Webinar - The Death of Cold Calling 2013
 

Webinar - The Death of Cold Calling 2013

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SalesFUSION Webinar - The death of cold calling and the advent of web-based telemarketing

SalesFUSION Webinar - The death of cold calling and the advent of web-based telemarketing

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Webinar - The Death of Cold Calling 2013 Webinar - The Death of Cold Calling 2013 Presentation Transcript

  • The Death of ColdCalling and the adventof web-basedtelemarketing
  • Hypothesis for today’s session Changes in buyer lifecycles and theadvent of the social web haverendered cold call much less effectivein today’s“Self-Service” buy cycle Calling into lists of suspects based onone-dimensional criteria(demographics) wastes valuableselling time and causes leads to fallthrough the cracks
  • What we’ll cover today Cold Calling – Death versus evolution Lead generation in 2013 – Hijacking the digitalconversation The statistical failure of cold calling Where do leads originate from in 2013 and beyond? Adapting sales and marketing to optimize the digitalconversation The journey to lead to sales revenue management The changing view of telesales/inside sales
  • About SalesFUSION SaaS Marketing Application HQ – Atlanta, GA – Sales Offices in Philadelphia, PA Provide a complete marketing automation platform Focus on Sales & Marketing Alignment Only solution built on a CRM database – integrated tomore CRM systems than any other vendor 99% retention rate on integrated customers
  • A few assumptions Death versus evolution Telephone prospecting is still very important How, why and when we telephone prospect has changedradicallyTelesales and cold callinghas been fired and replacedby the internet…..but yourcompany many not knowthat yet…
  • Buyer-lifecycle engagement has shiftedAll power lies with the buyerRetail - The Pew Internet and American Life Project has just publishedthe results of a study on Americans e-commerce habits. Among thefindings: 58% of Americans say they perform online research on theproducts and services theyre considering buying. Thats up from 49%who performed online research in 2004.B2B - 93% of business-to-business customers research companiesand products online before making a purchase, according toMarketingSherpa
  • B2B Buyer Journey’s have become more complexSource – ForresterResearch
  • B2B Buyer Journey’s have become self pacedWeb Social SalesSelf directed engagement by buyersAs much as 70% ofbuy-cycle may beself-directed andcomplete prior tosales engaging“Sirius Decisions”Find Evaluate Engage
  • B2B Buyer Journey’s have become self pacedWeb Social SalesFind Evaluate Engage Logic dictates that if buyers are self-evaluating, then salesmust make more calls to find those who are active The opposite may be true due to lack of efficiencies in coldcalling Cold calling to find active, self-paced buyers is non-scientific and wastes time
  • • Your sales people • Google• Your web site• Peers/colleagues• Experts• Your customers• Brand perception• Product info• Brand perception• Features/benefits• Alternatives• Comparisons• Brand perception• Features/benefits• Alternatives• Comparisons• Reputations• Customer opinions• PricesSources ofinformationWhat buyersknow in advancePre-Web Web 1.0 Social WebInformation ScarcityInformation OverloadAttention AbundanceAttention Deficit© 2012 Forrester Research, Inc. Reproduction ProhibitedBuyers are in complete control now
  • Lead Generation in 2013 and beyond Many b2b buyers are engaged in a digital conversation with your company Most companies don’t know about this conversation By the time telesales speaks to a prospect, opinions about you are formed Successful companies learn ways to “Hijack the Digital Conversation” Do you trust the internet to sell for you? Conversation channels are fluid and changing and evolving monthlyDemands a new paradigm for telesales…
  •  Cold calling is a practice of starting a b2brelationship by Taking something from a prospectwithout asking first Take their time Take their information Most people feel uncomfortable “taking”something from someone.Why is cold calling icky?It fosters a culture of “taking”Traditional lead generation/selling models foster an environment of“Taking”•More calls – more appointments – more sales….or your fired.•Leads to employee dissatisfaction, unattainable quotas, re-training costsfor new hires to replace those who have been fired or quit out offrustrationConsider the following sales people’s statistics:• 44% of sales reps quit after 1 no• 22% quit after 2• 14% quit after 3• 12% quit after 4 (total is 92%)
