In a series of three posts we share feedback from other senior-level marketers on why marketing automation is needed, benefits of marketing automation, and highlight their lessons learned from using marketing automation. This post covers the benefits of marketing automation.
Forrester Consulting interviewed 15 senior level marketers who use marketing automation. The data below shows the percentage of marketers surveyed who provided the answer. When marketers were asked about the benefit of marketing automation, here’s what they had to say:
Benefits of marketing automation – key takeaways and recommendations:
“In my view, the primary benefits of B2B marketing automation are:
1) It allows marketers to accomplish more, usually at a lower cost, than they can get done manually;
2) It facilitates continuous improvement by allowing marketers to track and measure the results of their campaigns, then make necessary adjustments, in near real-time.”
Mac McIntosh, sales-lead-insights.com
1. The number one benefit of marketing automation is better leads/more robust pipeline. Marketing automation improves the quality of leads handed to sales, increases opportunity to pipeline conversion, and accelerates a prospects time to revenue. As discussed, lead scoring delivers better leads to sales. In addition to lead scoring, marketing automation provides lead nurturing to build relationships with new leads and your existing database. Businesses will increase opportunities and lower cost per lead resulting in higher margins and a “fatter” forecast.
2. Almost half of participants agreed that marketing automation provides better customer insight/data. Lead tracking helps sales and marketers identify what a prospect is truly interested in by logging pages viewed, search terms used, time on site, emails opened, and more. It’s like turning your website into a sales person. Sales can easily identify when a prospect is thinking about your solutions and what they care about, allowing sales to optimize their “pitch”.
We welcome your feedback, comments and suggestions. How have you benefited from marketing automation? To be alerted of future posts, please click on the RSS button. Feel free to read part one, need for marketing automation, and part three, lessons learned from marketing automation.
https://www.leadliaison.com/wp-content/uploads/2013/04/Lead-Liaison-Logo5.png00Lead Liaisonhttps://www.leadliaison.com/wp-content/uploads/2013/04/Lead-Liaison-Logo5.pngLead Liaison2011-02-28 22:12:522014-09-16 17:40:06Benefits of Marketing Automation
Did you know you can track your website to better understand results of your sales and marketing efforts and uncover new opportunities? This article discusses why you should track your website using lead tracking technology. Additionally, we’ll compare tracking technology to perceived alternatives, such as Google Analytics.
Why track your website?
Many B2B companies track their website for two reasons; to measure return on sales and marketing investments and to generate new leads. Marketing and sales teams invest a lot of time and effort into evangelizing their companies’ solutions. For example, marketing sends out email campaigns, publishes posts on social media, creates valuable content, landing pages, a website, and web forms. On the other hand, sales is calling new prospects, following up with interested prospects, and holding meetings with new leads. How do we know sales and marketing’s efforts are not wasted? What insight do we have to measure the effectiveness of these efforts after a campaign is finished? Industry experts estimate 96% of all website visitors go unnoticed. By not implementing lead tracking, there’s a good chance the results of your investment will fall into a black hole.
If you track your website, you’ll realize the fruits of your labor. Let’s examine return for a marketer sending out an email campaign. Most email campaigns include a call to action that directs the email recipient to visit your website. Marketers do this by embedding links to their website in an email message. Once a link is clicked, lead tracking technology identifies the individual, company, revenue, company description, pages viewed, search terms used, source of the lead and more in real-time. When marketing pulls a report of all website visits generated from specific email campaigns they can determine the effectiveness of the program and decide which programs to invest in or pull out of.
Sales will also benefit in a few ways if you track your website. Let’s say a sales person spends 1.5 hours on the phone with a new marketing qualified prospect. If a sales person is able to see if a prospect visited his/her company’s website the sales person is able to get a better feeling for the prospects interest level. By tracking each page viewed by the visitor a “digital footprint” is created. Did the prospect do more research on a specific solution? Did they check out pricing? Are they looking at another solution? If you track your website you’ll have this information.
Lead Liaison vs. analytics packages
Some businesses feel they already have a way to track their website with analytics packages such as Google Analytics. Analytics packages do allow tracking; however, they are very different from Lead Liaison’s lead tracking technology. For example, Google Analytics is cumbersome to manage and complex to navigate. The goal for Google Analytics is to get you to spend more money on search word advertising, not to help you generate leads from your existing assets (website, marketing collateral, web forms). If you track your website using Lead Liaison’s lead tracking you’ll obtain the following advantages over analytics tools similar to Google Analytics:
Comparing lead tracking to web analytics. Lead tracking provides…
1. More leads. Lead Liaison includes a workflow process around your website leads by allowing marketers to nurture leads after their visit. Analytics packages provide pure static reporting.
2. More lead intelligence. Lead Liaison includes business intelligence information such as company name, description, revenue, news, competitors and more. Analytics packages typically provide only an IP address for your website visitor.
3. More qualified leads. Lead Liaison automatically qualifies your website visitors using lead scoring. Analytics packages do not provide this.
4. Better clarity on your revenue cycle. Lead Liaison provides analytics to help marketers’ measure results of their campaigns deep into the sales pipeline. Analytics packages provide analytics to help marketers optimize their website for paid advertising by reporting metrics such as visitor volume, top pages viewed, and top performing keywords.
5. Better measure of return on marketing assets. Markers need to know how their landing pages, web forms, and email campaigns perform. Lead Liaison provides A/B testing and ROI analytics on marketing assets to determine where to invest and where not to invest. Analytics packages provide investment insight on keywords.
