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Generate More Qualified Leads
 

Generate More Qualified Leads

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This presentation is from our Sales and Marketing seminar conducted in April 2011, where we covered essential topics on Sales and Marketing management including Lead Nurturing, Automating lead ...

This presentation is from our Sales and Marketing seminar conducted in April 2011, where we covered essential topics on Sales and Marketing management including Lead Nurturing, Automating lead Generation, Social Media Marketing and Aligning Sales with Marketing function. The seminar was well received by the audience as they found it informative and interesting. Uploading the presentation on slideshare to reach out and share our knowledge with a wider audience.

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  • MC to introduce Derek LimOpening speech by Salesforce.com – Derek Lim
  • Good morning ladies and gentleman, Thank you for taking the time to attend this seminar. Let me introduce myself, my name is Chuan and I’m the Managing Partner for InterAktiv. We are pleased to bring this seminar to you in collaboration with Singapore Chinese Chamber of Commerce and Industry and Salesforce.com.We are here today to share our experience and knowledge in the area of sales and marketing, more precisely lead and sales performance management. We hope you can take away useful and effective information to help improve your company’s performance.I have here today my colleague Baskar who is the business consultant and Mr. Jereme Wong who is the co-founder and COO of clickTRUE, a company specialises in lead conversion from web site as our joint presenting partner.You’ve heard the opening address from Derek of Salesforce.com and now we will go through the agenda
  • So we ask the question why are we here today?Let’s go over some of the feedback given to us by some of the participating audience
  • Well you are definitely in the right seminarYes we will address that as wellSales and marketing alignment is one of the critical task for most companies if they want to achieve their targets
  • Hopefully we can achieve thatWe hope to provide as much useful information in this area as possible
  • The idea in web marketing to give something the user wants in exchange for their informationBut use the information they give you with discretion and get their permission
  • With reference to the above chart almost 86% if your peers achieve their 2010 targets, hopefully you are one of the 86%2010 was a major turnaround from 2009 and rightfully so since the beginning of 2009 was a crisis yearThere was also an increased of 8% in sales people achieving targets in 2010 compared to 2009What contributed to this turnaroundOn the positive side they areUnderstanding the buyer cycle is improvingCross-selling and up-selling and introduction of new products are improvingCore CRM adoption is increasingSales management adopting sales process is improvingOn the negative side Marketing and sales and still not alignedWin rates are still low
  • So let’s take a look at this year’s prospect and what your peers feels about achieving this year’s targetsAsk the audience how many increased their revenue targetsAsk the audience how many decreased their revenue targets92% of companies surveyed increased their targetsMore than 55% increase their target by more than 10% from 2010 target revenue, the key questions are:How are we going to achieve this increased target?Do we have a game plan for the sales people to achieve it?Do we need to change the way we do market and sell?
  • Here we see some optimism in achieving the targets but it requires additional effort This effort is in generating more leads, if there is no new leads there are no new customersBut we have to be careful when we generate more leadsIf we just generate more leads without focusing on the quality aspects it could cost the sales team dearlyIf sales are the people generating leads this could be a catch 22 situation since they can be generating leads and selling at the same time.
  • This slides gives us a glimpse of why sales will be challenged in achieving their targetsOnly 3 in 10 leads are generated by marketing todayAs mentioned earlier, if sales is spending time generating leads then they are not selling and vice versa.Traditionally most sales people are taught to cold call and generate their own leads and marketing are more focused on branding,communications and pricingMarketing needs to take on a larger role in lead generation to free up selling resourcesMarketing can generate leads at lower costsMarketing automation such as lead nurturing and lead scoring can increase effectiveness of lead qualification and reduce selling costs
  • It is quite obvious with the increase targets enhancing lead generation program is the top priority for salesMore companies starts to understand the need for sales and marketing to work closely together, this is a topic which we will cover in greater details laterThird on the list is to revise their sales process and for those who does not have one it is time to design and implement one. This is also a topic which we will cover later.