  • Sales is a numbers game….right?CallsAppointmentsSales100 Calls2-3 Appointments.025 connect rate.5 Sales.005 close rateB2B Sales Rep = COGS• $50,000 base salary• + Benefits• Salary plus benefits = $65,000• 100 Calls per day• 5 Days per week• Avg. 42 Full weeks per year• 210 calling days• 21000 calls• 525 Connects• 105 Sales
  • Sales is a numbersgame….right?CallsAppointmentsSales100 Calls2-3 Appointments.025 connect rate.5 Sales.005 close rateB2B Sales Rep = COGS• 21000 calls = $3.10 per call• 525 Connects = $123 perconnect• 105 Sales = $619 per saleAssumptions• Consistent 100 calls per day tonew leads• Connect = telephone-basedmeeting• Sale = closed revenue• Time to work deals?• Time for administrative work?• Time in meetings?• Are these numbers even realisticfor internal personnel?
  • More sobering statisticsCallsAppointmentsSales• It takes 8.4 dials to reach a person,and 2% of all calls results in ameeting.• If 30% of these first meetingsconvert into opportunities and asales person closes 25% of theseopportunities, they will have tomake 1,000 calls to get 1 sale.• If they are pounding the phonesmaking 50 cold calls per day, theycan get 1 winnable sale every 20days.• At this rate they can acquire 12.5new customers per year.
  • More sobering statisticsCallsAppointmentsSales• It takes 8.4 dials to reach a person,and 2% of all calls results in ameeting.• If 30% of these first meetingsconvert into opportunities and asales person closes 25% of theseopportunities, they will have tomake 1,000 calls to get 1 sale.• If they are pounding the phonesmaking 50 cold calls per day, theycan get 1 winnable sale every 20days.• At this rate they can acquire 12.5new customers per year.
  • Marketing’s Role• Identify leads• Generate leads• Execute campaigns• Pre-qualify leads• Nurture leads• Re-Market stale sales leadsSales’ Role• Complete lead qualification• Present and proposesolutions• Propose pricing• Execute contracts• Close business• Cross-sell• Changing traditional roles• Inside sales is no longer a sales function• Skill-sets for inside sales are changingHow are leading b2b sales/marketing teamsadapting?IdentifyCaptureQualityPresentProposeClose
  • Change the way you view telesales/inside sales• Monitor and direct lead traffic• Exchange meaningfulinformation with the leads• Direct leads to the rightresources• Educate leads about valueproposition and competitiveposition• Empowered with technology• Higher job satisfaction• Better growth potential• They become a marketing andfield sales “Farm Team”
  • Key technologies inside sales needs to thriveWebsite visitor tracking• View, identify, receive alerts of leads on the website• Integrate with data services to research and append contacts• View page-level activity from high-score leadsNurture• 1-touch enrollment in multi-step campaigns• Follow up emails using trackable html emailData appending and social tools• Research and import contacts from identified companies on the site• 1-touch enroll net new contacts into first-touch campaigns
  • Technology Focus MA Software provides a mechanism for capturing pre-sales interactions Website visitor tracking helps return some control tosales Leads and their behavior are analyzed using bestpractices Answers the question “Who is on my site & why?” Alerts, CRM integration & workflow round outalignment
  • From cold to warm
  • Web activity drives engagementAlerts Auto-enroll
  • Day in the life with Marketing AutomationWebsite monitoringResearch anonymousvisitors – append withcontacts – enroll incampaignsPop email alert whenhigh-value activityoccurs – assign task forcallIf no phone contactmade – enroll in triggercampaignReceive on-going alertswhen lead returns tosite/respondsCold calling evolves to a series ofreactive and pro-active touches basedon data gathered by the marketingautomation system.Long-term nurturing and short-termcalling combine to provide a moreeffective
  • • Activity creates sales trigger• Triggers sales alerts• Data presented in CRM• Complete marketing history/contextual• Keeps sales excited about the lead gen process• Real-timeLead Routing
  • Marketing Intelligence – to assist sales Give telesales the tools to access info and take action This view allows for telesales to view activity and enroll leads in campaigns
