Optimizing the Lead: A data-driven optimization process that goes beyond lead capture Brian Carroll Pamela Markey Executive Director, Director of Marketing & Revenue Optimization Brand Strategy MECLABS MECLABS
Session Speakers Brian Carroll Executive Director of Revenue Optimization MECLABS Brian Carroll is Executive Director of Applied Research at MECLABS and CEO of InTouch, part of the MECLABS Group. Author of the bestseller, Lead Generation for the Complex Sale , Carroll is a leading expert in lead generation and he's profiled and regularly quoted in numerous publications. Carroll also speaks to 20,000 people a year on improving sales @brianjcarroll effectiveness and lead generation strategies . He has been profiled and regularly quoted in numerous publications such as BtoB magazine , Selling Power , The Wall Street Journal, Entrepreneur, Target Marketing, Inc., Marketing News, DM News, MarketingProfs, MarketingSherpa, Software CEO and CMO Magazine . 2
Session Speakers Pamela Markey Director of Marketing & Brand Strategy MECLABS Builds strategic partnerships, plans promotional initiatives, and is responsible for both Primary and Applied Research communication- and marketing-related activities. If it impacts a MECLABS brand, it goes through her. Before joining the team in June 2009, Markey worked for seven years as a wireless marketing manager at Bell Canada , during which time she managed campaigns for the Solo Mobile and Bell Mobility brands. Her @pamelamarkey work has been recognized at Cannes, the CLIOs, and the Canadian Marketing Awards among others. Markey started her career in marketing at Microsoft while completing her Bachelor of Commerce degree at Dalhousie University. 3
Optimizing the Lead Identify the right companies and people 1 2 Segment , score and prioritize 3 Initiate a memorable conversation 4 Nurture regardless of time to buy
Optimizing the Lead Identify the right companies and people 1 2 Segment , score and prioritize 3 Initiate a memorable conversation 4 Nurture regardless of time to buy
1 What is a lead? Inquiries are not leads • 5 to 15% of all inquiries are sales-ready
1 What is a lead? Inquiries are not leads • 5 to 15% of all inquiries are sales-ready Sales doesn’t need to “accept” the leads • Confirm whether the lead met the Universal Lead Definition agreed to between sales and marketing
1 What is a lead? Inquiries are not leads • 5 to 15% of all inquiries are sales-ready Sales doesn’t need to “accept” the leads • Confirm whether the lead met the Universal Lead Definition agreed to between sales and marketing Create your very own version of a ULD • Apply it to every lead , and iterate as you close the loop
1 What is a lead? Inquiries are not leads • 5 to 15% of all inquiries are sales-ready Sales doesn’t need to “accept” the leads CREATE YOUR ULD • Confirm whether the lead met the Universal Lead Definition agreed to between sales and marketing Create your very own version of a ULD • Apply it to every lead , and iterate as you close the loop
1 Identify the right companies and people F Action Item: ULD checklist What makes a good sales lead? • How can we raise the bar and give your better more actionable leads? • What initiative or need makes this a good fit? • What info is necessary to determine if a lead is worth the follow-up? " • What are the titles/job functions of economic buyers and influencers? • What does this company values? What is its culture like? • What are the common business issues?
1 Identify the right companies and people F Action Item: ULD checklist What information is required to qualify leads as being sales-ready? What information is required to qualify leads as being sales ready? • What are the characteristics of the ideal sales opportunity? • What are the characteristics of the ideal sales opportunity? • What are the questions sales want answered before getting a lead? • What are the questions sales want answered before getting a lead? • What info is must-have vs. nice-to-have? • What info is must-have vs. nice-to-have? " " • Which questions tend to gather the most-needed information? • Which questions tend to gather the most-needed information? • What should we start doing to make leads more actionable? • What should we start doing to make leads more actionable? • What things should we stop doing with leads that don’t value? • What things should we stop doing with leads that don’t value?
1 Identify the right companies and people F Action Item: ULD checklist Use the ULD to delineate “ sales-ready ” vs. “nurture” lead statuses " • Will there be a time frame to evaluate and implement a solution? • Will there be a formal or informal budget in place? • Are there specific behaviors or traits you are looking for?