  • If customer acquisition is the top priority then lead generation for new prospect has to match this ambitionAs mentioned earlier not just more leads but more better quality leadsThis means you need a dedicated marketing function to work on lead generation programsIf you don’t have a dedicated marketing function its time to consider oneWhen you need to acquire more leads online brand awareness in the online world becomes more importantFrom our experience cross-selling and up-selling will play an important role in achieving the revenue targetsIf you don’t have a dedicated marketing function its time to consider one
  • The term Web 2.0 is associated with web applications that facilitate participatory information sharing,interoperability, user-centered design, and collaboration on the World Wide Web
  • The more visible you are on the social media platforms the more brand awareness you create
  • Social media allows user to distribute the content easily and help to build links back to your web siteWhen you distribute your content it is easy for people to find you and learn about your products and services
  • Internet is a great place to share knowledge and allow others to appreciate your expertisePeople who appreciates your knowledge will tell their peers about you and hence a virus effect
  • Mainly B2B surveyGenerating high quality leads is the number 1 challenge for marketing to achieve the increased revenue targetsIn order to generate high quality leads marketing has to play a more involved role in lead qualification and the importance of lead nurturingMarketing unlike sales do not use one-on-one method, it addresses selling requirements in a mess method hence its ability to handle more leads at any point in time
  • A lead is an asset with declining value over timeIf a lead is not converted or processed into a customer this value will evaporate eventually
  • The key word are process, relationships and ready to buy
  • Without lead nurturing lots of marketing dollars are wasted since only 25% of the leads generated are sent to sales.Higher cost per converted leadLead nurturing is the solution to lower the costs per qualified leads and continue to nurture the 50% of the leads that are not yet ready to buy
  • The first thing in implementing lead nurturing is the design and marketing and sales processesEvery involved must have a clear view of how a lead will go through the marketing funnel then through the sales funnel
  • Typically we can narrow down the characteristics but each business has to go through this process with marketing to define the characteristics
  • Typically we can narrow down the characteristics but each business has to go through this process with marketing to define the characteristics
  • The purpose of lead scoring is to rank the leads based on its characteristics in relation to an ideal customerPriority must go to processing leads with the highest scoreIt is also an exercise where marketing must be aligned with sales to defined the scoring method to determine what is a hot lead and what is a cold leadYou have a definitive way of determining useful content that aid in the buying cycle
  • Only 21% of the respondents are turning more than 75% of the leads to salesThis allows sales to focus only on the good quality leads which helps to increase their selling timeIf you refer back to the marketing funnel chart you will see that almost all the leads generated by marketing are turn over to sales which means almost every lead
  • In this exercise we would like to do a simple calculation of how much marketing or lead generation effort can go to wasted if an organisation doesn’t have lead nurturing to process the non sales ready leadsAssumption: 5% conversion rate from calls to leadYou need 2000 calls10 calls per hour20 working hours per month2,000 calls needs 200 hours$3,000 per month salaryCost per lead for cold calling seems lower but it also take more time to generate the leads
  • Assumption: 5% conversion rate from calls to leadYou need 2000 calls10 calls per hour2,000 calls needs 200 hours
  • Sales people can spend more time on selling instead of having to do lead nurturing or lead generationWin rate will also increase since lead are better qualified when it reached salesSales can also review what the prospect have read thus far and provide high value-adding engagement by sharing something they don’t know
  • With lead nurturing sales is able to get out of the catch 22 situation and able to achieve a more consistent and sustainable performance
  • Hope everyone had a good break and my apologies for not being able to provide better food and service.Let’s start the next topic about sales and marketing alignment, this is a problem which has existed for the longest of time in most organisationsHow many people know who are these two players? Any Barcelona fans in the room?Any Liverpool fans in the room?Hopefully most of the people in this room understand a bit about soccer and for those who understand managing soccer team and business has much similaritiesAnalogous to soccer sales and marketing alignment is like midfielders playing with strikers to score goals. If they are not in sync with the tactics laid out by the manager you are almost certain they won’t score goals
  • So we ask the question why sale and marketing are not alignedAsk the audience how many perform the sales function and how many perform the marketing function - pauseAsk how many perform both function - pauseIf you have separate departments or functions for sales and marketing you probably can associate with the above commentsThe statement above is almost like the midfielders complaining to the strikers for squandering the chances they have provided and strikers complaining midfielders are not providing enough good passes and in most cases when such a thin happens you are almost certain the team will lose the game.
