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Lean marketing master
The document is a comprehensive course outline on lean marketing strategies, focusing on startup metrics and tactics such as customer acquisition, activation, retention, referral, and revenue generation (commonly referred to as AARRR). It emphasizes the importance of testing and optimization in marketing campaigns, including direct mail, email marketing, and social media strategies, while also discussing the roles of buyer personas in shaping marketing messages. Various lead generation methods and the significance of integrating marketing efforts for maximum effectiveness are also highlighted.
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Lean marketing master
- 1.
- 2. Overview of theCourse About Noyes Limited: * • GU MBA •Guerilla Tactics, LLC • Startup Weekend • Early stage consulting & advisory
- 3. Overview of theCourse The Course cover following topics: * • Pirate Metrics • Lead Generation • Growth • Plan
- 4. Dave McClure Masterof 500 Hats blog: http://500hats.typepad.com/ website: http://www.500hats.com/ slides: http://slideshare.net/dmc500hats/
- 5. Customer Lifecycle /Conversion Behavior Website.com Campaigns, Contests Emails & widgets Homepage / Landing Page Product Features Ads, Lead Gen, Biz Dev Subscriptions, etc SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts Blogs, Content System Events & Time-based Features
- 6. Customer Lifecycle: 5Steps to Success • Acquisition: users come to the site from various channels • Activation: users enjoy 1st visit: "happy" user experience • Retention: users come back, visit site multiple times • Referral: users like product enough to refer others • Revenue: users conduct some monetization behavior AARRR!
- 7. After this trash (2) McClure, D. (2007), Startup Metrics for Pirates: AARRR
- 8. Customer Lifecycle /Conversion Behavior Website.com Marketing Channels: • largest-volume (#) • lowest-cost ($) • best-performing (%) SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains
- 9. Customer Lifecycle /Conversion Behavior Website.com Activation Criteria: • 10-30+ seconds • 2-3+ page views • 3-5+ clicks • 1 key feature usage Do LOTS of landing page tests & A/B tests - just make lots of dumb guesses & iterate QUICK Homepage / Landing Page Product Features SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains
- 10. Customer Lifecycle /Conversion Behavior Website.com Automated emails are simple & easy retention feature • lifecycle emails @ +3, +7, +30d • status emails weekly/monthly • event-based emails as they occur Homepage / Landing Page Product Features SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts Blogs, Content System Events & Time-based Features
- 11. Customer Lifecycle /Conversion Behavior Website.com Campaigns, Contests Only encourage users to refer *after* they have “happy” user experience; avg score >= 8 out of 10 Homepage / Landing Page Product Features Emails & widgets SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts Blogs, Content System Events & Time-based Features
- 12. Customer Lifecycle /Conversion Behavior Website.com Homepage / Landing Page Product Features Campaigns, Contests Ads, Lead Gen, Biz Dev Subscriptions, etc This is the part *you* have to figure out… I don’t know jack about your business Emails & widgets SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts Blogs, Content System Events & Time-based Features
- 13. Types of Metrics& Measurement • Qualitative: Usability Testing / Session Monitoring – Watch what users do, figure out problems & solutions from small # of users • Quantitative: Traffic Analysis / User Engagement – Report what users do, track usage & conversion %'s for all or empirical sample # of users • Comparative: A/B, Multivariate Testing – Compare what users do in one scenario vs another, see which copy/graphics/UI are most effective • Competitive: Monitoring & Tracking Competitors – Track competitor activity & compare against yours; if possible compare channels, keyword traffic, demographic targeting, user satisfaction, etc. (see slide notes for links to tools & vendors)