If you would like to track your website and generate more leads, higher quality leads, more lead intelligence and better clarity on your revenue cycle contact Lead Liaison here for more information.
We welcome your feedback, comments and suggestions. Why do you think it’s good to track your website? To be alerted of future posts, please click on the RSS button.
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Marketing automation is gaining wide adoption as a standard technology used by sales and marketing teams of all sizes. A sea change in how B2B buyers buy and marketers market requires a new look at techniques to better align sales and marketing teams, gain control over marketing programs, measure marketing effectiveness, and strengthen the sales pipeline. In a series of three posts we’ll share feedback from other senior-level marketers on why there is a need for marketing automation, benefits of marketing automation, and highlight their lessons learned from using marketing automation. This post covers the need for marketing automation.
Before diving into the data, let’s first clarify some definitions. LMA stands for “Lead Management Automation”, which is an industry name for technology in the marketing automation space. At Lead Liaison we believe marketing automation is a feature of an overall solution. We use this feature to deliver a wide array of benefits as part of our revenue generation software (the solution).
Forrester Consulting interviewed 15 senior level marketers who use marketing automation. The data below shows the percentage of marketers surveyed who provided the answer. Forrester first asked what problems the marketers were looking to solve. Here are the results of the marketer’s pain points:
Need for marketing automation – key takeaways and recommendations:
1. The top two pain points revolve around how sales and marketing interface. To improve collaboration between sales and marketing teams start by creating a Service Level Agreement (SLA) then procure a marketing automation software solution. A SLA is an agreement between sales and marketing which defines how the two teams work together to leverage marketing automation technology. It’s a blueprint for success.
2. The number one problem is lead qualification. Marketing automation delivers lead scoring, which is an automated way to objectively qualify leads using technology. Without this technology the definition of a lead is purely subjective and will vary between sales and marketing. Define the universal definition of a lead in the SLA and use lead scoring to establish a point system for qualifying a lead against your criteria and lead definition. Lead scoring will assign points based on a leads activity and demographics to score the lead until they are qualified and ready for sales.
We welcome your feedback, comments and suggestions. What is your need for marketing automation? To be alerted of future posts, please click on the RSS button. Feel free to read part two, benefits of marketing automation, and part three, lessons learned from marketing automation.
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White papers are extremely valuable assets to a company and should be constructed carefully. It’s imperative white papers include proper call to actions to appeal to the target audience. Additionally, white papers should be combined with marketing automation technology to maximize return on assets. In this article, we’ll provide suggestions on how marketing automation technology can enhance your marketing assets and provide tips and suggestions for writing great white papers.
A Study on White Papers:
Saavy B2B Marketing ran a study across 40 white papers. Results showed that only 30% of white papers had a call to action. Moreover, a recent study from InformationWeek found that 75.8% of white paper readers go to a search engine to look for more information once finished reading a white paper.
What is a white paper?
The term white paper stems from the white book, an official publication of a national government usually declaring government policy. A white paper typically argues a specific position or solution to a problem. Although white papers have roots in governmental policy, they’ve evolved into a common tool used to introduce technology and products. White papers are powerful marketing tools used to help key decision-makers and influencers justify implementing solutions.
How to outline a white paper
Building a framework for your white paper is easy. Outline your paper with the following four (skipping #3 is okay sometimes) sections to keep your readers engaged.
1) Abstract – Describe what the white paper is about in one paragraph. Do not state the conclusion here; simply tell the reader what the purpose of the paper is. Note that readers frequently scan only the abstract and conclusion of white papers, so provide material that leaves them wanting to read more and not skip ahead.
2) The Problem – Two to three paragraphs covering the problem and a little background. Be straightforward and succinct. Avoid obfuscated language and hidden assumptions.
3) Understanding the Product’s Design – Discuss how the product works in general. Do not describe how the product solves the problem; rather, orient the reader for them to understand the product’s application to the problem. Note, skip this section if you’re writing a white paper with your reader’s interests in mind, not your company’s products. If you’re looking for a more product/technology-centric pitch include this section before discussing how to solve the problem.
4) How to Solve the Problem – How the application of the solution solves the problem. Make sure to provide evidence of how the product solves the problem, and why it is the best solution available.
Ideas for white paper calls to action
What does the study in the blue box mentioned above mean to B2B marketers? First, it’s imperative to list a call to action. If you’re unsuccessful getting your readers to take the next action within a controlled environment (your company) they could wind up on the internet stumbling across your competition. Include the call to action inside your white paper as well as on your landing page.
After readers finish your white paper the suggested next step should be commensurate with where your readers are in the b2b buying process. Be sensitive to the stages your buyers are in. For example, if they’re in the beginning stages offer them educational material that’s less sales-ish. Furthermore, if your reader is the economic buyer there’s a good chance the prospect is well into the buying cycle and close to a purchase. For this reader, suggest a web page that highlights customer testimonials or invites them to work with you on building a complementary return on investment (ROI) analysis. Below are examples of call to action items:
Microsites
Blogs
Twitter IDs
Facebook website URLs
Specific web pages / resource pages
Books
Second, use marketing automation technology to help track your prospects as they continue interacting with other marketing assets such as more white papers, corporate website and email campaigns. Marketing automation, a feature of revenue generation software, is the glue that keeps tabs on how interested your prospects really are. Is the reader who’s downloading your white paper just looking for an education or is he really interested in your solutions and ready to speak with sales? Marketing automation will help “raise your readers (prospects) hand” as soon as they demonstrate they are “sales-ready”. Lead tracking, lead scoring and lead nurturing are three features within marketing automation that will help.