  • Like in soccer both midfielders and strikers share a common goal which is to score goalsTherefore in sales and marketing alignment they must too share a common goal – win more dealsIt may sound simple but by changing the compensation plan of marketing it is almost a silver bullet to align marketing with salesAsk yourself this question what if I measure marketing on closed deals and not based on the number of leads generated.Measure sales and marketing on the same common set of goalsHaving said that we have to note that there are marketing activities that aren’t directly revenue generation such as PR and brandingHowever with the advent of online and inbound marketing almost everything in marketing can be measured
  • The first thing you should do in the alignment process is to start regular communicationsInitiatives regular meetings to review the sales and marketing processesTopics such as define qualified leads and sharing sales intelligence with both teams are good topics for the discussionsIf marketing can make an effort to understand the sales cycle process and where the funnel leakages are and helping to pluck these leakages will help sales greatlySales to share sales intelligence who are they ideal customers and what are the most common objection they face. Why are they losing dealsSales and marketing alignment can also start when you launch a lead nurturing program as this will require both parties to come together to work on lead scoring and other aspect of designing the marketing and sales processes.Eventually coming up with a game plan together with management support will almost yield positive results
  • As mentioned earlier when you launch a lead nurturing program one of the things you have to do is define your best leadsWhen you do that sales will share with marketing the BANT thing.Budget – What is your sweet spot for budget? What is the ideal turnover of your target market? Or what is the minimum revenue of a customer before they can become a qualified leadAuthority – What is the profile of the decision makers? Who are the decision makers? Where do you find them?Needs – What are the requirements they have? What are the kind of solution they are looking for?Time Frame – What is the decision time frame for the solution they are looking for?
  • Understanding what goes on in the marketing funnel and how it gets to the sales funnel gives sales people insight into what the customer knows and what he is looking for.On the other hand understanding why sales are losing deals give marketing ideas on how to pluck the leakage in the sales funnelExample if price is one of the main reason for sales to lose deals marketing can either do a better job to qualify the lead in terms of budget or convince the lead the value of their solution early in the marketing funnel
  • In this slide we would like to demonstrate the value of sales and marketing being aligned and using a single version of the truth to report on performanceThis is a list of leads generated without rating or scoring
  • From this report sales knows the lead score which they have designed with marketing and how they are scoredThey can see the lead source and if you measure the lead source effectiveness sales know if this is a good or bad lead source
  • One of the major challenges in improving sales performance is to align the marketing and sales effortThough the difference in making quota by the sales rep is not significantly different but leads generated by marketing still has some impact. We suspect that the reason for this is because targets are increasing and One thing to note is the conversion to initial meeting is higher with leads generated by marketing
  • Companies with aligned sales and marketing are out-performing those that are not.Sales are closing 38% more deals than companies that are notCompanies are losing fewer customers to competitors, this is a sign of protecting your business from competitorsAll these sum up to a competitive advantage which most companies can rely on to stay competitive and aggressive on the sales front.
  • This is where we think SMEs has a great advantage when competing with the big boysSMEs typically are more nimble and their ability to change is betterSales and marketing heads most likely resides in the same person for most SMEs if not it is the boss as shown in the slideHaving said that such change has to be well managed and directed with clear objectives setIt has to be a structured approach to align the functionsFocus on communication and collaborationFocus on process design and get every sales person onboard
  • Ask the audience why do they think is the reason for fluctuation in sales performanceThere are probably thousands of reasons for sales performance inconsistency from economic conditions to customers changing their buying habits to sales people turnover rateThere are factors which is out of our control but there are also factors which is within our control and one of them is how we sellWe need to adopt a more focus approach to selling, now that we have marketing generating leads for us and being able to spend more time on sellingThe question is not closed more deals but to close more deals consistentlyHow do we develop sales and marketing process that helps to close more deals consistently
  • We have to shift the lead generation responsibility from sales to marketing and allow marketing to generate more quality leadsOnce we have that sales can start focusing on selling and picking out the good leads, this will increase the selling time for ht sales teamWe have to drive sales performance in a more systematic manner and that would require the implementation of sales cycle processWe will share with you some facts about implementing sales cycle process and how it can impact sales performance later.To increase selling time further we have to look at the use of technology and in this case Sales Force Automation technology. Such technology can help us reduce the workload and we will demonstrate this technology to you so you can have a good appreciation of how we achieve it.Last but not least measurement. If you don’t measure you can’t improve. Very few of the critical sales productivity metrics are used today in organisations including same listed companies as we have found out. We will share more about KPIs in the next topic
  • Work closely with marketing to define qualified leads so they can help to improve the quality of leads generated.Don’t go after every lead but pick up the good quality leads and be laser focusProvide regular feedbacks to marketing on the quality of leads
  • Earlier we have spoken about developing marketing processes but to close more deals we also have to look at developing sales processes58% of respondents say sales process improve sales performance modestly28% of respondents say sales process improve sales performance significantlyA combined total of 86% of respondents say sales process improve sales performance