- 14. Quantitative & ComparativeMeasurement • Conversion Criteria: – best-performing (%) channels / campaigns / copy – largest-volume (#) channels / campaigns / copy – lowest-cost ($) channels / campaigns / copy
- 15. Example Conversion CategoryUser Status Conv % Est. Value Acquisition Visit Site (or landing page, or external widget) 100% $.01 Acquisition Doesn't Abandon (views 2+ pages, stays 10+ sec, 2+ clicks) 70% $.05 Activation Happy 1st Visit (views X pages, stays Y sec, Z clicks) 30% $.25 Activation Email/Blog/RSS/Widget Signup (anything that could lead to repeat visit) 5% $1 Activation Acct Signup (includes profile data) 2% $3 Retention Email Open / RSS view -> Clickthru 3% $2 Retention Repeat Visitor (3+ visits in first 30 days) 2% $5 Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
- 16. Converting Marketing Leads Section 2
- 17. Case Study Website.com Marketing Channels: • largest-volume (#) • lowest-cost ($) • best-performing (%) SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains
- 18. Case Study Website.com Activation Criteria: • 10-30+ seconds • 2-3+ page views • 3-5+ clicks • 1 key feature usage Do LOTS of landing page tests & A/B tests - just make lots of dumb guesses & iterate QUICK Homepage / Landing Page Product Features SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains
- 19. Case Study Website.com Automated emails are simple & easy retention feature • lifecycle emails @ +3, +7, +30d • status emails weekly/monthly • event-based emails as they occur Homepage / Landing Page Product Features SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts Blogs, Content System Events & Time-based Features
- 20. Case Study Website.com Campaigns, Contests Only encourage users to refer *after* they have “happy” user experience; avg score >= 8 out of 10 Homepage / Landing Page Product Features Emails & widgets SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts Blogs, Content System Events & Time-based Features
- 21. Case Study Website.com Homepage / Landing Page Product Features Campaigns, Contests Ads, Lead Gen, Biz Dev Subscriptions, etc This is the part *you* have to figure out… I don’t know jack about your business Emails & widgets SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts Blogs, Content System Events & Time-based Features
- 22. Brand Awareness VSLead Generation
- 23. Brand Awareness VSLead Generation • Brand Awareness • Lead Generation
- 24. What is LeadGeneration Marketing Lead generation is getting people to “raise their hands” and say they are interested in buying or learning more about, your product or service. Leads are people who have identified themselves as candidates who can be turned into sales.
- 25. Product Mix TheNumbers • 15% use only brand awareness • 25% use only lead generation • 60 % use both • Halo effect
- 26. Successful Lead Generation • Mathematics & Science • Coordinated Tactics • High ROI
- 27. Defining Your Leads • What is a lead to me • What action do you want • Examples: •E-commerce •Software
- 28. AIDA Curve Attention Interest Decision Action
- 29. Attention • Aware • 3 Questions • Why does this product exist? • What is its purpose? • What makes this interesting to me? • Educate VS Sell • Education Tools: • Case studies • Webinars • Website
- 30. Interest • Interestedbut unsure • Questions • Why should I use this product? • Why is this different than similar solutions? • How will this help me? • Do other products accomplish the same goal? • Why should I use your solution • Sell benefits not features • Tools • Well-written website • White papers/Case studies • Customer testimonies
- 31. The Decision Phase • Decided they like product/service • Questions • Why should I buy your brand? • What makes your brand better? • Where can I get the best deal on this product? • Focus on quality or uniqueness • Tools • White papers • Sell sheets • Product comparisons • Customer testimonials
- 32. Action Phase •Makepurchase •Questions • Why should I buy this product/service right now • Offer reason to buy now •Tools •Special offers
- 33. Developing Lead Strategy • Tactical Strategy • Integration Strategy •Lead-Generation Management Strategy
- 34. Testing • Continuouslytest and measure • 10% of budget for testing • Test against strategies • Establish a baseline • Primary tactics • Secondary tactics
- 35.
