman:And then, in order to generate the trust that you need to spend that money, you
Justin Steinman:need to have, again, radical transparency.
Justin Steinman:I publish, for anybody who wants to see it as an Excel file on our
Justin Steinman:SharePoint that has no permissions on it, our entire marketing funnel.
Justin Steinman:And you can see by segment, we have six segments we compete in, how many NQLs
Justin Steinman:we've generated, what their conversion is to a marketing sales qualified
Justin Steinman:leader, MSQL, to wins, to dollars of pipeline generated, to cost per MQL,
Justin Steinman:cost per SQL, so that everybody in the organization, if they're curious,
Justin Steinman:can see how we are performing.
Justin Steinman:And then once a month, as part of our monthly KPIs, I walk our senior
Justin Steinman:leadership team through all of our metrics in marketing and say,
Justin Steinman:hey, we decided we're going to go and double down on a specialized
Justin Steinman:campaign doing upsell for biopharma.
Justin Steinman:This is how it worked.
Justin Steinman:This is what we learned.
Justin Steinman:We crushed it over here, and over here, that campaign really didn't resonate.
Justin Steinman:And let me tell you why, and here's what we're going to do differently.
Justin Steinman:And I don't know, because I don't work in a lot of other companies, how many
Justin Steinman:CMOs come in and really give that radical transparency so everybody feels like ok,
Justin Steinman:I know where Justin's spending this money.
Justin Steinman:Because if you're not in marketing, it feels like a lot of money coming out.
Justin Steinman:Your CFO's like, oh my god, I'm just giving this check to marketing.
Justin Steinman:What am I getting again from them?
Justin Steinman:I don't really know.
Justin Steinman:You gotta really, we're a very, very data-driven company.
Justin Steinman:So giving that data and that transparency, I think gets people comfortable with how
Justin Steinman:they work with marketing and that they are getting a good return on that investment.
Erica Seidel:You know, you said that Definitive was very focused
Erica Seidel:on product and sales initially and had grown quite nicely with that.
Erica Seidel:How do you know, as a CMO, whether a company that has traditionally
Erica Seidel:not focused on marketing is really ready for that transformation and
Erica Seidel:is something worthy of your time?
Erica Seidel:Like good putty in your hands to shape versus, oh god, stay clear
Erica Seidel:of this because they say they want marketing, but they might not.
Erica Seidel:What are those signals?
Justin Steinman:Well, so at the end of the day, it's
Justin Steinman:people more than anything else.
Justin Steinman:You could have the most talented marketer in the world, and I am not that person,
Justin Steinman:you could put the most talented marketer in the world in a company where the CEO
Justin Steinman:didn't give them room to operate and was micromanaging them and thought that they
Justin Steinman:knew more than that super-talented CMO.
Justin Steinman:They wouldn't be successful.
Justin Steinman:And so, you know, when I was looking at Definitive, it really
Justin Steinman:came down to conversations.
Justin Steinman:I spent a ton of time talking with Jason, and I really understood.
Justin Steinman:I mean, Jason's a founder and CEO who started this company in his spare
Justin Steinman:bedroom in Holliston a decade ago.
Justin Steinman:And he's still here and he's that rare CEO who's been able to scale with his company
Justin Steinman:from $0, literally, all the way up to our standpoint we're 160 million in AAR today.
Justin Steinman:He's still here and working eighty hours a week.
Justin Steinman:And so I spent a ton of time with Jason, really understanding why
Justin Steinman:he was ready to do this, what had changed, what his plans were.
Justin Steinman:True story, Jason told me that we were planning to go, he was
Justin Steinman:planning, if everything went well, to go public in the fall of 2023.
Justin Steinman:And I said, Jason, you know, based on my understanding of your market, you need
Justin Steinman:to build a demand generation engine, you need to fix your brand, we need to
Justin Steinman:- he had one product marketing manager.
Justin Steinman:We gotta build up product marketing.
Justin Steinman:And Jason's like, Justin, dude, you're going to have two years to come and
Justin Steinman:build this thing, plenty of time.
Justin Steinman:I trust you.
Justin Steinman:Go and do it.
