Lead Lifecycle Management
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The document outlines a 7 step process for lead lifecycle management from prospect to revenue. It discusses how buying processes have evolved, requiring marketing and sales to align. The 7 steps include: understanding buyers, segmenting the database, improving marketing efficiency, scoring leads, nurturing contacts, enabling sales, and measuring effectiveness. Continuous optimization is needed as processes evolve over time. Lead management is key for B2B marketing and adopting the outlined steps can help grow revenue.
Lead Lifecycle Management
- 1. Lead Lifecycle Management: 7 Steps from Prospect to Revenue Sylvia Jensen Director of EMEA Marketing 28th November 2012 1 © 2012 Eloqua, Inc. Confidential
- 2. Agenda • What’s Changed: Why Lead Lifecycle Management is Important • Ground Zero: Sales and Marketing Alignment • The ‘7 Steps from Prospect to Revenue’ • Continuous Optimisation: Why You’ll Never be ‘Done’ 2 © 2012 Eloqua, Inc. Confidential
- 3. What’s Changed: Why Lead Lifecycle Management is Important 3 © 2012 Eloqua, Inc. Confidential
- 4. What’s Changed: Buying Evolution “…customers’ buying processes have evolved. How we market and how we sell, has to evolve too” “…power is now with the customer … marketing and sales have to align” 4 © 2012 Eloqua, Inc. Confidential
- 5. Ground Zero: Sales and Marketing Alignment 5 © 2012 Eloqua, Inc. Confidential
- 6. Ground Zero: Sales and Marketing Alignment What needs to happen before lead lifecycle management Marketing Responses Clicks/Visits Volume of leads Sales Costs of Opportunities programmes Win Rate Quota Attainment 6 © 2012 Eloqua, Inc. Confidential
- 7. Ground Zero: Sales and Marketing Alignment It is real alignment or friendliness? 7 © 2012 Eloqua, Inc. Confidential
- 8. Ground Zero: Sales and Marketing Alignment Map and define the processes and definitions Customer Buying Interest Learn Evaluate Justify Purchase Process Sales Sales Qualified Accepted Qualified Suspect Inquiry Opportu Closed Lead Lead Won nity (SAL) (SQO) Sales Sales Marketing Marketing validates Sales closes validates validates revenue Sales Process nurtures to and BANT quality of sales ready accepts opportunity interest criteria ownership 8 © 2012 Eloqua, Inc. Confidential
- 9. 7 Steps from Prospect to Revenue 9 © 2012 Eloqua, Inc. Confidential
- 10. The 7 Steps to Lead Management Overview Improve Targeting & Segmentation Improve Marketing Efficiencies Measure Marketing Improve Lead Effectiveness Quality Do Effective Nurturing Enable Sales 10 © 2012 Eloqua, Inc. Confidential
- 11. Step 1: Understand your Buyer The customer’s journey Any Has anybody Oh no! I’ve I’m trying suggestions checked just … to figure on where I out…? out …? can find …? Interest Evaluate Justify Purchase 11 © 2012 Eloqua, Inc. Confidential
- 12. Step 1: Understand your Buyer Market reach is growing from social channels Interestingly, Facebook is the largest contributor for both B2B and B2C. And, while the traffic from social networks is still small portion, it appears to be a promising channel. Suspect Inquiry SAL SQO Closed Won Source: Eloqua’s April 2011 Benchmark Report, pg 13 12 © 2012 Eloqua, Inc. Confidential
- 13. Sportingbet’s Customer Journey • Improved User Experience by delivering the right message at the right time • Currently running in 14 European countries • Multi touch campaign and integration of SMS • Real time alerts and notifications 24/7 environment Since the Customer Journey Programs launched, there are now 9.7 million per month (was 2.8 MM in May 2010) contacts going through automation, compared to 650,000 at the same time last year! 13 © 2012 Eloqua, Inc. Confidential
- 14. Step 2: Segment your Database Deliver the right message at right time Improve Targeting & Segmentation Suspect Geographic Inquiry Demographic SAL Psychographic SQO Behavioural Closed Won Occasion 14 © 2012 Eloqua, Inc. Confidential
- 15. Step 2: Segment your Database Precisely, targeted marketing Improve Targeting & Segmentation Less is more. Smaller segmented batches perform better than larger presumably non-segmented batches. Suspect Inquiry SAL SQO Closed Won Source: Eloqua’s April 2011 Benchmark Report, pg 10 15 © 2012 Eloqua, Inc. Confidential
- 16. Step 2: Segment your Database Improve your data Improve Marketing Efficiencies Best-in-Class companies combine Data Cleansing & Lead Scoring which helped identify up to 11 times more leads per month. Suspect Inquiry SAL SQO Closed Won Source: Eloqua’s April 2011 Benchmark Report, pg 9 16 © 2012 Eloqua, Inc. Confidential
- 17. Data Quality Management Challenge: • Disconnect between CRM and Marketing platform to segment and build mailing lists • Difficulty in managing subscriptions from marketing platform to CRM system • Integration would have to undergo scrutiny from risk assessment team at Schroders Solution • A hybrid between Eloqua’s one and two-way SFDC integrations • Eloqua manages subscription status while providing sales with visibility in SFDC • Initiated a changed email address process as well as a deleted contacts process to maintain a clean database in both installs Results • 3,544 changed email addresses • 1,739 Deleted email addresses from SFDC • 28,247 Deleted Contacts from SFDC 17 © 2012 Eloqua, Inc. Confidential