- 36. Using Lead-Generation Tactics 7 Most Successful Lead-Generation Tactics Active Passive Direct mail Trade shows E-mail marketing Search engine marketing Cold Calling Social Media Advertising Display advertising
- 37. Multi Channel LeadGeneration 37
- 38. 5 Steps ofTactical Strategy 1. Determine & plan approach 2. Research target audience 3. Build your assets 4. Execute test campaign 5. Measure
- 39. Search Engine Marketing • Search Engine Marketing • Cost effective • Accountable • Scalable • Customizable • Search Engine Optimization
- 40. Overview • Google& Bing • Getting Started • Plan your campaign • Target customer • Key words • Designing your ad • Text • Headline- 25 characters • Description Lines-70 characters • Display URL • Destination URL • Image
- 41. Overview • CampaignParameters • Schedule-dayparting • Geographic targeting • Budget • Test •One week • High budget •Data collection • Number of clicks • Number of impressions • Average CTR • Average CPC • Total cost • Average Ad Position •Test Schedule
- 42. Social Media Advertising Part 1 – Facebook & LinkedIN 1. Research & define your target audience 1. Location 2. Demographics 3. Subcategories 2. Create your ad 1. Title 2. Body 3. Image 4. Destination URL 3. Set up your campaign 1. Bid 2. Budget 3. Schedule 4. Test 1. Against other ads 2. Target demographics 3. Schedule
- 43. Display Advertising •Display ads • Evolution to lead-generation • Internet Advertising Bureau (IAB) • www.iab.net
- 44. Display Advertising 5Steps 1. Research target websites 1. Determine demographics 2. Make list of frequented sites 3. Site Media kit 1. Site profile 2. Audience 3. Specifications 4. Advertising rates 4. Site Details 1. Home page 2. Current display ads 3. Pricing structure
- 45. Display Advertising 2.Choose your approach 1. High vs low-traffic sites 2. Work directly with site 3. Work with content networks 4. Work with ad networks that offer ad-server tools 3. Create your ad 1. Ad placement 2. Ad style 3. Ad size 4. File size 5. File type
- 46. Display Advertising 4.Deploy your campaign 1. High vs low-traffic deployment 2. Ad network 3. Hard copy 5. Test your campaign 1. Test against other ads 2. Content sites and your audience 3. Test your budget
- 47. Targeting a Mailingor Contact List Focus: List-based lead-generation marketing tactics • Direct mail • E-mail • Cold calling Defining your target audience • Crucial step • Example: • Pet owners • Cat owners • Purebred Siamese owners Psychographic Targeting & Geo-Targeting • Buying behavior • Location
- 48. Targeting a Mailingor Contact List Buying a list • Less expensive • Less accurate • No relationship Renting a list • More expensive • More accurate • Relationship based Negotiating Price • Average Price • B2C range from $20-$100 CPM • B2B range from $80-$1,000 CPM • Negotiate CPM • Buying in bulk
- 49. Targeting a Mailingor Contact List Choosing a reliable list owner • Zoominfo • Hoovers • Sample list • Cooperation The make good • Written policy • Out of date • Non-performance • Refund or a credit
- 50. Email Marketing •Spam vs e-mail marketing • CAN-SPAM Act • Clearly id yourself & company • Provide physical address • Easy opt-out option • No longer send email to opt-outs
- 51. Email Marketing The5 Steps of E-Mail Marketing Campaigns 1. Define your target audience 2. Select & Target Your List 1. Rent or Buy 3. Design Your Creatives 1. E-mail & Landing Page 2. eMarketer & Marketing Sherpa 3. HTML vs Plain Text
- 52. Email Marketing 3.Continued 5. Text vs Graphic 6. Your Brand 7. Call-to-action 8. Subject header 9. From line 10. Deployment
- 53. Email Marketing 4.Test your campaign 1. Identify your test audience 2. Test budget 3. Test email creatives 4. Test schedule 5. Measure Results 1. CPA 2. Open rates 3. CTR
- 54. Direct Mail •Is Direct Mail Dead • 81% read or scan • Expensive • Good for • Long decision processes • Complicated products/services • Presenting several details at once • Products that do well
- 55. Direct Mail 5Steps to Direct Mail Campaigns 1. Define your target audience 2. Select and target your list 1. Rent or Buy 3. Design your creatives 1. Postcard 2. Flyers 3. Sales letter 4. Brochure 5. Dimensional Mailer 6. Creativity is an asset 7. Pesonalization
- 56. Direct Mail 5Steps to Direct Mail Campaigns 4. Test your campaign 1. Hardest tactic to test 2. Delivery rate 3. Open rate 4. Test market 5. Measure your results 1. Conversion rate 2. CPA 3. CPS 4. Analyze
