Erica Seidel:

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.