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Optimizing lead generation to get better results

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If your lead generation is focused on lead capture and not on lead optimization, you're missing out on revenue. The fastest way to improve your account based marketing and lead generation results by doing better with the leads you already have. Learn a data-driven approach to optimizing your leads that include list segmentation, lead qualification,testing timing, improving sales and lead nurturing.

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Optimizing lead generation to get better results

  1. 1. Optimizing the Lead A data-driven optimization process that goes beyond lead capture Brian Carroll Executive Director
  2. 2. About me Brian Carroll Brian Carroll is Chief Evangelist of MECLABS and founder of InTouch, part of the MECLABS. Author of the bestseller, Lead Generation for the Complex Sale, Carroll is a leading expert in lead generation and he's profiled and regularly quoted in numerous publications. He has been profiled and quoted in numerous publications such as BtoB magazine, Selling Power, The Wall Street Journal, Entrepreneur, Target Marketing, Inc., Marketing News, DM News, MarketingProfs, MarketingSherpa, Software CEO and CMO Magazine. @brianjcarroll
  3. 3. MECLABS: A science lab with a consultancy • More than 10 years of research • 1,300+ major experiments • Over 1 billion emails • 10,000 sales-paths tested • Hundreds of publications and conferences
  4. 4. We build custom micro research labs within companies around the world
  5. 5. Optimizing the Lead Identify the right companies and people Segment, score and prioritize Initiate a memorable conversation Nurture regardless of time to buy 1 2 3 4
  6. 6. Segment, score and prioritize Initiate a memorable conversation Nurture regardless of time to buy 2 3 4 Optimizing the Lead Identify the right companies and people1
  7. 7. Case Study Testing quality data and teleprospecting - How a telecom firm reduced prospecting costs by over 60%
  8. 8. Response-to-Sales-Accepted-Lead Conversion Rate 10% Lead-to-Sale Conversion Rate 20% 8 Tele- Prospecting Funnel Inside Sales Funnel Dial Connection Conversation Buyer Conversation Qualified Account Acknowledged Need Sales-Ready Lead Sales-Validated Leads Dial Connection Conversation Buyer Conversation Valid Lead Forecast Verbal Commitment Deal 1
  9. 9. Case Study Background: A telecom organization engaged MECLABS for lead generation Objective: To determine if higher-cost/higher-quality data can drive down overall cost-per-lead, so we can focus on the most efficient list source. Primary research question: Which campaign data source will drive the most efficient value? Test Design: Four multi-source lists, a user-generated list, and a single- source list were tested under consistent experiment conditions, with 300 accounts and 80 hours of teleprospecting hours. Experiment ID: Networking equipment company funnel optimization test Location: MECLABS Primary Research Library Test Protocol: CS31556 Research Notes: 1
  10. 10. Case Study: Test design Per segment: 300 accounts, 80 hours of calling * Segments Record cost Validated Multi-source 1 $24.00 Phone – role-based Multi-source 2 $14.50 Phone – title-based Multi-source 3 $6.00 Phone – validated Multi-source 4 $3.00 Email – validated User-generated $1.00 Business cards Single-source $0.49 No validation 1
  11. 11. Case Study: Per record cost $0 $5 $10 $15 $20 $25 $30 Multi 1 Multi 2 Multi 3 Multi 4 User-gen Single $24 $1 1