- 57. Cold Calling 5Steps to Cold Calling Campaigns • Intro 1. Define your target audience 2. Select & target you list 1. Purchase list 2. Improving your list 1. LinkedIN 2. Xobni.com 3. Crediting your list
- 58. Cold Calling 5Steps to Cold Calling Campaigns 3. Design your creatives 1. Introduce yourself 2. Describe company/purpose 3. Why is it relevant 4. Give Value Proposition 5. Call-to-Action
- 59. Cold Calling 5Steps to Cold Calling Campaigns 4. Test & execute your campaign 1. Rehearse/role play 2. Test & Refine 3. Voice Mail 4. Qualify 5. Converting to lead 5. Measure results 1. CPA 2. CPC
- 60. Cold Calling 5Steps to Cold Calling Campaigns 4. Test & execute your campaign 1. Rehearse/role play 2. Test & Refine 3. Voice Mail 4. Qualify 5. Converting to lead 5. Measure results 1. CPA 2. CPC
- 61. Trade Shows •Intro • To Show or Not • Meet my target audience • Effectively market product • Actionable leads • Reasonable ROMI • Picking the right show
- 62. Trade Shows •Participating in Tradeshows 1. Setup tradeshow booth 2. Provide sponsorship 3. Participate in speaking opportunities • Booths from the ground up 1. Size/location a) Booth space b) Booth size c) Booth location
- 63. Trade Shows 2.Design a) Turnkey b) Pre-made c) Custom made 3. Marketing material a) Displays b) Tchotchkes c) People 4. Capturing leads
- 64. Integrated Lead-Generation Marketing • Integrated Lead-Generation • Benefits of integration • Brand marketing • Synchronizing your goals • The Halo Effect • Conclusion
- 65. Growth Hacking Whatis Growth Hacking
- 66. Growth Hacking Whatis Growth Hacking • Airbnb Case Study • Spare rooms into hotels • Network effects • Post on Craigslist • Reverse engineer • Creativity & ability
- 67. Growth Hacking Whatis Growth Hacking
- 68. Ideation Session TheGrowth Hacking Process • The Challenge
- 69.
- 70. Step 1: BuyerPersona- Who buys and why? • Who are your Customers? –Economic Users – writes the check –End Users – will be the actual user of your product –Technology Users – mostly concerned with the specs • * Need to position your product and sell to all 3! (not just to the economic users) 70
- 71. Step 1: BuyerPersona- Who buys and why? • Each Buyer Persona views your product differently –Economic Users – what’s the price/value of your product to the business? –End Users – why is your product easier to use and improves their productivity (need to overcome resistance to change!) –Technology Users – is your product easy and cheap to install and maintain? 71
- 72. Steps towards apurchase • Any buyer broadly moves through 5 stages of purchase, they are: 1. Inquire- Is there a solution to my problem or needs? 2. Learn- How does your solution solve my problem or needs? 3. Evaluate- Do I like your solution (and is it better than others)? 4. Justify- Do I want your solution over others? 5. Select- I am buying your solution STAGES ACTIONS Inquire Look Out Learn Read and Understand 72 Evaluate Compare alternatives Justify Analyse Select Decision Making
- 73. Write the personas: • There are different ways to write personas. Here is one of them: –Profile Overview: Brief description of the persona, age, literacy, financial, age, attributes. –Pain Points: What are their worry or what they want a change? Write in their voice –Key drivers / motivators: There are issues that mean the most for the person. I want to…. I need to….. –Role in buying committee: Decision maker? Influencer? –Effective influences: What influences the person in the context of the problem/ need. What allows you to communicate persuasively with the person 73
- 74.
- 75.
- 76.
- 77. Case Study PersonaSnapshot 77 Overview 30-50 year old male, middle class, highly independent, likes to stand out. Pain Points Quality beard products not readily available Key Driver Beard is distinct part of personality. I need products that make me look good. Role in Buy B2C: Decision Maker Influences Primarily independent but influenced by other bearded men, especially at competitions
- 78. Activity: Create Persona • Using Personal Development document create persona for your business. It should include different types of buyer persona. 78
- 79. Step 2: ProductPositioning & Messaging • Once you have designed buyer persona, you can create Buyer’s Stage table. This helps you in creating different message based on prospects buying stage. This table will help you to understand value proposition at each stage and the preferred marketing medium 79
- 80.
