Optimizing the Lead: A data-driven optimization process that goes - - PowerPoint PPT Presentation

Brian Carroll Pamela Markey Executive Director, Director of Marketing & Revenue Optimization Brand Strategy MECLABS MECLABS A data-driven optimization process that goes beyond lead capture

Optimizing the Lead:

Session Speakers

2

Brian Carroll Executive Director of Revenue Optimization MECLABS

Brian Carroll is Executive Director of Applied Research at MECLABS and CEO of InTouch, part of the MECLABS Group. 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. Carroll also speaks to 20,000 people a year on improving sales effectiveness and lead generation strategies. He has been profiled and regularly 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

Session Speakers

3

Pamela Markey Director of Marketing & Brand Strategy MECLABS

Builds strategic partnerships, plans promotional initiatives, and is responsible for both Primary and Applied Research communication- and marketing-related activities. If it impacts a MECLABS brand, it goes through her. Before joining the team in June 2009, Markey worked for seven years as a wireless marketing manager at Bell Canada, during which time she managed campaigns for the Solo Mobile and Bell Mobility brands. Her work has been recognized at Cannes, the CLIOs, and the Canadian Marketing Awards among others. Markey started her career in marketing at Microsoft while completing her Bachelor of Commerce degree at Dalhousie University.

@pamelamarkey

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

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 people

1

What is a lead?

Inquiries are not leads

• 5 to 15% of all inquiries are sales-ready

1

What is a lead?

Inquiries are not leads

• 5 to 15% of all inquiries are sales-ready

Sales doesn’t need to “accept” the leads

• Confirm whether the lead met the Universal Lead

Definition agreed to between sales and marketing

1

What is a lead?

Inquiries are not leads

• 5 to 15% of all inquiries are sales-ready

Sales doesn’t need to “accept” the leads

• Confirm whether the lead met the Universal Lead

Definition agreed to between sales and marketing Create your very own version of a ULD

• Apply it to every lead, and iterate as you close the

loop

1

What is a lead?

Inquiries are not leads

• 5 to 15% of all inquiries are sales-ready

Sales doesn’t need to “accept” the leads

• Confirm whether the lead met the Universal Lead

Definition agreed to between sales and marketing Create your very own version of a ULD

• Apply it to every lead, and iterate as you close the

loop

CREATE YOUR ULD

1

Identify the right companies and people

Action Item: ULD checklist

F

What makes a good sales lead?

• How can we raise the bar and give your better more actionable leads?
• What initiative or need makes this a good fit?
• What info is necessary to determine if a lead is worth the follow-up?
• What are the titles/job functions of economic buyers and influencers?
• What does this company values? What is its culture like?
• What are the common business issues?

"

1

Identify the right companies and people

What information is required to qualify leads as being sales ready?

• What are the characteristics of the ideal sales opportunity?
• What are the questions sales want answered before getting a lead?
• What info is must-have vs. nice-to-have?
• Which questions tend to gather the most-needed information?
• What should we start doing to make leads more actionable?
• What things should we stop doing with leads that don’t value?

"

F

Action Item: ULD checklist

What information is required to qualify leads as being sales-ready?

• What are the characteristics of the ideal sales opportunity?
• What are the questions sales want answered before getting a lead?
• What info is must-have vs. nice-to-have?
• Which questions tend to gather the most-needed information?
• What should we start doing to make leads more actionable?
• What things should we stop doing with leads that don’t value?

"

1

Identify the right companies and people

Action Item: ULD checklist

F

"

Use the ULD to delineate “sales-ready” vs. “nurture” lead statuses

• Will there be a time frame to evaluate and implement a solution?
• Will there be a formal or informal budget in place?
• Are there specific behaviors or traits you are looking for?

1

Identify the right companies and people

Identify key info a sales rep would value in speaking with a prospect

• What fuels interest and how must we focus on it with the solution?
• Where is the best entry point?
• Who is involved in the buying process as it evolves?
• Should anyone else be contacted?
• Where’s the funding coming from and who has authority over it?

"

Then, only send as many sales ready leads that the sales person can effectively handle

Action Item: ULD checklist

F

Then, only send as many sales-ready leads that the sales person can effectively handle

"

Identify key info a sales rep would value in speaking with a prospect

• What fuels interest and how must we focus on it with the solution?
• Where is the best entry point?
• Who is involved in the buying process as it evolves?
• Should anyone else be contacted?
• Where’s the funding coming from and who has authority over it?

1

Identify the right companies and people

Identify key info a sales rep would value in speaking with a prospect

• What fuels interest and how must we focus on it with the solution?
• Where is the best entry point?
• Who is involved in the buying process as it evolves?
• Should anyone else be contacted?
• Where’s the funding coming from and who has authority over it?

"

Then, only send as many sales ready leads that the sales person can effectively handle

Action Item: ULD checklist

F

Then, only send as many sales ready leads that the sales person can effectively handle

"

Identify key info a sales rep would value in speaking with a prospect

• What fuels interest and how must we focus on it with the solution?
• Where is the best entry point?
• Who is involved in the buying process as it evolves?
• Should anyone else be contacted?
• Where’s the funding coming from and who has authority over it?

