1. Optimizing the Lead
O ti i i th L d
A data‐
A data‐driven optimization process
p p
that goes beyond lead capture
Brian Carroll
Executive Director, Revenue Optimization
p
MECLABS
2. Session Speaker
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
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.
@brianjcarroll 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,
Selling Power, The Wall Street Journal, Entrepreneur, Target Marketing,
Inc., Marketing News, DM News, MarketingProfs, MarketingSherpa,
Software CEO and CMO Magazine.
2
4. MECLABS: A science lab with a consultancy
• More than 10 years of research
• 1,300+ major experiments
• Over 1 billion emails
• 10,000 sales‐paths tested
• Hundreds of publications and
conferences
f
4
5. MarketingSherpa: Research and publications
MarketingSherpa provides
MarketingSherpa provides
B2B and consumer marketing
professionals practical case
studies, research and
t di h d
training on email, demand
gen, search, social and more.
The annual research cycle
provides knowledge for
continuous marketing
continuous marketing
improvement.
8. Optimizing the Lead
Optimizing the Lead
1 Identify the right companies and people
2 S
Segment, score and prioritize
Segment, score and prioritize
d i ii
3 I i i a memorable conversation
Initiate a memorable conversation
bl i
4 N
Nurture regardless of time to buy
dl f i b
9. Optimizing the Lead
Optimizing the Lead
1 Identify the right companies and people
2 S
Segment, score and prioritize
Segment, score and prioritize
d i ii
3 I i i a memorable conversation
Initiate a memorable conversation
bl i
4 N
Nurture regardless of time to buy
dl f i b
11. 1
What is a lead?
Inquiries are not leads
• 5 t 15% f ll i
5 to 15% of all inquiries are sales‐ready
ii l d
Sales doesn t need to accept the leads
Sales doesn’t need to “accept” the leads
• Confirm whether the lead met the Universal Lead
Definition agreed to between sales and marketing
agreed to between sales and marketing
12. 1
What is a lead?
Inquiries are not leads
• 5 t 15% f ll i
5 to 15% of all inquiries are sales‐ready
ii l d
Sales doesn t need to accept the leads
Sales doesn’t need to “accept” the leads
• Confirm whether the lead met the Universal Lead
Definition agreed to between sales and marketing
agreed to between sales and marketing
Create your very own version of a ULD
Create your very own version of a ULD
• Apply it to every lead, and iterate as you close the
loop
13. 1
What is a lead?
Inquiries are not leads
• 5 t 15% f ll i
5 to 15% of all inquiries are sales‐ready
ii l d
Sales doesn t need to accept the leads
Sales doesn’t need to “accept” the leads
CREATE YOUR ULD
• Confirm whether the lead met the Universal Lead
Definition agreed to between sales and marketing
agreed to between sales and marketing
Create your very own version of a ULD
Create your very own version of a ULD
• Apply it to every lead, and iterate as you close the
loop
14. 1
Identify the right companies and people
Action Item: ULD checklist
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?
y p
• 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?
14
15. 1
Identify the right companies and people
Action Item: ULD checklist
What information is required to qualify leads as being sales‐ready?
What information is required to qualify leads as being sales ready?
•• What are the characteristics of the ideal sales opportunity?
What are the characteristics of the ideal sales opportunity?
•• What are the questions sales want answered before getting a lead?
What are the questions sales want answered before getting a lead?
•• What info is must‐have vs. nice‐to‐have?
What info is must‐have vs. nice‐to‐have?
What info is must‐have vs nice‐to‐have?
•• Which questions tend to gather the most‐needed information?
Which questions tend to gather the most‐needed information?
•• What should we start doing to make leads more actionable?
What should we start doing to make leads more actionable?
•• What things should we stop doing with leads that don’t value?
What things should we stop doing with leads that don’t value?
15
16. 1
Identify the right companies and people
Action Item: ULD checklist
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?
p y g
16
17. 1
Identify the right companies and people
Action Item: ULD checklist
Identify key info a sales rep would value in speaking with a prospect
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?