- 18. Step 3: Improve Marketing Efficiency Automate repetitive steps Improve Marketing Efficiencies By offloading marketing staff of manual tasks associated with lead generation, scoring, nurturing, event management, and other tasks, each person can be more productive. Interest Source: Eloqua’s April 2011 Benchmark Report, pg 12 18 © 2012 Eloqua, Inc. Confidential
- 19. Step 4: Score your Leads Get the right leads to sales - fast Improve Lead Quality Lead scoring is a method of assigning points to each prospect you come across. Suspect Score determines action. Qualified Lead Inquiry (MQL) Sales Accepted Lead (SAL) SQO Closed Won Will improve win rates, revenue and helps cement sales and marketing alignment. 19 © 2012 Eloqua, Inc. Confidential
- 20. Lead Scoring Problem: • No process placed around in-bound leads - Unable to gauge interest of 4 core EMEA markets • Poor quality leads sent to sales for follow-up – frustrating sales team Solution: • Develop automated Lead Scoring Program to better qualify and control leads passed to SFDC and EU Call Centre Result: • Prior to automated Lead Scoring conversion of MQLs to SQLs was 2% • After running 9,943 records through the scoring program, conversion of MQL’s to SQL’s increased 3X to 6% 20 © 2012 Eloqua, Inc. Confidential
- 21. Step 5: Nurture your Contacts Nurturing keeps your brand top-of-mind Do Effective Best-in-class companies employing Nurturing automated nurturing, plugging a leaky funnel, realising growth, whilst laggards not using nurturing are seeing a decline in leads. Suspect Qualified Lead Inquiry (MQL) Sales Accepted Lead (SAL) SQO Closed Won Source: Eloqua’s April 2011 Benchmark Report, pg 7 21 © 2012 Eloqua, Inc. Confidential
- 22. Lead Nurturing Problem: • Too many leads getting to sales (‘rubbish leads’) • No lead nuturing programme in place to keep prospects ‘warm’ Solution: • Set up a lead scoring programme based on ‘fit’ and ‘behaviour’ • Developed a lead nurturing program to help prospects along their buying journey Results: • Reduced lead volume by 35% - a very GOOD thing • Improved lead to opportunity conversion rate by 4x 22 © 2012 Eloqua, Inc. Confidential
- 23. Step 6: Enable Sales Marketing intelligence for sales action Enable Sales Suspect Inquiry MQL Prioritized view of SAL most engaged Sales prospects Qualified Opportunity SQO (SQO) Closed Closed Won Won 23 © 2012 Eloqua, Inc. Confidential
- 24. Step 6: Enable Sales Marketing intelligence for sales action Enable Sales Suspect Easily track buying signals of interesting Inquiry accounts MQL SAL Sales Qualified Opportunity SQO (SQO) Closed Closed Won Won 24 © 2012 Eloqua, Inc. Confidential
- 25. Step 7: Measure Marketing Effectiveness What’s working or NOT working? Improve Targeting & Segmentation Improve Marketing Efficiencies Measure Marketing Improve Lead Effectiveness Quality Do Effective Nurturing Enable Sales 25 © 2012 Eloqua, Inc. Confidential
- 26. Continuous Optimisation: Why You Will Never be ‘Done’ 26 © 2012 Eloqua, Inc. Confidential
- 27. Optimising Results: Lead Management Conversion Rates Volume Required Sales Stage 20,000 Inquiries 5% 1,000 Qualified Leads 25% 250 Sales Accepted Leads 50% 125 Sales Qualified Opps 20% 25 Closed-Won Leads £5M Revenue ASP = £200K SaaS Company, 20% Win Rate 27 © 2012 Eloqua, Inc. Confidential
- 28. Optimising Results: Lead Management Conversion Rates Volume Required Sales Stage 20,000 Inquiries 5% 1,000 Qualified Leads 65% 650 Sales Accepted Leads 50% 325 Sales Qualified Opps 20% 65 Closed-Won Leads £13M Revenue ASP = £200K SaaS Company, 20% Win Rate 28 © 2012 Eloqua, Inc. Confidential
- 29. Conclusion 29 © 2012 Eloqua, Inc. Confidential
- 30. Summary Three things to remember • Lead management is key for any B2B marketing program • Learn the steps in lead management and adopt them as you evolve • Continuously improve your lead management processes to grow revenue 30 © 2012 Eloqua, Inc. Confidential
- 31. Useful Resources for You: The Eloqua blog: The Eloqua Grande Guide series: http://blog.eloqua.com/ - Lead scoring - Lead nurturing - Enabling sales - Social media http://www.eloqua.com/grande/ 31 © 2012 Eloqua, Inc. Confidential
- 32. Thank You • sylvia.jensen@eloqua.com • http://uk.linkedin.com/in/sylviajensen • @smajensen It’s all About Revenue: http://blog.eloqua.com Follow us: http://www.twitter.com/eloqua @eloqua 32 © 2012 Eloqua, Inc. Confidential
- 33. Other slides you may want to use 33 © 2012 Eloqua, Inc. Confidential
- 34. 600% 1000% 34 © 2012 Eloqua, Inc. Confidential
- 35. Impact on the business Source: Sirius Decisions Within 24 months from YOU or your competitor 35 35 © 2012 Eloqua, Inc. Confidential