optimizing the lead€¦ · session speakers 2 brian carroll executive director of revenue...
TRANSCRIPT
Brian Carroll Pamela Markey
Executive Director, Director of Marketing & Revenue Optimization Brand Strategy
MECLABS MECLABS
A data-driven optimization process that goes beyond lead capture
Optimizing the Lead:
Session Speakers
2
Brian Carroll
Executive Director of Revenue Optimization
MECLABS
Brian Carroll is Executive Director of Applied Research at MECLABS and CEO of InTouch, part of the MECLABS Group. Author of the bestseller, Lead Generation for the Complex Sale, Carroll is a leading expert in lead generation and he's profiled and regularly quoted in numerous publications. Carroll also speaks to 20,000 people a year on improving sales effectiveness and lead generation strategies. He has been profiled and regularly quoted in numerous publications such as BtoB magazine, Selling Power, The Wall Street Journal, Entrepreneur, Target Marketing, Inc., Marketing News, DM News, MarketingProfs, MarketingSherpa, Software CEO and CMO Magazine.
@brianjcarroll
Session Speakers
3
Pamela Markey
Director of Marketing & Brand Strategy
MECLABS
Builds strategic partnerships, plans promotional initiatives, and is responsible for both Primary and Applied Research communication- and marketing-related activities. If it impacts a MECLABS brand, it goes through her.
Before joining the team in June 2009, Markey worked for seven years as a wireless marketing manager at Bell Canada, during which time she managed campaigns for the Solo Mobile and Bell Mobility brands. Her work has been recognized at Cannes, the CLIOs, and the Canadian Marketing Awards among others.
Markey started her career in marketing at Microsoft while completing her Bachelor of Commerce degree at Dalhousie University.
@pamelamarkey
Optimizing the Lead
Identify the right companies and people
Segment, score and prioritize
Initiate a memorable conversation
Nurture regardless of time to buy
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Segment, score and prioritize
Initiate a memorable conversation
Nurture regardless of time to buy
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3
4
Optimizing the Lead
Identify the right companies and people 1
What is a lead?
Inquiries are not leads
• 5 to 15% of all inquiries are sales-ready
1
What is a lead?
Inquiries are not leads
• 5 to 15% of all inquiries are sales-ready
Sales doesn’t need to “accept” the leads
• Confirm whether the lead met the Universal Lead Definition agreed to between sales and marketing
1
What is a lead?
Inquiries are not leads
• 5 to 15% of all inquiries are sales-ready
Sales doesn’t need to “accept” the leads
• Confirm whether the lead met the Universal Lead Definition agreed to between sales and marketing
Create your very own version of a ULD
• Apply it to every lead, and iterate as you close the loop
1
What is a lead?
Inquiries are not leads
• 5 to 15% of all inquiries are sales-ready
Sales doesn’t need to “accept” the leads
• Confirm whether the lead met the Universal Lead Definition agreed to between sales and marketing
Create your very own version of a ULD
• Apply it to every lead, and iterate as you close the loop
CREATE YOUR ULD
1
Identify the right companies and people
Action Item: ULD checklist F What makes a good sales lead? • How can we raise the bar and give your better more actionable leads? • What initiative or need makes this a good fit? • What info is necessary to determine if a lead is worth the follow-up? • What are the titles/job functions of economic buyers and influencers? • What does this company values? What is its culture like? • What are the common business issues?
"
1
Identify the right companies and people
What information is required to qualify leads as being sales ready?
• What are the characteristics of the ideal sales opportunity? • What are the questions sales want answered before getting a lead? • What info is must-have vs. nice-to-have? • Which questions tend to gather the most-needed information? • What should we start doing to make leads more actionable? • What things should we stop doing with leads that don’t value? "
F Action Item: ULD checklist
What information is required to qualify leads as being sales-ready?
• What are the characteristics of the ideal sales opportunity? • What are the questions sales want answered before getting a lead? • What info is must-have vs. nice-to-have? • Which questions tend to gather the most-needed information? • What should we start doing to make leads more actionable? • What things should we stop doing with leads that don’t value?
"
1
Identify the right companies and people
Action Item: ULD checklist F
"
Use the ULD to delineate “sales-ready” vs. “nurture” lead statuses • Will there be a time frame to evaluate and implement a solution? • Will there be a formal or informal budget in place? • Are there specific behaviors or traits you are looking for?