Once a reader completes a short web form to download the white paper, lead tracking will log every white paper download, web page visit, social media visit, email open and any other interaction with marketing’s assets thereafter and group these activities into a single view. The activity view is accessible through a CRM such as Salesforce.com. For a sales person, the click path and interaction with marketing’s assets is very useful to identify what the prospect is interested in and how serious they are. Armed with this information, a sales person is much more prepared prior to engaging with the prospect.
Lead scoring uses a point system to score prospects based on various demographics or interactions with marketing. For example, if the visitor read a product white paper add 10 points, if they work for a company with $50M or more in revenue add 20 points. Lead scoring establishes a scoring threshold and notifies sales whenever a visitor hits or surpasses the threshold, becoming a “hot” lead.
Finally, lead nurturing will send a series of scheduled emails based on your reader/visitor’s online behavior. For example, if the reader is an economic buyer who downloaded a white paper on the business value of your technology, you could trigger a lead nurturing campaign that sends the reader three follow up emails. The emails might include an invitation to a pre-recorded webinar on ROI analysis, a download for a ROI analysis calculator and a testimonial on another client’s ROI.
5 tips for writing successful white papers
1) Where possible, white papers should request information from the reader via a short web form. Whenever you provide something of value it’s fair to ask for value in exchange. In this case, what’s valuable is information about your reader, whom you hope to make your customer – standard quid pro quo. Marketing automation technology includes progressive profiling which reduces the number of fields users need to complete, which increases conversion/form completion rates. Progressive profiling replaces fields where information is already known with new fields allowing businesses to collect bits of information to piece together a prospect’s profile. It’s the ala carte vs. buffet version of web forms, which usually settles better in your prospect’s tummy. Additionally, marketing automation platforms include lead tracking technology which eliminates the need to ask for location, company and sometimes personal information if the reader (lead) is already in your database. Most demographics are automatically detected with marketing automation technology.
2) Accompany white papers with a landing page (content page). The page should contain a short write-up on the content of your white paper and contain a web form (with progressive profiling) for the reader to complete.
3) Content page should be SEO optimized for search engine results. If your white paper is accessible through a form embedded on your landing page always try to select the proper keyword for your material and optimize your page with those keywords. If users search the internet after reading your material you want your page to be among the results they see. This demonstrates thought leadership and uniqueness, which is important among a pool of competition on the internet.
4) Understand the disposition of your readers. The call to action as well as content should be relevant to the reader’s role. Typically, there are four types of white paper readers. Economic buyer, technical buyer, user and an influencer or coach. An economic buyer may want to see a ROI model or testimonials whereas a technical buyer may want to see technology specs or benchmarks. Each reader has a goal in mind and that goal is most likely specific to their role. If you’re using marketing automation technology, there’s a good chance the landing page for your white paper can be customized to the reader’s role. Make your landing pages as dynamic and personalized as possible.
5) Write white papers with a less formal style, little marketing-speak and lots of supporting evidence. Don’t be afraid to use an occasional analogy or two when writing your white paper. Most white papers use a very candid and pragmatic approach vs. sugar coating statements (sorry marketing). Avoid using generic marketing terms like “cost effective” or “low performance impact” and be specific with your statements to build credibility with your readers. When making statements in your white paper, look for opportunities to quote 3rd parties or statistics from other sources to gain credibility.
With an understanding of what a white paper is, how to structure a white paper, how and why to include a call to action and how marketing automation technology augments the value of your white papers you’ll be writing superstar collateral in no time. Saddle up marketing!
We welcome your feedback, comments and suggestions. What input do you have on creating great white papers?
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Would you be surprised if you knew your sales people were only selling 11.5% of the time? CSO Insights, who surveyed over 1,800 companies, found this to be true. As a best practice, business should increase sales productivity by focusing sales on selling instead of spending their time traveling, training, researching, prospecting, servicing customers, and handling administrative tasks. This article quantifies the impact of an unproductive sales force and provides suggestions on how you can increase sales productivity.
Quantifying the impact of inefficient sales
Let’s say you were a vendor with twelve sales people. Let’s assume the average, fully burdened (benefits, vacation, training, salary, bonuses, stock, etc.), cost of a sales person is $100,000. The total cost of your sales force would be $1.2M. If 11.5% of their time is spent selling, that’s only $138,000 of the sales budget spent on selling and $1,062,000 spent not selling. You’ll never get to 100%; however, what if sales could focus more on selling and less on doing other things to increase sales productivity by a minimum of 8.5%? With 2,080 working hours in a year, 8.5% of that is 177 hours. With a sales force of twelve people that’s another 2,124 hours (177 hours x 12 people) that could be spent selling. That’s a full year! Would you be interested in bringing on a new sales person, at no charge, who will sell 100% of his/her time? You can by improving productivity of your existing sales force.
How you can increase sales productivity by 8.5% or more
Revenue generation software as well as other handy tips will help you increase sales productivity. Here are our suggestions:
1. Prospect more efficiently. It’s usually not a best practice for sales, especially outside sales, to invest time in prospecting. However, it’s an essential part of any lead generation strategy. Use a solution that provides a database of millions of professional contacts and companies to find targeted prospects in a single-click and spare the expense of digging through contacts not knowing who to call. If possible, refrain from buying lists and identify your target individuals. Who are your influencers, technical buyers, economic buyers, and users and what are their roles?
