Secrets of lead nurturing for B2B Marketing Summit 2012 by The Marketing Practice

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Presentation by Paul Everett from the B2B Marketing Summit on 14 June 2012. Looking at experiences of the ROI of lead nurturing, what's involved in setting up a programme, what content/channels work …

Presentation by Paul Everett from the B2B Marketing Summit on 14 June 2012. Looking at experiences of the ROI of lead nurturing, what's involved in setting up a programme, what content/channels work best and some myths/tips for successful programmes.

A favourite quote from the presentation: "I’ve yet to see a situation where a marketing automation budget wouldn’t have been better spent (or matched) on data, core CRM system or sales integration processes."

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  • Of course, it doesn’t always go smoothly – here’s an example that popped into my inbox last summer…
  • The issues that we see marketing and sales teams facing
  • This is the direction that Marketing reporting and business cases are all heading in – targeted at the very least against pipeline, and increasingly by converted revenue (profit contribution would be the logical next step)
  • Whatever your funnel model – working from the bottom up to set your targets
  • This is at a contact level – so the relatively high number in the first two months is partly down to these being contacts that we have been referred to in a business (and therefore the most likely to convert)

Transcript

  • 1. SECRETS OF SUCCESSFUL LEADNURTURINGB2B Marketing Summit, 14 June 2012
  • 2. Over the next 40 minutes…Experiences based on programmes with companies includingCanon, Oracle (Best Lead Nurturing Campaign 2010) and O2(Best Lead Nurturing Campaign 2011) What’s involved What does it Some of the in setting up a looks like from biggest potential lead nurturing the audience’s pitfalls/myths of programme? point of view? lead nurturing
  • 3. Sales & marketing infrastructure challenges• Poor client and prospect information – Lack of marketing intelligence systems – Lack of data management expertise• No planned and consistent client and prospect communications strategy – One-off campaigns that deliver an oversupply of high volume and low quality leads (or none at all) – Too many tactical demands on too little time – Not enough advantage made of potential ‘inbound’ contacts (e.g. website visitors, referrals, social media respondents)• Sales prospecting resource is variable – Driven by bid priorities – No time to keep marketing ‘leads’ warm – Potential opportunities not converted
  • 4. SETTING UP LEAD NURTURINGPROGRAMMES
  • 5. The ROI case Marketing Investment Marketing Investment Marketing Investment £580k £250k £600k Generated: Generated: March 2011 to date Weighted pipe - £5.37m Weighted pipe - Unweighted pipe 68 face-to-face £12m £55m meetings Unweighted pipe - £40m Unweighted ROMI Weighted ROMI Weighted ROMI 94 times investment 20 times investment 19 times investment
  • 6. Building the ROI model• Tracking conversion rates through the funnel• Factoring in profitability to see true ROI (and set a target cost per lead)• Sense-checking that market size will support the target results
  • 7. Individual contacts converting to leads over timeOf the sales qualified leads generated from lead nurturing programmes, how long had thecontacts been in the programme?
  • 8. ROI illustration of lead nurturing vs One-off campaigns Sales Average size of deal Number of Cost over the Average cost Number of conversion (1 Cost per sale (20% uplift with Value of sales ROI leads year per lead sales in x leads) nurturing) One-off 55 £126,000 £2,291 6 9 £13,745.45 £400,000 £3,666,667 2910% campaigning Lead nurturing 100 £208,000 £2,080 4 25 £8,320 £480,000 £12,000,000 5769%• Plus, large elements of a nurturing programme can be set up once to work for ongoing inbound contacts (marketing as an investment not a cost!)
  • 9. Content-led approach & nurturing• Chordiant customer experience management: signed Vodafone as a client and attributed £32m pipeline in EMEA to a 12 month programme• Research and benchmarking tool promoted via LinkedIn, Google, Wikipedia, blog sharing, employee social media advocates and direct outbound communications• 90 ‘enquiries’ per month converting to 180 sales leads over 12 months
  • 10. Canon Prospect Engagement