  • This is where you can learn from the good sales people especially the owners of the company who basically started the company by selling themselvesThey are the people who knows how to sell and win deals and by institutionalize the knowledge into a process others can start to follow and learn from it.Once you have a process you can start measuring the process and perform sales coaching activities.Another advantage of having a sales process is the ability to read pipeline reports in a consistent manner. Deals in different stages of the process give managers visibility into what should be done to move the deal forwardSale process also gives visibility on stuck deals, when a deal is stuck in a particular stage for too long, managers can start to deal with them and decide if it should still remain in the sales funnel and be taken back out into the marketing funnelIt also provides a perspective on timeline to close the dealsAt the heart of any sales cycle are sales activitiesIf sales people document their activities, you will have better insight into where they are spending their time and if the time are well spent.However this is a big challenge as most sales people see this as a form of monitoring their movements and they may not accept itHaving said that with some careful thought and policy changes this can be done.During the opportunity management demo we will illustrate this in clearer detail
  • Web based sales collaboration using online chat and web based technologyIntegration with social media to generate more leads and lead nurturing to automate the lead qualification processSales analytics gives insight into pipeline and forecast with online real-time analysis that can help sales coaching significantlyKnowledge base to share marketing collaterals and sales kitsThe use of online tools such as LinkedIn, Facebook, and other social networking technology to support the selling effort
  • Garbage in garbage out, if the lead quality is poor you can almost bet the sales performance will be lowMarketing infrastructure is an asset to the company and helps the current sales team to improve performance by producing good quality leadsIts almost like playing soccer, good pass leads to easy scoring opportunities, bad passed needs sales to work harder to close the deal
  • May I ask how many people in this room can see the application of the system to their sales team?And do you think this will improve your sales team’s performance?For those who have yet to see the value of the system may in this section of the presentation we can shed more lightIn order to drive performance we must first measure – change slide
  • If you don’t measure you can’t improveTypically these are the most commonly used sales and marketing performance metricsHow many of you used any of these metrics to measure sales and marketing performance?The blue KPIs are marketing KPIsThe light green are sales related KPIsAnd the dark green are critical KPIsLead conversion is taking the total converted leads divided by total leads in the marketing funnelCost per lead is taking the total cost of a campaign divided by total number of leads generated for that campaignLead Source Effectiveness is measured with difference formulas – such as based on conversion rate, cost per lead and so onAccount performance is something which we will show you later, it is better understood from the demoAverage deal size is taking the total amount of won deals divided by total number of deals wonClosing rate is taking the total number of deals won divided by total deals won and lostForecast accuracy is taking the total actual amount of deals won divided by total amount forecasted
  • When you start analsying cost per lead you start to understand how much money are being wasted when leads are not followed up.Or how much money when marketing activities are not generating good quality leads as the cost of each lead is the same when divided by the campaign costsThen when you compared cost per lead with lead source you will start to see that difference sources has different costs per lead and finally when you combine cost per lead with lead source and conversion rate at the different source you start to understand where you should invest your marketing dollars and activities
  • We believe this is one of the most critical measurement of salesHow many of the people in this room today measure forecast accuracy?For those who have not we think it is time to look at this metricsWhy, because it tells you many thingsFirst and foremost it tells you your chances of meeting your targets month on monthExample, Sales Forecast accuracy is below your odds or going to the casino and bet on big or small, you might want to decide tossing a coin to decide on your forecast, you might not be too far off
  • As you can see here there are critical implications in knowing the forecast accuracyBy knowing the forecast accuracy you know the likelihood of a sales person bringing in the deals to meet the targets.In fact by knowing the forecast accuracy sales management becomes much easier as you are able tell the sales person if he is going to meet his target based on his forecast.On top of that sales manager are able to provide specific coaching advice to improve their performance
  • Win rate or also know as closing rate is a good metrics to measure sales productivityInterestingly this trend is decreasing and is of much concernedThis means they are working harder not smarterThis is a concern as it also means the cost of selling is likely going up
  • The ability to cross-sell and up-sell has an impact on average deal sizeIncreasing average deal size increases sales productivityCRM 2.0 with lead nurturing has significant impact on the ability to cross-sell and up-sell as you can see from the earlier demo
  • Typically selling to existing accounts has shorter sell cycle compared to new accountsIt is effective to measure and differentiate compensation plans when selling to new accounts and to existing accounts
  • Typically it should take fewer calls to close a deal for existing accounts compared to new accountsNumber of calls is related to number of stakeholders in the dealPoint to note is that more stakeholders are involved in the purchasing decision process so this number will go up and measuring this number allows you to understand the sales cycle better
  • Most of us understand the 80/20 rule but knowing this is only part of it, more importantly how are we managing our 20% of the most important customersFirstly we need to set account targets. meaning if last year this account gave us $X revenue how much will they give us this yearThis is when you have to perform account planning tasks, sitting down with the account and deciding if they are going to give you the same amount of revenue this year or moreOn the flip side, are they going to cut their budget dramatically or worse still they have decided to move their operations to China and you will lose this big account for good.How and where are you going to find the additional revenue to make the short fallCite an example on one of our customers who had to go through this experience

Generate More Qualified Leads Generate More Qualified Leads Presentation Transcript

  • Generate Qualified Leads
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Agenda
    Facts About Lead Generation And Management
    The Role Of Social Media In Lead Generation
    How Does Lead Nurturing Works?