2. Pre-package presentations optimized around the context of a sales meeting. Sales people spend a lot of time customizing presentations to fit their meetings. Build presentations for specific industries, solutions, or audience levels (engineering, executive, etc.). Lowering preparation-oriented tasks will increase sales productivity.
3. Stream real-time web visit alerts to sales. Lead tracking technology exists to identify and surface, in real time, known and unknown leads. We posted a previous article on tracking website visitors that explains this concept further. Not only is this a new source of leads, it tells sales who is interested and when. If a prospect opens an email and clicks a link to your website sales can be notified in real time. This intelligence tells sales a prospect is online and engaged. If a sales person’s outbound call capacity is 30 calls per day and an email campaign to 1,000 prospects shows when 30 of those prospects are interested and thinking about your solution at that very moment, it makes sales highly efficient and they’ll chalk up a productive day. The ancillary benefit is a happy sales person. With less voicemails, calls, and brush offs sales will feel like they’re making an impact.
4. Have sales focus on qualified leads only. Sales analysts report 80% of marketers send unqualified leads on to sales. How can this increase sales productivity? Use lead qualification technology, also known as lead scoring, to automatically send qualified leads to sales. By splitting up a sales pipeline to form a revenue cycle shared by marketing and sales you’ll increase sales productivity. First, start by creating a service level agreement between sales and marketing. Define the ideal customer profile, what makes a qualified lead, and establish a lead scoring program. Make sure to include activity levels (online behavior) and recency of interaction/response of your leads as part of your scoring program.
5. Consider hiring a lead qualification specialist, sometimes referred to by companies as a demand generation team. A lead qualification specialist is an intermediate resource, or liaison, between marketing qualified leads and sales. The concept is that the lead qualification specialist intercepts a marketing qualified lead to further qualify it as a sales qualified lead before handing the lead to sales. On average, about 10% of “sales-ready” leads are sales qualified leads and 16% of those will eventually buy. Try to optimize sales’ time on the sales qualified leads to increase sales productivity. Technology will only go so far to help qualify a lead (the marketing qualified lead). Human intervention allows further qualification that technology typically does not provide such as budget, authorization, need, and time line.
6. Formulate a closed-loop lead nurturing system. Lead nurturing is the process of developing a positive long-term relationship with leads/prospects through meaningful dialogue, and then tracking their development into sales opportunities. Have marketing and sales collaborate to create a lead nurturing program, document it in your service level agreement, and build it using a drag and drop graphical user interface, available in some marketing automation packages. Effectively, you’ll build a formal lead flow system for leads to travel from marketing to sales and back to marketing if necessary. Make sure to use lead nurturing technology that allows sales to pass leads that are not quite ready to buy back to marketing to avoid “lead leakage”. This is a fantastic way to recycle your leads and increase sales productivity.
7. Use offers that setup appointments for sales. When sending out email marketing messages as part of a lead nurturing campaign, make sure to include offers that keep sales busy with sales-centric meetings. For example, offer free consultations, a personal demonstration, or personalized ROI analysis. Having your email marketing program act as an admin will decrease sales administrative tasks and increase sales productivity.
8. Get more out of your purchased lists. At Lead Liaison, we don’t recommend buying lists since the people on the list most likely have no idea who you are. A better practice is to build up your own database of interested prospects or folks you’ve had relationships with (at some level) and nurture your database, thereby leveraging your existing assets. The result is a lower cost per lead as marketers don’t have to pay for new leads. However, if you must buy a list then consider your approach to marketing to that list very carefully. Don’t just send a single email message asking for an appointment or the sale. Focus on building a longstanding relationship with your contact. Start by sending them educational material and increase product-related content as the contact expresses interest in your solutions through their interaction with your website. Over time, you’ll be able to surface who’s interested and who is not and increase sales productivity.
9. Have marketing send personalized emails on behalf of sales. Always, always, always (is that enough) personalize your emails by sending them from the sales person or a marketing contact. Never send a generic email blasted to your entire database. It may work, but you’ll get a much higher hit rate if you personalize your messages. Try incorporating the recipient’s name and company in the message to increase click-through rates. Limiting the number of emails sales has to customize and send manually will increase sales productivity.
10. Reactivate your old leads. As mentioned above, a great strategy is to re-market to your database. First, start by creating a breakdown of the age of the contacts in your database for a period of 3 months each. For example, 0-3 months, 3-6 months, and so on to get a snapshot of the age of your database contacts. As a suggestion, re-market to leads 1 year or older then 9-12 months old, etc. You’ll help reduce the 18.7% of time your sales people spend on lead generation and allocate more of their time to sell.
Contact Lead Liaison to learn how we can help your business with lead scoring, lead nurturing, sales prospecting, lead generation, activating old leads, personalize email on behalf of sales, get more from purchased lists, and track leads in real time with our revenue generation software. After all, we want you to “sell more, do less” with an increase in sales productivity.
We welcome your feedback, comments and suggestions. What have you done to increase sales productivity?
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Lead Liaison gets lots of leads daily by tracking website visitors that interact with our marketing assets. In this article, we’ll discuss the opportunity created by website visitor tracking, explain how technology enables tracking, and summarize our website visitor tracking solution so you can begin finding new leads for your company today.
