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Lead Management in the Face of the New B2B Buyer - Jay Hidalgo
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Lead Management in the Face of the New B2B Buyer - Jay Hidalgo

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Lead Management in the Face of the New B2B Buyer …

Lead Management in the Face of the New B2B Buyer

B2B buyers have more information than ever before, and as a result are controlling the B2B buying process. Marketers must adapt when it comes to how they manage buyer dialogue, primarily in the area of Lead Management. This session will take you through the shift the B2B buyer has undergone and a step-by-step process for better lead management of this new dynamic.

Jay Hidalgo, CEO, The Annuitas Group

Published in Education , Business , Technology
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  • We’re process guys
  • Before we get into the ways to change, I want to show some recent numbers that also indicate the need for we as marketers to change the way we interact with our customers and prospects. One of the biggest thing these numbers say to me is that we need to change from this mindset of lead generation to lead management. This idea is not just managing the lead internally to make sure sales receives it, but also includes managing the lead from a dialog and conversation aspect. As we continue in our discussion today we will look at the realities of changing to a buyer dialog model really looks like and how it will impact us as marketers.
  • The definition of lead management is needed here: starts with “you have a lead”, and goes through to sale, and post sale nurturing. Not customer service, accounting, etc.
  • The traditional lead waterfall or funnel takes into account leads moving through the marketing and sales process in a very linear fashion. This is a faulty approach in that it only accounts for a piece of the marketing and sales funnel and is built with the idea that initial inquiries/web visits, qualified responses and accepted leads will leak out of the funnel and nothing will be done to keep them engaged. Not only is this a poor practice, but also devalues the potential ROI derived from a campaign. Companies need to begin to develop a multi-tiered funnel approach to their marketing revenue projections. By utilizing lead nurturing as part of the marketing mix, the leaks that are seen in a linear model are closed and all responses and leads are managed and the increase in ROI is substantial. This affects all areas of marketing and sales including lead forecasting, forecasting for quota attainment, ROI analysis and marketing budget allocation.

Transcript

  • 1. Online Marketing Summit
    Cleveland, OH | June 7, 2010
    The Process Approach to the Changing B2B Buyer
    Jay Hidalgo
    CEO
    The Annuitas Group
    1
  • 2. Agenda
    Who is The Annuitas Group?
    The Changing B2B Buyer
    Today’s B2B Marketer
    The Impact of This Change on the B2B Marketer
    The Process Approach to Manage the Change
    The Lead Management Framework Defined
    How to Begin Implementing
    Q & A
  • 3.
    • The Annuitas Group's mission is to help our clients deliver a measurable return on their sales and marketing practices.
    • 4. Do this through process consulting and technology (marketing and sales automation)
    • 5. Practice Areas…
    • 6. Lead Audit
    • 7. Lead Management
    • 8. Marketing Automation
    • 9. Campaign Management Services
  • Our Clients
  • 10. The Changing B2B Market
  • 11. Today’s B2B Buyer
    • The way buyers buy has changed
    • 12. Buyers are more educated and look to sales much further down the buying cycle
    • 13. Buyers are turning to online and social media as sources for decision making
    • 14. More than one buyer – buying units
    • 15. Looking to each other as sources of information
  • Change in How Buyers Buy
    “Transforming the BtoB Buying Process,” DemandGen Report Study – February 2010
  • 16. The Buyer is Boss
  • 17. Buyer 2.0
    “[T]he hunter has become the hunted. Buyers are more informed and seek information independent of sales. ... How sales people want to sell has little impact on how buyers are choosing to buy.”
    Source: SiriusDecisions, “Marketing Needed for Sales 2.1”
  • 18. Buyers - Plural
    “Relationship marketing is the key here and different levels of the organization participate in the buying/selling process especially if the sale is a big ticket sale."
    Source: Lowell D’Souza, “Understanding B2B Buyer Behavior”
  • 19. Customer is The Focal Point
    “No longer is the corporation the fulcrum around which customer groups and suppliers revolve. ... [T]he customer is now the pivot point.”
    Source: Paul Greenberg, CRM at the Speed of Light (3e)
  • 20. Today’s B2B Marketing
    Issues with Measurement & Acquisition
    70-80% of leads never get follow-up
    45% of the leads companies receive will buy from someone
    More than 50% of marketing teams cannot track ROI on program spend
    Shrinking budgets
    More pressure to justify spend
    Shift from traditional marketing to automated, online, inbound & social
    Increased pervasive use of technology
    Marketing asked to assist in pipeline acceleration & sales enablement
    Source: Sirius Decisions; Forrester
  • 21. The Response . . . . Adapt!
    Marketers must manage and engage that relationship
    Buyers want a 1-1 relationship
    It’s Lead Management not Lead Generation
    It will affect every area of your role as a marketer
    Sales interaction
    Buyer interaction & communication
    Content Management & Marketing
    Inbound Marketing Management
    Social Media Strategy
    Internal marketing & sales process
    How you utilize your technology
    How you work & think as a marketer
  • 22. How To?
    • So how does an organization make the change and bridge the gap from the old to the new?
    • 23. What needs to be done to ensure a buyer centric approach?
    • 24. What processes need to be developed?
  • A Process Based Lead Management Approach
    “Nothing is more important than process when it comes to building a best-in-class lead management engine. Process separates the Best-in-Class from the Laggards”
    - Ian Michiels – “Crossing the Chasm with Automated Lead Management” January 2010
     