    The Essential Of Sales And Marketing Alignment
    How To Close More Deals?
    Marketing And Sales Measurement - Deep Dive Into KPIs
    Government Grants - Singapore
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Why
    Are
    We
    Here
    Today
  • Feedback Gotten from Audience
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Generate More Leads
    Increase Sales Performance
    Align marketing efforts with web site and social media to generate leads
  • Feedback Gotten from Audience
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Generate more marketing ideas
    Lead Qualification, Scoring and Nurturing
    Generate qualified leads at lower costs
  • Feedback Gotten from Audience
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Can we do lucky draw on the web to attract people?
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    About
    Lead
    Management
    Lead
    Generation
  • CSO Insights 2011 Sales Performance Optimization Study
    16th Annual Sales Effectiveness Research Project
    3,000 Companies Participated Worldwide
    100+ Sales Effectiveness Metrics Tracked
    Best Practices Benchmarking on How Organizations are Leveraging People, Process, Technology and Knowledge to Address Challenges
  • Sales Performance Comparison 2010 Vs 2009
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Source: CSO Insight, 2011 Sales Performance Optimization
  • 2011 Revenue Targets Compared to 2010
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    92% increase targets
    55% increase by more than 10%
    Source: CSO Insight, 2011 Sales Performance Optimization
  • Perspective on Achieving 2011 Revenue Targets
    Generally companies are optimistic
    Almost 54% say needs additional effort
    Source: CSO Insight, 2011 Sales Performance Optimization
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Lead Generation Analysis
    Only 3 in 10 leads are from marketing
    Marketing needs to take on a larger role
    Source: CSO Insight, 2011 Sales Performance Optimization
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Top Sales Effectiveness Initiatives for 2011
    Source: CSO Insight, 2011 Sales Performance Optimization
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Top Three Strategic Marketing Objectives for 2010
    Source: CSO Insight, 2011 Sales Performance Optimization
  • Lead Generation
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    The Role
    of Social Media in
  • What is Social Media?
     “A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, which allows the creation and exchange of user-generated content.“
    -  Andreas Kaplan and Michael Haenlein
  • Why Social Media Marketing?
  • Adweek Survey on Impact of Social Media on Consumer behaviour
    Nearly half of the 1,200 respondents felt that online communication was easier than face-to-face connections
    25.6 percent said they made no distinction between online and offline interaction.
  • Global Web Index Annual Report 2011consumer behaviour
    50% of internet users worldwide reported an increase in their trust of contacts on social networks
    This same group reported a 21% increase in trust on blog sites
  • Cost per Lead
  • Lead Generation Budget
  • Most Preferred Lead Sources
  • Least Preferred Lead Sources
  • Advantages of Using Social Media for Lead Generation
  • Its Free
    • It Costs you some time
    • But the returns are worth investing your time
  • Building Links Using Social Media is Better than Buying Links
    • Social media links are credible
    • Do not run the risk of being blacklisted
  • Pitch in a More Humane and Interactive Manner
    • It helps reach out to your target customers in an unobtrusive manner
    • You are seen as an advisor rather than a seller
  • Generate More Sales Ready Leads
    Leads generated through social media are are typically further down the marketing funnel “Pre Qualified”
    Sales Lead
    Typically it has a higher conversion rate
  • Helps in market research and competitive analysis
    • There is a wealth of information in blogs and discussion forums
    • You can also get valuable insights on your competitor
  • How Does Social Media Aid Lead Generation
  • Promotes Brand Awareness Inexpensively
    Marketing budget to build brand equity: Billions of dollars
    Marketing budget to build brand equity: Relatively much lower
  • Distribute Your Content
  • Establish Yourself As An Expert
    Answers/Solutions
    Expert
    Questions/Requests
  • Increase Customer Loyalty and Trust
    • Speaking to your customers in a personal way will make them feel like they are talking to a friend, not a company
    • This will help build their trust in you, which will make them do business with you rather than your competition
  • Increases Referrals
    Happy customer can recommend your products and services to their friends easily
  • Social Network – The Power 130
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Facebook users have an average of 130 friends each
  • How Do You Generate Leads Using Social Media?