1
Identify the right companies and people
Identify key info a sales rep would value in speaking with a prospect • What fuels interest and how must we focus on it with the solution? • Where is the best entry point? • Who is involved in the buying process as it evolves? • Should anyone else be contacted? • Where’s the funding coming from and who has authority over it?
"
Then, only send as many sales ready leads that the sales person can effectively handle
Action Item: ULD checklist F
Then, only send as many sales-ready leads that the sales person can effectively handle
"
Identify key info a sales rep would value in speaking with a prospect • What fuels interest and how must we focus on it with the solution? • Where is the best entry point? • Who is involved in the buying process as it evolves? • Should anyone else be contacted? • Where’s the funding coming from and who has authority over it?
1
Identify the right companies and people
Identify key info a sales rep would value in speaking with a prospect • What fuels interest and how must we focus on it with the solution? • Where is the best entry point? • Who is involved in the buying process as it evolves? • Should anyone else be contacted? • Where’s the funding coming from and who has authority over it?
"
Then, only send as many sales ready leads that the sales person can effectively handle
Action Item: ULD checklist F
Then, only send as many sales ready leads that the sales person can effectively handle
"
Identify key info a sales rep would value in speaking with a prospect • What fuels interest and how must we focus on it with the solution? • Where is the best entry point? • Who is involved in the buying process as it evolves? • Should anyone else be contacted? • Where’s the funding coming from and who has authority over it?
FOCUS ON EFFICIENCY
1
Background: An industrial testing equipment manufacturer engaged the MECLABS Leads Group to follow up on leads generated through tradeshows and a PPC campaign offering a free book.
Goal: To understand when to stop calling a teleprospecting list.
Primary research question: At which point does the value of sales-ready leads from a calling campaign no longer outweigh the costs?
Approach: Record and analyze teleprospecting campaign data to discover the point of diminishing returns
Experiment ID: (Protected) Location: MECLABS Leads Group Library Test Protocol Number: TP1214
Research Notes:
15
Experiment: Background 1
Primary research question: At which point does the value of sales-ready leads from a calling campaign no longer outweigh the costs?
Experiment: Campaign path
Leads Generated
Tradeshows PPC campaign
Qu
alif
ied
Le
ads
Re-engagement
1
Days 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Leads 412 57 14 4 11 12 8 10 6 5 1 2 2 3 10
Percent 61.3% 8.5% 2.1% 0.6% 1.6% 1.8% 1.2% 1.5% 0.9% 0.7% 0.1% 0.3% 0.3% 0.4% 1.5%
Cumulative 412 469 483 487 498 510 518 528 534 539 540 542 544 547 557
Cumulative % 61.3% 69.8% 71.9% 72.5% 74.1% 75.9% 77.1% 78.6% 79.5% 80.2% 80.4% 80.7% 81.0% 81.4% 82.9%
Days 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Leads 7 5 3 5 2 3 5 3 4 2 3 3 2 3 6
Percent 1.0% 0.7% 0.4% 0.7% 0.3% 0.4% 0.7% 0.4% 0.6% 0.3% 0.4% 0.4% 0.3% 0.4% 0.9%
Cumulative 564 569 572 577 579 582 587 590 594 596 599 602 604 607 613
Cumulative % 83.9% 84.7% 85.1% 85.9% 86.2% 86.6% 87.4% 87.8% 88.4% 88.7% 89.1% 89.6% 89.9% 90.3% 91.2%
Days 31 34 36 37 38 39 40 42 44 46 47 48 49 51 53
Leads 3 2 1 1 1 1 1 1 1 1 1 4 1 2 1
Percent 0.4% 0.3% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.6% 0.1% 0.3% 0.1%
Cumulative 616 618 619 620 621 622 623 624 625 626 627 631 632 634 635
Cumulative % 91.7% 92.0% 92.1% 92.3% 92.4% 92.6% 92.7% 92.9% 93.0% 93.2% 93.3% 93.9% 94.0% 94.3% 94.5%
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Experiment: Results
Point of diminishing returns: Consider the value of a lead against your campaign cost to discover the point at which ROI is no longer favorable
!
