Lead Management in the Face of the New B2B Buyer - Jay Hidalgo
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Lead Management in the Face of the New B2B Buyer B2B buyers have more information than ever before, and as a result are controlling the B2B buying process. Marketers must adapt when it comes to how they manage buyer dialogue, primarily in the area of Lead Management. This session will take you through the shift the B2B buyer has undergone and a step-by-step process for better lead management of this new dynamic. Jay Hidalgo, CEO, The Annuitas Group
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Lead Management in the Face of the New B2B Buyer - Jay Hidalgo
- 1. Online Marketing Summit Cleveland, OH | June 7, 2010 The Process Approach to the Changing B2B Buyer Jay Hidalgo CEO The Annuitas Group 1
- 2. Agenda Who is The Annuitas Group? The Changing B2B Buyer Today’s B2B Marketer The Impact of This Change on the B2B Marketer The Process Approach to Manage the Change The Lead Management Framework Defined How to Begin Implementing Q & A
- 4. Do this through process consulting and technology (marketing and sales automation)
- 6. Lead Audit
- 10. The Changing B2B Market
- 12. Buyers are more educated and look to sales much further down the buying cycle
- 13. Buyers are turning to online and social media as sources for decision making
- 14. More than one buyer – buying units
- 16. The Buyer is Boss
- 17. Buyer 2.0 “[T]he hunter has become the hunted. Buyers are more informed and seek information independent of sales. ... How sales people want to sell has little impact on how buyers are choosing to buy.” Source: SiriusDecisions, “Marketing Needed for Sales 2.1”
- 18. Buyers - Plural “Relationship marketing is the key here and different levels of the organization participate in the buying/selling process especially if the sale is a big ticket sale." Source: Lowell D’Souza, “Understanding B2B Buyer Behavior”
- 19. Customer is The Focal Point “No longer is the corporation the fulcrum around which customer groups and suppliers revolve. ... [T]he customer is now the pivot point.” Source: Paul Greenberg, CRM at the Speed of Light (3e)
- 20. Today’s B2B Marketing Issues with Measurement & Acquisition 70-80% of leads never get follow-up 45% of the leads companies receive will buy from someone More than 50% of marketing teams cannot track ROI on program spend Shrinking budgets More pressure to justify spend Shift from traditional marketing to automated, online, inbound & social Increased pervasive use of technology Marketing asked to assist in pipeline acceleration & sales enablement Source: Sirius Decisions; Forrester
- 21. The Response . . . . Adapt! Marketers must manage and engage that relationship Buyers want a 1-1 relationship It’s Lead Management not Lead Generation It will affect every area of your role as a marketer Sales interaction Buyer interaction & communication Content Management & Marketing Inbound Marketing Management Social Media Strategy Internal marketing & sales process How you utilize your technology How you work & think as a marketer
- 23. What needs to be done to ensure a buyer centric approach?
- 25. Lead Management – What it isn’t Not just scoring and lead nurturing It is not a practice of individual silo’s, everything feeds into the next and has to be looked at holistically Not technology, but supported by it. Source: Sirius Decisions; Forrester
- 26. Lead Management – What it is The operational response to the buyers power It's a process not a program that includes Data Lead Planning Lead Qualification Lead Nurturing Lead Routing Metrics Not technology; a process supported by technology
- 27. The Common Lead Management Approach: Increased Effort & Decreased Efficiency
- 28. The Process Based Lead Management Approach
- 31. Conduct an Audit – Know What You Don’t Know
- 32. This is not a marketing only exercise It is cross-functional
- 33. Marketing
- 34. Sales
- 35. Operations
- 36. Finance
- 37. IT
- 39. Determine your approach to data hygiene and what team will own it
- 40. Where will you store the customer & prospect data?
- 41. Define and control who will have access to that data
- 42. Segment the data to optimal success based on ideal target and customer profiles
- 43. The Annuitas Group Lead Planning Funnel 3,000 Responses 2,400 Valid Responses 80% Conversion Lead Nurture Campaigns Mktg Nurture Campaign 240 Mktg Qualified (MQL) 10% Conversion (MQL) Mktg Nurture Campaign 120 Sales Accepted Leads 50% Conversion (SAL) Sales Nurture Campaign 72 Sales Qualified Leads(SQL) Post-Sales Nurture Campaign 60% Conversion SQL Sales Close Rate 33% 24 closed deals Additional Monthly Revenue @ $100k ASP $2.4M per month
- 45. Determine between sales and marketing the definition of a lead
- 46. Define the qualification criteria
- 47. What happens to non-qualified leads?
- 48. Set-up a lead scoring model that allows for quality leads to flow to sales
- 49. Focus on quality not quantity
- 51. Nurturing allows for pipeline acceleration
- 52. Sales that were nurtured provide a 47% higher order value than non-nurtured sales. Source: Aberdeen
- 54. Avoid the black hole, know how the leads will be tracked
- 55. Provide sales the ability to pass back for further nurturing
- 56. Develop SLA’s and Business Rules to ensure proper follow-up and no fall out rate
- 58. Develop benchmarks and KPI’s for your organization and measure against them quarterly
- 59. Use the metrics to shape the future
- 60. Pull both marketing and sales metrics for a complete 360o view of your organization
- 62. Process based automation will allow you to improve the bottom line and improve value
- 63. Automation is the only way to streamline 1-1 buyer dialogue
- 64. Automation is well beyond feature & function, it enables the relationship process with the dialogue
- 66. Fear and Turf Guarding
- 67. Sales Resistance
- 69. Process equals behavior change – be ready
- 71. 32 Thank You Visit www.onlinemarketingsummit.com for more information Follow us @OMSummit
Notas do Editor
- We’re process guys
- Before we get into the ways to change, I want to show some recent numbers that also indicate the need for we as marketers to change the way we interact with our customers and prospects. One of the biggest thing these numbers say to me is that we need to change from this mindset of lead generation to lead management. This idea is not just managing the lead internally to make sure sales receives it, but also includes managing the lead from a dialog and conversation aspect. As we continue in our discussion today we will look at the realities of changing to a buyer dialog model really looks like and how it will impact us as marketers.
- The definition of lead management is needed here: starts with “you have a lead”, and goes through to sale, and post sale nurturing. Not customer service, accounting, etc.
- The traditional lead waterfall or funnel takes into account leads moving through the marketing and sales process in a very linear fashion. This is a faulty approach in that it only accounts for a piece of the marketing and sales funnel and is built with the idea that initial inquiries/web visits, qualified responses and accepted leads will leak out of the funnel and nothing will be done to keep them engaged. Not only is this a poor practice, but also devalues the potential ROI derived from a campaign. Companies need to begin to develop a multi-tiered funnel approach to their marketing revenue projections. By utilizing lead nurturing as part of the marketing mix, the leaks that are seen in a linear model are closed and all responses and leads are managed and the increase in ROI is substantial. This affects all areas of marketing and sales including lead forecasting, forecasting for quota attainment, ROI analysis and marketing budget allocation.