Benefit of tracking website visitors
Businesses miss an opportunity to collect a wealth of information on potential leads by not tracking website visitors. Brian Carroll, a lead generation analyst, estimates lead conversion rates are less than 4%. A lead conversion rate is the number of website visitors divided by web form submissions. For example, if there were 100 visitors on a given day then, on average, a maximum of 4 of those 100 visitors would complete and submit a web form. Web forms come in many flavors such as a request for product information, demo or contact us form. Turning this data on its head, it means 96% of website visitors are unknown, fly under the radar, never “raise their hand” or go unnoticed by a sales person. What if you could turn those hidden visitors into leads and prioritize the most interested prospects? This is the opportunity available to companies by tracking website visitors.
How website visitor tracking works
Fortunately, we get to drink our own champagne here at Lead Liaison – we use our own technology to create leads for our company. We get a lot of questions about our website visitor tracking technology and what value this adds. Let’s first talk about what tracking doesn’t tell us. People sometimes think tracking website visitors will reveal an email address, name and phone number for each visitor. It’s possible to do so only if the visitor “opts-in” (more on this later); however, no trustworthy software can identify first-time website visitors with this information unless the visitor is running software on their local machine that gathers information and reports it back to you. Software such as this is known as spyware or malware.
The legitimate way of tracking website visitors is done with cookies and an IP address. Cookies are harmless, legal, and used every day as a standard component by all browsers (Internet Explorer, Firefox, Safari, Opera, Chrome and others). Cookies do not discover new information or collect information from other cookies, they only store known information collected from your website visitors by your website. To further dispel this myth, it’s not even technologically possible for a cookie to discover new information – browsers don’t allow it. The only cookies that can be used are those set by and rendered from your website. In summary, the cookie and IP address form the core of any website visitor tracking system. As validation, Lead Liaison uses cookies, IP address, and a proprietary user identification method for tracking website visitors.
The process of tracking website visitors
Lead Liaison categorizes website visitors into two buckets; known leads and unknown leads. Known leads are tracked website visitors who we have information on, such as a name or email. Unknown leads are tracked website visitors we know nothing about. Lead Liaison’s technology turns unknown leads into known leads by allowing unknown leads to opt-in. Unknown leads opt-in to the revenue generation cycle (sales cycle) through one of four ways:
web form submission
email campaign
outlook email message
manual sync by a user of our software
Once the lead opts-in, we establish a connection between the cookie and the users profile allowing us to identify past and future website visits. Visits as well as other activities created by our software, email opens and form submissions, are aggregated and displayed in our web application or CRM like Salesforce.com. By tracking website visitors a prospect profile is created. The prospect profile includes pages viewed (click pattern), time on site, search phrases used by the website visitor to find your website, lead qualification score via lead scoring and more. Additionally, business intelligence information is appended to the lead using proprietary technology to deliver an even more comprehensive lead profile.
If the website visitor’s online behavior, or “digital body language”, is indicative of any sort of interest then they’re deemed “sales-ready” and passed to our sales team, in real-time, for follow up. Alternatively, add the lead to a lead nurturing cycle for automated and personalized follow up and/or send them relevant content over time to further develop the lead. Here’s a summary of the value in tracking website visitors:
Provides sales with a new source of leads
Prepares sales with a profile of prospect’s interest
Notifies sales when there’s a hot lead
Identifies, in real-time, when a prospect is thinking about your solutions
Validates prospecting efforts or meetings that generate actual interest
How to enable tracking website visitors
Enabling website visitor tracking is simple. A company adds a few lines of code (tracking code) to each page they need tracked. Every new visitor gets a cookie dropped on their machine. Combined with the IP address, this information can be used to track interaction with your website and append business intelligence information such as company name, revenue, location and more. As a rule of thumb, it’s easier to track a corporate IP address vs. a residential IP address. For example, if you’re a B2B solutions provider and your website visitor is accessing your website from their corporate office, Lead Liaison can identify their company name from the IP address. If the visitor is accessing your website from home, tracking shows the ISP, such as Road Runner or Comcast, as the company name, which isn’t very useful. Fortunately, advanced lead tracking systems such as Lead Liaison’s allow you to turn on/off tracking of residential IP addresses to filter B2B leads only.
Start tracking your website visitors today using Lead Liaison; see the “lead tracking” feature available in our platform editions, click here.
We welcome your feedback, comments and suggestions. How else could lead tracking help you?
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Lead nurturing is the process of building relationships with prospects over time while shaping their interest in your solution to a certain threshold, or lead score, until the lead is ready for sales. It’s similar to progressing from dating to marriage. First, there’s initial contact where one person expresses interest in another. If the person being courted is too aggressive in their response it could be a turn off to the interested party. Fortunately, there are dating and lead nurturing best practices to adhere to. Whether dating or trying to sell, it’s vital to deepen the relationship over time and know when to commit more.
According to Brian Carroll, author of Lead Generation for the Complex Sale, 95% of website visitors are not ready to speak to sales. They may be just researching your industry and your company. However, studies show sales-readiness of website visitors will increase over time. In fact, 70% of those visitors will eventually buy from someone – including your competition. Unfortunately, most companies don’t realize this outcome.
What problems does lead nurturing solve?
If your lead generation process is similar to most companies, once a contact fills out a web form two things occur. First, the contact is loaded into a CRM system, such as Salesforce.com. Second, a sales person qualifies the contact with a phone call or email. If the contact does not seem like a short term sale for the sales person the lead is ignored and deemed “unqualified”. No further interaction occurs between the company and the contact. Consequentially, lead generation processes become inefficient and “rusty” over time while sales people develop a stigma about the quality of marketing’s leads. Research supports this trend as 80% of all marketing leads are unused, which is a waste of 80% of marketing’s budget.