  • Choose Your Social Media
    • Choose a medium that best suits your requirements
    • Where are your target customers?
  • Social Media Sites And Marketing Outcomes
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Develop a Content Strategy
    • Create blogs and discussion forums that is of interest to your customers
    • Update your content regularly and keep your audience engaged
  • Build an Infrastructure to Gather Leads
    • Establish clear call to action and gather lead information
    • Eg: Contact Us, Subscribe to Newsletter, etc.
  • Establish a Back end to Manage Data
    • You need a CRM system to centrally store you leads data and act on it
    • When you generate a lot of leads you will need a reliable system to manage and nurture the leads
  • Institute a Follow Up and Nurturing Process
    • Establish a Lead Nurturing Process
    • Ensure al leads go through the nurturing process
  • Construct Workflow to Maximize Conversion
    • Define clear Sales and Marketing processes
    • Make sure your Sales and Marketing processes are aligned well
  • Establish and Measure KPIs
    • Establish and measure KPIs to gauge the effectiveness of the lead generation process
    • Optimize your lead generation process from time to time based on the KPIs
  • LeadNurturing Works
    How Does
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Marketing Greatest Challenge
  • Definition of Lead
    is defined as any entity who has an interest to buy from you regardless of period
    Teng Chuan Hiang
    Managing Partner
  • What is Lead Nurturing
    Is the process of building relationships with qualified prospects to increase the level of interest to buy from you when they are ready to buy.
    Teng Chuan Hiang
    Managing Partner
  • Marketing Funnel – Changing Buying Behaviour
    ProspectsInControl
    Prospects& SalesShare Control
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved. 01-Aug-2006
    Buying Phases
    (PHASE III)
    EVALUATE
    RISK
    (PHASE II)
    Evaluate
    Options
    (PHASE I)
    Discovery
    Risk
    C O N C E R N
    Needs
    Cost
    Price
    Needs
    Solution
    L E V E L O F
    Risk
    Solution
    T I M E
    Shifting Buyer Concerns – By Solution Selling®
    KEY CONCEPTS
  • Lost Revenue Without Lead Nurturing
    Marketing Funnel
    100%
    Leads
    Generated
    25% are
    ready to buy
    50% are qualified
    but NOT ready
    to buy
    70% will
    eventually
    buy
    Lost Revenue
    25% are
    disqualified
  • Lead Nurturing Processes
    Cross-sell
    Up-sell
    Lead Nurturing (New)
    Higher
    Revenue
    New
    Customers
    New
    Prospects
  • Essentials of Lead Nurturing
    Marketing and Sales Processes Design
    Define a Qualified Lead
    Human Intervention
    Develop Personas
    Content Selection
    Navigation Behaviour
    Lead Scoring – Behaviour Score
    Lead Scoring – Profile Score
  • Definition of a Qualified Lead
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    A Qualified Lead is a prospect who has demonstrated a Keen Interest to explore the next step of buying to solve business problems and preferably has the Urgency to do so within a defined period of time.
    Teng Chuan Hiang, Managing Partner,
    InterAktiv Technology Pte Ltd
  • Characteristics of Qualified Lead
    Characteristics of Qualified Lead
    Has a real need/
    problem
    Has or willing to
    allocate budget
    Has an Impending
    Need
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Example of Qualified Lead
    Characteristics of Qualified Lead
    Sales productivity
    is low
    Is willing to
    allocate budget
    Realised that its losing revenue and increasing selling costs
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Develop Personas
    Understand the Profile of the Buyers in your Target Market
    Understand their Buying Behaviour – Talk to the Sales People
    Who are these People, Where do they go online to look for Information
    Job Focus, Job Function and Job Role
  • Content Selection / Mapping
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Map content to each of the cell
    Score the content accordingly
    You only need good quality content
    Test and optimise
    Start small think BIG
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    How Do You Do Lead Scoring?
    BehaviourScore
    Profile Score
    Title
    Industry
    Budget
    Buying timeframe
    Other attributes of an ideal customer
    Content scoring
    Different content has different value in the buying cycle
    Content consumed in different sequence can have different scores
    No activities is a behaviour
  • Sample Lead Scoring Table
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    The Value of Lead Nurturing
    Source: CSO Insight, 2011 Sales Performance Optimization
    Lesser Leads
    Better Quality
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Cost Per Lead Comparison – Part 1
    * Basic Salary: $3,000
    Hourly Rate: $18.75/hour
    10 calls per hour
    You need 250 hours
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Cost Per Lead Comparison – Part 2
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Top and Bottom-Line Impact of Lead Nurturing
    Generate 50% more sales ready leads at 33% lower cost per lead
    Increase sales productivity by as much as 40%
    Increase the win rates by as much as 7%
    Increase the number of sales people making quota by 9%
  • Return on Investment Justification

    A 10% improvement in lead quality can result in a
    40% improvement
    in sales productivity.

    Stu Schmidt,
    Vice President Global Sales and Services
    UnisfairIntercall Company
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    With Lead Nurturing
    this is absolutely
    Possible
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  • The Essential of
    Sales
    Marketing
    &
    Alignment
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Why Sales and Marketing Are Not Alignment?
    “Marketing feels that sales doesn’t follow up on marketing-generated leads.
    Sales counters that the leads aren’t any good, and the information they provide isn’t helpful.
    My experience confirms that this communication breakdown affects nine out of ten companies.”
    Brian Carroll, CEO of InTouch Inc.
    Author of “Lead Generation for the Complex Sales”
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Change Marketing’s Compensation Structure
    “One of the ways to change corporate cultures so that alignment becomes sticky is to change marketing’s compensation structure.
    Ask any CMO, and they’ll tell you that’s a sensitive subject. People don’t like it when you ‘mess with their money.’
    But we need to make these changes if marketing is going to dramatically and systematically improve the top line.”
    SVP of Marketing
    at Accept Corporation
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Sales and Marketing Alignment
    Marketing
    Sales
    Ask sales what is a qualified lead
    Share intelligence with marketing
    Understand the sales process
    Provide feedback on lead scoring
    Treat sales as your customer
    Treat marketing as your ally
    Share common revenue goals
    Share common revenue goals
    Develop Strategies and Tactics Together
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Define Your Best Leads
    Needs
    Budget
    T
    A
    N
    B
    Authority
    Time Frame
  • Marketing And Sales Funnel Alignment
    Buyer Cycle
    Sales Cycle
    Marketing can influence
    Reasons
    for losing
    Stage 1
    Reasons
    for losing
    Stage 2
    Sales takes over
    Reasons
    for losing
    Stage 3
    Won
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Leads From A Campaign – Without Alignment
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Leads From A Campaign – With Alignment
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Increased Selling Time with Marketing Leads
    Source: CSO Insight, 2011 Sales Performance Optimization
    More Selling Time
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    Benefits of Marketing and Sales Alignment
    Grow 5.4 points faster than their less-aligned counterparts when compared with businesses in the same industry
    Close 38% more proposals than non-aligned businesses
    Lose 36% fewer customers to competitors
    Hugh Macfarlane,
    Founder and CEO of MathMarketing
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    SME Advantage
    Loan / Outsourced
    Alignment
    Marketing
    Sales
    Direct control over sales and marketing
    Boss
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    How to Close
    More Deals
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    Catch 22 Situation in Sales Performance
    Spending Time on selling activities
    Spending time on lead generation activities
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    4 Areas of Focus
    Focus on good quality leads – Leads with high scores
    Increase selling time by embracing technology
    Drive Sales Performance using SalesProcess
    Focus on Sales and Marketing Measurements
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Focus on Good Quality Leads
    Work with Marketing to Define QualifiedLeads
    Be Laser Focus when Working on Leads
    Provide Regular Feedback to Marketing on Lead Quality
  • Sales Process Impact on Sales Performance
    28%say will increase performance significantly
    86%say will increase performance
    Source: CSO Insight, 2011 Sales Performance Optimization
  • Design the Sales Cycle Process
    1. Qualified
    Lead
    Sales
    Activities
    Qualified
    Leads
    2. Discover
    Needs
    5. Closed
    Won/Lost
    Confidence Level
    3. Present
    Solution
    4. Negotiate
    /Review
    Timeline
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Embrace the Latest Technology –CRM 2.0
    Sales Collaboration
    Sales Knowledge Management
    Lead Generation and Nurturing Management
    Social CRM
    Sales Analytics / Forecasting
  • High Performance Team
    Sales Person
    Marketing
    Technology
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Focus on Sales and Marketing Measurements
    Lead Conversion Rate
    Lead Source Effectiveness
    Account Performance
    Closing Rate
    Average Deal Size
    Forecast Accuracy
    Average Sales Duration
  • Should I Hire More Sales People
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    CEOs often wonder, why should I invest in marketing (lead generation) when I can hire more sales people for the same budget and see a measurable increase in revenue
    Return on Marketing Investment,
    Guy R. Powell
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Increase Sales Performance Without Hiring More
    It is better to invest in building a marketing infrastructure to generate quality leads and give it to proven sales people than to hire more sales people who you have to train and hopefully able to perform.
    Brian Carroll, CEO of InTouch Inc.
    Author of “Lead Generation for the Complex Sales”
  • Sales and Marketing Measurements
    Deep Dive into
    Key Performance Indicators
    Photo: Wakatobi Dive Resort
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Sales and Marketing Measurements
    Lead Conversion Rate
    Cost Per Lead
    Lead Source Effectiveness
    Account Performance
    Closing Rate
    Average Deal Size
    Forecast Accuracy
    Average Sales Duration
  • Cost per Lead
  • Forecast Accuracy
    Accurate Forecasting Ease Sales Management
    There must be an impetus to address this challenge
    Source: CSO Insight, 2011 Sales Performance Optimization
  • Example of Forecast Accuracy
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Win Rate Benchmark
    Source: CSO Insight, 2011 Sales Performance Optimization
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Reduce the Cost of Selling
    A survey conducted by Accenture showed that sales expenses contribute more than 50% of Sales and General Admin costs.
    Lowering this costs means higher profit – Bottom line impact.
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Closing Rate Impact on Selling Costs
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Business Scenario 1
    • Company quota - $40 million
    • Sales Rep – 10
    • Current win rate – 50%
    • Quota - $4M per sales rep
    • Average Deal Size - $100,000 per deal
    • To make quota 40 deals are required
    • At current win rate requires 80 deals
    • Cost of generating a deal - $3,000 per deal
    Total Cost of producing 80 deals = $3,000 X 80 X 10 = $2,4000,000
  • Closing Rate Impact on Selling Costs
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Business Scenario 2
    • Company quota - $40 million
    • Sales Rep – 10
    • Current win rate – 60%
    • Quota - $4M per sales rep
    • Average Deal Size - $100,000 per deal
    • To make quota 40 deals are required
    • At current win rate requires 67 deals
    • Cost of generating a deal - $3,000 per deal
    Total Cost of producing 80 deals = $3,000 X 67 X 10 = $2,010,000
  • Results
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    1. Total Cost of producing 80 deals = $3,000 X 80 X 10 = $2,4000,000
    2. Total Cost of producing 67 deals = $3,000 X 67 X 10 = $2,010,000
    Net Reduction of $390,000 due to improved closing rate
  • Average Deal Size
    Source: CSO Insight, 2011 Sales Performance Optimization
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Average Sell Cycle Length
    Source: CSO Insight, 2011 Sales Performance Optimization
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Average Number of Calls per Deal
    Source: CSO Insight, 2011 Sales Performance Optimization
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Account Performance Management – 80/20 Rule
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Number of Accounts
    Amount of Revenue
    80%
    80%
    20%
    20%
  • Government Grants
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Technology Innovation Programme - TIP
    Basic qualification criteria
    Company is incorporated in Singapore
    At least 30% of your shareholding is local (including PR)
    You have no more than 200 employees (service sector) OR
    Company group annual sales not more than $100million
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Technology Innovation Programme - TIP
    Funding Support of up to 50% or 70% of the qualifying costs of the technology project
    Areas include
    Manpower-related costs
    Professional Services
    Prototyping–related services
    Technical Support Services (e.g. testing, certification)
    Equipment, Materials & Consumables, and Software costs
    Intellectual Property Rights (IPR)
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Technology Innovation Programme - TIP
    Submission procedure and requirements
    Complete the proposal process with consultant
    Contact Spring Singapore to discuss project to ensure you meet project guidelines
    Arrange for project presentation to Spring and IDA
    Finalised project details with Spring Singapore
    Submit application form to Spring
    Receive a letter of offer
    Accept the letter of offer
    Please allow 3 months for approval process.
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Customer Centric initiative - CCI
    The CCI package covers up to 50% of eligible costs for SMEs and 30% for non-SMEs
    Basic qualification criteria
    Company is incorporated in Singapore
    At least 30% of your shareholding is local
    You have no more than 200 employees (service sector)
    © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
  • Formula for Successful Change
    >
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    TO CHANGE
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  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    The definition of insanity is doing the same thing over and over again and expecting different results.
    Albert Einstein
    Physicist
  • © Copyright InterAktiv Technology Pte Ltd. All rights reserved.
    Are You Ready for Change?
    Contact Us:
    InterAktiv Technology Pte Ltd
    25 Bedok Place
    Singapore 486098
    Tel: +65 6783 3678
    Fax: +65 6246 2107
    www.interaktiv.sg