Demand Generation - Best Practices & Lessons Learned

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A session on best practices for Demand Generation for a B2B company

Published in: Business, News & Politics

Demand Generation - Best Practices & Lessons Learned

  1. 1. <ul><li>Presented by: </li></ul><ul><li>Parin Mody </li></ul><ul><li> Global Director, Business Development </li></ul><ul><li>Mardev-DM2 </li></ul>Customer Behavior & Buying Cycle
  2. 2. <ul><li>What is Demand Generation? </li></ul><ul><li>Is it generating leads for Sales? If so, what is a lead? Is it someone that clicked on a banner ad? Or someone that registered for an event? </li></ul><ul><ul><li>Today, it’s all about maximizing customer lifetime value </li></ul></ul><ul><li>Trends in Marketing: </li></ul><ul><ul><li>Shift from brand awareness to demand generation, </li></ul></ul><ul><ul><li>This shift requires a focus on building long-term relationships by: </li></ul></ul><ul><ul><ul><li>Customer Acquisition – Creating demand with new customers </li></ul></ul></ul><ul><ul><ul><li>Customer Retention – Building loyalty with current customers to ensure renewal </li></ul></ul></ul><ul><ul><ul><li>Customer Development – Nurturing active customers to broaden their investments with your organization </li></ul></ul></ul><ul><li>Economic impact – given the current economy, the marketing team needs to accomplish all of the above in a measured and cost-effective manner </li></ul>Demand Generation
  3. 3. Marketing Objectives & Options <ul><li>Objectives – What? </li></ul><ul><ul><li>Increase revenues – Build relationship with the buyers that creates an increase in demand for more products/services </li></ul></ul><ul><ul><ul><li>Example: nurturing programs based on customer needs </li></ul></ul></ul><ul><ul><li>Increase speed – Accelerate the consideration process by getting the right information at the right time to the buyers </li></ul></ul><ul><ul><ul><li>Example: behavior-based auto-responders </li></ul></ul></ul><ul><li>Options – How? </li></ul><ul><ul><li>Increase conversion – Optimize Call-to-Actions to get more buyers to raise their hands </li></ul></ul><ul><ul><ul><li>Example: landing page testing and optimization </li></ul></ul></ul><ul><ul><li>Increase efficiency – Better leverage and scale integrated marketing communications to maximize return on investments </li></ul></ul><ul><ul><ul><li>Example: communication templates for re-use or promotion of campaigns via additional low cost channels </li></ul></ul></ul>
  4. 4. Poll #1 <ul><li>Which dimensions of personalization do you leverage in your current campaigns? </li></ul><ul><ul><li>Contact profile data </li></ul></ul><ul><ul><li>Account profile data </li></ul></ul><ul><ul><li>Behavior based </li></ul></ul><ul><ul><li>Buying cycle stage based </li></ul></ul><ul><ul><li>Preference based </li></ul></ul>
  5. 5. Implementing Demand Generation Evaluate Learn Justify Interest Customer Buying Process <ul><li>How do I implement Demand Generation within my company? </li></ul><ul><ul><li>First step – Understanding the customer buying cycle and mapping it to the journey you, as an organization, offer to the customer </li></ul></ul>Purchase Sales & Marketing effectiveness determines volume and velocity $$ Inquiry Marketing Qualified Lead (MQL) Sales Accepted Lead (SAL) Suspect Sales Qualified Lead (SQL) Marketing validates quality of interest. Marketing nurtures to sales ready. Sales validates and accepts ownership. Sales validates BANT criteria Sales closes revenue opportunity.
