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Why it takes 7 13 touches dmanc 011514-presentation_slides

  1. Why It Takes 7-13+ Touches to Generate a Qualified B2B Sales Lead Today Workshop and content originally presented at the DMA worldwide conference, October 2013 Laurie Beasley, President Beasley Direct Marketing, Inc. Tom Judge, VP Strategy Direct Marketing Partners, Inc.
  2. Your Presenters  Laurie Beasley – President Beasley Direct Marketing  President DMA Northern California  Instructor UC Berkeley Extension  Instructor Online Marketing Institute  Tom Judge – VP Strategy Direct Marketing Partners (DMP)  Vice President DMA Northern California  Contributor Sales Lead Management Association  Program Chair NorCal BMA Sales Lead Roundtable  Stacy Escobar– Web Creative Manager Anritsu Company  .
  3. Part 1: Why So Many Touches?
  4. Why So Many Touches? Its not easy generating the “sales-ready” leads
  5. The Goal of Demand Generation is Sales! However there are some bumps in the road…  The CSO Insights annual survey uncovered problems  The average number of reps making quota was 63% for 2012  Only 42% of firms met or exceeded their 2012 revenue goals  CSO Insights indicated that 92% of firms are raising their revenue goals this year  Over 40% of firms indicate the increases are 15% or more! .
  6. B2B Marketing Challenges Top 2 = our focus
  7. Challenge: Quality Over Quantity .  Marketing Sherpa’s 2012 B2B Benchmark report explored what marketers are actually doing Problem Uncovered:  73% of the leads distributed to sales ARE NOT Sales-Ready! Solution Case Cited: In the same report; Marketing Sherpa cited a case of a firm that moved to higher quality “sales-ready” scored leads (A B2B HR solutions company)  The lead volume dropped by 52%  While revenues increased 41%
  8. 8 1. Marketing generates a lead with basic interest, not ready to engage a sales rep 2. Sales teams reject unqualified leads, feels disconnected, requests “sales-ready” leads 3. Few actually convert and the numbers are unsustainable Current marketing focus Current sales focusThe B2B lead development gap Issue 1: Marketing hands off Leads too early. Unqualified Leads waste sales’ time. Issue 2: Sales cherry picks leads, letting longer-time-frame leads leak out.Issue 3: Marketing spends More $ to replace lost leads. Reach Interest Desire Convert Enrich Retain Warm leads leak out Gap in The Middle of the Funnel is Costing Time & $ Money Source: Forrester October 2006, Best Practices “Improving B2B Lead Mgmt” Forrester: Low Quality Sales Leads Create Sales Problems Symptoms: Few conversions into customers
  9. The increased reliance on higher sales lead quality from the sales teams has changed the game for demand gen marketers You as a marketer are now on the hook to deliver This is the new norm Tension Between Sales & Marketing
  10. Challenge: How Can We Improve Our Lead-To-Sales Results? Here are some best practices and multi-touch cases that improve lead quality
  11. Example of a 7-13+ Touch Sequence? 1: Initial email campaign 2: Initial direct mail campaign 3: Call, prospect not there, leave a message 4: Send email follow up 5: Call, prospect is not involved in any way, referred to correct contact 6: Start over, transfer the call into person you’re referred to, leave VM 7: Send email follow up: first email 8: Call, prospect not able to talk then, but did schedule another time 9: Send email follow up confirming call appt. day/time 10: Call held, prospect interested, however wants more information before all the qualification questions on script are completed 11: Send personalized email follow up with relevant info. 12: Prospect now ready to talk about needs, access to budget, purchase authority, level of urgency and timeframe= Qualified! 13: Email to confirm appt. scheduled with field sales rep, CC rep.
  12. Value of Nurture Process Contact # 1 Contact # 2 Contact # 3 Contact # 4 Contact # 5 Contact # 6 Contact # 7 Contact # 8 Contact # 9 Contact # 10 Contact # 11 Contact # 12 Prospect Customer 50% of sales people have given up 65% of sales people have given up 89% of sales people have given up Just now you are becoming a factor in your prospect’s mind Nurturing slowly, your prospect gets to know you You are probably the only person to make 8 contacts with this person 79% of sales people have given up You harvest low hanging fruit You are earning top of mind awareness At this point when you prospect is ready to buy, you have a 90% chance of being called *Microsoft study
  13. Reality: Wow, 13+ Touches is A LOT! How do we shorten it?  We'll outline 12 ways to shorten the process and improve results.  Then we'll share 2 use cases and their results.
