Practical tips on using marketing automation to drive higher lead conversion
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This document discusses how marketing automation can be used to improve lead conversion rates. It notes that typically only 5% of generated leads are ready to buy. The buying cycle has become more complex, and marketing and sales need to be aligned. The company discussed faced challenges with an outdated funnel structure and wasting leads. They introduced new programs like nurture campaigns and aligned scoring models between marketing and sales. This resulted in reducing non-contacted leads to under 5% and doubling lead conversion rates within 12 months. Marketing automation tools are needed to manage leads through the entire process when paired with the right processes.
Practical tips on using marketing automation to drive higher lead conversion
- 1. Practical tips on using marketing automation to drive higher lead conversion. @rlevans, @Silverpop
- 2. About Silverpop • Email marketing and B2B marketing automation software • 1,400+ customers • Across 38 countries • 425 employees • UK headquarters since 2005
- 3. Why are we here today?
- 4. Because only 5% of leads you and I generated in October are ready to buy NOW.
- 5. This session’s takeaways • An understanding of funnel challenges we face • A candid look at the challenges we have faced • Five nurtures Silverpop use to tackle these challenges • Some results and data points to arm your arguments
- 6. We faced some challenges Changing buyer Funnel waste behaviour Our lead gen structure wasn’t in line with goals
- 7. We were wasting leads
- 8. Our old funnel (and perhaps yours)
- 9. 65% of leads went to waste.
- 10. B2B buyer decision cycle Reconsideration Satisfaction Selection Acknowledgment Investigation Decision Source: R. Jolles Measurement Criteria
- 11. Emerging buying cycle gap ... Reconsideration Satisfaction 5% Selection Acknowledgment 79% Investigation Decision Source: R. Jolles Measurement Criteria
- 12. Emerging buying cycle gap ... Reconsideration Satisfaction problem Selection Acknowledgment 2% Investigation Decision 2-3% Source: R. Jolles Measurement Criteria
- 13. The buying cycle was also changing
- 14. Prospects narrowing the field... “During the initial research phase, the survey showed 42% of B-to-B buyers evaluate four or more suppliers, but as they move closer to procurement, only 26% get quotes from four or more suppliers.” Source: Chief Marketer, “Adjusting to the Web- Influenced Buy Cycle,” 22 March 2010
- 15. Almost entirely on their own ... Source: ITSMA, “How Customers Choose Solution Providers, 2009.” Global data.
- 16. Demand Gen structure is key
- 17. Our Sales team were buried in leads.
- 18. Marketing’s response wasn’t ideal.
- 19. How we began curing ourselves
- 20. Changed our demand gen structure We redrew our demand gen org chart
- 21. We aligned Sales/Marketing around one common goal – revenue.
- 22. Introduced a unified lead scoring model • Began scoring leads on 3 sets of criteria – BANT data – Demographic data – Behavioural data
- 23. BANT Scoring
- 26. We then created ranks and buckets
- 27. Began routing leads based on scoring Marketing became lead-traffic-controllers
- 28. Began routing leads based on score
- 29. Introduced 5 nurture programmes • With goals to: – Improve follow-up with leads. – Offload follow-up to not-yet-sales-ready leads. • Freeing up costly resources • Improving lead follow-up times – Guide leads through a longer buyer cycle and towards an opportunity.
- 30. Introduced nurture programmes • The initial programmes: – Automated Media Nurture – 6-Month Email or Marketing Automation Nurture – 90-day Email or Marketing Automation Nurture – Dead/Lost Nurture – Silverpop on Silverpop
- 31. Automated Media Nurture • Automated Media Nurture – 6 month programme – 6 messages – Aimed at following up on whitepaper downloads – Goals • Driving to additional thought capital download • Driving to a web-based demo • Ultimately leading to a live demo
- 32. 6-Month Nurtures • 6-Month Email and MA Nurtures – Sales or Demand Gen initiated – 6 messages – Aimed at staying top of mind – Goals • Driving to additional thought capital download • Driving to upcoming webinars • Conveying points of differentiation in latter stages • Ultimately leading to a web-based or live demo as the buying cycle progresses
- 33. 90-Day Nurtures • 90-Day Email and MA Nurtures – Sales or Demand Gen initiated – 6 messages – Aimed at prospects coming to market in near- term – Goals • Driving to additional thought capital download • Strongly conveying points of differentiation • Offering web-based product demos and feature highlights
- 34. Dead/Lost Nurtures • 11-month Dead/Lost Opportunity Nurture – Sales or Demand Gen initiated – Where contract term is known – 10 messages – Aimed at prospects in opportunities that went dead or were lost – Goals • Stay top of mind • Provide months of thought leadership and industry best practices • Drive to a webinar, web demo or live demo as contract term nears renewal
- 35. Silverpop on Silverpop • 6-week Highlight Nurture – Sales or Demand Gen initiated – For Prospects in latter stages of an Opportunity – Goals • Educate customers on the benefits of marketing automation through real-world experience • Highlight clear differentiators in the product and service offering • Drive to an opportunity close
- 36. The results... • Reduced non-contacted leads from 65% to < 5%. • Increased lead conversion rates by 2x in 12- months • Increased marketing-generated revenue by more than 100% in 12-months • Removed sales from the lead qualification process altogether • Other less precise measures of success: – Increased opportunity creation – Decreased time from first contact to close
- 37. What tools are needed (bare min)? CRM System Marketing Automation Platform • Database of record • Lead management • Lead and opportunity tracking and • Lead Scoring reporting • Lead Ranking • Sales process management • Lead Routing • Lead Alerts to Sales • CRM integration for sales-initiated campaigns • Publishing and outbound marketing • Nurtures and email marketing • Landing pages for lead generation • Reporting • Sales view into marketing activity • Sales view into lead score, rank and behaviour
- 38. Summary... It is likely that less than 5% of the leads you generate are ready to buy. The buying cycle has changed and it has grown even more complex. Sales and marketing MUST be aligned to the same numbers; the same vocabulary; and the same units of measurement. Technology is not the cure-all. You must also have the right structure; the right processes; and the right content. CRM is the foundation, but you need marketing automation tools to manage the entire lead to opportunity process.
- 39. • Resource Centre at silverpop.com – White papers – Webinars – Blogs – Case studies – Newsletters • Presentations on SlideShare – www.slideshare.net/Silverpop New Tip Sheet: 9 Tips for Creating a Successful Scoring Model silverpop.com/9tips
- 40. Thank you for your time! @rlevans, @Silverpop