  • 25. Lead Management – What it isn’t
    Not just scoring and lead nurturing
    It is not a practice of individual silo’s, everything feeds into the next and has to be looked at holistically
    Not technology, but supported by it.
    Source: Sirius Decisions; Forrester
  • 26. Lead Management – What it is
    The operational response to the buyers power
    It's a process not a program that includes
    Data
    Lead Planning
    Lead Qualification
    Lead Nurturing
    Lead Routing
    Metrics
    Not technology; a process supported by technology
  • 27. The Common Lead Management Approach:
    Increased Effort & Decreased Efficiency
  • 28. The Process Based Lead Management Approach
  • 29. Lead Management Framework
  • 30. Building the Process – Where to Start?
    • Define the lead management framework
    • 31. Conduct an Audit – Know What You Don’t Know
    • 32. This is not a marketing only exercise It is cross-functional
    • 33. Marketing
    • 34. Sales
    • 35. Operations
    • 36. Finance
    • 37. IT
     
  • 38. The Database
    • Determine the validity of your database – How old are the records?
    • 39. Determine your approach to data hygiene and what team will own it
    • 40. Where will you store the customer & prospect data?
    • 41. Define and control who will have access to that data
    • 42. Segment the data to optimal success based on ideal target and customer profiles
     
  • 43. The Annuitas Group Lead Planning Funnel
    3,000
    Responses
    2,400
    Valid
    Responses
    80% Conversion
    Lead Nurture Campaigns
    Mktg Nurture Campaign
    240
    Mktg Qualified
    (MQL)
    10% Conversion
    (MQL)
    Mktg Nurture Campaign
    120
    Sales Accepted Leads
    50% Conversion
    (SAL)
    Sales Nurture Campaign
    72
    Sales Qualified Leads(SQL)
    Post-Sales Nurture Campaign
    60% Conversion
    SQL
    Sales Close Rate
    33%
    24 closed deals
    Additional Monthly Revenue @ $100k ASP
    $2.4M per month
  • 44. Lead Qualification
    • What do you do with leads?
    • 45. Determine between sales and marketing the definition of a lead
    • 46. Define the qualification criteria
    • 47. What happens to non-qualified leads?
    • 48. Set-up a lead scoring model that allows for quality leads to flow to sales
    • 49. Focus on quality not quantity
     
  • 50. Lead Nurturing
    • Building a relationship with your prospect – not all responses are ready to buy immediately
    • 51. Nurturing allows for pipeline acceleration
    • 52. Sales that were nurtured provide a 47% higher order value than non-nurtured sales.
     
    Source: Aberdeen
  • 53. Lead Routing
    • Determine how marketing will pass qualified leads to sales
    • 54. Avoid the black hole, know how the leads will be tracked
    • 55. Provide sales the ability to pass back for further nurturing
    • 56. Develop SLA’s and Business Rules to ensure proper follow-up and no fall out rate
     
  • 57. Metrics
    • Know why you are running a campaign or marketing program
    • 58. Develop benchmarks and KPI’s for your organization and measure against them quarterly
    • 59. Use the metrics to shape the future
    • 60. Pull both marketing and sales metrics for a complete 360o view of your organization
     
  • 61. Automate the Process
    • Manual run processes will fail
    • 62. Process based automation will allow you to improve the bottom line and improve value
    • 63. Automation is the only way to streamline 1-1 buyer dialogue
    • 64. Automation is well beyond feature & function, it enables the relationship process with the dialogue
     
  • 65. Potential Roadblocks
    • Executive Resistance
    • 66. Fear and Turf Guarding
    • 67. Sales Resistance
    • 68. Boiling the Ocean
  • One more thing…
    • Dream big, start small, scale appropriately
    • 69. Process equals behavior change – be ready
    • 70. Include Sales in the process – This bears repeating
  • Contact Information
    Jay Hidalgo
    The Annuitas Group
    jhidalgo@annuitasgroup.com
    Phone: 616-364-1345
    Twitter: @jayhidalgo
     
  • 71. 32
    Thank You
    Visit
    www.onlinemarketingsummit.com
    for more information
    Follow us @OMSummit