How will lead nurturing help you?
To maximize ROI on your marketing dollars, it is imperative that interested prospects remain in close communication with you and your company well beyond the initial point of contact. Instead of dropping unqualified leads into a black hole, companies should build a relationship with the lead through a series of scheduled communications. By doing so, companies shape the preference of their potential buyers and stand a better chance of winning a prospects business.
Decrease the percent of leads generated by marketing that are ignored by sales from 80% to approximately 25%.
Raise win rates of leads generated by marketing 7% points higher and reduce “no decisions” by 6%.
Have 9% more sales representatives make quota and decrease ramp up time for new reps by 10%.
Increase efficiency as nurtured-prospects buy more, require less discounting and have shorter sales cycles than prospects that bought but were not nurtured.
Generate 50% more sales-ready leads at 33% lower cost-per-lead.
Number 5 is very important. Lead nurturing allows marketers to maximize return on their most valued asset, a marketing database. Marketers spend lots of money collecting new leads to build up their database. Rely less on adding uninterested contacts with incomplete information to your database and focus on building a high quality database you can nurture. By eliminating dependencies on new contacts and leveraging existing leads, marketers lower cost per lead.
For the expert marketer, this is solid data. However, for beginners trying to understand why they should spend any time on lead nurturing here’s a simple summary. Lead nurturing will:
automate follow-up communication with leads too numerous to be handled through direct sales; and
cultivate and nurture contacts over time so those contacts remember your brand when the need arises.
Lead nurturing tips
Creating a lead nurturing plan is not difficult. Here are four tips for creating your plan:
1. Create content that tells a story, from start to finish.
2. Don’t focus nurturing content on your product; rather, focus content on what your product does for your prospect. Communicate your message using 3rd party content, case studies, white papers, eBooks, Podcasts, webinars and tradeshows invitations.
3. Select a time line and frequency for your nurturing program. Most programs last 12 months on average but vary based on sales cycles. Identify how long your typical sales cycle is and use that as the duration of your nurturing program. Most programs nurture their leads one time per month on average.
4. Keep lead nurturing simple. Experts suggest 80% of the benefit of lead nurturing is achieved by the first 20% of effort. Refrain from creating too many lead nurturing programs / tracks. To start, create only one program per industry relevant to your business. For example, if most of your customers are in the finance and telecom industry create two programs; one with content relevant to finance and the other with content relevant to telecom.
Sample lead nurturing program
Below is an example of a lead nurturing program with 12 nurturing events over 12 months.
Initial Contact –> Introductory phone call and follow-up “thank you” email Month 1 –> 3rd party article on pertinent technology via email Month 2 –> Industry relevant case study via email with follow-up call Month 3 –> Newsletter with scheduled follow up task Month 4 –> 3rd party article on pertinent technology via email Month 5 –> Relevant white paper via email Month 6 –> Targeted campaign via direct mail Month 7 –> Relevant eBook via email with scheduled follow-up call Month 8 –> Link to relevant Podcast via email with follow-up call Month 9 –> Free report via email with follow-up call Month 10 –> Invitation to webinar via email with follow-up call Month 11 –> Call to invite to industry trade show and follow-up with registration link Month 12 –> Prospect calls you and becomes a sales-ready lead
Executing lead nurturing best practices
Once your lead nurturing program is up and running, you’ll need to start prioritizing and capturing your leads. First, you have to define what a sales-ready lead is. A sales-ready lead is a contact that meets your ideal profile and/or demonstrates interest in your solution commensurate with buying signals. By using lead scoring, companies have the opportunity to measure the relative levels of sales-readiness of one lead versus another. Combining lead scoring with real-time lead tracking technology allows companies to notify their sales team of a hot lead at the exact moment a nurtured-contact interacts with marketing collateral. For example, if a contact is sent an email message with links to an article on your company’s website, you’ll be notified in real-time via email or desktop software when the contact clicks the link. This process creates a closed-loop email marketing system, which most email marketing programs do not have.
We suggest defining a sales-ready lead and your lead nurturing programs in a Service Level Agreement (SLA). SLAs are used to broker collaboration and agreement between sales and marketing. Remember, make sure you execute your lead nurturing plan and stick to it. To quote Thomas Edison, “Success is 10 percent inspiration and 90 percent perspiration”.
A lead nurturing program similar to the one above can be fully automated and executed using revenue generation software from Lead Liaison.
We welcome your feedback, comments and suggestions. What lead nurturing best practices do you suggest?
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Facts support a widening gap between sales and marketing teams. Read our article on sales and marketing alignment to see what we mean. Businesses must focus sales and marketing teams on common criteria; in particular, revenue generation. The first step in brokering alignment of sales and marketing teams is to establish an agreement, a set of rules, defining how sales and marketing will interact with each other. Many businesses are creating a Service Level Agreement (SLA) between sales and marketing to serve this purpose.
“Sales and Marketing must collaborate on defining leads and marketing objectives. You can make a huge impact by focusing first, on creating an Ideal Customer Profile (company-wide, for each product, service or solution). Then, create the Universal Lead Definition of a ‘sales-ready lead.’ Finally, connect the marketing/sales process to customer’s buying process.” Read more here. – Brian Carroll” company, http://blog.startwithalead.com
What should a Service Level Agreement contain?