What fuels interest and how must we focus on it with the solution?
•• Where is the best entry point?
Where is the best entry point?
•• Who is involved in the buying process as it evolves?
Who is involved in the buying process as it evolves?
y gp
•• Should anyone else be contacted?
Should anyone else be contacted?
•• Where’s the funding coming from and who has authority over it?
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
Then, only send as many sales‐ready leads that the sales person can effectively handle
17
18. 1
Identify the right companies and people
Action Item: ULD checklist
FOCUS ON
FOCUS ON
Identify key info a sales rep would value in speaking with a prospect
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?
What fuels interest and how must we focus on it with the solution?
EFFICIENCY
•• Where is the best entry point?
Where is the best entry point?
•• Who is involved in the buying process as it evolves?
Who is involved in the buying process as it evolves?
y gp
•• Should anyone else be contacted?
Should anyone else be contacted?
•• Where’s the funding coming from and who has authority over it?
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
Then, only send as many sales ready leads that the sales person can effectively handle
18
19. 1
Experiment: Background
Experiment ID: (Protected)
Location: MECLABS Leads Group Library
Test Protocol Number: TP1214
Test Protocol Number: TP1214
Research Notes:
Background: An industrial testing equipment manufacturer engaged the
B k d A i d i l i i f d h
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.
Goal To nderstand hen to stop allin a teleprospe tin 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
19 19
20. 1
Experiment: Campaign path
Re‐engagement
eads
Leads
Leads
ualified Le
Generated
Tradeshows
PPC campaign
PPC campaign
Qu
Primary research question: At which point does the value of sales‐ready
leads from a calling campaign no longer outweigh the costs?
20
22. 1
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
Conversions dropped off significantly after 28 days
Looking for a decision point:
• 30 d
30 days i h
is when conversions stop increasing every day
i i i d
• 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)
22
23. 1
Experiment: Results
450
15 days
15 days
400 last point at which
350 at least 1% of
conversions occur
30 days
ds
300
ales‐ready lead
conversions
250
stop increasing
200 every day
Sa
150
100
50
0
* *
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
Campaign days
23 23
24. Optimizing the Lead
Optimizing the Lead
1 Identify the right companies and people
2 S
Segment, score and prioritize
Segment, score and prioritize
d i ii
3 I i i a memorable conversation
Initiate a memorable conversation
bl i
4 N
Nurture regardless of time to buy
dl f i b
25. 2
Sample Marketing and Sales Process
Lead Segment and Qualify and Sales Analyze
Capture Score Leads Nurture Engagement Results
Segment leads ULD Overview deck Analyze data
Capture leads
by potential Close the loop
Normalize data
Normalize data Qualify phone‐
Qualify phone‐ Opportunity
Apply lead score:
Apply lead score:
Apply lead score: ready leads
d l d Leads converted
L d d
Enrich data
Enrich data Approach deck
lead data
Merge de‐dupe
Merge de‐ lead behavior
lead behavior Distribute sales‐
Distribute sales‐ Proposal and LOA Sales pipeline
ready leads
ready leads Sales closed
Close
25
26. 2
Step 1. Lead Capture
Subscribers External
firmographic
g p
data
Web inquiries
Web inquiries
Social media
Social
Social media
Inquiries
Normalize Enrich Merge and
Event registrants
Event registrants data data de‐
de‐dupe
and attendees
d d
Webinar
registrants / inquiries
Unusable
data
Sales generated
Sales generated store
26
27. 2
Step 2. Segment and Score Leads
Segment for Targeting/Messaging/Calls‐to‐
Targeting/Messaging/Calls‐to‐Action
next action
next a
Data Hygiene,
Data Hygiene, Segmentation
Enhancement and Consolidation based on
potential
Explicit User supplied Data
Explicit User‐supplied
Explicit User‐supplied Data (quantitative)
( )
(e.g., Registration Forms)
Lead
scoring Touch Points
(e.g., what content have they engaged?)
( h h h d?)