- 81. Tips for goodpositioning message • Differentiate your product from competition • Address customer’s buying criteria • Articulate key characteristics • Taking your positioning to the next level requires: –Establishing one to one connection. End of the day business is B2I (business to individual)! –Start with “why”? Reaching out to buyer at emotional level is far more effective than taking it to pragmatic level –Use Personal tone. Connect them in your message at a personal level 81
- 82. Case Study BuyerStage Statement Snapshot 82 Inquire Learn Evaluate Justify Select New User Do these products exist? They exist and there are a few options. Do I need the best or cheapest? If I am going to do this I should be the best. I’ve got to have the best. Beardsman Where can I find these products? There are a few options. How much do I want to spend? This is who I am. I need the best. I’ve got to have the best. Gift Where can I find a gift for husband/boyf riend Several options. What would make the best gift? It’s a one time gift. Might as well spend the $. Beardbrand
- 83. Activity: Write yourpositioning statement 83
- 84. Step 3: LeadGeneration • Before we move forward, we need to understand what is a lead. Lead is a prospective customer who is interested In the product. • Prospects = Individuals/Companies which fit your Buyer Personas descriptions. The intention is to convert prospects in to leads through marketing channels. • How do you reach them? (based on an understanding of your target customers’ lifestyle and work habits) – these are your potential marketing channels • For each marketing channel, how many of your prospects can be reached? At what cost? 84
- 85. Marketing Channel •Goals of Marketing –Brand Awareness –Leads Generation • Your goal is to communicate branding while generating leads (due to limited resources) • Branding –Based on your Distinctive Competence (or Unique Selling Proposition) –Brand = Brand Attributes built in the mind of your end customers –Brand awareness marketing efforts aim to deepen Brand Associations between your Brand and the attributes you want to associate to your brand 85
- 86. Steps to generateleads • Step 1: Compute your Leads Requirement –Establish the following: •Your revenue target •Lead to Customer Conversion rate •Visitor to Lead Conversion rate •% of sales and marketing generated lead 86
- 87. Steps to generateleads • Step 2: Create your strategy –Come up with a strategy that will unify all sales and marketing efforts (i.e., how marketing will get leads, with what message, and how sales will convert them) –Explore strategy to generate free leads 87
- 88. Steps to generateleads • Step 3: Layout the Marketing Campaign Plan –Select channels to use. Ideal channels are those that reach the most prospects at the least cost (preferably free!) – Estimate number of leads that can potentially be acquired from each channel – Total of estimated number of leads from all channels must equal your leads requirement –Agree with the sales team on the plan 88
- 89. Steps to generateleads Products Channels Execution Date Leads Target Budgeted Expenses Target Cost per lead 89 A B B/A Sum of A Sum of B Sum of B/ A Marketing Campaign Plan:
- 90. Case Study MarketingCampaign Snapshot 90 Product Channels Ex. Date Lead Target Budgeted Expense Target Cost per lead Beard oil Webstore 1/2013 10,000 1,000 .10 Grooming Kit Webstore 1/2013 5,000 1,000 .20 Apparel Events 3/2013 200 500 2.5 Total 15,200 2,500 2.80
- 91. Case Study Product s Channel s Actual Leads Generate d Actual Cost of Lead Generatio n Number of sales closure Actual Cost per lead Actual cost per conversio n Sales Conversi on % A B C B/A B/C C/B Beard oil Webstore 200 1,000 75 $5 $13.35 .75% Grooming Kit Webstore 50 1,000 10 $20 $100 .1% Apparel Events 125 500 50 $10 $10 .1% 91 Performance
- 92. Activity: Marketing Campaignplan •Develop a Marketing Campaign Plan and create system to measure performance of each channels 92
- 93. Step 4: LeadManagement • Sales consideration- A lead is someone who is ready to talk now and fund the purchase •Marketing consideration- Anyone who is a “hand raiser” • Hence it is important to have Lead Management System that unified understanding between these two professionals • It encompasses a set of integrated, unified processes and systems for funneling prospects through a process with scoring and nurturing 93
- 94.