  14. Start with the end in mind: • Review historic sales data • Segment by customer types • Review profitability data • Know the buying process • Build buyer Personas & relevant messaging for each Assess your TAM: • Review the resources it will take to acquire 1. Plan - Start With the End in Mind Create a “Perfect Prospect Profile”
  15. Digital/Online data points: • Digital profile, Segment • Web content activity • Trigger events • Scoring & its limits Non-Digital/Peer-to-peer data points AND relationship: • Needs, Plans & Business pains • Role in the buying process • Access to funding • Size of opportunity • Time frame and sense of urgency • Willingness to move forward and engage with sale rep? 2. Clearly define the “Sales-Ready Qualified Lead” (which can blossom into your perfect customer)
  16. Advanced Lead Rating & Scoring Criteria 16 Tip: Combine digital and BANT Plus data points into your scoring
  17. Sample of “BANT+ Sales-Ready” Lead Data Detailed background information on the prospect and the selling opportunity helps drive more productive sales results
  18. Multi-Touch Process Dispelling the Marketing Automation “Solves it All” Myth Sirius Decisions has now inserted Tele-qualification into this model to increase the sales qualification information gathered to boost lead quality & conversions
  19. Common Problems We See With Overdependence on Marketing Automation  Marketing automation is dependent on lead forms submissions  Lead form submit rates are declining  Difficult if not IMPOSSIBLE to get BANT+ criteria from lead forms (even when using progressive profiling)  Result: “Sticky funnel conundrum”. Lots of unqualified leads rattling around in the system  99% of your true prospects haven’t filled out a form or come to your website. Many responders do not fit your perfect prospect profile. You must monitor the profiles. Action: You need to proactively outbound target the key account contacts in your sweet spot with your value propositions
  20. 3. Quantify Your “Sales-Ready” Lead Quota Sample Lead Requirements Calculator Scenario Requirements ANNUAL SALES REVENUE GOALS: $13,000,000 Sales Revenue Goals/Quarter $3,250,000 Revenue per sale $115,000 # Closed Sales Required/QTR 28.3 Or 9.3 Closes/mo. Estimated Closed Rate on Pipeline Proposal Opportunities 25% # Qual Leads That Must Convert to Pipeline Proposals/QTR 113 Est. forward conversion rate from sales-ready lead into Pipeline 40% # Qualified Sales -Ready Leads Required per Quarter (Prospects meeting sales-ready criteria) 283 # Qualified Sales-Ready Leads Required per Month (Prospects meeting sales-ready criteria) 94 TomJudge, All Rights Reserved, Copyright Protected
  21. Gain agreements with • Marketing’s lead quality and quantities • Sales team follow up actions on each qualified lead • Gain senior management agreement Tip: Obtain sales or channel rep SLA sign offs that they will engage sales-ready prospects and track in CRM 4. Align sales – marketing – and Management with Your Plan
  22. Sample of a basic agreement between sales and marketing • Marketing agrees to quality of leads delivered • Sales agrees to follow up steps and CRM tracking
  23. 5. Target Prospect Data Tip: Create a process to improve prospect data  Forrester reports that 37% of firms indicate this is a significant marketing problem at their firm  Action item: Fix and standardize the prospect database Hint: This is a never ending task
  24. 6. Segment Your Target Markets  Tip: Segment your target markets into smaller more manageable target sub segments. Don’t boil the ocean  Action item: Compare campaign performance by segment to identify better performing markets to focus resources better
  25. Common Segmentation for B2B Single Product Segmentation Example - Business services with multiple decision makers/influencers Customers Prospects Financial Automotive Non Profit Non Profit Small, Medium, Large VP Marketing VP ProductionCFOCEO 2x 3x 3x 4x = 72 Segments Business Universe Financial Automotive
  26. 7. Story Tell With Your Content  Tip: Sync up relevant content with personalized messaging to tell your compelling story, differentiate and establish your brand as one they want to put on their short list Action item: Review and revise your content and messaging to help you “earn the right” to ask the tough qualification questions you need gathered to qualify prospects
  27. 8. Offers DO Matter  Tip: Use a compelling offer with staying power.  Content can be your best offer  Action item: ALWAYS OFFER something of perceived value
  28. Business to Business Offers & Content Offer Responsivenes s (1-5) Qualified(1-5) Optimum Offers ROI calculators 3 5 15 Whitepapers/ Guides 3 4 12 Case studies 4 3 12 “Relevant” giveaways 4 3 12 Video clips or demo 4 3 12 Webinars 2 5 10 Live events 1 5 5 Free giveaways 5 1 5 Tradeshows 2 2 4
  29. 9. Think B2B Relationships: People Buy From People  Tip: To accelerate b2b prospect lead development, include tele-qualification in the touch process  Action item: We suggest running a three-month A/B test using email + tele-prospecting in the lead nurturing and qualification process and measure the lift and ROI.
