Effective Lead Generation through Lead Lifecycle Management
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This document outlines steps for creating an effective lead management strategy. It begins by emphasizing the importance of aligning marketing and sales activities and goals. It then discusses understanding the customer's buying cycle, automating lead scoring and routing processes, nurturing leads throughout the buying cycle, and empowering sales. The overall message is that a comprehensive lead management strategy is needed to engage customers at all stages and plug leaks in the sales pipeline.
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Effective Lead Generation through Lead Lifecycle Management
- 1. 0 eDynamic, Friday, May 9, 2014 0 EffectiveLeadGeneration throughLeadLifecycle Management Howtoplugtheleaksand buildastrongerpipeline
- 2. 1 eDynamic, Friday, May 9, 2014 Agenda • Understandingleadmanagement • Creatingasuccessfulleadmanagement strategy • Q&A
- 3. 2 eDynamic, Friday, May 9, 2014 Is your sales process a leaking faucet?
- 4. 33
- 5. 4 eDynamic, Friday, May 9, 2014 You’re not alone “Only 11% of sales leads are ever pursued by sales people and over 80% of sales leads generated are never closed.” – Oracle | Eloqua
- 6. 5 eDynamic, Friday, May 9, 2014 You’renotalone… “Over 80% of B2B organizations struggle with a lack of synergy between the sales and marketing functions. This misalignment leads to lost revenue opportunities and leaks in the pipeline.” – Aberdeen Group
- 7. 6 eDynamic, Friday, May 9, 2014 You’renotalone… “16% of the total leads that are deemed ‘sales-ready opportunities’ actually close. The difference between a successful company and a mediocre company lies in how the remaining 84% of already qualified opportunities are handled.” – Aberdeen Group
- 8. 7 eDynamic, Friday, May 9, 2014 Thingsarechanging… “By2020customerswillmanage85%of theirrelationshipswithouttalkingtoa human.” -GartnerResearch
- 9. 8 eDynamic, Friday, May 9, 2014 TheConnectedCustomer
- 10. 9 eDynamic, Friday, May 9, 2014 Buyers: • Areincontroloftheirownbuyingprocess • Haveaccesstoalltheinformationthey requiretomakeabuyingdecision
- 11. 1010 Tobuild a stronger pipeline youmust engage customersat allstagesof theirbuying process Source: Forrester
- 13. 12 eDynamic, Friday, May 9, 2014 TheCommonGapinleadmanagement Forrester Research
- 14. 13 eDynamic, Friday, May 9, 2014 Marketersmust: • Understandthebuyer’sdigitalbody languagetodeterminetheirinterestlevel • Leverageandoptimizetechnologyto delivertherightmessagetotheright personattherighttime • Scoreleadstodeterminewhoisreadyfor sales,andnurturethosewhoarenot
- 15. 14 eDynamic, Friday, May 9, 2014 Lead Management vs Lead generation What’s the difference?
- 16. 15 eDynamic, Friday, May 9, 2014 20000 400 100 50 17 LookingattheNumbers LeadManagementbythenumbers:WithoutPre-qualification Sales Stage Volumes Required Conversion Rate Prospects Qualified Leads Sales Accepted Leads Sales Opps Closed Won 2% 25% 50% 35% $1.7 Million in revenue Assumption: $100K Value of Closed Business
- 17. 16 eDynamic, Friday, May 9, 2014 20000 1000 250 125 44 LookingattheNumbers LeadManagementbythenumbers:Focusonpre-qualifyingatthetop Sales Stage Volumes Required Conversion Rate Prospects Qualified Leads Sales Accepted Leads Sales Opps Closed Won 5% 25% 50% 35% $4 Million in revenue Assumption: $100K Value of Closed Business
- 18. 17 eDynamic, Friday, May 9, 2014 20000 1000 650 325 114 LookingattheNumbers LeadManagementbythenumbers:CommondefinitionsofQualification CriteriabetweenMarketingandSales Sales Stage Volumes Required Conversion Rate Prospects Qualified Leads Sales Accepted Leads Sales Opps Closed Won 5% 65% 50% 35% $11 Million in revenue Assumption: $100K Value of Closed Business
- 19. 18 eDynamic, Friday, May 9, 2014 18 6 Steps to Creating a Successful Lead Management Strategy 1 2 3 4 5 6
- 20. 19 eDynamic, Friday, May 9, 2014 Sharedgoals Commonleaddefinition Leadqualificationandhand-off Programvisibility Commonrevenue-focusedmetrics STEP1.AlignMarketingActivitieswithSalesResults 1 2 3 4 5 6 Align Marketing with sales