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Experiment: Results
Analysis of the calling and lead generation data showed that 90% of successful leads were converted within 28 days of first contact
• 60% of conversions happened on the first day
• Another 30% take place over the next month
• Conversions dropped off significantly after 28 days
Looking for a decision point:
• 30 days is when conversions stop increasing every day
• 15 days is the last point at which at least 1% of conversions occur
• 9 days is where you reach 80% of conversions
• 2 days is where you reach 70% of conversions
*The last conversion in this data set took place on 343rd day (672 total conversions)
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Experiment: Results
* *
15 days last point at which
at least 1% of conversions occur
30 days conversions
stop increasing every day
Campaign days
Sale
s-re
ady
lead
s 1
Identify the right companies and people
Initiate a memorable conversation
Nurture regardless of time to buy
1
3
4
Optimizing the Lead
Segment, score and prioritize 2
Sample Marketing and Sales Process
Lead Capture
Segment and Score Leads
Qualify and Nurture
Sales Engagement
Analyze Results
Capture leads
Normalize data
Enrich data
Merge de-dupe
Segment leads by potential
Apply lead score: lead data
lead behavior
ULD
Qualify phone-ready leads
Distribute sales- ready leads
Analyze data
Close the loop
Leads converted
Sales pipeline
Sales closed
Overview deck
Opportunity
Approach deck
Proposal and LOA
Close
2
Step 1. Lead Capture
Web inquiries
Sales generated
Subscribers
Social media Inquiries
Event registrants and attendees
Webinar registrants / inquiries
Enrich data
Unusable data store
Merge and de-dupe
Normalize data
External firmographic
data
2
Step 2. Segment and Score Leads
Segment for next action
Sales Qualification and Discovery
Human interpretation (qualitative)
Segmentation based on potential
(quantitative)
Lead
scoring
Phone Qualification and Discovery
Touch Points (e.g., what content have they engaged?)
Explicit User-supplied Data (e.g., Registration Forms)
Data Hygiene, Enhancement and Consolidation
Targeting/Messaging/Calls-to-Action
2
Step 3. Qualify Leads
Implicit Information
Touch points
User-tracked behavior What have they engaged?
Explicit Information
$ Sales-ready Leads
Contacts
Companies
Ideal Customer
Does it meet the ULD?
Rep call to qualify
Assign to rep
Inquiry comes into DB
Hand off to sales possibilities
2
Step 3. Qualify Leads
Mark as nurturing Email
Call quarterly
Mark as disqualified
Not a fit
Interest Timeframe
Budget
Critical ULD Factor 1 Critical ULD Factor 2
NO Does not meet ULD
2
YES Set appointment Hand off to Sales
Step 3. Qualify Leads
Prospects willing to speak with
sales?
YES Meets ULD
NO Mark as nurturing
Email/Call
2
Cycle back to improve your DB
Web Inquiries
Sales Generated
Webinar
Registrants / Inquiries
Social Media Inquiries
Event Registrants and Attendees
Downloadable Tool
Database Touchpoints
John Smith Touchpoints: 02/08/2012 - Attended Workshop “Advanced Event Marketing Practices” 10/18/2011 - Email Opened “TODAY: How marketers are transforming change” 10/18/2011 - Downloaded Tradeshow checklist tool 10/18/2011 - Attended Webinar - B2B Mkg BMR: Marketers 10/12/2011 - Email Link Clicked “Three ways to increase leads generation at tradeshows and events” 10/12/2011 - Email Opened “Three ways to increase leads generation at tradeshows and events” 09/20/2011 - Downloaded Q3 Event Summary whitepaper 09/19/2011 - Attended Webinar – “Event budget planning” 09/05/2011 - Called – Spoke with Inbound Inquiry team 09/02/2011 - Message: Your question about services 09/01/2011 - Web Lead – Web – Contact Page
2
Progressive Profiling
First-time download lead gen form Subsequent download progressive profiling
Capture a little more information each time you provide value
2
Sample Marketing and Sales Process
Lead Capture
Segment and Score
Leads
Qualify and Nurture
Sales Engagement
Analyze Results
Capture leads
Normalize data
Enrich data
Merge de-dupe
Segment leads by potential
Apply lead score: lead data
lead behavior
ULD
Qualify phone- ready leads
Distribute sales- ready leads
Analyze data
Close the loop
Leads converted
Sales pipeline
Sales closed
Overview deck
Opportunity
Approach deck
Proposal and LOA
Close
2
Identify the right companies and people
Segment, score and prioritize
Nurture regardless of time to buy
1
2
4
Optimizing the Lead
Initiate a memorable conversation 3
Relevance
3
Timing + Relevance
3
Timing + Relevance
Memorable
3
Timing + Relevance
Memorable
TIME YOUR TOUCHES
3
Lead Generation Model
INQUIRY CUSTOMER
Identify Need
Make Decision
3
Lead Generation Model
INQUIRY CUSTOMER LEAD