Phone Qualification and Discovery
Phone Qualification and Discovery Human
H
interpretation
(qualitative)
Sales Qualification and Discovery
Sales Qualification and Discovery
27
28. 2
Step 3. Qualify Leads
Explicit Information
Explicit Information Inquiry comes
into DB
Ideal
Customer
Contacts Companies Assign to rep
$
Hand off
to sales
possibilities Rep call
to qualify
Sales‐ready Leads
Implicit Information
I li i I f i Does it meet
Touch points
the ULD?
User‐tracked behavior
What have they engaged?
28
29. 2
Step 3. Qualify Leads
NO
Does not meet ULD
Interest
Critical ULD Factor 1
Critical ULD Factor 1
Timeframe
Critical ULD Factor 2
Budget
Mark as Mark as nurturing
disqualified Email
Not a fit
Not a fit Call quarterly
Call quarterly
29
30. 2
Step 3. Qualify Leads
YES
Meets ULD
Prospects willing
to speak with
sales?
YES NO
Set appointment
Set appointment Mark as nurturing
M k t i
Hand off to Sales Email/Call
30
31. 2
Cycle back to improve your DB
Webinar
Registrants / Inquiries
Web Inquiries John Smith Touchpoints:
02/08/2012 ‐ Attended Workshop “Advanced Event
Social Media
Social Media Marketing Practices”
10/18/2011 ‐ Email Opened “TODAY: How marketers are
Inquiries transforming change”
Database 10/18/2011 ‐ Downloaded Tradeshow checklist tool
10/18/2011 ‐ Attended Webinar ‐ B2B Mkg BMR: Marketers
Event Registrants Touchpoints 10/12/2011 ‐ Email Link Clicked “Three ways to increase leads
and Attendees
and
and Attendees g
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
Downloadable Tool 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
09/02/2011 ‐ Message: Your question about services
09/01/2011 ‐ Web Lead – Web – Contact Page
Sales Generated
Sales Generated
31
32. 2
Progressive Profiling
Capture a little more information each time you provide value
First‐time download lead gen form Subsequent download progressive profiling
32
33. 2
Sample Marketing and Sales Process
Segment
Lead Qualify and Sales Analyze
and Score
Capture Nurture Engagement Results
Leads
Segment leads ULD Overview deck Analyze data
Capture l
Capture leads
by potential Close the loop
Normalize data Qualify phone‐
Qualify phone‐ Opportunity
Apply lead score:
Apply lead score:
Apply lead score: ready l d
ready leads
d leads Leads converted
L d d
Enrich data
Enrich data Approach deck
lead data
Merge de‐dupe
Merge de‐ lead behavior
lead behavior Distribute sales‐
Distribute sales‐ Proposal and LOA Sales pipeline
ready leads
ready leads Sales closed
Close
33
34. Optimizing the Lead
Optimizing the Lead
1 Identify the right companies and people
2 S
Segment, score and prioritize
Segment, score and prioritize
d i ii
3 I i i a memorable conversation
Initiate a memorable conversation
bl i
4 N
Nurture regardless of time to buy
dl f i b
36. 3
Relevance
TIMETiming
TIME YOUR
YOUR
TOUCHES
Memorable
36
37. 3
Lead Generation Model
INQUIRY CUSTOMER
Identify Make
Need
N d Decision
37
38. 3
Lead Generation Model
INQUIRY LEAD CUSTOMER
Identify Research Make
Need
N d Solutions
S l ti Decision
38
39. 3
Lead Generation Model