As Brian Carroll highlights, companies should agree to definitions of leads, ideal customers, and adapt to customer’s new buying habits. These are just a few examples of items that should be included in a Service Level Agreement. In addition, businesses should include:
Purpose of the Agreement
General definitions
Lead scoring model
Lead response process and timeline
Lead nurturing program
Metrics / goals
Sales and marketing responsibilities
Review period
Term
Acceptance
Complementary Service Level Agreement for sales and marketing
Lead Liaison’s revenue generation software provides the technology to deliver many of the components of a Service Level Agreement; however, it’s a best practice to first develop a guideline for your lead management in the form of an Agreement. We understand every business is different. Small business, large businesses, different products, different markets, etc; but, we can agree most businesses are similar in a few regards. They lack efficient lead management processes and have misaligned sales and marketing teams. As a result, the “framework” of any Service Level Agreement is similar.
We took an opportunity to create a Service Level Agreement template to get you started. We will be posting the template shortly. The template will be accessible via this post. Please check back shortly.
We welcome your feedback, comments and suggestions. What else should be included in a Service Level Agreement between sales and marketing?
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The CMO Council sited 38% of Chief Marketing Officers (CMOs) say sales and marketing alignment and integration is a top priority. However, only 30% have a clear process or program to do something about it. With only 38% of CMOs making alignment a top priority, we can assume approximately 1 out of every 3 organizations recognize the issue but few take action. How about the other 2 out of 3? Are they not aware of the problems between sales and marketing? This article highlights common problems prohibiting sales and marketing collaboration, summarizes reasons one group thinks the other is the antagonist, and suggests solutions to narrow the divide between sales and marketing.
Unfortunately, inadequate solutions and uninformed executives have only perpetuated the problem. Sales and marketers have developed a terrible misconception of one another culminating in an environment filled with friction and dissonance. Brian Carroll, CEO of InTouch, attests that “communication breakdown affects nine out of ten companies”. Here’s another one of our favorite quotes from Brian:
“The unrealized potential [of sales and marketing alignment] can be likened to the batteries in a flashlight. If the batteries aren’t inserted in the right direction, or are otherwise out of proper contact, their power is unusable”. – Brian Carroll, http://blog.startwithalead.com
Do any of these examples typify your sales and marketing groups?
marketing complains sales never follows up on their leads
sales complains marketing never provides any leads, just contacts
marketing thinks they are the only people who are strategic thinkers
sales thinks they’re the only people worried about the quarter
sales wonders why they always have to generate all their own leads
marketing complains sales criticizes or ignores everything they generate
marketing thinks salespeople will say anything to get a deal
marketing wonders why sales isn’t cranking out deals from all their leads
Problems with sales and marketing alignment
C-level executives must recognize problems standing in the way of sales and marketing alignment. We took an opportunity to pull together five major problems impeding sales and marketing collaboration. Each problem is backed by data from industry experts.
80% of leads are typically lost, ignored or discarded (*1)
73% of companies have no process for revisiting leads (*2)
80% of marketers send unqualified leads on to sales (*3)
90% of marketing deliverables are not used by sales (*4)
90% of website visitors don’t identify themselves (*5)
30% of sales reps turnover each year, 7 months to ramp up (*6)
Solutions to sales and marketing alignment
There’s no single recipe for aligning sales and marketing; however, the first step is recognizing they’re not aligned (you already have a 38% chance). Here are some suggestions to align sales and marketing teams which will address the five major problems identified above.
1. Transform your sales cycle into an integrated revenue cycle. Create a new model (definition) for your sales pipeline to include sales, marketing, services and support. We discussed how businesses can split their sales pipeline into a marketing and sales pipeline respectively in this article. Once the sale is made, even more collaboration should occur between sales and marketing while pulling in support and services. We discuss extending your pipeline past the point of “customer” in this article. Working on a revenue cycle vs. a sales cycle allows sales and marketing teams to work together on a common goal; creating revenue, faster.
2. Define a Service Level Agreement (SLA) between marketing and sales. Include things like definitions/terminology, what makes a qualified lead, priority of lead sources, how leads are “recycled” into nurturing programs, where marketing collateral is stored and details of nurturing programs in your SLA.
3. Establish a closed loop reporting process for leads. Once marketing provides a lead to sales it’s crucial follow up is measured and tracked. Marketing automation uses lead distribution technology to disseminate leads based on pre-defined criteria. Automatic lead distribution reduces turnaround time and make sales happier when marketing responds quickly. Additionally, marketing automation technology can automatically schedule follow up actions. For example, scheduling tasks such as a phone call or email in a CRM system such as Salesforce.com. Advanced marketing automation schemes include the ability to ensure tasks are changed or closed; if not, the system will send an email to the marketer or management notifying them of the delay.
4. Foster a culture of respect and trust. To overcome common misconceptions, as highlighted above, foster an environment of collaboration, open communication, and mutual interest to develop respect and trust between marketing and sales.
5. Implement lead scoring. Lead scoring measures a lead’s interaction with marketing activities. It’s an automatic way for marketing to qualify leads for sales. When a lead is qualified by hitting or exceeding a certain scoring threshold, marketing can hand the lead off to sales. The hand-off occurs automatically and unobtrusively. Check out our lead scoring solutions guide for more information.