FOCUS ON EFFICIENCY

1

Background: An industrial testing equipment manufacturer engaged the MECLABS Leads Group to follow up on leads generated through tradeshows and a PPC campaign offering a free book. Goal: To understand when to stop calling a teleprospecting list. Primary research question: At which point does the value of sales-ready leads from a calling campaign no longer outweigh the costs? Approach: Record and analyze teleprospecting campaign data to discover the point of diminishing returns Experiment ID: (Protected) Location: MECLABS Leads Group Library Test Protocol Number: TP1214 Research Notes:

15

Experiment: Background

1

Primary research question: At which point does the value of sales-ready leads from a calling campaign no longer outweigh the costs?

Experiment: Campaign path

Leads Generated

Tradeshows PPC campaign

Qualified Leads

Re-engagement

1

Days 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Leads 412 57 14 4 11 12 8 10 6 5 1 2 2 3 10 Percent 61.3% 8.5% 2.1% 0.6% 1.6% 1.8% 1.2% 1.5% 0.9% 0.7% 0.1% 0.3% 0.3% 0.4% 1.5% Cumulative 412 469 483 487 498 510 518 528 534 539 540 542 544 547 557 Cumulative % 61.3% 69.8% 71.9% 72.5% 74.1% 75.9% 77.1% 78.6% 79.5% 80.2% 80.4% 80.7% 81.0% 81.4% 82.9% Days 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Leads 7 5 3 5 2 3 5 3 4 2 3 3 2 3 6 Percent 1.0% 0.7% 0.4% 0.7% 0.3% 0.4% 0.7% 0.4% 0.6% 0.3% 0.4% 0.4% 0.3% 0.4% 0.9% Cumulative 564 569 572 577 579 582 587 590 594 596 599 602 604 607 613 Cumulative % 83.9% 84.7% 85.1% 85.9% 86.2% 86.6% 87.4% 87.8% 88.4% 88.7% 89.1% 89.6% 89.9% 90.3% 91.2% Days 31 34 36 37 38 39 40 42 44 46 47 48 49 51 53 Leads 3 2 1 1 1 1 1 1 1 1 1 4 1 2 1 Percent 0.4% 0.3% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.6% 0.1% 0.3% 0.1% Cumulative 616 618 619 620 621 622 623 624 625 626 627 631 632 634 635 Cumulative % 91.7% 92.0% 92.1% 92.3% 92.4% 92.6% 92.7% 92.9% 93.0% 93.2% 93.3% 93.9% 94.0% 94.3% 94.5%

17

Experiment: Results

Point of diminishing returns: Consider the value of a lead against your campaign cost to discover the point at which ROI is no longer favorable

!

1

18

Experiment: Results

Analysis of the calling and lead generation data showed that 90% of successful leads were converted within 28 days of first contact

• 60% of conversions happened on the first day
• Another 30% take place over the next month
• Conversions dropped off significantly after 28 days

Looking for a decision point:

• 30 days is when conversions stop increasing every day
• 15 days is the last point at which at least 1% of conversions occur
• 9 days is where you reach 80% of conversions
• 2 days is where you reach 70% of conversions

*The last conversion in this data set took place on 343rd day (672 total conversions)

1

50 100 150 200 250 300 350 400 450 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 19

Experiment: Results

* *

15 days last point at which at least 1% of conversions occur 30 days conversions stop increasing every day

Campaign days Sales-ready leads

1

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 prioritize

2

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

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

Step 2. Segment and Score Leads

Segment for next action

Sales Qualification and Discovery Human interpretation (qualitative) Segmentation based on potential (quantitative) Lead scoring Phone Qualification and Discovery Touch Points

(e.g., what content have they engaged?)

Explicit User-supplied Data

(e.g., Registration Forms)

Data Hygiene, Enhancement and Consolidation Targeting/Messaging/Calls-to-Action 2

Step 3. Qualify Leads

Implicit Information

Touch points User-tracked behavior What have they engaged?

Explicit Information

$

Sales-ready Leads Contacts Companies Ideal Customer Does it meet the ULD? Rep call to qualify Assign to rep Inquiry comes into DB

Hand off to sales possibilities

2

Step 3. Qualify Leads

Mark as nurturing Email Call quarterly Mark as disqualified Not a fit Interest Timeframe Budget Critical ULD Factor 1 Critical ULD Factor 2

NO

Does not meet ULD 2

YES

Set appointment Hand off to Sales

Step 3. Qualify Leads

Prospects willing to speak with sales?