INQUIRY LEAD SALES‐READY CUSTOMER
LEAD
Identify Research Develop Make
Need
N d Solutions
S l ti Short List
Short List Decision
39
40. 3
Lead Generation Model
INQUIRY LEAD SALES‐READY QUALIFIED CUSTOMER
LEAD PROSPECT
Identify Research Develop Review Make
Need
N d Solutions
S l ti Short List
Short List Proposals Decision
40
41. 3
Lead Generation Model
INQUIRY LEAD SALES‐READY QUALIFIED CUSTOMER
LEAD PROSPECT
Identify Research Develop Review Make
Need
N d Solutions
S l ti Short List
Short List Proposals Decision
Branding Events Lead
Advertising Tradeshows Nurture
Follow‐up
PR Webinars Opt‐in
Email
SEO Outbound
calls Conference
ebs te
Website Calls
Direct Mail Inbound
800# Face to Face
41
42. 3
Lead Generation Model
INQUIRY LEAD SALES‐READY QUALIFIED CUSTOMER
LEAD PROSPECT
Identify Research Develop Review Make
Need
N d Solutions
S l ti Short List
Short List Proposals Decision
Branding Events Lead
Advertising Tradeshows Nurture
Follow‐up
PR Webinars Opt‐in
Email
SEO Outbound
calls Conference
ebs te
Website Calls
Direct Mail Inbound
800# Face to Face
Broadly Targeted
Broadly Targeted Narrowly Targeted
Narrowly Targeted
Less Interactive Highly Interactive
Less Measurable
42 Highly Measurable
44. Optimizing the Lead
Optimizing the Lead
1 Identify the right companies and people
2 S
Segment, score and prioritize
Segment, score and prioritize
d i ii
3 I i i a memorable conversation
Initiate a memorable conversation
bl i
4 N
Nurture regardless of time to buy
dl f i b
45. 4
Case Study
Experiment ID: IT desktop management firm
Location: MECLABS Leads Group Research Library
Test Protocol: LG4028
l G 028
Research Notes:
Background: An IT management firm engaged MECLABS for lead generation
Background: An IT management firm engaged MECLABS for lead generation
$80 million annual revenue
100 channel partners
27 sales people, 10 marketers
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
f f
handoff and feedback process.
45
46. 4
Case Study: Challenges
• < 2% lead‐to‐sale pipeline conversion
• Marketing felt leads were going into a “black hole”
M k ti f lt l d i i t “bl k h l ”
• No closed‐loop feedback process
• Unable to measure ROI
Unable to measure ROI
* More activity but the same results
47. 4
Case Study: The approach
Events, Events, Summits, Guides, Subscribers, Website, Teleprospecting
Inquiries (Level 1) Not a Fit
Marketing Nurturing (Level 2)
Pipeline
Level 3,4,5 Leads
Returned
Prospects
CRM
Closed Loop
Feedback
HANDOFF
Sales
Sales Ready Generated
Leads Leads
Sales Existing
Clients
Pipeline
Measure ROI
Customers
47
48. 4
Case Study: Results
375% Increase in sales‐ready leads
200% Improved lead to sales opportunity
200% Improved lead‐to‐sales opportunity
$4.9 M Additional sales pipeline in 8 months
48
49. 4
Case Study: Results
375% Increase in sales‐ready leads
200% Improved lead to sales opportunity
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
49
50. 4
What is lead nurturing?
A relevant, consistent conversation with viable potential customers,
regardless of their timing to buy.
