Budgeting for Lead Generation Success in 2016
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Budgeting season is here again, and many B2B marketers will face an all too familiar paradox: Proving ROI is the biggest obstacle to winning more budget, yet more budget is needed to prove ROI. Check out our presentation, and get the tools you need to skate through the board meeting without hearing the phrase, “Do more with less.” Get started today!
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Budgeting for Lead Generation Success in 2016
- 1. #123webinar Budgeting for Success in 2016 Thursday, October 8th, at 1PM ET/10AM PT
- 2. #123webinar It’s all about sales-qualified leads. Not just clicks and traffic. Organic Search SEM & Display Advertising Social Media Advertising Conversion Optimization Content Creation ROI Reporting
- 3. #123webinar Budgeting season is here again. Are you ready to face the board?
- 4. #123webinar Budgeting season is here again. The first step is aligning marketing with business goals. Source: BrightTalk, B2B Lead Generation Trends Report What are your top 3 lead generation priorities for the next 12 months?
- 5. #123webinar Budgeting season is here again. The first step is aligning marketing with business goals. Source: Webmarketing123, 2015 State of Digital Marketing Report What is the #1 metric you use to measure digital marketing performance?
- 6. #123webinar Raw leads alone won’t cut it. Tie marketing to sales. Sure, those marketing metrics are nice, but can you tie it to revenue? Lead volume is good but what about quality?.
- 7. #123webinar Tie marketing to sales. B2B marketers still name “proving ROI” as their #1 digital marketing challenge. Source: Webmarketing123, 2015 State of Digital Marketing
- 8. #123webinar Where does it all break down? Data silos are often the culprit. SEO data is in Google Analytics Social data is over here in Hootsuite. Email performance is over here in Marketo Ad data is over here in Marin. CRM Out of the box, Sales will most likely see each lead attributed to “Web”.
- 9. #123webinar 1EVALUATE WHAT WORKED & WHAT DIDN’T
- 10. #123webinar Implement attribution reporting. Here’s where cross-channel attribution comes in. Let’s say Suzie searches for “marketing automation software”. Google serves an organic listing for your site linking to your latest eBook. Suzie clicks on the link, but then decides to go to lunch. While she’s at lunch, browsing the NY Times on her phone, she sees a display ad for your eBook. Suzie clicks on the ad and downloads the eBook. Sales gives Suzie a call a few hours later, and sets up a demo appointment. A month later Suzie buys your software!
- 11. #123webinar Close the loop directly within your CRM Opportunity Name Revenue Commitment First Touch $100,000 Source: Organic Search Landing Page: /webinar San Francisco Startup – SEO Opportunity Last Touch Source: Event - Tradeshow Landing Page: N/A Suzie’s Software- Demand Gen Opportunity $75,000 Source: Organic Search Landing Page: /new-eBook Source: Paid Search Landing Page: /new-eBook Now you can truly optimize for ROI. Plus, you can finally tell Sales those tradeshow leads actually came from digital. Implement attribution reporting.
- 12. #123webinar Now, you can confidently cite marketing sourced revenue. Secure your bragging rights. Source: BrightTalk, B2B Lead Generation Trends Report 64% of respondents said marketing leads contributed 25% or less to overall revenue.
- 13. #123webinar Check out the Multi-Channel Funnels Report. Dive into Google Analytics. This shows the most popular conversion paths across all channels.
- 14. #123webinar 2BE READY TO PROJECT ON GAINS AND LOSSES
- 15. #123webinar Make a proposal based on revenue goals. Let’s say the board tells you their goal is to increase revenue by 10% next year.
- 16. #123webinar Make a proposal based on revenue goals. First, know your digital funnel. % of website visitors that become leads. % of leads that are sales-qualified. % qualified leads that result in closed deals. Average deal size. # of website visitors
- 17. #123webinar Make a proposal based on revenue goals. Let’s say that a 10% increase in net new revenue equates to $1 Million. % of website visitors that become leads. % of leads that are sales-qualified. % qualified leads that result in closed deals Average deal size. # of website visitors = $30K = 20% = 3% = 10%
- 18. #123webinar Make a proposal based on revenue goals. % of website visitors that become leads. % of leads that are sales-qualified. % qualified leads that result in closed deals Average deal size. # of website visitors = $30K = 20% = 3% = 10% $1,000,000 in new sales $30,000 average deal size ~33 new sales Let’s say that a 10% increase in net new revenue equates to $1 Million.
- 19. #123webinar Make a proposal based on revenue goals. % of website visitors that become leads. % of leads that are sales-qualified. % qualified leads that result in closed deals Average deal size. # of website visitors = $30K = 20% = 3% = 10% 33 new sales 20% SQL close rate 165 sales- qualified leads Let’s say that a 10% increase in net new revenue equates to $1 Million.