- 95. Demand Funnel 95 Defining the stages gives you the foundation for segmentation, scoring, routing, nurturing, reporting and creates the common language between sales and marketing
- 96. Demand Funnel •An effective demand funnel includes: –Agreed-upon stage definitions and a taxonomy –Defined stage ownership and triggers for conversion between –stages –Service level agreements (SLAs) for each stage –Marketing automation and customer relationship management –Systems to support the funnel model and processes –Forecasts and measurements for the quantities of each –Stage and the conversion percentages between stages 96
- 97. Definition of stages • Suspect— A potential buyer in the total available market for the product or service. • Inquiry—A raw response or hand-raiser. • Marketing-Qualified Lead—An inquiry that meets minimum fit criteria (qualification and interest) as jointly defined by sales and marketing and is ready for sales engagement. • Sales-Accepted Lead—A lead that has been formally accepted by sales, which must work the lead within a given timeframe to determine if a qualified opportunity exists. • Sales-Qualified Lead—Sales has confirmed that a viable opportunity exists and has committed it to the pipeline with an estimated dollar value and timeframe to close. • Customer—An opportunity that has come to fruition. Referred to as Marketing Funnel Referred to as Sales Pipeline 97
- 98. Believe in recyclingyour pipeline When a prospect doesn’t respond or doesn’t have a budget, or some other roadblock crops up somewhere down the funnel before being converted to opportunity, Cold Lead them. These Cold Lead can be used for further nurturing with the goal of reengagement at a later time. 98
- 99. Goals of LeadManagement • Quantity- How many leads are in each stage? • Velocity- How long are these leads sitting at a particular stage? How long does the conversion takes? • Predictability- What is the number of leads that has moved each stage? Predictability of close won at the higher stage of the funnel? 99
- 100. Sales Pipeline Management • Once Sales accepted the leads, after qualification it is changed to an opportunity. • Each of these opportunities are measured how close they are to sales closure. • Organization may use Iron, Bronze, Silver, Gold to classify each stage. • Sales takes over the leads and monitors them from now on. 100
- 101. Sales Pipeline Classification • Iron- Sales person explains opportunity about the goods/ services • Bronze- Second level interaction between sales staff and opportunity. This discussion is more detailed and in depth. • Silver- Expression of interest by the opportunity. Willing to discuss about pricing • Gold- Organisation sends quotation and discusses pricing with the opportunity • Closed Won- Opportunity changed to a customer. A sales closure where customer paid and purchase goods/ services • Closed Lost- At any given stage if the opportunity do not wish to progress towards, change the opportunity to Closed Lost. Update reasons to perform Win/Loss Analysis 101
- 102. Case Study LeadManagement Process Snapshot 102 Category Action Beard-Curious Follows link from FB ad or Blog post Beard-Interested Spends 1-3 minutes on website or views About pages Beard –Serious Puts item in cart Beard-Customer Completes purchase Beard-Abandoned Left website or abandoned cart
- 103. Activity- Lead managementprocess • Develop a lead management process for the company 103
- 104. Step 5: LeadScoring • Lead scoring is the process of assigning a ranking to sales prospects based on an understanding of the prospects’ interests and buying intentions. 104
- 105. Lead Scoring •It’s not a predictor of who will close or who will buy. • It’s not a forecast. • Rather, it provides a prioritized, inbound to-do list for the sales rep and a way to systematically status leads from inquiry to marketing qualified 105
- 106. Lead Scoring Model • There are many scoring models, however this section limits to Two Dimensional Scoring Model. • The two dimensions are: –Interest scoring—Use behavior to gauge a prospect’s interest and suitability. –Qualification scoring—Conversely, in this model, we ignore behavior and focus solely on “fit”—the characteristics/attributes of the prospect. 106
- 107. Two Dimensional ScoringModel • Qualification scoring though subjective analysis that’s informed by the judgment and experience of your task force. Ask your salespeople to describe the ideal customer. What are the attributes that make up the total profile? • Interest is the other dimension of lead scoring. Someone may meet the qualifications established for a lead, but if they don’t show any buyer interest, the lead score is lower • Sales and Marketing staffs should jointly agree on the attributes to score qualification and interest • Once we have the qualification and interest model, we must develop a scoring formula that combines these two dimensions into a very simple rating system 107
