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Top Seven Turn-around Tips to Drive More B2B Revenue
 

Top Seven Turn-around Tips to Drive More B2B Revenue

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    Top Seven Turn-around Tips to Drive More B2B Revenue Top Seven Turn-around Tips to Drive More B2B Revenue Presentation Transcript

    • Top Seven Turn-Around Tips to Drive More B2B Revenue Jep Castelein jep@leadsloth.com
    • 7 Tips• Marketing as a Revenue Driver• Focus on online marketing• Two scenarios: – Improvements with CRM & Email Marketing only – Improvements with Marketing Automation
    • 1. METRICS-DRIVEN MARKETING
    • Metrics“In God we trust; All others must bring data”-- W. Edwards Deming
    • Types of Metrics• Response Measurements – Response/Conversion rate• Cost Measurements – Cost per Qualified Lead• Revenue Measurements – Buying Stage Conversion Rates – % of Pipeline Sourced by Marketing
    • Convert More Leads Into Customers Lead Management Closes the Gap in The Middle of the Funnel Source: October 2006, Best Practices “Improving B2B Lead Management”
    • SiriusDecisions DemandGen Waterfall Source: SiriusDecisions, Inc
    • Measure Conversion RatesSiriusDecision‘s Waterfall Model gives benchmark numbers for conversion ratesbetween the different stages in the funnel. With improved lead management,conversion rates will be higher.SiriusDecisions Inquiries MQLs SALs SQLs SQL-to-closeBenchmark N/A 5.1% 61% 56% 26.5%Best Practice N/A 9.7% 82% 62% 29% MQL = Marketing Qualified Lead SAL = Sales Accepted Lead SQL = Sales Qualified Lead (i.e. sales opportunity identified)Example: moving from Benchmark to Best PracticeFor each 1,000 leads, best-in-class companies create 46 more MQLs thanbenchmark companies (97 instead of 51). They create almost 10 additionaldeals (14.3 instead of 4.6 deals, a 300% increase).
    • Basics: Process, CRM & Excel1. Define Qualified Leads2. Let Sales give back leads to Marketing3. Track Opportunities in a CRM system4. Every week: put the # of new leads, new qualified leads, new opportunities and won business in a spreadsheet
    • MA: Automate Reporting1. Define Qualified Leads2. Let Sales give back leads to Marketing3. Let the system capture the data4. Use the system to generate reports
    • 2. PREVENT FOLLOW-UP FAILURE
    • Why Follow-Up Failure• No Leads Left Behind• Facts – 50% of Leads are not ready to buy – After 6 months, only 23% have bought – Nurtured Leads deliver 20% more sales opportunities – Best-in-class Lead Nurturing produces 50% more sales-ready leads at 33% lower cost per lead
    • Create Formal Lead Flow MARKETING New Nurturing MQL Lead SALESRecycled LeadCustomer Evaluation SALLong-term Lead SQL Selling Customer Lost deal/ Closing Cancelled
    • Basics: Use Lead Status in CRM• Lead Status should indicate the stage in the buying process• Qualified leads should move in 7 days: – Disqualified – Recycled – Qualified• If you use Salesforce.com, add Contact Status field to Contacts
    • MA: Automate Lead Flow• Use Lead Scoring to qualify leads• Automatically enter leads into email nurturing campaigns
    • 3. SEGMENT YOUR LIST
    • Why Segmentation?• Relevant messages are more effective – Segmented Emails: 30% More Opens, 50% More Clicks• Segment by – Demographics/Firmographics – Behavior
    • Buyer Persona Step-by-Step1. Desk Research – Goals – Pain Points – Needs2. Persona Interviews – Ask select customers – Record the conversation3. Persona Workshop – Get feedback from sales – Test whether persona description sounds realistic
    • Basics: 3-5 Segments• Create 3-5 segments, e.g. based on: – Job role – Type of contact (customer, prospect, other) – Vertical• Upload this information in your email tool, so you can segment based on that
    • MA: Dynamic Segmentation• Segment on any field• Segment based on behavior, e.g.: – People who respond to 3 emails will get subsequent emails fast (acceleration) – Send a email to all people who visited the “Financial Services” section on your website
    • 4. CREATE COMPELLING CONTENT
    • Write For The Reader• Content Mapping – Buying Stage – Role (executive, end user)• Mix Formats (whitepaper, webinar, video, etc.)• Use Simple Words – “Use” instead of “Leverage”• Avoid Jargon – Check at http://gobbledygook.grader.com/