- 21. 20 eDynamic, Friday, May 9, 2014 Whilesalesand marketingpeoplehave differentwaysofgoing abouttheirbusiness functionstheyneed eachothertobe successful. RobHarnett,SalesPerformanceBlog STEP1.Commongoals,commonstrategy 1 2 3 4 5 6 Align Marketing with sales
- 22. 21 eDynamic, Friday, May 9, 2014 STEP1.Leadqualificationandhand-off 1 2 3 4 5 6 Align Marketing with sales
- 23. 22 eDynamic, Friday, May 9, 2014 STEP1.Leaddefinition 1 2 3 4 5 6 Align Marketing with sales
- 24. 23 eDynamic, Friday, May 9, 2014 Revenue Netnewdeals Profit Customerexpansion MarketShare Margin MarketingEffectivenessandEfficiency Leadssourcedorinfluencedbymarketing MQLsandSALs Opportunities STEP1.Commonmetrics 1 2 3 4 5 6 Align Marketing with sales
- 25. 24 eDynamic, Friday, May 9, 2014 1. Registrations,Conversionsor Inquiries 2. LeadQualitybyLeadScore 3. Spend(CostperConversion,Costper QualifiedLead) 4. Engagement CTRs Attention(Timeonsite,Interactwith Content) PRandSocialComments,Tweets,Likes, Shares 5. Etc. SecondaryMarketingProgramMetrics
- 26. 25 eDynamic, Friday, May 9, 2014 1. Awareness and Interest 2. Educate 3. Evaluate 4. Justify 5. Purchase 6. Advocacy and Repurchase STEP2.Understandyourcustomer’sbuyingcycle 1 2 3 4 5 6 Understand your customer’s buying cycle
- 27. 26 eDynamic, Friday, May 9, 2014 STEP2.UnderstandtheBuyingProcess Byidentifyingwhoourcustomersareandhowtheybuywillhelp ussegmentandmapoutthewayweengagewiththem $$Prospect Qualified Lead Sales Accepted Lead (SAL) Suspect Sales Qualified Opportunity (SQO) Evaluate PurchaseLearn JustifyInterest Customer’s Buying Process Sales & Marketing Process Marketing validates quality of interest Marketing nurtures to sales ready Sales validates and accepts ownership Sales validates BANT criteria Sales closes revenue opportunity COLD WARM HOT
- 28. 27 eDynamic, Friday, May 9, 2014 1. ALeadForward,Revenuebackanalysis willnotonlyprovideinsightsintoalead managementprocessbutwillalsotellyou whoyouridealcustomeris 2. Criteria: TechnicalBuyer,EconomicBuyer,UserBuyer,Coach JobRole/Function Industry Motivations PainPoints STEP2.Understandyourcustomer’sbuyingcycle 1 2 3 4 5 6 Understand your customer’s buying cycle
- 29. 28 eDynamic, Friday, May 9, 2014 STEP2.Howaretheybuying? 1 2 3 4 5 6 Understand your customer’s buying cycle
- 30. 29 eDynamic, Friday, May 9, 2014 STEP2.Whatchannelsaretheyusing? 1 2 3 4 5 6 Understand your customer’s buying cycle Weneedtoengagepeoplewheretheyspend theirtime—wheretheygettheirinformation.
- 31. 30 eDynamic, Friday, May 9, 2014 STEP2.CreateSegments–byprofile,bychannel 1 2 3 4 5 6 Understand your customer’s buying cycle Identifysegmentationparameters thatmodelyourcustomersandhowtheybuy.
- 32. 31 eDynamic, Friday, May 9, 2014 Step2.Understandactions,painpoints,motivations Evaluate PurchaseLearn JustifyInterest Active Search Begins Solutions Identified Solutions Evaluated Against Needs Validate Decision Made Actions Web Search Review or get admin to look at product on website and collateral. Ask Personal/SocialNetwork. Compare against current Card Peer/Association endorsements Procurement Process Questions WIFM? Do I really need this card? Does it fit my business needs? Which of my suppliers are acceptingthe card? Can this replace my current Business or Consumer Card? What is the cost (fees)? How much can I spend? Who else like me is using this product? What type of rewards is he/she collecting? How long before I can utlizie the product? TCO? ROI? Motivations Rewards, Service, Perks, Cachet, Fees Amex Perks – Rewards, Business Savings, Travel Insurance,Security, Service (Added Value) Relevance of Perks, Rewards etc… Confirmation of Perks e.g.. Rewards - taxes andfees covered Risk-free Trial PainPoints No Time Budget vs. Spend Expense Tracking and Management Cash Flow Barriers Merchant Acceptance Tied to an existing card Migrating from Existing card Merchant Acceptance Migrating from Existing card, LinkingBank accounts T&Cs Personal Liability Credit History Supplier Coverage Is it worth switching? Approval Process
- 33. 32 eDynamic, Friday, May 9, 2014 STEP2.AlignContenttothebuyingcycle Attract Qualify Nurture Understand your customer’s buying cycle 1 2 3 4 5 6