Justin Steinman:And, you know, I've been here for forty days and the board calls us up and our
Justin Steinman:first, literally, my first board meeting, and they're like, all right, so we're
Justin Steinman:going to target going public next summer.
Justin Steinman:And I'm like, huh, what do you mean?
Justin Steinman:And Jason was like, hey, we'll figure it out, man.
Justin Steinman:So we figured it out.
Justin Steinman:But I spent a ton of time with Jason.
Justin Steinman:I spent a ton of time with Joe, our head of sales, really understanding
Justin Steinman:if Joe's team had the appetite to work with marketing and what they needed,
Justin Steinman:and if they were ready for that.
Justin Steinman:They wanted next generation marketing tools if they were going to be good
Justin Steinman:partners and, you know, tell us what marketing collateral they needed if we
Justin Steinman:were going to generate leads with it, were they prepared to follow up, and did
Justin Steinman:they have a nice ISR motion to catch them?
Justin Steinman:The answer to all of that was, obviously, yes.
Justin Steinman:And we have a tremendously tight partnership.
Justin Steinman:I talk to Joe, like, five times a day.
Justin Steinman:I talked to him three times today and it's only 1:30 or 2:00 here.
Justin Steinman:And I talked to Kate, our head of product, quite extensively to
Justin Steinman:understand her attitude and her desire to work with product marketing.
Justin Steinman:And she listed a whole bunch of things that she needed from marketing,
Justin Steinman:couldn't wait for us to get in the door here, like MRDs, market sizing,
Justin Steinman:competitive intelligence, strong product marketing collateral, and
Justin Steinman:all the good stuff that you would want your head of product to say.
Justin Steinman:And then I spent some time with the board.
Justin Steinman:I think I met with four board members one-on-one each for an hour plus,
Justin Steinman:really to understand if they were ready to invest in marketing and grow.
Justin Steinman:And to a person they all were like, yes, and here's where we see the opportunities.
Justin Steinman:These were all people from, you know, Spectrum Equity, 22C, and Advent who'd
Justin Steinman:invested in the company, and so they put their money where their proverbial
Justin Steinman:mouth is to invest in the company.
Justin Steinman:So if I didn't have that level of board support, I wouldn't have been able to come
Justin Steinman:in here and do what we needed to get done.
Justin Steinman:So it really comes down to making sure that your CEO, your board,
Justin Steinman:your head of sales, and your head of product are all aligned and
Justin Steinman:ready to make that transformation.
Erica Seidel:I like how you were asking particular questions and getting
Erica Seidel:a sense of, you know, is what they want meaty or does it need a shift?
Erica Seidel:And sometimes the CMO has to kind of educate on what they can bring to an
Erica Seidel:organization, and I guess it's like some roles have more education than others.
Justin Steinman:One of the big changes that we've made here
Justin Steinman:was this was a company that was built on the back of free trials.
Justin Steinman:And it was basically organic search results driving people to our
Justin Steinman:website, where you'd give us your contact information, and then we'd
Justin Steinman:get you on the phone for a free trial and/or a Zoom call or anything.
Justin Steinman:And because the product is so freaking compelling, the number of people who
Justin Steinman:closed deals, it was ridiculously high.
Justin Steinman:But at some point you peter out in terms of where you top off in terms of
Justin Steinman:where it gets hits from organic search.
Justin Steinman:We had never done an outbound marketing campaign.
Justin Steinman:The company had an occasional webinar here and they'd had a ton of people show up
Justin Steinman:and none of them had ever been qualified.
Justin Steinman:Well, you know, every marketer listening to this podcast knows, tell me how
Justin Steinman:many people you want on the webinar and if you don't care if they're
Justin Steinman:qualified or not, I can get them.
Justin Steinman:It's getting the qualified people on the webinar and we didn't
Justin Steinman:have any lead nurtured, right?
Justin Steinman:So we were basically, historically, before I got here, only capturing
Justin Steinman:people who were in the buying cycle and we were converting them.
Justin Steinman:The trick in marketing, particularly as we wanted to increase our average deal size
Justin Steinman:and go after more enterprise accounts, was we wanted to get people who were
Justin Steinman:not in the buying cycle into the buying cycle and then nurturing them throughout.
Justin Steinman:Frankly, that's more expensive than just doing organic search and
Justin Steinman:having free trials come in, right?