    • How to Create Content Quickly• Link to Other People’s Content• Ask a thought leader to contribute• Interview coworkers (podcast/video)• Collaborate with partners• Reuse content across formats
    • Optimize Your Emails• Receive > Open > Read > Respond• Short and concise subject line (40-50 chars)• Use a Headline• Present benefits• Be brief: no more than 3 paragraphs• Use only 1 call-to-action
    • Basics: Compelling Content• Send different content to different roles• The click rate will tell you how compelling the content is• Ask people for feedback on the content
    • MA: Send the Right Content• Use Lead Score and Web Activity to determine stage in the buying process• Vary nurturing frequency based on interest level• Measure download rates for PDFs• Automatically send email to ask for rating
    • 5. MINE YOUR EXISTING DATABASEFOR BUSINESS
    • Don’t Waste Lead Gen Dollars• Reconnect with dormant leads• Be upfront that you haven’t emailed for a long time• Create a series of emails (not just one)• Define your success criteria and follow-up strategy
    • How Much Are Your Leads Worth?1. Fit with the Ideal Customer Profile2. Acquired Names vs. Inbound Leads3. Recency4. Activity Level5. Cross-sell Opportunity
    • Visualization: How Old Are Your Leads?
    • Basics: CRM & Email• Select dormant leads in your CRM system• Send them an email series and monitor responses• Update status in CRM for responders and non- responders
    • MA: Lead Reactivation Program• Select the dormant leads• Schedule the email sequence• Create automation rules to update leads based on responses
    • 6. NO MORE EMAIL BLASTS: CHANGETHE WAY YOU USE PURCHASED LISTS
    • 56% Thinks That “Just Not Interesting” Email is SPAM
    • Have Educational Offers• NOT: asking for the appointment – You’ll only get today’s hot leads – You can send such an email only once – You’ll miss out on leads that need more time• INSTEAD: offer useful content – Everyone wants to learn – Builds credibility – Allows you to develop an email series
    • Design Multi-Step Campaigns• You cannot force leads to buy, they will buy when they are ready• Different people may be interested in different topics• Vary the day and time of the day
    • Send On Behalf of Real People• Sales person• Sales Development Rep• Marketing manager• Fictitious person• Include company name if well-known
    • Choose a Good Subject Line• 40-50 Characters• Attract attention: – Cryptic – Curiosity-invoking – Typos• Test different subject lines
    • Use Basic Formatting• “Outlook” formatting• 10-40% higher response rates• Include signature• Personalize beyond the “first name”
    • 7. INCREASE SALES PRODUCTIVITY
    • What Does Sales Want From Marketing?• Get Qualified Leads who want to talk to them• As much info as possible on a lead’s online behavior• Be involved in how leads are nurtured• Get help with prospecting – See which companies are visiting the website – Get pre-tested (and trackable) email templates – Use a fully automated email prospecting campaign
    • Better Lead Priorities• Make someone responsible for lead qualification (other than the sales person)• Define Ideal Customer Profile• Shortcut to Sales by mixing in sales offers, e.g. – Request personal demo – Request free consultation
    • Basics: Sales Collaboration• Train sales people to look at lead statuses in the CRM system to find the best new leads• Have sales people set Lead Status to add/remove people from the mailinglist• Put sales people on your mailinglist• Put some email templates in your CRM system
    • MA: Advanced Sales Alignment• Sync CRM and Marketing Automation• Provide a prioritized lead list based on lead score• Show email & web activity in CRM (+ alerts)• Let Sales push unqualified leads back into marketing• Provide Sales with trackable email templates
    • The 7 Steps1. Metrics-Driven Marketing2. Prevent Follow-up Failure3. Segment Your List4. Create Compelling Content5. Mine Your Existing Database6. No More Email Blasts7. Increase Sales Productivity
    • Q&A Jep Castelein jep@leadsloth.com www.leadsloth.com @jepc @leadsloth