engagement 2.0 new mindset for b2 b marketers oms
DESCRIPTION
Adam Needles, SIlverpop presentation from the OMS Roadshow events in Portland and Seattle - discussing a new mindset that B2B marketers need to embrace. B2B marketers need focus on engaging in dialog with prospects, focusing on nurturing leads with content and conversation until they become sales-ready leads.TRANSCRIPT
Engagement 2.0: A new mindset for modern B2B marketing
Adam B. NeedlesDirector, Field Marketing Twitter: @abneedles
Adam[B2B marketer]
My background
Are you a B2B marketer?
B2B marketing is different.
Agenda
• Challenge of modern B2B marketing• Engagement: A new mindset
– Engagement 2.0
• Best practices• Getting going
• B2B case vignettes + resources
What are your objectives?
A note …
• Customers = (both)– Future prospects– Current customers
Challenge of modern B2B marketing
B2B marketing in ‘ancient’ times• Get listed in yellow pages• Advertise in trade publications• Attend trade shows
Processing trade-show leads
B2B case >>> AllRegs
• Mortgage industry data provider
• 2006– 25+ tradeshows per year– Low conversion rates– Major source of leads
• Today– 10 tradeshows per year– Higher conversion rates– New lead-gen avenues (e.g.,
alerts)
Modern B2B customer• More-informed + more-demanding
More-informed + more-demanding
“With the rise of the Internet and social connectivity, there is now a more informed and demanding customer who is capable also of influencing peers' buying decisions.”
>>> Sandy Carter, The New Language of Marketing 2.0
Modern B2B customer• More-informed + more-demanding• Multi-channel
– Buying– Communicating
• From push to pull
From push to pull
“No longer is the corporation the fulcrum around which customer groups and suppliers revolve. ... [T]he customer is now the pivot point.”
>>> Paul Greenberg, CRM at the Speed of Light (3e)
From push to pull >>> B2B redux
>>> MarketingSherpa
17.50%
12.50%
70.00%
Average B2B Initial Lead Break-down
Discard / disqualified
Sales-ready now
Longer-term oppor-tunity / worth nurtur-ing
5-6X more ‘pull’ than ‘push’ oppos
Modern B2B customer• More-informed + more-demanding• Multi-channel
– Buying– Communicating
• From push to pull• Engage sales as a last step
Engage sales as a last step
Customer-led education + qualification + analysis
Contact sales
Implications for B2B marketing?• Permanent power shift• Sales / marketing line is blurring
Meanwhile …
Engagement: A new mindset forB2B marketing
Engagement marketing• Engagement = dialogue
Engagement marketing• Engagement marketing =
– Putting ‘engaged’ dialogue at the center of your go-to-market strategy
– Making your marketing customer-led– More than just mere ‘targeting’
Engagement marketing
Targeting A one-way inquiry
Engagement
A two-way dialogue
B2B case >>> Workforce Software• Workforce policy and
compliance management solutions
• Challenge qualifying leads based on demographics, assessing BANT
• ‘Mass qualification’ strategy– Content-based marketing– Use of survey forms to support
scoring– Scoring model + nurturing– Customer self-selection
Engagement 2.0
Customer
Sales
Marketing
Engagement 2.0 results• Tighter sales/marketing alignment• Higher rates of sales conversion
B2B case >>> Brainshark
• Online presentation software
• Challenge w/ efficient lead-gen
• Outcome-focused lead management process– Quality of leads = sales
conversion rate– Tight MQL definition– Focus on reducing cost of sale
Engagement 2.0 results• Tighter sales/marketing alignment• Higher rates of sales conversion• Stronger customer relationship• Increased customer lifetime value (CLV)• Greater word-of-mouth references
Engagement 2.0 ‘best practices’ for B2B marketing
Best practices• Static >>> dynamic campaigns• Lead generation >>> lead management• Sales antagonism >>> collaboration• Measurement >>> scorecard
Static >>> dynamic campaigns
Static view of leads
Dynamic campaigns• Customer-led• Cross-channel• Iterative• Patient