1 Identify the right companies and people F Action Item: ULD checklist Identify key info a sales rep would value in speaking with a prospect Identify key info a sales rep would value in speaking with a prospect • What fuels interest and how must we focus on it with the solution? • What fuels interest and how must we focus on it with the solution? " • Where is the best entry point? • " Where is the best entry point? • Who is involved in the buying process as it evolves? • Who is involved in the buying process as it evolves? • Should anyone else be contacted? • Should anyone else be contacted? • Where’s the funding coming from and who has authority over it ? • Where’s the funding coming from and who has authority over it ? Then, only send as many sales ready leads that the sales person can effectively handle Then, only send as many sales-ready leads that the sales person can effectively handle
1 Identify the right companies and people F Action Item: ULD checklist FOCUS ON Identify key info a sales rep would value in speaking with a prospect Identify key info a sales rep would value in speaking with a prospect • What fuels interest and how must we focus on it with the solution? • What fuels interest and how must we focus on it with the solution? " • Where is the best entry point? EFFICIENCY • " Where is the best entry point? • Who is involved in the buying process as it evolves? • Who is involved in the buying process as it evolves? • Should anyone else be contacted? • Should anyone else be contacted? • Where’s the funding coming from and who has authority over it ? • Where’s the funding coming from and who has authority over it ? Then, only send as many sales ready leads that the sales person can effectively handle Then, only send as many sales ready leads that the sales person can effectively handle
1 Experiment: Background Experiment ID: (Protected) Location: MECLABS Leads Group Library Test Protocol Number: TP1214 Research Notes: Background: An industrial testing equipment manufacturer engaged the MECLABS Leads Group to follow up on leads generated through tradeshows and a PPC campaign offering a free book. Goal: To understand when to stop calling a teleprospecting list. Primary research question: At which point does the value of sales-ready leads from a calling campaign no longer outweigh the costs? Approach: Record and analyze teleprospecting campaign data to discover the point of diminishing returns 15
1 Experiment: Campaign path Re-engagement Qualified Leads Leads Generated Tradeshows PPC campaign Primary research question: At which point does the value of sales-ready leads from a calling campaign no longer outweigh the costs?
1 Experiment: Results Days 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Leads 412 57 14 4 11 12 8 10 6 5 1 2 2 3 10 Percent 61.3% 8.5% 2.1% 0.6% 1.6% 1.8% 1.2% 1.5% 0.9% 0.7% 0.1% 0.3% 0.3% 0.4% 1.5% Cumulative 412 469 483 487 498 510 518 528 534 539 540 542 544 547 557 Cumulative % 61.3% 69.8% 71.9% 72.5% 74.1% 75.9% 77.1% 78.6% 79.5% 80.2% 80.4% 80.7% 81.0% 81.4% 82.9% Days 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Leads 7 5 3 5 2 3 5 3 4 2 3 3 2 3 6 Percent 1.0% 0.7% 0.4% 0.7% 0.3% 0.4% 0.7% 0.4% 0.6% 0.3% 0.4% 0.4% 0.3% 0.4% 0.9% Cumulative 564 569 572 577 579 582 587 590 594 596 599 602 604 607 613 Cumulative % 83.9% 84.7% 85.1% 85.9% 86.2% 86.6% 87.4% 87.8% 88.4% 88.7% 89.1% 89.6% 89.9% 90.3% 91.2% Days 31 34 36 37 38 39 40 42 44 46 47 48 49 51 53 Leads 3 2 1 1 1 1 1 1 1 1 1 4 1 2 1 Percent 0.4% 0.3% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.6% 0.1% 0.3% 0.1% Cumulative 616 618 619 620 621 622 623 624 625 626 627 631 632 634 635 Cumulative % 91.7% 92.0% 92.1% 92.3% 92.4% 92.6% 92.7% 92.9% 93.0% 93.2% 93.3% 93.9% 94.0% 94.3% 94.5% ! Point of diminishing returns: Consider the value of a lead against your campaign cost to discover the point at which ROI is no longer favorable 17
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