Justin Steinman:And so there was a lot of, yeah, we know we need to do this, but we're
Justin Steinman:not really sure it's going to work because this is where we got it.
Justin Steinman:Justin, we're gonna hold our breath and jump off the cliff with you here,
Justin Steinman:but I'm going to bring a parachute cause I'm really not sure that I
Justin Steinman:trust this is actually going to work, but can you please prove it to me?
Justin Steinman:And so we jumped off the cliff together this year with that, and I put together
Justin Steinman:our first real outbound campaigns and they've delivered tremendous results.
Justin Steinman:But there was a lot of healthy skepticism because we'd never done that here before.
Erica Seidel:Let's talk about the team that's behind you.
Erica Seidel:Can you talk about - well, first, is leading a marketing team for a
Erica Seidel:newly public company significantly different than for a private company?
Erica Seidel:Like, how you switched the organization post IPO?
Justin Steinman:I'm happy to say that there's been absolutely no change
Justin Steinman:to the marketing team after the IPO.
Justin Steinman:If anything, it's refreshing.
Justin Steinman:So I've got a tremendous team that works with me, just tremendous.
Justin Steinman:And I really had to disappear for large chunks of last year, working with our
Justin Steinman:CFO or general counsel, the bankers, to get all of the stuff ready for the IPO.
Justin Steinman:And so my leadership team really ran marketing day-to-day, kept the business,
Justin Steinman:not only running, but frankly, growing, even knowing that I was gone for days
Justin Steinman:or not as engaged as I would like to be.
Justin Steinman:The best part about being done with the IPO is I'm back in my job and
Justin Steinman:I love my job and I put my hard hat on and you know, it's all right.
Justin Steinman:We're back to building our next generation of demand generation campaigns.
Justin Steinman:We're updating our messaging.
Justin Steinman:We're going deeper down in.
Justin Steinman:We're putting in new ROI calculators.
Justin Steinman:I've got a list of improvements a mile long we want to do on our website.
Justin Steinman:We're launching our own podcast called Definitively Speaking.
Justin Steinman:We're doing all sorts of stuff.
Justin Steinman:Really just kind of good old marketing.
Justin Steinman:And it's fun to go back and do that.
Justin Steinman:About the only change that's really impacted me, and it hasn't
Justin Steinman:impacted really the rest of my team, is I share responsibility for
Justin Steinman:investor relations with our CFO.
Justin Steinman:We outsource investor relations to a third party, and I handle the
Justin Steinman:marketing part of investor relations.
Justin Steinman:Our CFO, obviously, handles all the financial part of it.
Justin Steinman:And so I've had to take on that additional responsibility.
Justin Steinman:And, you know, that's like working on earnings call scripts,
Justin Steinman:keeping the IR website up to date.
Justin Steinman:All of that type of stuff has been added to my plate, but that's been a great
Justin Steinman:learning experience and a lot of fun.
Justin Steinman:But the rest of us just kind of going off and, doing good marketing
Justin Steinman:and helping the company grow.
Erica Seidel:That's great.
Erica Seidel:Good old marketing.
Erica Seidel:I like it.
Erica Seidel:And you made, as you were saying, like a transformation of marketing
Erica Seidel:and the view of marketing within the organization, was there any particular
Erica Seidel:organizational decision that you made that turned out well, or not well,
Erica Seidel:to support the business for scale?
Justin Steinman:You know, it's funny, I like to joke that everything I learned
Justin Steinman:about marketing, I learned from John Dragoon ten years ago when I was working
Justin Steinman:at Novell, or even longer than that, god.
Justin Steinman:John Dragoon was the chief marketing officer at Novell when I worked there.
Justin Steinman:If John were to walk in the door this afternoon and ask me for an org chart
Justin Steinman:of what Definitive Healthcare marketing looks like, it would look exactly
Justin Steinman:like what he was running a decade ago.
Justin Steinman:All right.
Justin Steinman:I got three teams.
Justin Steinman:I've got a product marketing team, a demand gen and marketing ops team,
Justin Steinman:and a corporate marketing team.
Justin Steinman:It ain't innovative.
Justin Steinman:It doesn't need to be innovative.