Research Solutions
Identify Need
Make Decision
3
Lead Generation Model
INQUIRY CUSTOMER LEAD SALES-READY LEAD
Research Solutions
Develop Short List
Identify Need
Make Decision
3
Lead Generation Model
INQUIRY CUSTOMER QUALIFIED PROSPECT
LEAD SALES-READY LEAD
Research Solutions
Develop Short List
Identify Need
Review Proposals
Make Decision
3
Lead Generation Model
INQUIRY CUSTOMER QUALIFIED PROSPECT
LEAD SALES-READY LEAD
Research Solutions
Develop Short List
Identify Need
Review Proposals
Make Decision
Branding Advertising
PR
SEO Website
Direct Mail
Events Tradeshows
Webinars
Outbound calls
Inbound 800#
Lead Nurture Opt-in Email
Conference Calls
Face to Face
Follow-up
3
Lead Generation Model
INQUIRY CUSTOMER QUALIFIED PROSPECT
LEAD SALES-READY LEAD
Research Solutions
Develop Short List
Identify Need
Review Proposals
Make Decision
Branding Advertising
PR
SEO Website
Direct Mail
Events Tradeshows
Webinars
Outbound calls
Inbound 800#
Lead Nurture Opt-in Email
Conference Calls
Face to Face
Follow-up
Broadly Targeted Less Interactive Less Measurable
Narrowly Targeted Highly Interactive
Highly Measurable
3
Multi-modal Lead Generation 3
Case Study
Background: A networking equipment company facing bankruptcy needed to prevent leads from going to the competition, improve reputation and accelerate pipeline velocity. Objective: To determine if a clearly defined funnel and highly focused message will optimize progression through funnel stages and close deals. Test Design: Marketing-sales collaboration, message map development, multichannel messaging and sales team follow-up.
Experiment ID: Networking equipment company funnel optimization test Location: MECLABS Primary Research Library Test Protocol: CS31556
Research Notes:
3
43
Case Study
• Sales and Marketing collaboration
• Identify target accounts, specific audiences and key issues for campaign messaging
Messaging Issues Accounts Audiences
3
44
We consciously chose the most vocal salespeople to participate in the process to accelerate buy-in.
Chris Waldo
Demand Generation Leader, Americas
Nortel
3
45
Case Study: Campaign messaging
What’s Next
Urgency
Rebuild Trust
Assurance
Content Audit
3
46
Case Study: Multi-channel messaging
• Microsite with messaging-related content
• Invitation-only in-person roundtable in 12 cities
• Invitation-only webinar
• Integrated social media
• Registered visitors added to automated email nurturing
3
47
Case Study: Sales team follow-up
• Microsite registrations mapped back to pipeline
• Weekly sales notification of lead opportunities
• Sales team follow-up based on opportunities that met lead criteria
3
Case Study: Results
What you need to understand: A clearly defined funnel and highly focused messaging will optimize progression through funnel stages.
30% Existing opportunity participation
34% Revenue came from campaign response
15% Microsite conversion rate
*
3
Identify the right companies and people
Segment, score and prioritize
Initiate a memorable conversation
1
2
3
Optimizing the Lead
Nurture regardless of time to buy 4
Case Study
Background: An IT management firm engaged MECLABS for lead generation
$80 million annual revenue 100 channel partners 27 sales people, 10 marketers
Objective: To determine if basic lead management can improve pipeline
Test Design: Creation of a ULD, lead qualification, lead nurturing, clear lead handoff and feedback process.
Experiment ID: IT desktop management firm Location: MECLABS Leads Group Research Library Test Protocol: LG4028
Research Notes:
4
Case Study: Challenges
• < 2% lead-to-sale pipeline conversion
• Marketing felt leads were going into a “black hole”
• No closed-loop feedback process
• Unable to measure ROI
More activity but the same results *
4
Case Study: The approach
Closed Loop
Feedback
Marketing Pipeline
Sales Pipeline
Customers
Returned Prospects
Events, Events, Summits, Guides, Subscribers, Website, Teleprospecting
Sales Ready Leads
Not a Fit
Sales Generated
Leads
Existing Clients
CRM
Measure ROI
HANDOFF
Level 3,4,5 Leads
Inquiries (Level 1)
Nurturing (Level 2)
4
Case Study: Results
375% Increase in sales-ready leads
200% Improved lead-to-sales opportunity
$4.9 M Additional sales pipeline in 8 months
4
Case Study: Results
375% Increase in sales-ready leads
200% Improved lead-to-sales opportunity
$4.9M Additional sales pipeline in 8 months
What you need to understand: By actively nurturing and closing the loop, improved lead to sales opportunity and pipeline increases are achieved *
4
Understand
Audience
Organize Content
Track Results
and Engagement
Execute Tracks
Messaging
Strategy
A relevant, consistent conversation with viable potential customers, regardless of their timing to buy.