  • 11. Planning methodologyDiscovery: Sales alignment Strategy: Data auditSales objectives and business targets Review current data strategy and coverageMarketing objectives and responsibilities Gap analysis against full potential prospect universeHandover points and process (in both directions) Define strategy for augmenting/optimising dataDiscovery: Proposition insights Implementation: Process designMarket and proposition maturity Inbound contact captureBuying process stages Outbound nurturing delivery and website integrationBuying knowledge/content requirements at each stage Lead qualification and handover to sales (and back)Discovery: Audience definition Implementation: Campaign designSegmentation (by sector/size/customer/prospect...) Select inbound channelsFunctions comprising decision-making unit Design first nurture flows and website useTypical attitudes/expections from supplier Define how personalisation/segmentation will be usedDiscovery: Audience access research Implementation: Team & GovernanceChannel preferences Internal team requirementsSocial Media usage Integration with other activities3rd party and influencer knowledge sources Reporting requirements specifiedStrategy: Content plan Implementation: System designExisting content audit - what is suitable? Is there a gap between existing and required systems?Plan headline content hooksand message hierarchy Review potential solutions to support the planAlign to buying process and promote next steps Implement selected solutionDesign creative execution concepts
  • 12. MYTHS & LEGENDS OF LEADNURTURING
  • 13. Marketing AutomationI’ve yet to see a situation where a marketing automation budgetwouldn’t have been better spent (or matched) on data, coreCRM system or sales integration processes Nirvana: Nurturing and Automation Reality: Targets, Data, Content, Propositions, Systems...
  • 14. Some misconceptions...• That it’s anything different from good prospect marketing – Same content, same calls to action, same plan – It is a useful way to encourage thinking about long-term journeys• That the telephone is a channel to save until the end – Teleservice not telemarketing – the mentality is critical – Focused on the right prospects (by demographics or behaviour) – Makes scoring a lot less relevant• That scoring or BANT criteria are everything – Not necessarily what sales really need• Content aligned to the buying cycle – Can’t assume we know everything they’re doing
  • 15. Varying types of content...
  • 16. The best marketing doesn’t always look like marketingAnd the best content can come from Sales
  • 17. Or it could look a lot like marketing…• UK (19% conversion rate), Spain (24% conversion rate) and Portugal (33% conversion rate)• A success rate of meetings with almost 1 in 2 organisations targeted
  • 18. The power of compelling content: O2 Business readiness“It’s ratherrefreshing to seea big techcompanyactually do thiskind of thingrather than justtalk about it.”
  • 19. Taking into account the rise of digital interaction, doyou value the following forms of traditionalcommunication more, less or the same as in the past? Less Than You Have Done The Same As You Have Done More Than You Have Done60 49 5050 45 44 43 4340 38 35 33 33 31 3030 22 22 23 19 20 202010 0 Networking at eventsto face meetings with suppliers business activity (E.g. Dinners, hospitality, team building) speakers at conferences and semin Face “Social” Telephone conversations Innovatively presented physical material from suppliers Hearing from
  • 20. Tactical tip: lead generation in the summer• It’s working in the UK…• …can report back on the Nordics next year!
  • 21. Closing thoughts• Tom UpfoldTM ‘Natural’ calls to action – Selling the benefits of the next step rather than the end proposition – ‘Why should I give up my time to meet you?’ – Capture their interest first, then qualify them (not vice-versa)• Aligned with Sales, not necessarily just to Sales – Not a black and white handover: 90:10 => 10:90 – Find out what they’re bonused on – If you can’t find out, maybe don’t try nurturing! – Most important alignment is day-to-day (and lead follow-up)• Plan Year 2 from Day 1 – How we will prove success? (don’t start without it) – What else will we want technology to do? – What will we do when data’s a year out of date?• Holistic, real-time… – Holistic: look at company level, not just contact level (who else do we know that we should be targeting?) – Real-time: monitoring starters/leavers or rapid response (aligned with PR) – Holistic & real-time: all channels need to work together – the audience doesn’t see channels, they see journeys
  • 22. THANK YOU