  12. 12. Case Study: Results Segments Record cost No longer with company Dials to disqualify Dials to sales- ready lead Multi-source 1 $24.00 1% 90 77 Multi-source 2 $14.50 .06% 53 110 Multi-source 3 $6.00 14% 27 127 Multi-source 4 $3.00 23% 26 135 User-generated $1.00 67% 11 240 Single-source $0.49 13.3% 7 210 1
  13. 13. Case Study: Results and ROI Segments Record cost Call-per- lead List count Leads Cost-per- lead List cost Multi-source 1 $24.00 77 1000 312 $373.45 $24,000 Multi-source 2 $14.50 110 1560 312 $496.00 $22,620 Multi-source 3 $6.00 127 2475 312 $536.58 $14,850 Multi-source 4 $3.00 135 2810 312 $546.75 $8,430 User-generated $1.00 240 9350 312 $954.00 $9,350 Single-source $0.49 210 13100 312 $828.95 $6,380 1
  14. 14. Case Study: Cost per lead $0 $200 $400 $600 $800 $1,000 $1,200 Multi 1 Multi 2 Multi 3 Multi 4 User-gen Single $954 $373 1
  15. 15. Case Study: Results and ROI Segments Record cost Call-per- lead List count Leads Cost- per-lead List cost Call cost Multi-source 1 $24.00 77 1000 312 $373.45 $24,000 $92,400 Multi-source 2 $14.50 110 1560 312 $496.00 $22,620 $132,132 Multi-source 3 $6.00 127 2475 312 $536.58 $14,850 $152,460 Multi-source 4 $3.00 135 2810 312 $546.75 $8,430 $162,278 User-generated $1.00 240 9350 312 $954.00 $9,350 $287,980 Single-source $0.49 210 13100 312 $828.95 $6,380 $252,175 1
  16. 16. Case Study: Cost of calling $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Multi 1 Multi 2 Multi 3 Multi 4 User-gen Single $288k $92k 1
  17. 17. Case Study: Results Segments Record cost Cost-per- lead List cost Call cost Total cost Multi 1 $24 $373 $24,000 $92,400 $116,400 User-gen $1 $954 $9,350 $287,980 $297,330 Difference ($14,650) $195,580 $180,930 60.85% Decrease in campaign costs The $26/record list requires over 60% more list and teleprospecting investment than the $1/record list 1
  18. 18. Case Study: Results What you need to understand: The ‘best deal’ list results in a campaign that is 2.5 more costly than the most efficient list. * 60.85% Decrease in campaign costs The $26/record list requires over 60% more list and teleprospecting investment than the $1/record list 1
  19. 19. Identify the right companies and people Key Takeaways • “Cheap” data is really expensive. • The less you spend on data, the more you will spend on teleprospecting. • We must see list acquisition as strategic, not simply transactional. 1
  20. 20. Identify the right companies and people Initiate a memorable conversation Nurture regardless of time to buy 1 3 4 Optimizing the Lead Segment, score and prioritize2
  21. 21. Sample Marketing and Sales Process Lead Capture Segment and Score Leads Qualify and Nurture Sales Engagement Analyze Results Capture leads Normalize data Enrich data Merge de-dupe Segment leads by potential Apply lead score: lead data lead behavior ULD Qualify phone- ready leads Distribute sales- ready leads Analyze data Close the loop Leads converted Sales pipeline Sales closed Overview deck Opportunity Approach deck Proposal and LOA Close 2
  22. 22. Step 1. Lead Capture Web inquiries Sales generated Subscribers Social media Inquiries Event registrants and attendees Webinar registrants / inquiries Enrich data Unusable data store Merge and de-dupe Normalize data External firmographic data 2
  23. 23. Step 2. Segment & Score Leads Segment for Next Action Sales Qualification & Discovery Human Interpretation (qualitative) Segmentation based on potential (quantitative)Lead Scoring Phone Qualification & Discovery Touch points (e.g., what content have they engaged?) Match Function and DM Role : Champion/influencer or DMkr? FIT? Meets minimum ICP : > $Xmillion Rev. and industry fit Candidate-Supplied Data (e.g., Registration Forms) Opportunity Scoring 2