•Touch
•Track
•Follow-Up
1 •Touch
•Track
•Follow-Up
2 •Touch
•Track
•Follow-Up
3 •Touch
•Track
•Follow-Up
4
Progressive Lead Movement Across Buying Stages
What is lead nurturing? 4
Align messaging to roles and needs
Connect with your personas:
• Project Leader
• CIO
• Contact Center
• Field Service Center
• Executive Sponsor
• Stakeholders
CIO Q1
Month 1 Free executive report via direct mail with follow-up call
Month 2 Invitation to executive roundtable via email with follow-up call
Month 3 Link to relevant Podcast via email with follow-up voicemail
IT Director Q1
Month 1 3rd party article via email and voicemail
Month 2 3rd party article via email with follow-up
Month 3 Link to relevant webinar via email with follow-up call
IT Manager Q1
Month 1 Relevant white paper via email with voicemail
Month 2 Direct mail piece
Month 3 Invitation to webcast via email with follow-up call
Multi-track lead nurturing timeline
Client Plan for Q1 Audience: 3 Contacts Deep
4
Align messaging to roles and needs
Connect with your personas:
• Project Leader
• CIO
• Contact Center
• Field Service Center
• Executive Sponsor
• Stakeholders
CIO Q1
Month 1 Free executive report via direct mail with follow-up call
Month 2 Invitation to executive roundtable via e-mail with follow-up call
Month 3 Link to relevant Podcast via e-mail with follow-up voicemail
IT Director Q1
Month 1 3rd party article via e-mail and voice mail
Month 2 3rd party article via e-mail with follow-up
Month 3 Link to relevant webinar via e-mail with follow-up call
IT Manager Q1
Month 1 Relevant white paper via e-mail with voice mail
Month 2 Direct mail piece
Month 3 Invitation to webcast via e-mail with follow-up call
Multi-track lead nurturing timeline
Client Plan for Q1 Audience: 3 Contacts Deep
BUILD YOUR TRACKS
4
Repurpose quality content
Research Chart
4
Repurpose quality content
Tactical tool download
Blog post
Video clip Webinar
Research chart
4
Measure and refine
Tactical tool download
Blog post
Video clip Webinar
Research chart
Registrants Attendees
Replays
Views Likes/Dislikes Social Shares
Page views Comments
Social Shares
Opens Clickthroughs
Shares
Downloads Social Shares Lead Capture
4
Optimizing the Lead
Identify the right companies and people
Segment, score and prioritize
Initiate a memorable conversation
Nurture regardless of time to buy
1
2
3
4
Takeaways: Identify
Collaborate with your sales team to determine and apply your Universal Lead Definition
What information is required to qualify leads as being sales-ready?
• What are the characteristics of the ideal sales opportunity? • What are the questions sales want answered before getting a lead? • What info is must-have vs. nice-to-have? • Which questions tend to gather the most-needed information? • What should we start doing to make leads more actionable? • What things should we stop doing with leads that don’t value?
"
1
Takeaways: Prioritize
Set up a process that allows your team to increase pipeline velocity
2
Takeaways: Initiate
Match your conversation timing and relevance with your customer’s stage
3
INQUIRY CUSTOMER QUALIFIED PROSPECT
LEAD SALES-READY LEAD
Research Solutions
Develop Short List
Identify Need
Review Proposals
Make Decision
Takeaways: Nurture
Nurture leads, regardless of time to buy 4
Thank you
Questions?
Brian Carroll Pamela Markey
Executive Director, Director of Marketing
Revenue Optimization MECLABS
MECLABS
A data-driven optimization process that goes beyond lead capture
Optimizing the Lead
Experiment: Background
Background:
Objective:
Primary research question:
Test Design:
Experiment ID: Location: Test Protocol:
Research Notes:
68
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Lightest blue R:0, G:145, B:204
Light blue R:0, G:131, B:185
Medium blue R:0, G:105, B:150
Dark blue R:0, G:94, B:130
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