Justin Steinman:The structure works.
Justin Steinman:It's all about getting the right people in the structure.
Justin Steinman:And so none of this existed when I got here.
Justin Steinman:When I joined Definitive, there was like a digital team and then
Justin Steinman:there was like a content team.
Justin Steinman:And the people on the digital team were doing content and some of the
Justin Steinman:content team were doing digital.
Justin Steinman:And no one was really thinking about like demand gen cause
Justin Steinman:everybody and nobody owned it.
Justin Steinman:There was one person here doing product marketing.
Justin Steinman:There was someone, a former consultant, who was sort of, kind of doing
Justin Steinman:competitive intelligence, but not really.
Justin Steinman:And so what we did was we put that, almost immediately, put that structure in place.
Justin Steinman:And I brought in three VPs to run that each, one of those, and then
Justin Steinman:built out the teams underneath them.
Justin Steinman:Of the roughly twenty-five people that we have in marketing here, twenty
Justin Steinman:have been hired in the past year.
Erica Seidel:So, one thing that sometimes makes search hard for me, as
Erica Seidel:you know, a client is saying like, okay, we're at, whatever, a hundred million
Erica Seidel:and we want to get to 200 million, bring us people who have done that
Erica Seidel:arc before, who have done that climb, and people who want to do it again.
Erica Seidel:And that can be challenging.
Erica Seidel:And then you find yourself in these inane conversations, not inane, but you know,
Erica Seidel:these like, oh, how far have you scaled?
Erica Seidel:Oh, why wasn't it higher?
Erica Seidel:Well, oh, okay.
Erica Seidel:The company got bought on the way up.
Erica Seidel:Or, oh, okay, that's impressive.
Erica Seidel:Or, you know, oh, the company grew through acquisition.
Erica Seidel:Is that better than organically?
Erica Seidel:And so I've been thinking a lot lately about the difference between hiring
Erica Seidel:somebody who has scaled versus hiring somebody who has worked at scale.
Erica Seidel:And I think of you as somebody, from your previous experiences,
Erica Seidel:you've worked at scale, but you haven't done this exact climb that
Erica Seidel:you've done a Definitive Healthcare.
Erica Seidel:You haven't done that before.
Erica Seidel:So how do you think about that?
Erica Seidel:That scaling versus working at scale and how does it come across in the blend
Erica Seidel:of people that you hire on your team?
Justin Steinman:You're right, I'd never done the scale journey.
Justin Steinman:I've operated at scale.
Justin Steinman:I mean, Novell was this, before coming to Definitive Healthcare, Novell was
Justin Steinman:the smallest company I'd worked at.
Justin Steinman:You know, we were about $850 million in revenue.
Justin Steinman:Then I was at GE then Aetna, and then Aetna got bought by CVS.
Justin Steinman:I've lived at scale, some of the largest, most successful companies
Justin Steinman:in the world where I've just been a tiny cog in those organizations.
Justin Steinman:So I've seen what good looks like.
Justin Steinman:I've also, because of those organizations, seen what bad looks like, right?
Justin Steinman:Those, I wouldn't say those organizations are perfect, no organization is.
Justin Steinman:And so what you've got to find is you've got to find the people who
Justin Steinman:know what scaling looks like, but want to go on the journey to get there.
Justin Steinman:And the biggest trick in all of that is knowing what to let slide.
Justin Steinman:I could come in here on day one and, let's be honest, GE had some
Justin Steinman:of the best marketing operations reporting I've ever seen in the world.
Justin Steinman:It was marketing reporting like you wouldn't believe.
Justin Steinman:Amazing doesn't begin to cover it, okay?
Justin Steinman:I could come in here and say, I want marketing reporting at
Justin Steinman:Definitive Healthcare just like GE cause that's best in class.
Justin Steinman:And I could need, I'd need twenty people just to do that.
Justin Steinman:That doesn't make a lot of sense.
Justin Steinman:So what did I do instead?
Justin Steinman:I literally built out an Excel spreadsheet that dealt a demand generation funnel,
Justin Steinman:taking kind of what I saw, the best of what I saw at GE, and scaled it down, if
Justin Steinman:you will, to work at a company of the size of Definitive and said, all right, here's
Justin Steinman:what I want our funnel to look like.