  6. 6. Campaign Management: Planning Questions: Experience: Content: <ul><li>What do they offer? </li></ul><ul><li>Are their customers achieving success? </li></ul><ul><li>Do they fit my need? </li></ul><ul><li>How can I easily evaluate/demo? </li></ul><ul><li>eMail & Web </li></ul><ul><li>Podcasts/Seminars </li></ul><ul><li>TM Calls </li></ul><ul><li>Company white paper </li></ul><ul><li>Seminar Pres </li></ul><ul><li>product spec sheets </li></ul><ul><li>Customer stories </li></ul><ul><li>Flash Demo </li></ul><ul><li>Ind/analyst reports </li></ul><ul><li>Educational Tips </li></ul><ul><li>eMail & Web </li></ul><ul><li>Seminars </li></ul><ul><li>Podcasts </li></ul><ul><li>Industry white papers </li></ul><ul><li>Company product white papers </li></ul><ul><li>Customer stories </li></ul><ul><li>Assessment tests </li></ul><ul><li>Press releases </li></ul><ul><li>Who are the suppliers for my need? </li></ul><ul><li>What’s the scope of potential achievement? </li></ul><ul><li>Where do I stand? </li></ul><ul><li>How can I easily find out more? </li></ul><ul><li>Do they meet my expectations? </li></ul><ul><li>What do analysts say, are they a leader? </li></ul><ul><li>Is Company viable? </li></ul><ul><li>How do they compare? </li></ul><ul><li>Why should I choose? </li></ul><ul><li>What’s the cost? </li></ul><ul><li>eMail & Web </li></ul><ul><li>TM Calls </li></ul><ul><li>Sales Calls </li></ul><ul><li>Seminars </li></ul><ul><li>Features/Benefits </li></ul><ul><li>Gartner Quadrant </li></ul><ul><li>Fin. Press Releases </li></ul><ul><li>Competitive & Cost Comparisons </li></ul><ul><li>product Awards </li></ul><ul><li>Seminar Pres </li></ul><ul><li>Leading, solid product/company? </li></ul><ul><li>Recommended by customers and analysts? </li></ul><ul><li>Meets or exceeds my need? </li></ul><ul><li>Can afford to buy & implement? </li></ul><ul><li>eMail & Web </li></ul><ul><li>Customer, analyst references </li></ul><ul><li>Sales calls </li></ul><ul><li>product customer reference site </li></ul><ul><li>product Awards </li></ul><ul><li>Customer stories </li></ul><ul><li>Press releases </li></ul><ul><li>Seminar Pres </li></ul><ul><li>How can I easily purchase? </li></ul><ul><li>Can I purchase via Web site? </li></ul><ul><li>Who can I call? </li></ul><ul><li>Do they have a partner in my area? </li></ul><ul><li>Why buy now? </li></ul><ul><li>eMail & Web </li></ul><ul><li>TM & Sales Calls </li></ul><ul><li>Partners </li></ul><ul><li>1800# provided </li></ul><ul><li>Company.com product </li></ul><ul><li>E-Shop product </li></ul><ul><li>Partner locator? </li></ul><ul><li>Promotions or deals? </li></ul>Evaluate Purchase Learn Justify Interest Search Begins Solutions Identified Solutions Evaluated Against Needs Short List Assembled Selection Made
  7. 7. Keys to Success <ul><li>Regardless of where you are in the campaign management process, there are a few key steps that are necessary for you to achieve success </li></ul>
  8. 8. Moving up the Lead Value Chain Lead Definition Lead Generation Process # of leads Lead Characteristics Sales Opportunity – ready to buy - Largely sales force task Low Hot Pre-qualified lead – some information known about purchasing requirements - High degree of interaction required with prospects, integration of online and offline channels to identify prospective need. May include email, online, telemarketing, direct mail. Medium to Low Warm Prospects – indicated definite interest <ul><li>Search </li></ul><ul><li>- Permission marketing </li></ul>High to Medium Warm Profiled Suspects – higher propensity to purchase <ul><li>Segmentation, modelling of databases </li></ul><ul><li>richer demographics or information </li></ul>High Cold to Lukewarm Suspects - Lists with some demographics High Cold