  24. 24. Case Study How an technology reduced cost per lead by 75%
  25. 25. Background: A B2B eDiscovery technology and services provider had 25 list sources available. Data was assigned to sales reps as new list sources were attained without regard for list source performance. Goal: To drive most efficient pipeline and revenue through teleprospecting Primary research question: Which list will drive the most efficient lead generation? Approach: Prioritize calling based on the quality and efficiency of the list sources. Each source was called for 80 to 100 hours. Experiment ID: (Protected) Location: MECLABS Leads Group Library Test Protocol Number: TP1226 Research Notes:  Experiment: Background 25 2
  26. 26. Experiment #2: The client request • Marketing campaign and media source driven lists • Lists were prioritized chronologically • Focus on testing a new media source Other possible reasons: • A lot of money was spent on list/sponsorship • Client liked X event • Gut feel 2
  27. 27. Experiment #2: Results List Source Leads Calls DM Contacts Webcast 1/18/11 Registered 7 58 10 Show-6/16/2011 7 151 25 Webcast 1/18/11 Registered & Attended 3 85 17 2010 Los Angeles 2 67 10 Lead List 7.2 42 1550 163 Document Review 1 43 6 List 4/12/2011 2 87 8 Prospects_Bay Area_CA 4 185 14 2011 New York 8 372 48 Phase 2 list 5 245 28 Event list 5.5.2011 2 112 15 Google campaign 5-4-2011 1 62 3 2010 – Booth 9/23/10 3 267 18 Show - 5/20/2010 1 89 4 Phase 1 list 4 416 24 Notes list 2010-05-24 7 753 62 Expo and Conference 2010 5 570 53 Annual meeting 2010-11-15 8 968 105 Exchange list 2010-05-24 3 404 28 2010: webcast 7 972 94 Webcast - 2/10/11 3 454 44 Sponsorship summer 2010 1 162 10 One Master Append 2010-06-15 11 2259 132 List 5-5-2011 1 278 31 Final List 2010-06-24 1 578 40 Total 139 11187 992 2
  28. 28. List Source Leads Calls DM Contacts Contact % Calls/Lead Contact/ Lead Webcast 1/18/11 Registered 7 58 10 17% 8 1 Show-6/16/2011 7 151 25 17% 22 4 Webcast 1/18/11 Registered & Attended 3 85 17 20% 28 6 2010 Los Angeles 2 67 10 15% 34 5 Lead List 7.2 42 1550 163 11% 37 4 Document Review 1 43 6 14% 43 6 List 4/12/2011 2 87 8 9% 44 4 Prospects_Bay Area_CA 4 185 14 8% 46 4 2011 New York 8 372 48 13% 47 6 Phase 2 list 5 245 28 11% 49 6 Event list 5.5.2011 2 112 15 13% 56 8 Google campaign 5-4-2011 1 62 3 5% 62 3 2010 – Booth 9/23/10 3 267 18 7% 89 6 Show - 5/20/2010 1 89 4 4% 89 4 Phase 1 list 4 416 24 6% 104 6 Notes list 2010-05-24 7 753 62 8% 108 9 Expo and Conference 2010 5 570 53 9% 114 11 Annual meeting 2010-11-15 8 968 105 11% 121 13 Exchange list 2010-05-24 3 404 28 7% 135 9 2010: webcast 7 972 94 10% 139 13 Webcast - 2/10/11 3 454 44 10% 151 15 Sponsorship summer 2010 1 162 10 6% 162 10 One Master Append 2010-06-15 11 2259 132 6% 205 12 List 5-5-2011 1 278 31 11% 278 31 Final List 2010-06-24 1 578 40 7% 578 40 Total 139 11187 992 9% 80 7 Experiment #2: Results 2
  29. 29. List Source Leads Calls DM Contacts Contact % Calls/Lead Contact/ Lead Hours Calling Cost Cost/Lead Webcast 1/18/11 Registered 7 58 10 17% 8 1 6 $ 348 $ 50 Show-6/16/2011 7 151 25 17% 22 4 15 $ 906 $ 129 Webcast 1/18/11 Registered & Attended 3 85 17 20% 28 6 9 $ 510 $ 170 2010 Los Angeles 2 67 10 15% 34 5 7 $ 402 $ 201 Lead List 7.2 42 1550 163 11% 37 4 155 $ 9,300 $ 221 Document Review 1 43 6 14% 43 6 4 $ 258 $ 258 List 4/12/2011 2 87 8 9% 44 4 9 $ 522 $ 261 Prospects_Bay Area_CA 4 185 14 8% 46 4 19 $ 1,110 $ 278 2011 New York 8 372 48 13% 47 6 37 $ 2,232 $ 279 Phase 2 list 5 245 28 11% 49 6 25 $ 