Solving the Lead Matrix, Frank Andolina and Josh Baker, CO2 2017
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How do you define a lead? How do you track one? Do you track them at all? Find out the definition of a true service lead lead, how to track it, and how critical new developments in closed loop marketing are changing the game.
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Solving the Lead Matrix, Frank Andolina and Josh Baker, CO2 2017
- 1. SOLVING THE LEAD MATRIX Frank Andolina, Director of Digital Marketing, Coalmarch Productions Josh Baker, VP of Sales, Triangle Pest Control
- 2. SOLVING THE LEAD MATRIX The definition of a lead Why should you track leads How to track leads
- 3. A LITTLE ABOUT ME
- 15. POP QUIZ Let’s test your lead tracking IQ
- 16. You are a pest control company. You get a call for an estimate for a termite treatment, a service you provide. Is this a lead? YES, IT’S A LEAD NO, IT’S NOT A LEAD
- 17. You are a lawn care company. Someone calls to ask about tree trimming, a service you do not offer. Is this a lead? YES, IT’S A LEAD NO, IT’S NOT A LEAD
- 18. You are a pest control company who offers bed bug treatment. You get an email from a renter who thinks they have bed bugs. Is this a lead? YES, IT’S A LEAD NO, IT’S NOT A LEAD
- 19. JOSH, WHAT’S THE MOST COMMON QUESTION YOU GET DURING OFFICE VISITS?
- 20. WHAT DO YOU CONSIDER A LEAD?
- 21. WHAT DO YOU CONSIDER A LEAD? I knew he was going to say that.
- 22. WHAT IS A LEAD? WHO WANTS TO SHARE THEIR DEFINITION?
- 24. A lead is someone in our service area that contacted us about a service we offer. LEAD DEFINITION #1
- 25. A lead is someone in our service area that contacted us about a service we offer. LEAD DEFINITION #1 A lead is someone who has never contacted us before and inquired about our services. LEAD DEFINITION #2
- 26. A lead is someone in our service area that contacted us about a service we offer. LEAD DEFINITION #1 A lead is someone who has never contacted us before and inquired about our services. LEAD DEFINITION #2 A lead is a homeowner who calls or emails us. LEAD DEFINITION #3
- 27. A lead is someone in our service area that contacted us about a service we offer. LEAD DEFINITION #1 A lead is someone who has never contacted us before and inquired about our services. LEAD DEFINITION #2 A lead is a homeowner who calls or emails us. LEAD DEFINITION #3 A person becomes a lead when our CSR transfers them to our sales folks. LEAD DEFINITION #4
- 28. A lead is someone in our service area that contacted us about a service we offer. LEAD DEFINITION #1 A lead is someone who has never contacted us before and inquired about our services. LEAD DEFINITION #2 A lead is a homeowner who calls or emails us. LEAD DEFINITION #3 A person becomes a lead when our CSR transfers them to our sales folks. LEAD DEFINITION #4 A lead is a person who calls us and can afford our service. LEAD DEFINITION #5
- 29. A lead is someone in our service area that contacted us about a service we offer. LEAD DEFINITION #1 A lead is someone who has never contacted us before and inquired about our services. LEAD DEFINITION #2 A lead is a homeowner who calls or emails us. LEAD DEFINITION #3 A person becomes a lead when our CSR transfers them to our sales folks. LEAD DEFINITION #4 A lead is a person who calls us and can afford our service. LEAD DEFINITION #5 A person becomes a lead when we send them a proposal for work. LEAD DEFINITION #6
- 30. A lead is someone in our service area that contacted us about a service we offer. LEAD DEFINITION #1 A lead is someone who has never contacted us before and inquired about our services. LEAD DEFINITION #2 A lead is a homeowner who calls or emails us. LEAD DEFINITION #3 A person becomes a lead when our CSR transfers them to our sales folks. LEAD DEFINITION #4 A lead is a person who calls us and can afford our service. LEAD DEFINITION #5 A person becomes a lead when we send them a proposal for work. LEAD DEFINITION #6
- 31. If you called me, you are a lead.
- 32. If you called me, you are a lead. - Donnie R. Shelton
- 33. SERVICE OPERATION LEAD DEFINITION SOLD THE GOLD STANDARD LEAD TRACKING DEFINITION
- 34. SERVICE OPERATION LEAD DEFINITION SOLD THE GOLD STANDARD LEAD TRACKING DEFINITION SOLD
- 35. SOLD SERVICE OPERATION LEAD DEFINITION An individual who contacts a business with the belief that the business provides a service that will address their need, after interacting with the business’s brand, either online or offline. CREATIVE LEAD
- 36. SOLD SERVICE OPERATION LEAD DEFINITION An individual who contacts a business with the belief that the business provides a service that will address their need, after interacting with the business’s brand, either online or offline. CREATIVE LEAD Anyone who expresses an interest in a business’s services after having been contacted by a representative or entity of that business. This must be initiated by the company. GENERATED LEAD
- 37. DOES THIS INCLUDE CALLS FOR LEADS WE DON’T / CAN’T / DON’T WANT TO SERVICE?