- 108. Two Dimensional ScoringModel 108 Level of Fitment in the purchase of the product Level of interest to make the purchase
- 109. Two Dimensional ScoringModel Establish an agreement between sales and marketing team that A, B, or C lead is a marketing-qualified lead (MQL) while D and E leads are merely inquiries (in 109 our Demand Funnel)
- 110. Service Level Agreement • At this stage we need to have following SLA: –Time period permissible for Sales to take over leads from Marketing and change them to Opportunity e.g. 48 Hours –Time period permissible for Sales to keep any opportunity at a particular stage (Iron, Bronze, Silver or Gold) e.g. less than 2 weeks –Establish Criteria for Closed Lost and Cold Lead 110
- 111. Maintain Your LeadScoring System • A lead-scoring framework is not a “set-it-and-forget-it” proposition • Periodically review the SLAs that have been established between sales and marketing • Do the stats show a need for revisiting the SLAs, a need for sales training, or a need for greater staffing/coverage? • Always obtain feedback from your teammates in sales. They are closer to the customers and can be your early-warning system for detecting and responding to changes in the market • Review opportunity-to-close ratios to gauge the effectiveness of your scoring system. Reexamine Your Qualification Questions and Reexamine Your Weightings 111
- 112.
- 113. Step 6: LeadNurturing • What creates the momentum for a lead to move along its journey through the Demand Funnel? • Lead Nurturing is an automated process of engaging in a two-way dialogue with prospects to provide and obtain the information each party needs at key stages of the buying cycle. The ultimate goal of lead nurturing is to help prospects understand that your product or service is the best choice to achieve their objectives 113
- 114. Ways to nurtureleads • Engage in a dialogue with prospects- Engagement means dialogue, not monologue. It means creating communication that has value for both parties, so that buyer and seller both have an interest in continuing to communicate • Gauge each stage of the buying process- prospect goes through a multistage process before making a purchase decision. 114
- 115. Ways to nurtureleads • Remember, the prospect’s buying process is not the same as your selling process! Typically, the buying process looks like this: 115
- 116. Ways to nurtureleads • Help prospects achieve their objectives—Why do prospects become customers? Ultimately, it’s because they feel and decide your solution will help them achieve their objectives. They believe that yours is the best choice, for various reason(s), to solve their problem 116
- 117. Lead Nurturing alongthe Demand Funnel 117 MQL= Marketing Qualified Leads, SAL= Sales Accepted Leads, SQL= Sales Qualified Leads,
- 118. Types of Nurturing • Nurture to educate Greatest opportunity to engage with your prospect and generate real, sustained interest in your offering. Use your exciting multimedia content, webinars, and other similar resources as calls to action • Nurture to connect sales Move the lead from MQL to Sales Accepted (sales-ready) Lead (SAL) status. The primary goal is to connect the prospect with a lead development rep or salesperson. Tools like needs assessments, free consultations, and personal demonstrations works. • Nurture to onboard/ upsell It’s a lot more expensive to get a new customer than to keep an old one, so now it’s up to you to keep building rapport and on boarding nurtures are a great way to achieve that. Start with a “welcome aboard” nurture for net-new customers, followed by on boarding and training nurtures. Provide guidance on adoption, continue nurturing for loyalty, upsell/cross sell • Nurture to recycle Send these leads into your recycle nurture program that gets them back through the Demand Funnel and reengaged with sales in the future. If you don’t, a huge percentage of these contacts will buy from a competitor because you didn’t stay engaged with them. Better approach is to put them into a win-back nurture that puts them in hibernation for a period and checks in to ask, “How are things going? 118