1,470 $ 294 Event list 5.5.2011 2 112 15 13% 56 8 11 $ 672 $ 336 Google campaign 5-4-2011 1 62 3 5% 62 3 6 $ 372 $ 372 2010 – Booth 9/23/10 3 267 18 7% 89 6 27 $ 1,602 $ 534 Show - 5/20/2010 1 89 4 4% 89 4 9 $ 534 $ 534 Phase 1 list 4 416 24 6% 104 6 42 $ 2,496 $ 624 Notes list 2010-05-24 7 753 62 8% 108 9 75 $ 4,518 $ 645 Expo and Conference 2010 5 570 53 9% 114 11 57 $ 3,420 $ 684 Annual meeting 2010-11-15 8 968 105 11% 121 13 97 $ 5,808 $ 726 Exchange list 2010-05-24 3 404 28 7% 135 9 40 $ 2,424 $ 808 2010: webcast 7 972 94 10% 139 13 97 $ 5,832 $ 833 Webcast - 2/10/11 3 454 44 10% 151 15 45 $ 2,724 $ 908 Sponsorship summer 2010 1 162 10 6% 162 10 16 $ 972 $ 972 One Master Append 2010-06-15 11 2259 132 6% 205 12 226 $ 13,554 $ 1,232 List 5-5-2011 1 278 31 11% 278 31 28 $ 1,668 $ 1,668 Final List 2010-06-24 1 578 40 7% 578 40 58 $ 3,468 $ 3,468 Total 139 11187 992 9% 80 7 1119 $ 67,122 $ 483 Experiment #2: Results 2
  30. 30. Experiment #2: Results (not prioritized) List Source Leads Calls DM Contacts Contact % Calls/Lead Contact/ Lead Hours Calling Cost Cost/Lead 2010 – Booth 9/23/10 3 267 18 7% 89 6 27 $ 1,602 $ 534 Show - 5/20/2010 1 89 4 4% 89 4 9 $ 534 $ 534 Phase 1 list 4 416 24 6% 104 6 42 $ 2,496 $ 624 Notes list 2010-05-24 7 753 62 8% 108 9 75 $ 4,518 $ 645 Expo and Conference 2010 5 570 53 9% 114 11 57 $ 3,420 $ 684 Annual meeting 2010-11-15 8 968 105 11% 121 13 97 $ 5,808 $ 726 Exchange list 2010-05-24 3 404 28 7% 135 9 40 $ 2,424 $ 808 2010: webcast 7 972 94 10% 139 13 97 $ 5,832 $ 833 Webcast - 2/10/11 3 454 44 10% 151 15 45 $ 2,724 $ 908 Sponsorship summer 2010 1 162 10 6% 162 10 16 $ 972 $ 972 One Master Append 2010-06-15 11 2259 132 6% 205 12 226 $ 13,554 $ 1,232 List 5-5-2011 1 278 31 11% 278 31 28 $ 1,668 $ 1,668 Final List 2010-06-24 1 578 40 7% 578 40 58 $ 3,468 $ 3,468 Total 55 8170 645 8% 149 12 817 $ 49,020 $ 891 2
  31. 31. List Source Leads Calls DM Contacts Contact % Calls/Lead Contact/ Lead Hours Calling Cost Cost/Lead Webcast 1/18/11 Registered 7 58 10 17% 8 1 6 $ 348 $ 50 Show-6/16/2011 7 151 25 17% 22 4 15 $ 906 $ 129 Webcast 1/18/11 Registered & Attended 3 85 17 20% 28 6 9 $ 510 $ 170 2010 Los Angeles 2 67 10 15% 34 5 7 $ 402 $ 201 Lead List 7.2 42 1550 163 11% 37 4 155 $ 9,300 $ 221 Document Review 1 43 6 14% 43 6 4 $ 258 $ 258 List 4/12/2011 2 87 8 9% 44 4 9 $ 522 $ 261 Prospects_Bay Area_CA 4 185 14 8% 46 4 19 $ 1,110 $ 278 2011 New York 8 372 48 13% 47 6 37 $ 2,232 $ 279 Phase 2 list 5 245 28 11% 49 6 25 $ 1,470 $ 294 Event list 5.5.2011 2 112 15 13% 56 8 11 $ 672 $ 336 Google campaign 5-4-2011 1 62 3 5% 62 3 6 $ 372 $ 372 Total 84 3017 347 12% 36 4 301.7 $ 18,102 $ 216 Experiment #2: Results (prioritized) 2
  32. 32. Approach Calls/Lead Cost/Lead Worst Case 149 $891 Average 80 $483 Optimized 36 $216 Difference 113 $675 What you need to understand: The overall calling cost per lead would decrease by 76% if the calling team focused on the client’s most efficient lists. Results 32 ! 75% Decrease in calling cost per lead 2
  33. 33. Segment, score and prioritize: takeaways • You don't always need to start with a new list. You can optimize the ROI from your current lists by testing and prioritizing. • Testing lists gives you the ability to guide your present and future marketing initiatives. • Over time, testing will reveal patterns customer behavior. • However, in your testing, don’t neglect qualitative analysis (e.g., conversations, questions, objections) 2