  30. 10. Warm Prospects First by Sending an Email or Direct Mail Before Calling  You CAN do cold calling alone without sending a campaign in advance. Lots of people do it. However, their productivity may not be optimal.  We have found sending out an email and/or direct mail before a campaign can make it 30-40% more productive, and save in tele-prospecting expenses.  Why? Several reasons:  You can triangulate from an email or direct mail to draw the prospect into the conversation.  If they’ve read the email or direct mail before you call, they’re much more informed and can more clearly define their needs  You appear to have a more comprehensive offering  You allow more channels for prospects to communicate through
  31. 11. Track All Touch Metrics Tip: Analyze KPI metrics in light of the original touch plan & make refinements during campaigns Action item: Analyze results metrics from end to end. Adjust tactics to improve each metric along the way to a better outcome.
  32. 12. Put in Place Comprehensive Lead Management Resources  Tip: Implement a lead mgmt. system & team that gives you end-to-end visibility into all of your campaigns Action item: Have the right talent and executive dashboard reporting tools to manage your lead funnels and make revisions. Mgmt. wants this! .
  33. Part 2 Multi-Touch Case Study Stacy Escobar Web Creative Marketing Manager On behalf of Katherine Van Diepen Director of Marcom Anritsu Company
  34. Anritsu Case Study Multi-Touch Multi-Channel Lead Gen Case study summary: Vector Network Analyzer (VNA) VectorStar® VNA overview- VNA’s are used to test a variety of chips, components and subsystems designs used in telecommunication applications Campaign goals- 23 closed opportunities per month- $2.3M Rev/mo. Challenges- Long sales cycle, high price point at $100K+, Competitor’s installed base. Competitive landscape- Agilent (~$7B annual sales) Rhode & Schwartz (~$1.2B annual sales)
  35. Anritsu Case Study VectorStar® Vector Network Analyzer (VNA) Target Customer- Electrical Design Engineers Target Markets/Applications-  Defense Electronics- Radar , RF and MW Design  Communications - Components Design  Communications - Chip Design and Verification Value proposition & messaging-Get Better Measurement confidence, in both R & D and Mfg. Environments Creative- E-Mail, Direct Mail (3D) Offers- Complimentary VNA Book or $100.00 Back Pack
  36. Anritsu Case Study Multi touch strategy and sequencing: First touch: Direct Mail Second touch: Email Third touch: Tele-prospecting Fourth - XX Touches: Tele follow up; emails , appointment setting
  37. Anritsu Case Study  Creative Strategy  A number of concepts were presented, showing various metaphors that illustrated the key product benefits.  The chosen concept focused on the Mars Curiosity Rover, which had made a spectacularly successful landing on Mars about the time this project began.  We pointed out the extreme precision this required, and then made the transition to the reader: we think of the NASA Jet Propulsion Lab engineers as heroes, but you are required to make equally exacting measurements every day. That’s why you deserve an instrument like the VectorStar.
  38. Anritsu Case Study VectorStar® Vector Network Analyzer (VNA) “A” Lead Qualification criteria  Industry identified or verified  Role identified  Contact title identified  Test Range identified:  Between 70 KHz to >110 GHz  Application devices being tested identified:  ie Components, Chips or IC’s, Radar, Signal integrity, etc.  Budget status identified:  Budget Decision Maker, Budget available now or wants a quote  Technical consultation appointment scheduled:  Meeting timeline range of 2 weeks to 3 months Anritsu qualification information
  39. VNA Clear Tube 3D Mailer Metric: Mailed to 4,150 then emailed
  40. Anritsu Case Study Poster insert
  41. Anritsu Case Study Email
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  44. About Beasley Direct Marketing  Beasley Direct Marketing, Inc. provides copywriting, design, programming, and consulting services for the following direct marketing channels:  Search (PPC and SEO)  Email Creative, Design, Deliverability Audits, and Broadcast  Direct mail (with and without PURLs)  Landing Page Design (with and without PURLs)  Mobile  Video  Social  Website Design  Catalog/eCommerce  Brochure, White Paper, and Guide copy and design  List Building and CRM Database Management  Telemarketing  Translation for all of the above  Executive Dashboard Tracking, Reporting, and Lead Assignment
  45. About Direct Marketing Partners (DMP) DMP is a lead management and lead funnel qualification services provider for B2B selling firms DMP provides customized lead-to-sales service bundles. DMP teams are an extension of our clients’ demand gen teams. Clients receive dedicated trained teams to execute multi-touch email, direct mail and peer to peer tele-prospecting campaigns with marketing automation and funnel metrics to optimize lead to sale conversions.
  46. Thank YOU! Laurie Beasley Direct: 408-782-0046 x21 @BeasleyDirect Blog: Tom Judge Direct: 510-368-7527 Blog: