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Demand Generation Playbook   5 Core Plays
 

Demand Generation Playbook 5 Core Plays

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Onset of digital and the integration of sales and marketing is redefining the way B2B demand generation programs can be successfully run. In this 20 slide eBook we break down some of the basics of ...

Onset of digital and the integration of sales and marketing is redefining the way B2B demand generation programs can be successfully run. In this 20 slide eBook we break down some of the basics of running a B2B marketing 2.0 campaign.

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  • If you are interested in demand generation you should also check out our (themarketingmojo.com) rankings of the marketing automation vendors here:

    http://themarketingmojo.com/marketing-automation-rankings/

    It offers a pretty comprehensive listing of nearly all the vendors in the space, both those specialized in B2B demand / lead gen as well as more industrial strength automation platforms.
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    Demand Generation Playbook   5 Core Plays Demand Generation Playbook 5 Core Plays Presentation Transcript

    • Close the loop, and optimize your game plan with 5 core plays By Marcus R. Tewksbury Analyst TheMarketingMojo.com
    • Close the loop, and optimize your game plan with 5 core plays 3 … quality over quantity with increased collaboration 4 … compounding effect of operational improvements 5 Leverage technology to drive sales and marketing collaboration … establishing when a lead becomes a prospect 6 9 … scoring the lead 10 … define common measures of success 11 … establish one version of the truth 14 … learn to grow your leads into prospects 15 … growing a lead into a prospect 16 … changing treatment strategies for a social world 17 … communicating the score 19 … who is Marcus Tewksbury? 2 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … quality over quantity with increased collaboration For a B2B enterprise it can be argued that the single most important capability that it has is the ability to generate demand for its goods and services. Historically this process had been typified by unmeasured marketing efforts lobbing raw leads over the wall to the sales department who in turn had to go “… there is a direct correlation out and do most of the work to convert the sale. With the advent and between lead generation maturation of lead generation technologies, however, new models for managing this process have emerged. capabilities and the growth of an organization, with a combined Today there is a much greater emphasis on deploying collaborative models for sales and marketing. Unlike before, the goal of emerging marketing campaigns 58% of those companies whom isn’t to just deliver quantities of leads, but rather developed, nurtured, quality described their lead generation leads that are closer to the moment of purchase. For resource constrained organizations this is also critical because it helps focus costly live touches on as more effective than their leads who are actively engaged in the sales cycle. competitors significantly While tools ushered in this era of increased performance, it really is the outgrowing the competition … “ processes and people that delivers results. The main thrust of this playbook, therefore, is to arm you with 5 core demand generation fundamentals that you Marketing Profs can modify and absorb into your own game plan. and the Lenskold Group Something to keep in mind as you kickoff your efforts is that demand generation may have been optimized, but it is not a science. No two programs will every function exactly the same, but rest assured through close attention and iteration you can drive significant results. 3 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … compounding effect of operational improvements Volume Conversion Rate 10,000 Awareness 4% 400 Nurturing Achieving 5% gain in nurturing lead into 25% 100 Qualified qualified sales 50% 50 prospect… Proposal 20% 10 Wins $2.5M Revenue Volume Conversion Rate 10,000 Awareness 4% 400 Nurturing … nets a 20% growth in 30% 30% 120 Qualified top line revenue 50% 60 Proposal 20% 12 Wins +20% $3M Revenue Adapted from Eloqua – Springboard Effect 4 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • Leverage technology to drive sales and marketing collaboration 1. Introducing the 5 Core Plays 1. Scoring Model – Sales and marketing need to work Scoring collaboratively to establish a 100 point lead scoring Model model that scores leads based upon their biographic 5. 2. data and lifecycle behavior. 2. Shared Metrics – Sales and marketing need to work as a team with a shared basis of evaluation that is tied Seamless Shared to the most important metric – sold business. Handoffs Metrics 3. Master Customer Record – A singular vision of a customer needs to be crafted from all the available data sets. Its also important to identify when and how data flows between systems. 4. Nurtured Campaigns – Campaigns need to be updated 4. 3. to focus on bringing new leads into the funnel and then on nurturing leads until they are ready for sales. Master Nurturing 5. Seamless Handoffs – Information captured and Customer Campaigns leveraged in campaigns needs to transition smoothly Record between points of contacts to ensure continuity of lead conversation. 5 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … establishing when a lead becomes a prospect The goal of creating a scoring model is to establish an agreed upon framework between sales and marketing as to what constitutes a sales ready lead, or prospect. From a customer life cycle perspective, another way to define this is when a lead is ready to move from the education to the evaluation stage. If you have a strong sales organization that has a strong knowledge and understanding of your customers this should be a fairly straight forward process that can be accomplished in 3 steps: Step 1 To get started you need to make a critical assessment of your existing client base. How can you describe or summarize them? What are their measurable characteristics, and why did they choose you? Doing this is primary, because without it you can’t define what makes a good lead. One best practice to consider is breaking up the assessment into biographical background and behavioral activities. Are your best clients consolidated in one industry? Does a high percentage of your closed deals involve the CMO? Have all your clients read a specific eBook before making a purchase? This is covered in greater detail in the following pages. Step 2 Once you’ve generated a master list for your behavioral and biographical point, you then want to rank them and begin assigning relative points. Simplicity is pretty key. You don’t want the scoring system to be overly cumbersome or complicated. Sticking to a 100 point scale, with a slight weighting toward the biography, say 60/40, is manageable and proven to be effective. Step 3 Scoring models are never perfect in their first iteration. Establishing an effective model is an iterative process of adjusting the measures, the point allotments, and the sales ready threshold. At a minimum sales and marketing should be meeting quarterly to assess the model’s performance. 6 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … sample biographical scale The exact measures and relative point scales chosen need to be highly customized by industry and even company. Other typical measures include: Sales, SIC Codes, Department, Location, Infrastructure, Industry Benchmarks, and the multitude of permutations that are specific to a given target market. Point Measure Good Match Match Poor Match Scale Brand CMO 20 10 IT Manager 5 Manager Title 20 VP of Product 20 10 Marketing Manager Healthcare 15 Services 10 Media 5 Government 15 Financial 10 Legal 5 Industry 15 Education 10 Membership 5 Construction 10 15 10 5 50,000 > 10,001 – 49,9999 5,001 – 10,000 Customer 15 -5 < 5,000 Prospect Pool Really poor matches can even go 10 5 5 5,000 > 501 – 4,999 100 – 500 Negative Size 10 (employees) -5 < 100 60 The max combination point total for a lead should sum to 60 points 7 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … sample behavioral scale The behavioral measures should be even more customized than the biographical. The objective is to structure a series of lead’s activities in such a way that it sheds insights as to the stage of their lifecycle. Think of it as trying to read the lead’s digital body language. Stage Behavior Channel Points Requested product demonstration CRM 40 Downloaded high value white paper, eBook, etc. Web Site 20 Education Regular contributions, questions on monitored forum Social 20 .. In addition Responded to targeted, high value offer Email 15 to negatives, you should Registered and attended webinar Web Site 25 also age scores, Downloaded high value white paper, eBook, etc. Web Site 15 whereby a Awareness recent Regular engagement with monitored forum Social 10 download is more Excessive visits to career page Web Site -20 valuable than a past one. High value PPC / Organic search term Search 15 Made frequent visits to site Web Site 10 Discovery Responded to introductory email Email 5 Low value PPC / Organic search term Search -5 40 While behavioral totals max exceed, the overall score maxes out at 40 pointes 8 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … scoring the lead 100 Multiple Models Until a lead’s score rises above the set threshold it should remain in the marketing One critical concept to an effective scoring lead nurturing program. scheme is the notion that you can multiple 80 models running simultaneously. This is Sales and marketing mutually establish the lead particularly applicable to organizations with threshold that qualifies a lead a sales ready. varied products, or whose solution can be applied differently across industries. Lead A CMO 20 60 Downloaded high value whitepaper, etc. 15 Healthcare 15 Regular engagement with monitored 10 forum 40 Responded to introductory email 5 Even across models a lead needs to be treated as a 65 unique. Doing so will prevent a lead from being Lead B scored by different models 20 Responded to targeted, high value offer 15 and then being added multiple times as separate Made frequent visits to site 10 prospects into the sales IT Manager 5 database. 0 30 9 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … define common measures of success After coming to agreement regarding what constitutes a sales prospect, the marketing and sales teams should agree to a shared set of performance measurements. With the exception of gross sales, which is central, other measures do not necessarily have to be output based. For example, benchmarking conversion rates between lifecycle stages and working to improve those, as demonstrated through the compounding model, can have tremendous downstream lift on revenue. Attracting leads – are promotional efforts building enough awareness to feed the funnel? Benchmark and rate your campaigns? Benchmarking is a prerequisite for any continuous improvement program – for either leads or materials. Nurturing conversion – how effective are you at converting leads to qualified sales prospects. Assess tactics and proscribe new approaches. Measure the improving quality of your leads Smooth handoffs – is the conversation as fluid as it should be? Are salespeople missing data that is hindering engagement? Develop BANT (Budget, Authority, Need, Timing) profile through combined efforts of sales and marketing. Revenue – always a core metric AIDA model from: www.provenmodels.com 10 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … establish one version of the truth If you can not establish a robust, reliable master customer database you will not be able to drive an effective demand generation program. The master concept is central to have an informed, meaningful engagement with a lead. The old database cliché of garbage in, garbage out very much applies. Luckily, the field has come a long way in recent years and there are now numerous tools and methodologies available to assist with data hygiene. Step 1 Identify systems that contain useful customer data. Provide as much detail as possible regarding the source system – down to the database level. Identify table and field names, data types, primary keys, and anything else that could prove useful when developing the extraction script. Step 2 Layout a high level process flow to illustrate movement of data. Now take the time to describe the timing of the movement. Can data be moved as a scheduled batch process, queued as part of a pull / push process, or does it need to be real time? Step 3 Establish a data hygiene strategy. The goal is to minimize duplicates while providing rich lead detail. Make this part of the regular care and feeding of the database. It is not a one time thing at build. 11 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … identify critical sources of data • Past roles • Organic terms • Address check • Connections • PPC perf . • Email conf. • Longevity • Rankings • D&B info • etc. • etc. • etc. Search Data Enhancement Community This grouping offers a rough sampling of some of the varied channels through which a lead can communicate with the organization. Some notable channels such as mobile, event, mail, etc. were left off due to space constraints. Make sure to look to them when crafting your own map. • Pages visited • Bounce backs • Downloads • Opens When going through this process you will want to • Landing pages • Click throughs develop a similar map where you focus on the channels • etc. • etc. Website Email most relevant to your leads. Once you’ve identified the specific channels, you should then break the interaction down to capture relevant pieces of data you can extract. • Lead scores • Past orders • Campaign • Contact hist. • Sales Rep perf. • etc. • etc. Marketing Platform Operational CRM 12 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … and how that data flows between systems Inflow • Past roles • Organic terms • Address check • Connections • PPC perf . • Email conf. • Longevity • Rankings • D&B info • etc. • etc. • etc. Search Data Enhancement Community One of the central concepts to a successful demand generation program is the effective use of a master customer record, or MCR. What the MCR offers is a compendium like view from across all the interaction channels of all useful customer information. It should represent the single version of the truth. • Pages visited • Bounce backs Arguably the most difficult aspect of establishing an • Downloads • Opens • Landing pages • Click throughs MCR is managing the data flows in and out. The main • etc. • etc. issue here is making sure records are synched up Website Email without duplication. An entire field of study known as Outflow customer data integration (CDI) has emerged to address this address. Maintaining uniques is very important and starts with designating a system of record that tracks master keys. Another important issue to the MCR is the timing of Master data movement. Depending on the needs of campaigns Customer and capability of source systems data can be moved on a Record • Lead scores • Past orders batch, push/pull, or real time basis. • Campaign • Contact hist. • Sales Rep perf. The location of the MCR is variable. While • etc. • etc. commonly found on the marketing or CRM Marketing Platform Operational CRM platforms, it can be located on any internal system 13 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … learn to grow your leads into prospects Running nurturing campaigns is not about generating as many leads as possible. On the contrary, a well run campaign may produce fewer results, but… they will be of higher quality. That really is the objective – produce quality versus quantity. In a time of shrinking budgets this is important because it can help eliminate time and money wasted spending sales cycles on poor leads. Nurturing campaigns present a cost efficient way to developed quality sales leads. Marketing’s primary responsibility is to help grow a lead through the stages of their lifecycle. Taking them from awareness, to Search interest, to the point of evaluation. This is accomplished by running nurturing campaigns targeted on lead’s stage and focus. Events Roughly 15% of leads are “hot” and can be fast tracked to the sales queue Analyst From a marketing standpoint, therefore, the majority of resources should be concentrated on Media the remaining 60%. Even slight movement to this needle can translate to significant revenue. On average, a full 25% of leads are garbage and should be routed to an … automated maintenance list 14 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … growing a lead into a prospect Once we get into the details of a nurturing, or drip as they are sometime known, campaign its important to keep the goals of the overall program in mind. The goal is not to just maximize impressions, but rather to extend and deepen the engagement with a lead. As marketers we can offer value with resources such as webinars, studies, articles, whitepapers, demo’s, blogs, and offers, to name a few and in so doing hopefully gain valuable insights to the leads needs and purchase intentions. With that said, you also must keep the lead’s lifecycle stage in mind. While the goals of the overall program are always paramount, distinct campaigns can branch to the specific needs of the targeted segment. For example, while one campaign may be run to boost awareness for the email engine amongst product managers, another campaign maybe run to drive webinar registrations of leads near the prospect threshold for the CMS platform Campaign: CMS Finish Line List: CMS Model Scores 50 - 65, National 15 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … changing treatment strategies for a social world The way individuals engage with organizations has been irrevocably changed. Web 2.0 and the social web have not just redefined the marketing advertising landscape for the B2C world, but for B2B as well. Two new rules to keep in mind is 1.) Set your information free. Do not lock it away behind registration pages. The lift you will get from wider distribution will greatly offset the loss of minimal value lead information; and 2.) don’t confuse your treatments with your channels. Invest in generating content relevant to your leads and then use all available channels to deliver it to them at the right place at the most valuable time. Channels Content Each additional reg. question pushes abandonment by 3% • Mail • Presentations • Email • Articles • Conferences • Posts • Blog • Whitepapers • Forums • Studies • Community Sites • eBooks Vs. • Search • Newsletters • Webinar • Search terms • Website • Offers • Twitter • Brochures • Ads • Landing pages • RSS • Media •… •… All of your messages (content + channel) should offer a call to action. Where a B2C marketer converts to a sale, a B2B converts to a registration. The most qualified leads are those whom raise their hand. 16 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … communicating the score Flat, non-dimensional lead scores Use these questions to gauge the LeadScore: 85 hold limited value for sales. When right score presentation: an agent sits down to begin the • Your company has ten different next engagement they are armed products in your portfolio with very little insight as to what • Targets different verticals and makes a lead a good prospect. business sizes • Four Different sales groups Breaking out the biographical and LeadScore: 85 • New Lead enters your system “Joe behavior data gives at least Hotlead” Biographical: 45 directional guidance. For firms • Which sales group gets the lead? with singular, or related offerings Behavioral: 40 • What product is Joe “Hot” for? this level of detail may suffice. • How does your sales team know what product to sell Joe”? ProductA: 80 Running multiple models, however, is the best option for ProductA-Bio: 35 varied product offerings and ProductA-Beh: 45 target audiences. … 17 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … integrating campaign learnings into sales environment Through integration, you can push activities straight from the Embed campaign and message campaign into a sales agent’s queue. history in the sales environment. This enables a sales agent to rapidly scan the prospects engagement history… … and also to drill into the details of the experience. To check, for example, what a lead viewed during a recent visit to the website. 18 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury
    • … who is Marcus Tewksbury? He is a respected author, speaker, and thought leader on optimizing marketing organizations to most efficiently, and effectively create value added experiences for high worth customers; a process that he has termed Customer Relationship Marketing, or CRM(arketing). This approach to CRM, is not new, but rather a throwback to its roots when it was about strategically structuring the marketing organization to maximize the likelihood of a positive customer experience and analyzing their life cycle to determine the lowest friction, and highest return activities as opposed to the call centers and data aggregation, research efforts it is now commonly associated with. Largely, the credit for his thoughts and approaches are owed to the numerous clients whose problems Marcus has helped solve over the years. Some of whom, include: Coach, Baxter Healthcare, JP Morgan, Hot Topic, Hallmark, Walgreens, Wal-Mart, Tower Records, and KAO Campgrounds. Tewk’s highly referenced, and often visited blog, serves the dual purpose of providing a comprehensive, unbiased listing of firms and services relevant to the marketing organization, and also as a forum for interacting with senior marketers about game changing strategic innovations. You can visit the blog at www.themarketingmojo.com. Over the years, a number of Marcus’ thought leadership pieces have been cited or presented in mainstream or industry events and articles, specifically with the likes of DWI Review, NCDM, CRM World, DMA Monthly, and The Economist. Marcus has also lectured at the Purdue’s Krannert Graduate School of Management, Georgetown’s McDonough School of Business, and at Loyola University. With roots in the DC and Boston areas, he currently resides with his wife in Chicago, IL. 19 Demand Generation Playbook : : Close the loop, and optimize your game plan with 5 core plays Marcus R. Tewksbury