  34. 34. List Quality Guidelines Bad: A disqualified lead for every 25 calls Average: A disqualified lead for every 50 calls Better: A disqualified lead for every 100 calls Bad: A sales lead for every 100 calls Average: A sales lead for every 50 calls Better: A sales lead for every 25 calls Dials to Sale: LOWER is better Dials to Disqualifications: HIGHER is better 2
  35. 35. Identify the right companies and people Segment, score and prioritize Nurture regardless of time to buy 1 2 4 Optimizing the Lead Initiate a memorable conversation3
  36. 36. Timing+ Relevance Memorable 3
  37. 37. Timing+ Relevance Memorable TIME YOUR TOUCHES 3
  38. 38. Lead Generation Model INQUIRY CUSTOMER Identify Need Make Decision 3
  39. 39. Lead Generation Model INQUIRY CUSTOMERLEAD Research Solutions Identify Need Make Decision 3
  40. 40. Lead Generation Model INQUIRY CUSTOMERLEAD SALES-READY LEAD Research Solutions Develop Short List Identify Need Make Decision 3
  41. 41. Lead Generation Model INQUIRY CUSTOMERQUALIFIED PROSPECT LEAD SALES-READY LEAD Research Solutions Develop Short List Identify Need Review Proposals Make Decision 3
  42. 42. Lead Generation Model INQUIRY CUSTOMERQUALIFIED PROSPECT LEAD SALES-READY LEAD Research Solutions Develop Short List Identify Need Review Proposals Make Decision Branding Advertising PR SEO Website Direct Mail Events Tradeshows Webinars Outbound calls Inbound 800# Lead Nurture Opt-in Email Conference Calls Face to Face Follow-up 3
  43. 43. Lead Generation Model INQUIRY CUSTOMERQUALIFIED PROSPECT LEAD SALES-READY LEAD Research Solutions Develop Short List Identify Need Review Proposals Make Decision Branding Advertising PR SEO Website Direct Mail Outbound calls Inbound 800# Lead Nurture Opt-in Email Conference Calls Face to Face Follow-up Broadly Targeted Less Interactive Less Measurable Narrowly Targeted Highly Interactive Highly Measurable 3 Events Tradeshows Webinars
  44. 44. Multi-modal Lead Generation 3
  45. 45. Identify the right companies and people Segment, score and prioritize Initiate a memorable conversation 1 2 3 Optimizing the Lead Nurture regardless of time to buy4
  46. 46. Case Study Background: An IT management firm engaged MECLABS for lead generation $80 million annual revenue 100 channel partners 27 sales people, 10 marketers Objective: To determine if basic lead management can improve pipeline Test Design: Creation of a ULD, lead qualification, lead nurturing, clear lead handoff and feedback process. Experiment ID: IT desktop management firm Location: MECLABS Leads Group Research Library Test Protocol: LG4028 Research Notes: 4
  47. 47. Case Study: Challenges • < 2% lead-to-sale pipeline conversion • Marketing felt leads were going into a “black hole” • No closed-loop feedback process • Unable to measure ROI More activity butthe same results * 4
  48. 48. Case Study: The approach Closed Loop Feedback Marketing Pipeline Sales Pipeline Customers Returned Prospects Events, Events, Summits, Guides, Subscribers, Website, Teleprospecting Sales Ready Leads Not a Fit Sales Generated Leads Existing Clients CRM Measure ROI HANDOFF Level 3,4,5 Leads Inquiries (Level 1) Nurturing (Level 2) 4
  49. 49. Case Study: Results 375% Increase in sales-ready leads 200% Improved lead-to-sales opportunity $4.9 M Additional sales pipeline in 8 months 4
  50. 50. Case Study: Results 375% Increase in sales-ready leads 200% Improved lead-to-sales opportunity $4.9M Additional sales pipeline in 8 months What you need to understand: By actively nurturing and closing the loop, improved lead to sales opportunity and pipeline increases are achieved* 4