Justin Steinman:Here's how we're going to calculate it.
Justin Steinman:And we're going to report on it weekly, and we're going to roll in, we're moving
Justin Steinman:off of HubSpot and onto Marketo, and we just moved on to Acquia for our
Justin Steinman:website, and we're using Salesforce.
Justin Steinman:And so we're putting the systems in place to start that reporting.
Justin Steinman:I know what a scaled product marketing organization looks like.
Justin Steinman:You should have MRDs, competitive battle cards, market sizing,
Justin Steinman:positioning documents, decks for every single segment, customer facing
Justin Steinman:decks for every single segment.
Justin Steinman:You know what?
Justin Steinman:When I got here, we didn't have a single positioning document.
Justin Steinman:We didn't have a single MRD.
Justin Steinman:We had no competitive intelligence.
Justin Steinman:We couldn't do all of that.
Justin Steinman:We didn't have a team.
Justin Steinman:We had one person.
Justin Steinman:So we built out a team and then we said, okay, what's the most important thing?
Justin Steinman:We need positioning documents.
Justin Steinman:That's the most fundamental, that's customer facing.
Justin Steinman:Everybody will get that.
Justin Steinman:You get your biggest bang for your buck.
Justin Steinman:So we did a round of positioning documents for all of our products and our solutions.
Justin Steinman:We haven't even touched MRDs yet.
Justin Steinman:I've been here a year.
Justin Steinman:This is the first time in my entire career I haven't had MRDs.
Justin Steinman:You know what?
Justin Steinman:I don't have the capacity or the people to write them right now.
Justin Steinman:I know we need them.
Justin Steinman:Maybe we'll get to them middle of next year, praying that we can.
Justin Steinman:But I don't want to kill the organization, have people writing MRDs on Saturdays
Justin Steinman:and Sundays, like that's just miserable.
Justin Steinman:And so the trick, as I said, is to figure out when you've seen these best in
Justin Steinman:class marketing organizations operate at scale, how do you pick the most impactful
Justin Steinman:things based on where you are in your company's journey and you get them?
Justin Steinman:If you want to shift to talk a little bit about people, which I know is a
Justin Steinman:pretty big passion of yours, Erica.
Justin Steinman:I always talk about putting people together as a puzzle.
Justin Steinman:I wanted some people who have worked at scale, right?
Justin Steinman:So, you know, our head of product marketing came from Wolters
Justin Steinman:Kluwer, our head of demand generation came from PTC, but she
Justin Steinman:previously had worked at Imprivata.
Justin Steinman:Those are all large companies.
Justin Steinman:Our head of corporate marketing came from an ad agency in Cambridge,
Justin Steinman:where there was eighty people.
Justin Steinman:We have hired product marketing people from Cardinal Health, all
Justin Steinman:the way down to a small, hundred person medical device startup.
Justin Steinman:If you look at our demand gen team, we've hired folks out of Athena Health,
Justin Steinman:again, who have worked at scale.
Justin Steinman:But our head of marketing operations is someone who's on their first
Justin Steinman:job still working at Definitive, who grew up with the company.
Justin Steinman:He's an immensely talented guy.
Justin Steinman:And so it's really that combination of blending the right skills,
Justin Steinman:attitudes, big and small, to go on that scaling journey together.
Erica Seidel:I love that.
Erica Seidel:I like the analogy of a puzzle.
Erica Seidel:I think of it that way too.
Erica Seidel:Because sometimes when I do a search, it's like, oh, we need a CMO and then
Erica Seidel:we need, you know, three people under them and should we have the CMO that
Erica Seidel:focuses on brand or on performance?
Erica Seidel:And whatever it is, they're going to have to hire somebody around them.
Erica Seidel:And I always tell people, it's like a puzzle, you know, you put in one
Erica Seidel:piece first, maybe it's the more junior person, maybe it's more senior
Erica Seidel:person, and then the rest becomes a little more clear over time.
Erica Seidel:You can't Einstein it too much.
Erica Seidel:Let me ask you a topic that you and I have discussed before, but I just, I love this.
Erica Seidel:Can you talk about your favorite interview question that you
Erica Seidel:ask when you hire somebody?