- 34. 33 eDynamic, Friday, May 9, 2014 Manual, 36% Automated Sequence, 64% STEP3.Automatetheprocess 1 2 3 4 5 6 Automate the process Campaignsinfluencingrevenue Oracle Eloqua Benchmark Study
- 35. 34 eDynamic, Friday, May 9, 2014 STEP3.Buildamodel Automate the process 1 2 3 4 5 6
- 36. 35 eDynamic, Friday, May 9, 2014 STEP3.Createadataprofile Automate the process 1 2 3 4 5 6 Prospect/CustomerProfile ContactInformation CompanyInformation IdealCustomerattributes–revenuesize,industry Prospect/CustomerEngagement WebsiteVisits EmailOpens,Clicks,Forwards BlogComments Socialactivity LeadTypeCategorization Source/Channel/Industry/JobRole
- 37. 36 eDynamic, Friday, May 9, 2014 STEP3.Buildamodel Automate the process 1 2 3 4 5 6
- 38. 37 eDynamic, Friday, May 9, 2014 STEP3.Createanautomatedprocess Automate the process 1 2 3 4 5 6
- 39. 38 eDynamic, Friday, May 9, 2014 STEP4.ScoringandRouting 1 2 3 4 5 6 Scoring and routing Workwithsalestodeterminethe“buying zone” Low levelof engagement (Low level of how much the lead wants to talk to us) High levelof engagement (High level of differentiation driving purchase intent) High levelof Profile Match (High level of how much we want to talk to the lead) The Buying Zone The only leads we should be feeding to the sales field Low levelof Profile Match (Low level of how much we want to talk to lead)
- 40. 39 eDynamic, Friday, May 9, 2014 STEP4.ScoringandRouting 1 2 3 4 5 6 Scoring and routing TheScoringProcess Explicit and Implicit Scores Calculated Score RESET Rating Assigned Feed into Scoring Send to CRM Lead Qualification Lead Nurturing
- 41. 40 eDynamic, Friday, May 9, 2014 1. Buildtrustandastrongrelationshipwith yourprospect LeadNurturingprovidestheopportunitytoestablisharelationship thatcanleadtoengagementandconversions Educateyourleads–Whoareyou? Whatdoesyourorganization do? Howdoesthisbenefitme? Establishcredibilityasexperts Berelevanttotheissuesofyourdifferentsegments Differentiateyourselvesasanorganizationtheywantto communicatewith,buyfrom,donateto… Betop-of-mind STEP5.Nurtureleadsthroughoutthebuyingcycle 1 2 3 4 5 6 Nurture leads
- 42. 41 eDynamic, Friday, May 9, 2014 STEP5.Nurtureleadsthroughoutthebuyingcycle Evaluate PurchaseLearn JustifyInterest (1) New Welcome Program • 1st touch – Welcome • 2nd touch – tell us about your preferences • 3rd touch – relevant case study and let us know if we can help you. (3) Referral Auto-responders Objection Campaigns Three-touch drip email campaigns by topic: • Don’t get it • Costs too much • Happy with point tools (2) Customer Follow-Up •1st touch – Can I answer any questions for you? From rep. Buyer’s Kit • Dynamic hypersite by role and by product interest • ROI Determination • Case Studies • Evaluation Tools Competitive Loss Reengagement • After 6 months of close • Benchmark study • Relevant case studies Inactive Reengagement • Last Qtr. timeframe • Budget Planning Message Evaluator Education Campaign SEM Content Syndication Inside Sales Prospecting 1 2 3 4 5 6 Nurture leads
- 43. 42 eDynamic, Friday, May 9, 2014 1. Buildingrelationshipswithtopormiddleof thebuyingcycleleads 2. Movingtopofthefunnelleadstomiddleof thebuyingcycle 3. Re-engagingunqualifiedbottom ofthebuyingcycleleads STEP5.Nurtureleadsthroughoutthebuyingcycle 1 2 3 4 5 6 Nurture leads
- 44. 43 eDynamic, Friday, May 9, 2014 Providesaleswithinsightintoengagedlead activity 1. Movingtopofthefunnelleadstomiddleof thebuyingcycle 2. Re-engagingunqualifiedbottom ofthebuyingcycleleads STEP6.EmpowerSales 1 2 3 4 5 6 Empower sales
- 45. 44 eDynamic, Friday, May 9, 2014 Providesaleswithinsightintoengagedlead activity STEP6.EmpowerSales 1 2 3 4 5 6 Empower sales
- 46. 45 eDynamic, Friday, May 9, 2014 1. Createshort-termandlong-termprograms andcollateralforusebysalesviatheir CRM Eg.PersonalizedFollow-ups Eg.Programsfor“Stuck”opportunities Eg.LostOpportunities STEP6.EmpowerSales 1 2 3 4 5 6 Empower sales
- 47. 46 eDynamic, Friday, May 9, 2014 Connectwithus 1-877-339-6264 www.edynamic.net contact@edynamic.net twitter.com/edynamic youtube.com/1999dynamic facebook.com/edynamic.net