- 38. DOES THIS INCLUDE CALLS FOR LEADS WE DON’T / CAN’T / DON’T WANT TO SERVICE? HELL YES
- 39. WHAT? WHY?
- 40. YOU’RE PAYING FOR IT SO YOU MIGHT AS WELL TRACK IT
- 41. YOU’RE PAYING FOR IT
- 42. YOU’RE PAYING FOR IT YOU DETERMINE WHAT IS AND ISN’T A LEAD
- 43. YOU’RE PAYING FOR IT YOU DETERMINE WHAT IS AND ISN’T A LEAD CAPTURE THEIR INFO AND REMARKET TO THEM
- 44. LEADS YOU WON’T CLOSE
- 45. LEADS YOU WON’T CLOSE TRACK ‘EM AND BACK ‘EM OUT
- 46. WHAT ELSE DO YOU GAIN?
- 47. 20%
- 48. SETTING GOALS
- 49. SETTING GOALS REVENUE ATTRITION RATE WEBSITE CONV. RATE SALES CLOSING RATE
- 50. SALES CLOSING RATE WEBSITE CONVERSION RATE
- 51. SALES CLOSING RATE SALES/LEADS WEBSITE CONVERSION RATE
- 52. SALES CLOSING RATE SALES/LEADS WEBSITE CONVERSION RATE LEADS/SESSIONS
- 53. SALES CLOSING RATE SALES/LEADS WEBSITE CONVERSION RATE LEADS/SESSIONS
- 54. LEADS
- 55. WEBSITE LEAD TRACKING We use a combination of Google Analytics and Call Tracking Metrics to drill down on specific lead sources. REMOVABLE EXAMPLE IMAGE Coalmarch relies on a series of filters to provide our best estimate of the leads your website is generating.
- 57. WEBSITE LEAD TRACKING We use a combination of Google Analytics and Call Tracking Metrics to drill down on specific lead sources. REMOVABLE EXAMPLE IMAGE Coalmarch relies on a series of filters to provide our best estimate of the leads your website is generating.
- 58. SOLD SERVICE OPERATION LEAD DEFINITION An individual who contacts a business with the belief that the business provides a service that will address their need, after interacting with the business’s brand, either online or offline. CREATIVE LEAD SOLD
- 59. WHAT NOW?
- 60. WHAT NOW? DEFINE A LEAD
- 61. WHAT NOW? DEFINE A LEAD SPREAD THE WORD
- 62. WHAT NOW? DEFINE A LEAD SPREAD THE WORD SET A BASELINE
- 63. WHAT NOW? DEFINE A LEAD SPREAD THE WORD SET A BASELINE SET GOALS
- 64. WHAT NOW? DEFINE A LEAD SPREAD THE WORD SET A BASELINE SET GOALS MARK LEADS WITH CTM
- 66. SOLVING THE LEAD MATRIX Frank Andolina, Director of Digital Marketing Coalmarch Productions fandolina@coalmarch.com linkedin.com/in/frankandolina @spamdolina
Editor's Notes
- By the end of this session we are all going to define what a lead is. And you are going to decide if you need to make a change to your definition. We are going to discuss the benefits of a consistent lead tracking process. And josh is going to school us on what to do with your leads and most importantly how to close them. Before we get into this, I’d like to spend some time on a very special topic.
- For those of you who joined us last year for CO2, thank you for returning. You may remember my presentation on the power and influence of your offsite brand, but what you may not remember, I spent 10 solid minutes talking about myself. And Maria would not let me hear the end of it. So this year, I’m going to really stick it to Maria and see if we can at least 12 minutes. Someone time me.
- I was born on a cold December morning in 1980 in Rochester NY. Weatherman said most snow we had in over 13 years. My parents - a young second generation Italian couple with modest upbringings were thrilled to bring their first born child into the world. Alright, I’m just messing with Maria. That wasn’t a true story. Well, I was born in rochester and I’m sure it was snowing but that I found that picture on google images. Okay, I am going to keep talking about myself but I’m going to go through it rapid fire.
- I have a two year old daughter.
- I have three dogs.
- My wife and I have run a bunch of marathons
- I used to play bass guitar in a rock band.
- I’ve helped my clients support this struggling company for over 10 years.
- This year for National Boss’s day, my team dressed up as me.
- AND I love being a part of the Coalmarch family.
- But before I was the marketing guy at the marketing company, I was the marketing guy at the pest company. Lead tracking was a pretty consistent source of frustration for me because we have such amazing visibility into how users interact with our sites But In the service industry, we’re trying to connect online activity with a lot of offline activity. We can track phone calls with tools like CTM, we can track contact forms but unless we review every single contact with our companies, it’s impossible to say definitively what is and isn’t a lead. I’m not going to dive into attribution - that’s a whole separate conversation (especially for you lawn care guys and girls) but we are going to spend time on defining a lead and the benefits of standardizing your tracking.