6. Implement lead tracking. For the 90%+ website visitors who don’t fill out a form, lead tracking captures the visitor’s information as well as their click pattern (digital behavior) as they traverse your site. This is invaluable information for sales. It helps sales better understand what their prospect is interested in. When sales communicates with the prospect they’ll know what they’re looking for resulting in a more efficient discussion. If lead tracking is not implemented sales loses out on more leads and marketing doesn’t get the proper return on their marketing investments.
7. Implement closed-loop email marketing. Typically, marketing will collect a bunch of leads from a trade show, send out an email blast, then hope for someone to call back. With closed-loop email marketing, any response to an email message is automatically signaled to sales or scored appropriately. The marketing system will “raise its hand” when prospects are interested. Closed-loop email marketing is built into most marketing automation solutions.
8. Implement lead nurturing. Don’t let 90% of your marketing collateral (major marketing investments) go to waste. Lead nurturing leverages closed-loop email marketing and enables marketers to setup customized nurturing schedules of 1, 3, 6, 9, 12, or any number of months to automate and personalize the process of staying in touch with your leads. With marketing collateral in hand, a nurturing program, and closed-loop email marketing you can automate periodic follow up. The nurturing system will automatically send email messages with attached collateral matching your prospects interest. Nurturing matures the prospects interest until they’re ready to buy. Lead nurturing also makes sure that the 80% of ignored leads are not ignored since marketers can drop them into a lead nurturing cycle right away. For the 73% of marketers that don’t plan to revisit/re-qualify leads, work with sales to establish a process wherein leads are “recycled” or added back into the nurturing program if the purchase period is farther out than the sales person is ready for.
9. Overlap payment metrics between sales and marketing. Sales people make most of their money off of bookings or revenue. Measure part of marketing’s success on similar sales metrics.
10. Bring in revenue generation software. Get your organization on a common tool set that provides lead generation, marketing automation and sales prospecting capabilities tied into your CRM system. Using a platform solution, not a single product, provides cost savings across the org while uniting your teams.
What happens when sales and marketing are aligned?
As evidenced by the data below, once sales and marketing are aligned the business will recognize considerable monetary as well as cultural gains. Your organization will begin to think as a team, as a single unit, instead of operating in individual silos with disparate agendas. Industry experts report the following benefits of aligning sales and marketing:
Businesses have a better chance of retaining customers
We welcome your feedback, comments and suggestions. What do you feel the problems are between sales and marketing? What solutions do you have to achieve sales and marketing alignment?
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(*4, *6) “The New Rules of Sales Enablement” by Jeff Ernst.
(*5) Marketing Sherpa.
(*7) Hugh Macfarlane, founder and CEO of MathMarketing, conducted an alignment benchmarking study by surveying 1,400 professionals in 84 countries around the world.
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How can your company begin extracting value post sales? Britton Manasco published a post on Mastering the Customer Success Cycle. In the post, Britton stretches out the mind to encourage businesses to consider a different perspective on traditional buying cycles. Effectively, Britton splits up buying cycles into two larger phases, pre sales and post sales.
“Our attention must shift from product sales and delivery to customer performance and success.” – Britton Manasco
In our article on pre-sales phases of the sales pipeline we cover stages prior to the sale (customer phase). Most organizations would agree that sales, marketers and services operate in different camps, feel they have their set of goals, and move on to the next pre-sales opportunity in the pipeline. The fact is, the job is just beginning and businesses that fail to align sales, marketing and services with customer performance and success lose a gold mine of value.
Britton states there are three post-sale phases; implementation, performance, and advocacy. Implementation provides the proper guidance and support to help the customer get a solution up and running. Performance motivates companies to prove the benefits articulated in the pre-sales phase. Advocacy occurs once clients are delivering and achieving positive ROI. Only then, can your client become a proponent of your solution.
We concur with Britton’s way of thinking and would like to expand his thoughts, specifically around the involvement and benefit of sales, marketing and services groups in the post-sales phase. In the section below we highlight ideas each group can execute to gain organizational alignment and achieve customer success.
It’s imperative to note a few things. First, there’s no particular order for the execution of these ideas; however, it’s fair to assume services involvement is primarily in the implementation and performance phase whereas sales and marketing’s contributions are timelier in the advocacy phase. Second, collaboration across each of the business units is necessary to benefit from lessons learned and improve the likelihood of customer success.
Ideas for service/support involvement in post sales phases:
Training to help jump start adoption.
Consultation on best practices and lessons learned from other clients.
Further develop an understanding of client’s hurdles to adoption.
Iterative performance reviews.
Ideas for sales involvement in post sales phases:
Navigating client’s organization to identify PR contacts.
Asking for referrals to other companies that could benefit from your solution.
Asking client to act as a reference for future opportunities.
As Britton puts it, become a “business coach”.
Build the customer relationship further.
Identify additional opportunities.
Obtain feedback after the sale to help improve future pre-sales activities.
Ideas for marketing involvement in post sales phases:
Working with your client’s PR or marketing contact on joint press releases.
Obtaining quotes from senior level managers for inclusion in marketing collateral.
Recording video testimonials for inclusions in marketing collateral or websites.
Aligning joint speaking opportunities at industry panels, conferences and seminars.
Build a case study highlighting the client’s usage of your solution and extracted benefit.
Measure ROI and compare clients return to the ROI initially conveyed pre-sales.
Improve marketing collateral highlighting client’s favorite features and/or benefits.
We welcome your feedback, comments and suggestions. How do you feel sales, marketing and services/support can be involved in the post-sales phase?
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