Justin Steinman:Yeah.
Justin Steinman:And so now we'll see who listens to your podcast when they prep for an
Justin Steinman:interview at Definitive Healthcare.
Justin Steinman:Because the wily listener out there will say, all right, I heard this and I know
Justin Steinman:if I'm going to get in front of Justin, I'll have my answer prepped and ready.
Justin Steinman:I've asked the same question for a decade now.
Justin Steinman:And I've asked it, I kid you not, in every single job interview I've done.
Justin Steinman:And I've interviewed two, three hundred candidates over the past decade.
Justin Steinman:And I love it.
Justin Steinman:And the question is simply, "Pick a product you think is
Justin Steinman:marketed well, and tell me why."
Justin Steinman:About two years in I put a limit on it.
Justin Steinman:I said it can't be an Apple product because they were starting to answer
Justin Steinman:Apple and I got really tired of it.
Justin Steinman:So I've added the don't make it an Apple product.
Justin Steinman:I have had people answer this question about John Deere tractors,
Justin Steinman:Porsche, Tesla, Gillette shavers.
Justin Steinman:Somebody answered it recently about Johnny Walker.
Justin Steinman:You get all over the place.
Justin Steinman:Someone answered it about their Sony television one time.
Justin Steinman:And I love it.
Justin Steinman:The reason why I love this question is because it enables me to think about
Justin Steinman:the value of your marketing skills, but you set the ground rules, right?
Justin Steinman:So first off, it's a surprisingly abstract question.
Justin Steinman:But you have to immediately create a structure.
Justin Steinman:So, can you walk me through the categories of marketing?
Justin Steinman:Do you know who your end buyer is?
Justin Steinman:What's the awareness strategy, demand generation strategy, channel strategy,
Justin Steinman:positioning, pricing, packaging, all those kind of key factors of marketing.
Justin Steinman:You can come up with your own framework.
Justin Steinman:Then you've picked the rules and I'll talk to you about whatever product you want.
Justin Steinman:And then you have to say, okay, well they understand their buyer,
Justin Steinman:their buyer's needs are this.
Justin Steinman:They positioned it this way.
Justin Steinman:They price it to go after that way.
Justin Steinman:Boom, boom, boom, boom, boom.
Justin Steinman:And so can you evaluate and explain to me why that product is marketing well?
Justin Steinman:I've seen people go up in flames.
Justin Steinman:They thought it was fantastic interview up to the point, and then they can't answer
Justin Steinman:that question and they don't get the job.
Justin Steinman:And I've seen people in an interview where I thought there's no way in the world I'm
Justin Steinman:going to hire this person, and then she comes in and just blows me away with an
Justin Steinman:answer to the last question, and I'm like, wow, I must've missed something here.
Justin Steinman:So it works really well.
Erica Seidel:And do you guide them as they go along and say like if somebody
Erica Seidel:takes a sentence rather than, a paragraph or two or three, do you say look, I'm
Erica Seidel:looking for you to structure it and, take some time to take a beat if you need it?
Justin Steinman:Yeah, of course.
Justin Steinman:I also engage with them.
Justin Steinman:Look, I'm a marketing nerd.
Justin Steinman:So if you want to talk about Coke and why Coke is marketed well, I'll geek
Justin Steinman:out with you and we'll talk about that and talk about Coke channel strategy.
Justin Steinman:And, you know, I'll dive down into it.
Justin Steinman:It's actually more fun when people pick consumer products cause everybody
Justin Steinman:has an opinion on a consumer product.
Justin Steinman:But I've had people talk about Salesforce.com, which I think is a
Justin Steinman:very well-marketed product or service, and all different types of stuff.
Justin Steinman:So yeah, I will dive down and nerd out with you on marketing.
Justin Steinman:And if you can nerd out with me on marketing, you're
Justin Steinman:probably going to get the job.
Erica Seidel:That's awesome.
Erica Seidel:And do you do that at the beginning of the session or well at the end?
Justin Steinman:Always the last question.
Erica Seidel:Oh, why?
Justin Steinman:If I asked you that question at the beginning,
Justin Steinman:I'm going to throw you off.
Justin Steinman:And if I throw you off, you're never going to have a chance to get an impression.