YES

Meets ULD

NO

Mark as nurturing Email/Call 2

Cycle back to improve your DB

Web Inquiries Sales Generated Webinar Registrants / Inquiries Social Media Inquiries Event Registrants and Attendees Downloadable Tool

Database Touchpoints

John Smith Touchpoints: 02/08/2012 - Attended Workshop “Advanced Event Marketing Practices” 10/18/2011 - Email Opened “TODAY: How marketers are transforming change” 10/18/2011 - Downloaded Tradeshow checklist tool 10/18/2011 - Attended Webinar - B2B Mkg BMR: Marketers 10/12/2011 - Email Link Clicked “Three ways to increase leads generation at tradeshows and events” 10/12/2011 - Email Opened “Three ways to increase leads generation at tradeshows and events” 09/20/2011 - Downloaded Q3 Event Summary whitepaper 09/19/2011 - Attended Webinar – “Event budget planning” 09/05/2011 - Called – Spoke with Inbound Inquiry team 09/02/2011 - Message: Your question about services 09/01/2011 - Web Lead – Web – Contact Page

2

Progressive Profiling

First-time download lead gen form Subsequent download progressive profiling Capture a little more information each time you provide value 2

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

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 conversation

3

Relevance

3

Timing

+

Relevance

3

Timing

+

Relevance Memorable

3

Timing

+

Relevance Memorable TIME YOUR TOUCHES

3

Lead Generation Model

INQUIRY CUSTOMER

Identify Need Make Decision 3

Lead Generation Model

INQUIRY CUSTOMER LEAD

Research Solutions Identify Need Make Decision 3

Lead Generation Model

INQUIRY CUSTOMER LEAD SALES-READY LEAD

Research Solutions Develop Short List Identify Need Make Decision 3

Lead Generation Model

INQUIRY CUSTOMER QUALIFIED PROSPECT LEAD SALES-READY LEAD

Research Solutions Develop Short List Identify Need Review Proposals Make Decision 3

Lead Generation Model

INQUIRY CUSTOMER QUALIFIED 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

Lead Generation Model

INQUIRY CUSTOMER QUALIFIED 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

Broadly Targeted Less Interactive Less Measurable Narrowly Targeted Highly Interactive Highly Measurable 3

Multi-modal Lead Generation

3

Case Study

Background: A networking equipment company facing bankruptcy needed to prevent leads from going to the competition, improve reputation and accelerate pipeline velocity. Objective: To determine if a clearly defined funnel and highly focused message will optimize progression through funnel stages and close deals. Test Design: Marketing-sales collaboration, message map development, multichannel messaging and sales team follow-up.

Experiment ID: Networking equipment company funnel optimization test Location: MECLABS Primary Research Library Test Protocol: CS31556 Research Notes: 3

43

Case Study

• Sales and Marketing collaboration
• Identify target accounts, specific audiences and

key issues for campaign messaging

Messaging Issues Accounts Audiences

3

44

We consciously chose the most vocal salespeople to participate in the process to accelerate buy-in.

Chris Waldo Demand Generation Leader, Americas Nortel

3

45

Case Study: Campaign messaging What’s Next Urgency Rebuild Trust Assurance

Content Audit

3

46

Case Study: Multi-channel messaging

• Microsite with messaging-

related content

• Invitation-only in-person

roundtable in 12 cities

• Invitation-only webinar
• Integrated social media
• Registered visitors added to

automated email nurturing

3

47

Case Study: Sales team follow-up

• Microsite registrations

mapped back to pipeline

• Weekly sales notification of

lead opportunities

• Sales team follow-up based on
• pportunities that met lead

criteria

3

Case Study: Results

What you need to understand: A clearly defined funnel and highly focused messaging will optimize progression through funnel stages.

30% Existing opportunity participation 34% Revenue came from campaign response 15% Microsite conversion rate

*

3

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 buy

4

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

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 but the same results

*

4

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

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

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

• pportunity and pipeline increases are achieved

*

4

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

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

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

Repurpose quality content

Research Chart

4

Repurpose quality content

Tactical tool download Blog post Video clip Webinar Email Research chart

4

Measure and refine

Tactical tool download Blog post Video clip Webinar 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

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

Takeaways: Identify

Collaborate with your sales team to determine and apply your Universal Lead Definition

What information is required to qualify leads as being sales-ready?

• What are the characteristics of the ideal sales opportunity?
• What are the questions sales want answered before getting a lead?
• What info is must-have vs. nice-to-have?
• Which questions tend to gather the most-needed information?
• What should we start doing to make leads more actionable?
• What things should we stop doing with leads that don’t value?

"

1

Takeaways: Prioritize Set up a process that allows your team to increase pipeline velocity

2

Takeaways: Initiate Match your conversation timing and relevance with your customer’s stage

3

INQUIRY CUSTOMER QUALIFIED PROSPECT LEAD SALES-READY LEAD

Research Solutions Develop Short List Identify Need Review Proposals Make Decision

Takeaways: Nurture Nurture leads, regardless of time to buy

4

Thank you

Questions?

Brian Carroll Pamela Markey Executive Director, Director of Marketing Revenue Optimization MECLABS MECLABS A data-driven optimization process that goes beyond lead capture

Optimizing the Lead

Experiment: Background

Background: Objective: Primary research question: Test Design:

Experiment ID: Location: Test Protocol: Research Notes:

68

New section subtitle

New section title

Lightest blue R:0, G:145, B:204 Light blue R:0, G:131, B:185 Medium blue R:0, G:105, B:150 Dark blue R:0, G:94, B:130

70