- 20. #123webinar Make a proposal based on revenue goals. % of website visitors that become leads. % of leads that are sales-qualified. % qualified leads that result in closed deals Average deal size. # of website visitors = $30K = 20% = 3% = 10% 3% raw lead to SQL conversion rate 5,500 raw leads 165 sales- qualified leads Let’s say that a 10% increase in net new revenue equates to $1 Million.
- 21. #123webinar Make a proposal based on revenue goals. % of website visitors that become leads. % of leads that are sales-qualified. % qualified leads that result in closed deals Average deal size. # of website visitors = $30K = 20% = 3% = 10% 10% website visitor to lead conversion rate 55,000 new website visitors 5,500 raw leads Let’s say that a 10% increase in net new revenue equates to $1 Million.
- 22. #123webinar Acquire leads. Nurture leads. Sell leads.. Break this down by channel & content. Build a revenue-based content calendar and distribution plan.
- 23. #123webinar 3KNOW THE MARKETING TRENDS OF 2016
- 24. #123webinar Support your case with industry context. Source: BrightTalk, B2B Lead Generation Trends Report Top 3 most effective lead gen tactics are events, the company website, and SEO.
- 25. #123webinar Make a plan to test emerging channels.
- 26. #123webinar800.619.1570 results@webmarketing123.com . Deliver more sales-qualified leads. Chat with our team and learn how we can help build a better pipeline today.
- 27. #123webinar QUESTIONS? ASK AWAY! Lauren Blecher, Webmarketing123 Director of Marketing Thanks!
Notas do Editor
- Hi Everyone! Thanks for joining us this morning. My name is Lauren Blecher, Director of Marketing here at Webmarketing123. Today we’ll be discussing “Budgeting for Lead Gen Success in 2016.”
- Before we get started, I wanted to give a little background on us. Webmarketing123 is a B2B digital marketing agency based in Emeryville, CA – right across the Bay Bridge from San Francisco. We partner with B2B clients to drive more sales-qualified leads and revenue with digital – not just clicks and traffic. As you’ll get to know during our webinar today, our team is really dedicated to making sure our campaigns go beyond the vanity metrics to make a true impact on the bottom line. Also, just a few notes on some of our frequently asked webinar questions. Yes, we will send out a link to the recording after the webinar this week. If you have questions, please feel free to type them in the Q&A chat. We’ll also have a live Q&A session at the end of the discussion. Alright, without further ado, let’s dive into today’s topic: Setting yourself up for lead generation success in 2016.
- Believe it or not, budgeting season is here again. Are you ready to face the big boss in the board room? If you’re like most B2B marketers, getting the budget you need to compete next year will be no easy feat. Unfortunately, as many B2B marketers still struggle to prove ROI, marketing is often viewed as a cost center. The key will be to reposition the department as a revenue-driven machine.
- The first, and probably the most obvious step to doing this is to clearly align marketing metrics with business goals. This sounds simple, but marketers really struggle to do this, given the gap we see in tying marketing efforts to revenue. For example, a recent BrightTalk study asked marketers, “What are your top 3 lead gen priorities are for the next 12 months” and these three goals emerged: Increase lead quality Increase lead volume Improve ability to measure and analyze marketing impact. None of these describe driving more marketing sourced revenue, probably because of a large chunk of marketers are still working on #3.
- We see this pattern continue in our own 2015 State of Digital Marketing report. When asked, “What is the #1 metric you use to measure digital marketing performance?” Just 9% of marketers chose “revenue”.
- The inability to measure ROI usually results in relying on other KPIs like raw lead volume and cost per lead. But, those metrics are not good enough to win the Marketing budget you need next year. When the big boss starts asking questions like: “Sure, those marketing metrics are nice, but can you tie it to revenue? Lead volume is good but what about quality? How many of those leads are sales-qualified? How many have brought in new deals?”, Unless you can definitively tie marketing driven leads to revenue, you’re going to be grasping at straws for a way to prove Marketing’s impact on the bottom line.
- In short, “proving ROI” is B2B marketers #1 obstacle to securing more marketing budget.
- The real question is, where does it all breakdown and how can we fix this? In an era where so many analytics solutions are available, why is it still so difficult to measure ROI? Data silos are often the culprit. For example… So, despite the proliferation of analytics tools out there, in most cases we’re overwhelmed by data, and lack the tools we need to actionable sense out of it.
- Alright, now that we know what we’re up against, how do we tackle the first question of every budget proposal: What specific tactics and content drove more sales & what didn’t? What do we want to invest in going into 2016?