  9. 9. Lead Generation: Tactical leads prospects Campaign Objectives Lead definition & qualification whitepaper download, appointment Target audience company size, business sector, job title Collateral Creation case study, whitepapers, webinars Channel Selection email, digital, telemarketing Analyse, Optimise and Adapt what’s working – increase what’s not, adapt or switch off Deliverables volumes, timescales, CPL reporting tele marketing email Online r e s o u r c e o p t i m i s a t i o n Reporting nurture
  10. 10. Strategic Campaign Workflow Example NURTURE PROGRAMME Pass to Field Sales Nurture <ul><li>FURTHER QUALIFICATION </li></ul><ul><li>Budget </li></ul><ul><li>Authority </li></ul><ul><li>Need </li></ul><ul><li>Timescales </li></ul><ul><li>TRACKING & SCORING </li></ul><ul><li>Monitor level of interest based on : </li></ul><ul><li>Email opens </li></ul><ul><li>visits to microsite </li></ul><ul><li>Downloads </li></ul><ul><li>Reading/Posting on Blogs </li></ul>Telemarketing DYNAMIC MICROSITE Whitepapers Case studies Competitions Blogs Forums Webinars Podcasts RFQ SEO/PPC Social Networking Online inventory Gold Leads Silver Leads Bronze Leads Emails & Newsletters Advertising
  11. 11. Multi-touch Example: Microsite Driven
  12. 12. Multi-touch Example: Microsite Driven
  13. 13. Poll #2 <ul><li>On average, how complex is your communication mix in a campaign? </li></ul><ul><ul><li>Single touch via single communication channel (i.e. email batch and blast) </li></ul></ul><ul><ul><li>Multi-touch via single communication channel (i.e. automated email drip campaign) </li></ul></ul><ul><ul><li>Multi-touch via multiple communication channels (i.e. webinar with email, phone and direct messages </li></ul></ul>
  14. 14. Customer Retention/Development <ul><li>Who? </li></ul><ul><ul><li>Leads not ready to buy </li></ul></ul><ul><ul><li>Customers for upsell/cross-sell </li></ul></ul><ul><ul><li>Trial/pilot customers, etc. </li></ul></ul><ul><li>Marketing Challenges/Pain Points: </li></ul><ul><ul><li>Leads not being qualified by inside or field sales </li></ul></ul><ul><ul><li>Old/Dormant leads sitting in CRM </li></ul></ul><ul><ul><li>Lack of a method to prioritize which leads to qualify </li></ul></ul><ul><ul><li>No structured approach to nurture leads to “sales readiness” </li></ul></ul><ul><li>Bottom Line </li></ul><ul><ul><li>Wasted investments in lead generation </li></ul></ul><ul><ul><li>Decreased marketing department credibility </li></ul></ul><ul><ul><li>Decreased sales productivity </li></ul></ul><ul><li>What? </li></ul><ul><ul><li>Segmentation </li></ul></ul><ul><ul><li>Personalization </li></ul></ul><ul><ul><li>Relevant Call-to-Actions </li></ul></ul>
  15. 15. Strategic Nurturing Objectives <ul><li>Lead/Customer Nurture Strategy: </li></ul><ul><ul><li>Build Trust within your customers and prospects </li></ul></ul><ul><ul><li>Educate them </li></ul></ul><ul><ul><ul><li>Who are you? </li></ul></ul></ul><ul><ul><ul><li>What does the company do? </li></ul></ul></ul><ul><ul><ul><li>How does it benefit them? </li></ul></ul></ul><ul><ul><li>Establish credibility as experts </li></ul></ul><ul><ul><li>Be relevant to the issues /pain points of your different segments </li></ul></ul><ul><ul><li>All of the above will help you differentiate your organization as a partner to the prospect as opposed to a vendor </li></ul></ul>