Justin Steinman:Look, interviewing is like dating, right?
Justin Steinman:So I want to get to know you.
Justin Steinman:If I hit you with that question beginning of an interview, it's going
Justin Steinman:to rattle most people cause it's not at all what you're expecting.
Justin Steinman:And look, the majority of people interviewing for us probably
Justin Steinman:will not listen to this podcast.
Justin Steinman:So they won't be expecting that question.
Justin Steinman:If I knock you off at the beginning, I'll never have a chance to get to know you.
Justin Steinman:Hopefully by the end, when you've established rapport over twenty minutes
Justin Steinman:or so when it hits you with this, you go, okay, I can roll with it.
Justin Steinman:The smart candidates always say, "Hmm, give me a minute to pick a product."
Justin Steinman:That is always the best thing to do.
Justin Steinman:Because otherwise, you just jump in and you answer it you're going
Justin Steinman:to get in all sorts of trouble.
Justin Steinman:And ultimately, and this is really important, I'm not
Justin Steinman:the hiring manager, right?
Justin Steinman:My team's the hiring manager.
Justin Steinman:So, there are very few candidates by the time they get to me
Justin Steinman:that I put the kibosh on.
Justin Steinman:I do put the kibosh on some, but if you're gonna work in my organization,
Justin Steinman:I interview a hundred percent of the people who are going to work
Justin Steinman:in Definitive Healthcare marketing.
Justin Steinman:In fact, I'm usually involved, no matter what organization I'm in,
Justin Steinman:even if you're just thirty minutes.
Justin Steinman:Cause there's nothing more important than getting the right people.
Justin Steinman:But I'm going to give my feedback back to the hiring manager and be
Justin Steinman:like, hey, look, I wouldn't hire Joe over here, but it's your call.
Justin Steinman:And you know, at the end of the day, I'm going to hold you accountable, Mr./ Ms.
Justin Steinman:Hiring Manager, for the results and your team.
Justin Steinman:And if you think I'm wrong and you want to hire Joe over here, go for it.
Justin Steinman:And if Joe delivers results, I'm more than happy to be wrong.
Justin Steinman:True story, there is someone in my marketing organization today, I'm
Justin Steinman:not going to give you the name, but this person bombed this question.
Justin Steinman:And I didn't want to hire this person.
Justin Steinman:And I told Randy, the hiring manager, I said, don't hire this person.
Justin Steinman:And he said, I'm going to disagree with you.
Justin Steinman:I'm going to hire this person.
Justin Steinman:And this person's going to prove you wrong.
Justin Steinman:And I'm happy to report that actually told Randy the other day, "I was wrong.
Justin Steinman:This person did bomb the question, but it's turned out to be a fantastic hire."
Justin Steinman:Let's pivot a little bit since we are running out of time.
Justin Steinman:I would love to hear you, looking ahead to 2022, are there any trends
Justin Steinman:that you foresee for B2B SaaS marketers that are in scale-up mode?
Justin Steinman:The biggest trend that I see right now is it is wicked difficult to hire.
Justin Steinman:That's the Massachusetts guy in me coming through.
Justin Steinman:I wish the hiring market had been like this fifteen years ago
Justin Steinman:when I was a product marketing manager coming out of B school.
Justin Steinman:My god, I could have written my ticket instead of, you know,
Justin Steinman:praying for getting a job and doing tons and tons of interviewing.
Justin Steinman:Many more doors slammed in my face than offers that I got.
Justin Steinman:I think the war for talent next year is going to be every bit, if not more,
Justin Steinman:brutal than it has been this year.
Justin Steinman:And so when you've got a winning person on your team, you got to
Justin Steinman:keep that person on your team.
Justin Steinman:I think that's the big one.
Justin Steinman:Second trend I see, and this is, again, kind of in the "no kidding"
Justin Steinman:or, "thanks, genius" category, you got to continue to be able to measure.
Justin Steinman:And I think a measurement is going to be really tricky because of
Justin Steinman:all the changes that are going on with, you know, the mobile devices
Justin Steinman:and the tracking and Apple's new privacy policies that are going on.
Justin Steinman:I think most people know this by now, but Google has actually shifted
Justin Steinman:its rankings to be mobile first now.