Track Results
Understand Messaging Organize Execute
and
Audience Strategy
gy Content Tracks
Engagement
Progressive Lead Movement Across Buying Stages
• Touch • Touch • Touch • Touch
1 • Track
• Follow‐ 2 • Track
• Follow‐ 3 • Track
• Follow‐ 4 • Track
• Follow‐
Up Up Up Up
50
51. 4
Align messaging to roles and needs
Multi‐track lead nurturing timeline
CIO Q1
Month 1 Free executive report via direct mail with follow‐up call Connect with your personas:
Month 2 Invitation to executive roundtable via email with follow‐up call
• Project Leader
Month 3 Link to relevant Podcast via email with follow‐up voicemail
• CIO
IT Director Q1
Month 1 3rd party article via email and voicemail • Contact Center
Month 2 3rd party article via email with follow‐up • Field Service Center
Month 3
Month 3 Link to relevant webinar via email with follow‐up call
p
• E
Executive Sponsor
ti S
IT Manager Q1
• Stakeholders
Month 1 Relevant white paper via email with voicemail
Month 2 Direct mail piece
p
Month 3 Invitation to webcast via email with follow‐up call
Client Plan for Q1 Audience: 3 Contacts Deep
51
52. 4
Align messaging to roles and needs
Multi‐track lead nurturing timeline
CIO Q1
Month 1 Free executive report via direct mail with follow‐up call Connect with your personas:
BUILD YOUR
BUILD YOUR
Month 2 Invitation to executive roundtable via e‐mail with follow‐up call
• Project Leader
Month 3 Link to relevant Podcast via e‐mail with follow‐up voicemail
• CIO
IT Director Q1
Month 1 3rd party article via e‐mail and voice mail • Contact Center
TRACKS • Field Service Center
Month 2 3rd party article via e‐mail with follow‐up
Month 3
Month 3 Link to relevant webinar via e‐mail with follow‐up call
p
• E
Executive Sponsor
ti S
IT Manager Q1
• Stakeholders
Month 1 Relevant white paper via e‐mail with voice mail
Month 2 Direct mail piece
p
Month 3 Invitation to webcast via e‐mail with follow‐up call
Client Plan for Q1 Audience: 3 Contacts Deep
52
54. 4
Repurpose quality content
Research chart Webinar Video clip
Blog post Email
Tactical tool download
54
55. 4
Measure and refine
Research chart Webinar Video clip
Registrants Views
Attendees Likes/Dislikes
Replays Social Shares
Blog post Email
Tactical tool download
Page views Opens Downloads
Comments
C t Clickthroughs Social Shares
Social Shares
Social Shares Shares Lead Capture
55
56. Optimizing the Lead
Optimizing the Lead
1 Identify the right companies and people
2 S
Segment, score and prioritize
Segment, score and prioritize
d i ii
3 I i i a memorable conversation
Initiate a memorable conversation
bl i
4 N
Nurture regardless of time to buy
dl f i b
57. Takeaways: Identify
Collaborate with your sales team to determine
1
and apply your Universal Lead Definition
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?
Wh t th ti l t db f tti l d?
• 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?
Wh t thi h ld t d i ith l d th t d ’t l ?
57
58. Takeaways: Prioritize
2 Set up a process that allows your team
to increase pipeline velocity
i i li l i
58
59. Takeaways: Initiate
3 Match your conversation timing and
relevance with your customer’s stage
l ih ’
INQUIRY LEAD SALES‐READY QUALIFIED CUSTOMER
LEAD PROSPECT
Identify
d if Research
h Develop
D l Review
R i Make
M k
Need Solutions Short List Proposals Decision
59
63. The research process is supported by the
d l t f t hl b
development of your own custom research lab
• Scientists
• Analysts
Research • Statisticians
Block 1 • Designers
• Developers
• Teachers
Your
Research
Marketing
Your Marketing Block 2
Group
Group
CUSTOM
RESEARCH LAB Research
Block 3
63
64. Research Partnership Application Process
Research Partnership Application Process
The MECLABS The Sciences Team The terms of the
Application Review
Application Review reviews the data to determine if Research Proposal are
Research Proposal are
The team looks for alignment in the initiative fits into our research
industry and project focus and agenda and provides their agreed upon and the Research
recommendation. Partnership officially begins.
potential for growth.
1 2 3 4 5 6 7
Submit your We contact you to MECLABS drafts the Work begins
Research discuss your application research proposal The MECLABS Research Team
The MECLABS Research Team
The goal is to get a better
The goal is to get a better which helps articulate,
which helps articulate,
which helps articulate conducts preliminary forensic data
Application analysis, summary competitive
understanding of your research deliverables, timelines,
deliverables, timelines,
challenges and objectives. objectives and costs. analysis and other key deliverables
to initiate the research project and
to initiate the research project and
gain the ‘quick wins’ that will fuel
the ongoing discovery.
68. Optimizing the Lead
O ti i i th L d
A data‐
A data‐driven optimization process
p p
that goes beyond lead capture
Brian Carroll
Executive Director, Revenue Optimization
p
MECLABS