  16. 16. Anatomy of ScanningPaper.com The images and the text are dynamically populated based on the lead’s industry The welcoming message uses the first name, the job function, the company and the industry fields to make the experience very personal This content is based on and especially written for professionals in the lead’s industry The customer examples, the business need case studies and the solutions in action content that can be downloaded is also dynamically populated based on the lead’s interest Content is based on solution interest
  17. 17. Lead Nurture: Rules of Engagement <ul><li>Do not initiate contact without a clear objective </li></ul><ul><li>Start with the customer, not with your product/service </li></ul><ul><li>Pick-up where the interaction left-off </li></ul><ul><li>Don’t ask the prospect for the same thing more than once </li></ul><ul><li>Make the interaction personal and personalized </li></ul><ul><li>Deliver information that reflects what you’ve learned about them </li></ul><ul><li>Learn about the customers/prospects in bits.. .. not all at once </li></ul>Source : Peppers, D., Rogers, M., One to One Fieldbook, 1999
  18. 18. Getting Started <ul><li>Keep it simple to start. </li></ul><ul><li>Provide value-added content. </li></ul><ul><li>Allow leads to “raise their hand” with secondary calls to action. </li></ul><ul><li>Keep them interested by telling them what’s coming next. </li></ul><ul><li>Track online activity to determine when a lead’s interest has increased. </li></ul><ul><li>Work your way to defining a full lead nurture program. </li></ul>
  19. 19. Defining Your Lead Nurturing Program <ul><li>Define your objective </li></ul><ul><li>Define the WHO </li></ul><ul><li>Define collateral needed </li></ul><ul><ul><li>Touch point </li></ul></ul><ul><ul><ul><li>Emails </li></ul></ul></ul><ul><ul><ul><li>Phone scripts </li></ul></ul></ul><ul><ul><li>Content Assets </li></ul></ul><ul><ul><ul><li>White papers </li></ul></ul></ul><ul><ul><ul><li>Analyst reports </li></ul></ul></ul><ul><ul><ul><li>Articles </li></ul></ul></ul><ul><ul><ul><li>Research Papers </li></ul></ul></ul><ul><ul><li>Interactive media </li></ul></ul><ul><ul><ul><li>Poll / survey </li></ul></ul></ul><ul><ul><ul><li>Scorecard / rank yourself against your peers </li></ul></ul></ul><ul><li>Map out the customer experience </li></ul><ul><li>Test and launch </li></ul><ul><li>Ongoing evaluation and monitor reporting </li></ul><ul><li>Keep content fresh </li></ul><ul><ul><ul><li>Postcard </li></ul></ul></ul><ul><ul><ul><li>Letter </li></ul></ul></ul><ul><ul><ul><li>Webinars </li></ul></ul></ul><ul><ul><ul><li>Podcasts </li></ul></ul></ul><ul><ul><ul><li>Flash demo </li></ul></ul></ul>
  20. 20. Improve ROI with Lead Scoring <ul><li>Lead scoring and nurturing improve ROI </li></ul><ul><li>Objectives: </li></ul><ul><ul><li>Improve conversion to qualified leads </li></ul></ul><ul><ul><li>Improve quality of leads </li></ul></ul><ul><ul><li>Prioritize follow-up </li></ul></ul><ul><ul><li>Harvest dormant leads and re-engage </li></ul></ul><ul><ul><li>Helps measure channel effectiveness </li></ul></ul>
  21. 21. Dynamic Lead Scoring Model <ul><li>Score on profile fit and level of engagement </li></ul><ul><ul><li>Level of Engagement </li></ul></ul><ul><ul><li>1 = Showing buyer interest </li></ul></ul><ul><ul><li>2 = Showing some interest </li></ul></ul><ul><ul><li>3 = Not enough information </li></ul></ul><ul><ul><li>4 = Inactive </li></ul></ul><ul><ul><li>Profile Fit </li></ul></ul><ul><ul><li>A = Target fit (BANT qualified) </li></ul></ul><ul><ul><li>B = Potential fit (nurture) </li></ul></ul><ul><ul><li>C = Not high enough now </li></ul></ul><ul><ul><li>D = Not a fit </li></ul></ul><ul><li>Don’t send unqualified leads to sales… Nurture. </li></ul><ul><ul><li>Nurturing programs generate on average: </li></ul></ul><ul><ul><ul><li>7-10% increase in marketing qualified lead (MQL) generation </li></ul></ul></ul><ul><ul><ul><li>> 50% acceptance from sales (SAL) </li></ul></ul></ul>