- Before we get into this I’d like to test your lead tracking IQ Only 3 questions It’s open book
- Question #1 Show of hands, is this a lead?
- Question #2
- Question #3
- You’ve hosted dozens of companies over at TPC. What is the most common question you get when other companies come to visit Triangle?
- This reminds me of a screenplay I’m working on.
- Let’s go through a few examples so you can get a better idea of what I’m seeing.
- All of this makes me say...
- So you can see we’ve got clients with different definitions of a lead so you can imagine the challenge in having a unified tracking process.
- With that in mind, I’d like to unveil the gold standard definition for lead tracking.
- It has a goal seal - so you know it’s legit So let’s break this down.
- There are two different lead definitions based on who is initiating the contact. Creative lead It’s that simple
- Generated Lead
- You better believe it.
- Josh, tell the people!
- Nailed it. It’s almost as if we practiced it. Let’s talk about this in more detail.
- You’re spending money on marketing. I know for a fact, many of you are spending hundreds of thousands of dollars every year. If you aren’t seeing the full picture of what your marketing is generating, you’re going to have blind spots. It’s giving you, your sales team, and your marketing team valuable information about your brand recognition and marketing effectiveness.
- You don’t want your CSRs spending time deciding whether or not something is a lead. It should become involuntary and require little subjectivity to determine what a lead is. At a minimum, are they calling to tell you about a problem they are having? Yes, it’s a lead. If your lead numbers begin to fluctuate, you can better identify if it’s a sales issue or a lead issue. Has the lead quality changed? Has the lead quantity changed? Is my team following the call script?
- If you are a lawn care company and someone calls about mowing and you don’t mow, that person could be a good candidate for the services you do offer. Make sure you get their info so you can promote your services in the future.
- So what about those leads that I suggested you track but you’re not going to close.
- Keep track of how many you get so you can keep tabs on how many and how often - this is a good lead quality indicator. If you are getting too many out of service area leads, it could signal an issue with your targeting in PPC. I recommend backing this out of your sales closing rate calculation. If you are keeping track of this as a separate lead status, you can start predicting how many no service leads you’ll get and you’ll be able to start accounting for leads like this.
- Other benefits that you’ll get from standardizing lead tracking.
- How many have a lead follow-up process or policy? I have been told by some of our clients that 20% of their sales are happening after the first contact. You can’t just wait for leads to call you back. A potential customer might call or visit your site with the intention of comparing prices or services. If they don’t follow up, and you have no way of contacting them, that’s a dead lead. Tracking that outreach and collecting contact information allows you to follow up - and to do it on your own terms.
- How many are in the process or have finalized your goals for 2018? If you are a client with Coalmarch, thank you for providing your numbers so we can help you set goals and project your budgets. I want to point out 4 very important metrics.
- Your revenue goal for the year. Your attrition rate - how many current customers you will lose. Your website conversion rate and your sales closing rate. Let’s drill down into the last 2
- Sales Closing Rate and Website conversion rate Who knows how to calculate sales closing rate?
- Sales divided by leads Okay what about website conversion rate?
- Leads divided by website sessions or visits. Okay what is in common with these two?
- Have I mentioned this word yet?
- Can I be frank with you?
- I mentioned earlier that when I was with Triangle, website lead tracking was one of the most challenging aspects of my job. I had a solid strategy, I was hitting my lead goals but I was unable to connect the dots down to the campaigns or even keywords like I could when I was doing ecommerce. I was making my best guess based on how I had my analytics configured to track website contacts as leads - call back to SOLD
- This is the lead definition we’ve used to model our tracking. But this year marked the first time since starting with triangle where I was confident that the leads my analytics was reporting was based on the company’s definition of a lead. Working with Josh and his team at Triangle, we began relying definitely on our definition of a lead and utilizing Call Tracking Metrics to mark calls and contacts as leads which would then import into Google Analytics for more robust lead tracking.
- Okay, so what do you do now. 5 things.
- Define what a lead is. You know what I recommend and how we stand on this so use that when creating your definition.
- 2. Make sure your entire staff knows what this is. Josh is going to talk more about how to enforce this but the first step is educating the company.
- 3. If you change your definition or are creating a definition for the first time, consider this year zero and make sure to use your first year as a baseline. You can compare it to the previous years performance but you may need to account for some shifts in performance depending on what you are now calling a lead. If your lead defnition was a proposal for work in 2017 but in 2018 you use the definition we’ve been discussing, your sales closing rate is going to change dramatically.
- 4 - set goals. If you haven’t set a standard definition of a lead until now, you’ll need to revise your lead and budget goals to reflect your new definition of a lead. Coalmarch can help you through this transition.
- NUMBER 5 Donnie touched on this first thing this morning. What Josh is going to dive into and what we’ve been working on this year to implement has allowed us to control how we track leads with our analytics.
- If you haven’t done this yet, I encourage you to read our ebook which provides more detail on what I went through today.
- Here’s how you can get in touch with me. I’m going to turn things over to Josh and then we’ll have a joint Q&A and will be happy to answer any questions.