Justin Steinman:So if we are in a world where we're all trying to market to people on their
Justin Steinman:mobile devices, and then we've got the conflicting challenge of Apple and more
Justin Steinman:and more privacy regulations going on, how do we get the right metrics and insight in
Justin Steinman:a world where we can make good decisions?
Justin Steinman:Marketing over the past ten years has been way more data-driven.
Justin Steinman:And so, as a result of being digital, we're all used to
Justin Steinman:having all this good data.
Justin Steinman:I don't know what kind of data we're gonna be able to get next year.
Justin Steinman:I mean, I'm sure we're gonna figure it out, but that trend
Justin Steinman:worries me a little bit.
Justin Steinman:I think those are probably the two big things that are on my mind right now, are
Justin Steinman:kind of top of mind or I'm thinking about.
Erica Seidel:That's great.
Erica Seidel:It's interesting the first one about hiring.
Erica Seidel:You're making a joke about coming out of B school and, like, being
Erica Seidel:happy to get whatever job you got.
Erica Seidel:It's making me think about the abundancy mindset versus the scarcity mindset
Erica Seidel:and somebody coming up in their career now, they're likely going to have more
Erica Seidel:of an abundance mindset and that might stick with them over the course of
Erica Seidel:their career versus people who came out, you know, during more of a recession
Erica Seidel:and were building their careers then.
Erica Seidel:So that's, I think that's a really interesting extension.
Justin Steinman:It really is.
Justin Steinman:And you know, the other question is the grass might not always be greener, right?
Justin Steinman:People are saying, oh, I'm going to leave a job.
Justin Steinman:And I'm going to make $10,000 more.
Justin Steinman:And yeah, $10,000 is a chunk of change.
Justin Steinman:Don't get me wrong.
Justin Steinman:But if you're going from a place where you have a tremendous work-life
Justin Steinman:balance, you really like the people that you're working here, and so suddenly
Justin Steinman:you're making $10,000 more, but you're working every Sunday, is it worth it?
Justin Steinman:And I think people right now are chasing a little bit of the money because the market
Justin Steinman:is so frothy without thinking about the other components that go into the job.
Erica Seidel:Yeah, it's gonna be interesting to see just
Erica Seidel:the effect of this over time.
Erica Seidel:This is awesome.
Erica Seidel:Thank you so much for joining me.
Erica Seidel:It's so great to talk with you about scale and scaling and having
Erica Seidel:scaled and your hiring and your organizational kind of decisions.
Erica Seidel:It's great to get a lens into the world of Justin Steinman.
Erica Seidel:So thank you so much for joining the show.
Justin Steinman:Thanks for having me.
Justin Steinman:This was a lot of fun.
Erica Seidel:That was Justin Steinman, the Chief Marketing
Erica Seidel:Officer from Definitive Healthcare.
Erica Seidel:Justin had great tips on boosting marketing's contribution and
Erica Seidel:reputation and transparency.
Erica Seidel:Next time on The Get, you'll hear from Cynthia Gumbert, CMO of SmartBear,
Erica Seidel:about scaling a SaaS business in the product-led-growth era and how to
Erica Seidel:build a business first, marketing second mindset on the marketing team.
Erica Seidel:Don't miss it.
Erica Seidel:Thanks for listening to The Get.
Erica Seidel:I'm your host, Erica Seidel.
Erica Seidel:Hiring great marketing leaders is not easy.
Erica Seidel:The Get is designed to inspire smart decisions about recruiting and
Erica Seidel:leadership in B2B SaaS marketing.
Erica Seidel:We explore the trends, tribulations, and triumphs of today's top
Erica Seidel:marketing leaders in B2B SaaS.
Erica Seidel:This season's theme is Solving for the Scale Journey.
Erica Seidel:If you liked this episode, please share it.
Erica Seidel:For other insights on recruiting great marketing leaders, what I
Erica Seidel:call the 'make money' marketing leaders rather than the 'make it
Erica Seidel:pretty' ones, follow me on LinkedIn.
Erica Seidel:You can also sign up for my newsletter at TheConnectiveGood.com.
Erica Seidel:The Get is produced by Evo Terra and Simpler Media Productions.