  22. 22. Lead Scoring Model: Example
  23. 23. Lead Scoring Model: Example <ul><li>Results and total lead score </li></ul>
  24. 24. Lead Scoring and Nurturing: Best Practices <ul><li>Best Practices: </li></ul><ul><ul><li>KISS – Do not score on too many criteria as it will be unclear what values are defining the score </li></ul></ul><ul><ul><li>Sales and marketing SLA with protocol around MQL to SQL, follow-up, etc. </li></ul></ul><ul><ul><li>Focus on scoring criteria that has standardized values, this will facilitate program execution and ease refinement, as needed </li></ul></ul><ul><ul><li>Continuously re-evaluate and tweak the scoring system </li></ul></ul><ul><ul><li>Conduct a closed-deal analysis to uncover insights into conversions </li></ul></ul>
  25. 25. Marketing Effectiveness <ul><li>Marketing Automation Platforms (MAPs) enable a marketing team to measure it’s ability to directly impact and drive revenues </li></ul><ul><li>“ Marketing dashboards help address one key tenet of marketing accountability – the transparent communication of results .” </li></ul><ul><ul><ul><li>– Forrester Research </li></ul></ul></ul>
  26. 26. Marketing Effectiveness Measurement
  27. 27. Marketing Effectiveness Measurement Source: SiriusDecisions
  28. 28. Measure What Matters <ul><li>Measure what matter for your business </li></ul><ul><ul><li>Funnel Value </li></ul></ul><ul><ul><ul><li>On track to meet revenue targets? </li></ul></ul></ul><ul><ul><ul><li>How much revenue from each source? </li></ul></ul></ul><ul><ul><ul><li>What is the quality of the pipeline? </li></ul></ul></ul><ul><ul><li>Channel Performance </li></ul></ul><ul><ul><ul><li>Top campaigns by lead acceptance </li></ul></ul></ul><ul><ul><ul><li>Top campaigns by number of high scoring leads, etc. </li></ul></ul></ul><ul><ul><li>Investment effectiveness </li></ul></ul><ul><ul><ul><li>Which campaigns yield the best returns? </li></ul></ul></ul>
  29. 29. Benchmarkable Source: SiriusDecisions, Cross-Industry averages for B-to-B Companies 10-50% Marketing Sourced Pipeline (% of sales pipeline uniquely created by marketing) 30-82% Marketing Influenced Pipeline (% of sales pipeline touched by marketing) 1-4% Investment to Pipeline (average cost of the demand creation of the sales pipeline) $5-$20+ Investment to Revenue (average revenues generated from $1 invested in demand creation)
  30. 30. Marketing Performance Benchmarks <ul><li>Performance Benchmarks </li></ul><ul><ul><li>Track improvement over time against KPIs </li></ul></ul><ul><ul><li>Prioritize & Launch enhancements based on business objectives </li></ul></ul><ul><ul><li>Monitor demand generation process and measure its impact to revenues </li></ul></ul>
  31. 31. <ul><li>Contact Mardev-DM2 </li></ul><ul><li>Parin Mody, Director </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><li>www.mardevdm2.com </li></ul><ul><li>U.S., Chicago Office </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><ul><li>+1.800.323.4958 </li></ul></ul><ul><li>UK, Headquarters </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><ul><li>+44 (0) 208 652 4525 </li></ul></ul><ul><li>Webinar Series: </li></ul><ul><li>Overcoming Marketing Fears: Practical integration of new tactics </li></ul><ul><ul><li>Thursday, 11 November at Noon EDT </li></ul></ul><ul><li>On-demand events </li></ul><ul><ul><li>Visit www.mardevdm2.com </li></ul></ul><ul><ul><li>Click on News & Events </li></ul></ul>

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