  51. 51. Understand Audience Organize Content Track Results and Engagement Execute Tracks Messaging Strategy A relevant, consistent conversation with viable potential customers, regardless of their timing to buy. •Touch •Track •Follow- Up 1 •Touch •Track •Follow- Up 2 •Touch •Track •Follow- Up 3 •Touch •Track •Follow- Up 4 Progressive Lead Movement Across Buying Stages What is lead nurturing? 4
  52. 52. Align messaging to roles and needs Connect with your personas: • Project Leader • CIO • Contact Center • Field Service Center • Executive Sponsor • Stakeholders CIO Q1 Month 1 Free executive report via direct mail with follow-up call Month 2 Invitation to executive roundtable via email with follow-up call Month 3 Link to relevant Podcast via email with follow-up voicemail IT Director Q1 Month 1 3rd party article via email and voicemail Month 2 3rd party article via email with follow-up Month 3 Link to relevant webinar via email with follow-up call IT Manager Q1 Month 1 Relevant white paper via email with voicemail Month 2 Direct mail piece Month 3 Invitation to webcast via email with follow-up call Multi-track lead nurturing timeline Client Plan for Q1 Audience: 3 Contacts Deep 4
  53. 53. Align messaging to roles and needs Connect with your personas: • Project Leader • CIO • Contact Center • Field Service Center • Executive Sponsor • Stakeholders CIO Q1 Month 1 Free executive report via direct mail with follow-up call Month 2 Invitation to executive roundtable via e-mail with follow-up call Month 3 Link to relevant Podcast via e-mail with follow-up voicemail IT Director Q1 Month 1 3rd party article via e-mail and voice mail Month 2 3rd party article via e-mail with follow-up Month 3 Link to relevant webinar via e-mail with follow-up call IT Manager Q1 Month 1 Relevant white paper via e-mail with voice mail Month 2 Direct mail piece Month 3 Invitation to webcast via e-mail with follow-up call Multi-track lead nurturing timeline Client Plan for Q1 Audience: 3 Contacts Deep BUILD YOUR TRACKS 4
  54. 54. Repurpose quality content Research chart 4
  55. 55. Repurpose quality content Tactical tool download Blog post Video clipWebinar Email Research chart 4
  56. 56. Measure and refine Tactical tool download Blog post Video clipWebinar Email Research chart Registrants Attendees Replays Views Likes/Dislikes Social Shares Page views Comments Social Shares Opens Clickthroughs Shares Downloads Social Shares Lead Capture 4
  57. 57. Optimizing the Lead Identify the right companies and people Segment, score and prioritize Initiate a memorable conversation Nurture regardless of time to buy 1 2 3 4
  58. 58. Takeaways: Identify Collaborate with your sales team to determine and do list testing 1
  59. 59. Takeaways: Prioritize Set up a process that allows your team to increase pipeline velocity 2
  60. 60. Takeaways: Initiate Match your conversation timing and relevance with your customer’s stage 3 INQUIRY CUSTOMERQUALIFIED PROSPECT LEAD SALES-READY LEAD Research Solutions Develop Short List Identify Need Review Proposals Make Decision
  61. 61. Takeaways: Nurture Nurture leads, regardless of time to buy4
  62. 62. Submit your Research Application: MECLABS.com/partners
  63. 63. Presentation Brought To You By Nexsales helps leading technology companies like IBM and Thomson Reuters achieve breakthrough sales outcomes. Our next generation sales acceleration platform delivers 8+ relevant conversations per hour. With RightLeadsTM, we provide Intelligent, Researched B2B Prospect Data guaranteed to be 100% relevant for inside sales.
  64. 64. Optimizing the Lead A data-driven optimization process that goes beyond lead capture Brian Carroll Executive Director, Revenue Optimization

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