- So, how do we figure this out? Again, the first step to driving more revenue is measure ROI. There are a couple ways we can get at this, but first we’ll start with the ideal situation of implementing cross-channel attribution reporting directly within your CRM. For those of you unfamiliar with attribution, it simply means giving credit where credit is due. The goal of attribution reporting is to accurately account for all of the steps a buyer takes on their path to purchase. (Which is typically more complex than ever before for most B2B brands!) Cross-channel attribution reporting directly within your CRM, will allow you to finally tie an actual dollar amount to marketing’s influence on a closed-won deal for sales. Here’s an example of why cross-channel attribution is key: (Let’s highlight why last-touch attribution alone is not enough to truly understand the impact of your digital campaigns.)
- Once you close the loop directly within your CRM, you can truly optimize for ROI. Plus, you finally tell Sales those tradeshow leads actually came from digital marketing.
- Plus, cross-channel attribution will secure Marketing bragging rights: With this level of reporting you can confident cite marketing sourced revenue when presenting this year’s accomplishments and of course the big ask for next year’s budget from the board. Extra bonus points for any marketing teams that surpass this 25% mark for marketing sourced revenue. In the 2015 B2B Lead Generation Trends Report, 64% of respondent said marketing leads contributed 25% or less to overall revenue. At this point, if you don’t have cross-channel attribution reporting set up already, a lot of you may be wondering how to set this up in your CRM. Various marketing automation systems, like Marketo for instance, will allow for this type of setup with the proper tagging and code. We also offer our own solution which works with almost all CRMs called KeyTouch Attribution. If you don’t have these tools at your disposal, a second option that won’t quite close the loop completely, but will get you pretty close, is Google Analytics Multi- Channel Funnels and .
- If you don’t have these tools at your disposal, a second free option that’s worth taking a look at is Google Analytics’ Multi- Channel Funnels report. Now, this won’t quite close the loop, but it will give you some great insight into how each channel is playing a role on the path to conversion. If you want to check this out for yourself, you can find this report in GA under Conversions, then Mult-Channel Funnels, then Top Conversion Paths. This example shows that the top 2 conversion paths are: When a prospect is emailed and then revisits the website later via referral. Or, when a prospect finds your website organically and later visits again via a referral source. What’s more is you can also filter this report by specific goals. For example, if you have a call-to-action on your website that is considered more bottom-of-the-funnel, like a request for quote form rather than an ebook download, you can filter the report to this specific action to see which channel path drives more qualified leads. While this lacks the ability to tie the conversion to actual revenue, you could confidently assess that email and organic search are two of the top channels you should invest in next year, based off of this report.
- Next, let’s chat about best practices for building digital marketing budget projections. Nobody likes to make projections, but here’s why this is so important.
- The board is most likely going to ask you to make a marketing budget proposal based on next year’s net new revenue goals. So, for this example, let’s say the board tells you their goal is to increase net new revenue by 10% next year.
- If you know your digital marketing funnel, you can calculate the budget you need to make that happen with these 5 metrics: Average deal size Average close rate of sales-qualified leads (or in other words, what percentage of your sales-qualified leads turn into actual sales.) % of raw leads that become sales-qualified (or in other words, conversion from MQL to SQL) Average % of website visitors that become raw leads. Start with your average deal size and work backward through the funnel.
- Let’s quickly walk through the math. Let’s say that a 10% increase in net new revenue equate to $1 Million. And, let’s say these are you funnel stage averages.
- Now you know you need roughly 55,000 new website visitors to drive $1 Million in sales. If you apply your average cost per website visitor or average cost per raw lead accordingly, you’’ll know exactly how much digital marketing budget you’ll need to get there.
- We recommend further breaking this analysis down by digital channel, content type, and stage of the funnel. While these metrics may be too “in the weeds’ for board members or your boss, this will give you an idea of exactly what content piece you need to create and what channels you need to invest in to reach your goal of 55,000 new website visitors next year. (which we now know translates to $1M for your company).
- Finally, know the digital marketing trends of 2016.
- Supporting your budget proposal with industry context is hugely important. This will give external perspective on what other companies are doing to succeed in marketing efforts and will give additional credibility to your suggested marketing plan. One good place to start is sharing how overall lead generation spend is trending. According to BrightTalk’s report, 58% of B2B marketers say their lead generation budget will increase next year. Then get more specific with which channel is considered the most effective. Here event, the company website, and SEO take the cake for lead generation.
- Most importantly use industry stats to make a plan to test emerging channels. Brands that do not continually adapt with the new B2B buyer risk irrelevance. Whether it’s LinkedIn Sponsored stories or a new retargeting campaign, make room in the budget to test new lead gen tactics next year.
- Before we kickoff Q&A, I wanted to invite everyone to chat with our team and learn how we can help build a better sales pipeline with digital today. If you’re interested, feel free to let us know in the GoToWebinar chat or drop us a line at “results@webmarketing123.com”, On our discovery call, we’ll analyze your current digital marketing strategy and cover: Actionable tips to drive more sales-qualified leads from digital. How to measure digital marketing ROI directly within your CRM. How you stack up against your competitors.
- Thank you! And with that, let’s start the Q&A.