lead nurturing and lead scoring software accelerates buying cycle
DESCRIPTION
Learn from savvy marketers how to accelerate the buying cycle with lead nurturing and lead scoring. Presented at ExactTarget Connections 10 customer conference on Sep 15, 2010 by Dave Morse of Delta Faucet, Bo Lowery of Wild Birds Unlimited, Jeremy Williams of Indiana Tourism, and Troy Burk of Right On Interactive.TRANSCRIPT
Lead Nurturing and Lead Scoring:Accelerating the Buying Process
Presenters: Troy BurkFounder, PresidentRight On Interactive@troyburk
Dave MorseE-Marketing ManagerDelta Faucet@davemorse
Bo LoweryCommunications ManagerWild Birds Unlimited@loweryb
Jeremy WilliamsInteractive Production ManagerIndiana Office of Tourism Development@JeremyAWilliams
Right On Interactive
ROI Customer Lifecycle Marketing™ solutions transform the
way marketers nurture business relationships
• Win and Retain More Customers
• Maximize the Lifetime Value of your Customers
• Optimize Your Marketing Effectiveness
Lead Nurturing and Lead ScoringOver the next twelve months, how will
you cultivate leads that have interest,
but are not sales-ready?
Over the next twelve months, how will
you score leads to decide which ones
are passed to sales?
A. Sales is responsible for nurturing leads
B. Marketing communicates with leads periodically
C. Marketing communicates with leads systematically
A. Leads go directly to sales
B. A subjective process for scoring leads
C. A formal process for scoring leads
2010 Marketing Survey
32%
30%
38%
Lead Nurturing
Count of Sales is responsible for nurturing leads
Count of Marketing communicates with leads periodically
Count of Marketing communicates with leads systematically
46%29%
25%
Lead Scoring
Count of Leads go directly to sales
Count of A subjective process for scoring leads
Count of A formal process for scoring leads
Source: Right On Interactive Survey
Over the next twelve months, how will you cultivate leads that have interest, but are not sales-ready?
Over the next twelve months, how will you score leads to decide which ones are passed to sales?
Lead NurturingLead Nurturing is a process by which leads are tracked and developed into sales opportunities by sending automated, timely, and targeted communications.
Companies that Excel at Lead Nurturing: • Decrease the percentage of marketing generated leads that are ignored by sales• Raise the win rates on marketing generated leads and reduce “no decisions”• Have more sales representatives who make quota• Decrease the ramp-up time for new sales representatives
Lead ScoringA method to quantify and prioritize the potential value of each prospect or lead
Explicit Scores (Profile) are based on information provided by or about the prospect—for example, company size, industry segment, job title or geographic location.
Implicit Scores (Engagement) are derived from monitoring prospect behavior; examples of these include Web-site visits, whitepaper downloads or e-mail opens and clicks.
Quadruple Response with Lead Nurturing
0
1
2
3
4
1 2 3 4 5 6
5%
10%
15%
20%
0%
Predictable & Repeatable
Source: Sirius Decisions
One percent improvement in Marketing Qualified Leads can lead to a 50% increase in revenue
According to industry research firm Aberdeen Group, companies with best-in-class lead prioritization and scoring systems have a 192 percent higher average lead qualification rate than those that do not.
Delta FaucetRight Person, Right Message, Right Time
Delta Faucet Company
• Dave Morse, E-Marketing Manager
• HQ in Indianapolis
• B2B – Large wholesalers & “big box” retail
• 3 product lines
• Many targets: builder, plumber, architects, etc.
The Situation
“Right person, right message, right time”
• Nurture campaigns
– Build relationships / earn business
• Challenge: Data
– No “single source of truth”
– Poor data quality
– No centralized campaigns
– Unsophisticated segmentation
Impact
• Impersonal messaging (“batch „n blast”)
• Limited intelligence & visibility
• Highly inefficient to manage & utilize contact data
• Stumbling block in achieving nurturing program
The Solution
Step 1: Consolidate Data
• Consolidate multiple “silos”
• Salesforce.com & Right On Interactive
Step 2: Map Lifecycles
• Six stages (generic)
– Pre-sale: Initiate | Develop | Convert
– Post-sale: Adopt | Value | Advocate
Scored by profile “fit” and engagement
Step 3: Define Programs• “Stay In Touch”
– Information & education
– Good for: Showrooms
• “Accelerator”– Nudge, nudge
– Good for: Architects, Designers
• “Lead Lifecycle” – No stagnation
– Good for: Builders
Need to be adaptive!
Adjust message & cadence
based on behavior
Accelerator Example: Trade
• Campaign: “Saved Items” registration
– Promote professional acct.
– Earn +20 points
– Day 1 – “Welcome” / Pro Resources
Accelerator Example: Trade (cont.)