  • The importance of marketing automation tools Provides a mechanism for real-time lead monitoring Reduces lead response time Allows for enrollment in pre-defined trigger campaigns Increases touches in first 30-days following initial inquiry Allows for research and appending of data through sources suchas Jigsaw Alerting via email ensures leads are touched quickly
  • Create a lead-centric cultureEstablish a dialog between marketing/sales Regular meetings – rotate between pipeline-centric meetings tolead/demand generation-centric meetings Understand sales-team issues with leads – volume, where they comefrom Brainstorm sessions about lead profiles, verticals, targets, messagingand hot buttons Sales is the best source for “Why a lead buys” informationConsiderations Sales may be resistant to change or dis-interested in leads Old-School sales cultures must be changed CRM system tuning will be required Marketing technology MUST integrate seamlessly to CRM Reporting must be in place to track the process and hold constituentsaccountable
  • What information needs to be pushed through to CRM from MA0% 50% 100%Event AttendanceWebinar AttendanceLanding Page Click…Data AugmentationLanding Page VisitsContent DownloadsEmail Campaign HistoryEmail Click-ThroughsWebsite Page Visits5%4%12%22%34%25%32%33%56%28%34%43%49%56%58%63%67%73%Top Performers Everyone ElseData Integration
  • How marketing automation supports this model Lead Scoring/Routing enables automated nurturing ofleads Trigger-based email campaigns – prebuilt and tied toscores Lead scoring must be tuned, tested and agreed upon withsales Objective is to treat every suspect the same initially Eliminate lead leakage Target content based on behavior and demographics
  • How important is this to your upper funnelsuccess?According to Aberdeen, who tracks the performance of “Best Practice”organizations utilizing marketing automation tied to telesales…. Inside sales achieves quote 11% more when marketing automation is deployed Lead conversions (to opportunities) increased by 7% Inside sales make an additional 7-9 connects per day Overall sales team quota achievement is higher by nearly 3% Company revenue is higher by over 3%Why? For the same Reason Henry Ford was able to produce more cars for less Efficiency gains through automation Connects are more meaningful when data is made easily accessible Fewer (if any) leads fall through the cracks
  • Source: Forrester Research-October 2006, “Improving B2B Lead Management” reportMA software plugs the gaps in lead/sales handoffLack of technology to support integrated funnel causes lead leakageHotspot – this is the area ofrisk where leads thatmarketing pays for fall out
  • Technology Enablement – Aligning marketing & sales through technologyCRM/MAAnalyticsProcessPeopleBestpracticesLeadRecordMarketing & Salesagree on processesand workflowMetrics are in placeto track key metricson leads toopportunitiesMarketing Software is integrated to CRMLead Scoring and leadmanagement is based onbest practices andcommon workflowStandard andautomatedprocesses are inplaces to ensureconsistent lead flow– LeadScoring, LeadRouting
  • The new sales funnel Marketing – owns the sales funnel through pre-qualification Based on rules for SQL/MQL Fewer, better leads to sales Inside sales/telesales – report to marketing Sales is laser focused on closing the deals Shared pipeline Marketing – incented for number of SQL Produced Mutual responsibility for the whole funnel
  • The new sales funnel Takes advantage of eMarketing technology Marketing information is immediately available to sales Format of information – visual and helpful to sales MA is integrated to CRM – Like CRM is integrated toERP Completes the acquisition to retention lifecycle
  • Re-thinking the Sales FunnelLeads In from CampaignsMarketing Ownership Through pre-qualification MQL Visibility into CRM Lead Status Take action on lead status Re-route to MQL, ReportMA CRMLead acceptance – moveslead from MQL to SQLWhen integratedproperly, the number ofSQL’s should be relativelysmall with high close rates.Sales is left to focus onclosing.
  • Final thoughts Human interaction (via the telephone) is increasinglyvaluable because fewer people engage in it The social web cannot sell for you and you must learnhow to put sales personnel in the mix Technology-assisted selling through marketingautomation can have dramatic revenue implications Sales & Marketing alignment has quickly become a defacto state of success…not a nice to have
  • Thank you! Q&A Register for our MA-Assisted Selling Demo onWednesday, May 29th@ 2PM Visit our on-demand webinar library See a live one/one demo