- 119. Why Lead NurturingMatters? • Companies that excel at lead nurturing generate 50% more sales-ready leads at 33% lower cost per lead (Forrester Research). • Nurtured leads produce a 20% increase in sales opportunities over non-nurtured leads (Demand Gen Report). • 60% of marketers believe that technology can help them develop more high-quality leads (Forrester Research). • Sales reps dedicate 14% of their time to lead development, but only 6.3% of leads are utilized (Sirius Decisions). • Nearly 80% of marketing leads never convert into sales. Lack of lead nurturing is the common cause of this poor performance (Marketing Sherpa). • 84% of qualified leads are not ready to buy (Aberdeen Research) 119
- 120. Manage your contentto move leads • You need to speak in different ways to different buyers at different phases of the sales cycle • In fishing vernacular, you need lots of different lures and lots of different kinds of bait to catch lots of different fish! • Content marketing strategy is a serious discipline involving the planning, creation, delivery, and management of informational content –Frequency—Content generation and dissemination must maintain momentum to be effective. –Relevance—Marketing automation systems, data segmentation, and personas enable you to pinpoint your messaging to specific targets. Take advantage of that ability 120
- 121. Contents at differentstages of buying process 121
- 122. Step 7: Analytics • A marketing automation system that’s integrated with CRM enables us to measure performance “from click to close.” • KPI –Number of leads generated to meet targeted sales order –Cost per lead, Cost per opportunity, cost per closure- Actual cost of lead generation divided by number of leads/ opportunity/ sales closure –Stage Conversion Rates- report how many prospects move from one stage to the next level –Average Time at Each Stage- Measuring how long the average prospect spends in each stage tells you the velocity of your Demand Funnel –Campaign Performance- Comparison of targeted lead generation and actual within a defined budget 122
- 123. Case Study LeadNurture 123
- 124. Create Lead NurturingPlan Lead Nurture Philosophy: Everyone is a potential customer or brand advocate. 124
- 125. Key metric forLead generation • Cost per lead- Total amount spent to generate leads divided by number of leads generated • Cost per conversion- Cost per lead can be misleading sometimes as it there is always a difference between “Marketing qualified leads” and “Sales accepted leads”. Cost per conversion is the amount spent to complete a purchase. Total amount spent on lead generation divided by sales closure • Conversion rate- Different channels behave differently. Number of sales closures divided by number of opportunity (represented in %). • Lead generation budget- Amount spent in generating required leads in order to meet targeted revenue 125
- 126. Converting Marketing Leads Keeping Score Of Your Success • Quantifying Marketing • Automation & Integration • Data Capture • Metrics That Matter • Metric-Driven Marketing Culture
- 127. Converting Marketing Leads Start With The End • What should you measure? • Start with the end • PPT or Excel • Automation & integration tools • www.manufacturingdemand.com
- 128. Converting Marketing Leads There Is No GAAP For Marketing • No agreed upon standards • Models, Comparisons & Benchmarks • Commercial ready solutions • PPT & Excel
- 129. Converting Marketing Leads The 3 C’s • What can you Count? • What Counts? • What can you Count on?
- 130. Converting Marketing Leads 3 Categories of Marketing Analytics • Executive KPI’s • Demand Funnel KPI’s • Campaign Performance
- 131. Converting Marketing Leads Executive KPI’s • Marketing Sourced Leads & Opps • Marketing Contribution to Revenue • Marketing Influence on Opps & Revenue
- 132. Converting Marketing Leads Demand Funnel KPI’s • Prospect/Contacts at Each Funnel Stage • Stage Conversion Rate • Average Time at Each Stage • Lead-Score Distribution
- 133. Converting Marketing Leads Demand Funnel KPI’s • Prospect/Contacts at Each Funnel Stage • Stage Conversion Rate • Average Time at Each Stage • Lead-Score Distribution
- 134. Converting Marketing Leads Campaign & Asset Performance • Campaign Performance • Asset Performance
- 135. Converting Marketing Leads Quick Tips For Developing Culture • Design from the start • Build process • Define KPI’s • Create simple reports • Dedicate a resource • Explain your KPI’s • Enhance your website, campaigns & CRM
- 136. Case Study •Key Metrics 136 Metric Baseline 1 2 3 4 5 # of Visitors 10 450 1000 4000 8000 17000 Cost of Acq. $100 $45 $1 $0.25 $0.12 .056
- 137. Conclusion Contact BrettNoyes www.noyeslimited.com brettnoyes@startupweekend.org 509-910-3496 @brettnoyes
- 138. Market Place AccountingBanking Sales Organization Social Email Storage Marketing