• Campaign: “My Projects”
– Architects using “Saved Items” > 2x
– On 3rd use – “Introducing My Projects”
Accelerator Example: Consumer
• Campaign: Drive Purchase
– Promote where to buy
– Earn +10 points for “Saved Items” reg.
– Day 1 – “Welcome” / Quick website tour
Accelerator Example: Consumer (cont.)
• Campaign: Drive Purchase
– Day 5 – “Where To Buy” email
E-mail Showroom Locator
Accelerator Example: Consumer (cont.)
• Campaign: Drive Purchase
– If they do click-thru
• Wait 5 days – Send “Did you buy?” survey
– If they do open but do not click-thru within 1 month
• Wait 2 weeks – Send “Find Your Perfect Faucet” e-mail
– If they do not open within 1 month
• Week 4 – Send reminder e-mail
Wild Birds UnlimitedNurturing Customers to Increase Loyalty
Summary
• Results
• Unexpected
• Planned enhancements
• Franchise System
• Nearly 300 Retail Stores
• Owner/Operators
• Diverse habitats, birds, diverse marketing needs
• 2001: 1st ExactTarget Enterprise Client
• 225+ Franchisees use ExactTarget Lock & Publish Account
• 2007: Partnership with Right On Interactive
• “Email is the most used marketing tool we offer.”
“Get the customers back in the store.”
• Integrated POS Data Drives Email Automation
• Nurture Campaigns for:– Retention
– Recency
– Customer Win-Back
– Loyalty Program
Retention Campaign
• Goal: Nurture
customer relationships
• Franchisees
customize and send
from L&P accounts
Recency Campaign
• Goal: Decreasetime between firstand second visit
• Triggered offer via email 7 days after initial customer visit/purchase
Win-Back Campaign
• Goal: Recover
“newly lost” customers
• Triggered incentive via
email if no purchase
within last 4 months
Loyalty Campaign
• Membership-based loyalty program
• 25% of customers are members
– These customers account for:
60% of Total Sales
Loyalty Campaign
• Goal: Increase Participation and Renewal Rate
• Triggered
– Reward Reminders
– Membership Renewal Offers
• Next Steps for Automated Email Program
– Refine based on campaign results
– System-wide launch by early 2011
– Additional triggered emails based on customer behavior
Visit IndianaNurturing and Scoring Leads with Foursquare & ROI
What is IOTD (Visit Indiana)?
• Tourism marketing arm for the State of Indiana
• Tourism brings > $10B and 62M visitors annually
• Budgets shrinking
• Doing more with less
Conversion Challenges• No on-site sales = no solid ROI
• Tracking Soft Metrics– Website Stats
– Brochure Orders
– Fans
– Retweets
– Shares
• Siloed Customer Info
• How to reconcile?
3.3k 5k 70k 70k
1k
What is ? Why use it?• Location-based mobile application
• Users check-in, share location with friends
• Add Tips to locations
• Most check-ins = Mayor
• Discounts for checking-in, becoming Mayor
• Foursquare.com/VisitIndiana shares tips with our followers
• Perfect fit for tourism-related organizations
Nurturing Leads w/ & ROI • Fall Leaf Cam
• Intro email to followers – explain promotion
• Followers check-in at Leaf Cam
• Send email via ROI when user checks-in
• Exclusive discounts & traffic-driving message
• Emails contain links to social media and email
• Ability to re-send emails to users
• Sensitive to over-communication
Scoring Leads w/ & ROI • Followers check-in data via ROI
• Follow up with followers via Twitter and Email
• Request photos, videos, tips & blog posts from most engaged followers
• Track redemption rates for exclusive coupons
Engagement Scores
Foursquare Check In: 15 pts.
ET Email Click Through: 7 pts.
Twitter Follower: 5 pts.
Conclusions
• Integrate Siloed Databases
• Track actual consumer locations
• Go beyond soft metrics
• Track actual $ return
• Social Media isn‟t scary
Jeremy Williams
@JeremyAWilliams
@VisitIndiana
Action Items• Define the stages and gate criteria for your customer lifecycle
• Consolidate multiple “silos” into a professional marketing database
• Develop a process for marketing to systematically nurture leads and customers
• Provide weights and values for profile and engagement scores
• Align marketing programs, campaigns, and tactics based on “where they are in the relationship”
• Go beyond soft metrics and measure ROI, stage duration, and stage churn rate
• Incorporate social media to close the loop
Q & A Troy BurkFounder, PresidentRight On Interactive@troyburk
Dave MorseE-Marketing ManagerDelta Faucet@davemorse
Bo LoweryCommunications ManagerWild Birds Unlimited@loweryb
Jeremy WilliamsInteractive Production ManagerIndiana Office of Tourism Development@JeremyAWilliams