Dynamic campaigns
>>> Silverpop Engage B2B
Lead gen >>> lead management
Leads + revenue = top goals
>>> Adam Needles, Propelling Brands (original)
Generate more leads
Generate more revenue
Identify, reach and communicate with new customer prospects
Gain real-time insight into how my marketing programs are doing
Drive word-of-mouth and brand advocacy
Manage dialogue with customers and prospects
Identify new marketing approaches
Better manage/nurture existing leads
Improve execution across marketing communication channels
Improve sales-team execution/management
Improve 'sales-readiness' of leads
Improve management of marketing resources
Improve channel-partner execution/management
0% 10% 20% 30% 40% 50% 60% 70%
Strategic Goals Behind Current Marketing Technology Deployments
Product Marketing – 2% Marketing
Communications – 12%
Hiring – 10%
Market Definition –20%
Sales Process – 10%
52%Lead
Generation
Leads = your greatest challenge
52% of marketing organizations say lead generation is their #1 marketing challenge
>>> SiriusDecisions
Lead economics• 70-80% of leads = lost or ignored• 45% of leads = will buy from
someone, not necessarily your company
• 10% improvement in lead quality = 40% improvement in sales productivity
• 1% reduction in dropped/lost leads, combined with a 1% improvement in lead-to-order conversion rate, increases annual gross profit by 136%
>>> Annuitas Group
Lead Generation
Lead Nurturing
Lead Qualification & Scoring
Sales Collaboration
Reporting &Analysis
Lead Routing& Acceptance
LeadManagement
Process
Dynamic view of leads
Marketing Qualified
Interest + investigation
Sales Qualified
Sales Accepted
Awareness
Marketing
Sales
New Business
Lead workflow
Lead scoring = Lingua Franca for Engagement 2.0
Lead scoring components• Explicit
– BANT– Demographics
• Implicit– Recency– Frequency– Behavior
Lead scoring example
>>> Silverpop Engage B2B
Lead scoring example
>>> Silverpop Engage B2B
Role of lead scoring
“A solid lead scoring approach not only helps to rank prospects against one another, but can smooth the lead flow and serve as the baseline for building a range of business rules that include ownership, role and activities.”
>>> SiriusDecisions, “What’s the Score?”
Lead scoring = staying focused
Nurturing inquiries into leads
Filling funnel with inquries
Measuring ROI
Ensuring leads convert to opportunities
Improve close rates
Cross- or up-selling customers
0% 10% 20% 30% 40% 50% 60%
47%
41%
16%
42%
41%
29%
35%
36%
9%
56%
31%
14%
Score Don't Score >>> Silverpop
B2B case >>> Edgar Online
• Online corporate financial information
• Challenge managing leads and qualifying them
• Highly-granular lead scoring– Based on everything lead views– Helps with campaign evaluation– Enables greater scale– Quality vs. quantity of leads
Silverpop: Lead management
Sales antagonism >>> collaboration
Marketing / sales divide
Marketing / sales divide - mindset
Marketing
• “They don’t follow up on any leads we give them”
• “A lead to them is a sale”• “They ‘cherry-pick’ and act
like they know what the leads want before calling them”
• “They don’t even look at half of the leads we give them”
Sales• “We have no visibility into
what they are doing”• “We need more support
from them”• “The leads they pass to us
are worthless”• “They don’t understand
who our target market is”
Marketing / sales divide - activity
Alignment = plugged leaks
sales is marketing’s customer
B2B case >>> Sant Corporation• Sales proposal, RFP, and
document automation software
• Challenge as sales really needed marketing to ‘warm up’ leads
• Catalyst for ‘engaging’ sales– Educating about nurturing– Building lead-qualification
consensus– Aggressively using scoring– Building sales/marketing
relationship
Measurement >>> scorecard
Low confidence in marketing ROI
“Despite marketing’s drive toward financial accountability, only 7% of senior-level financial executives surveyed report being satisfied with their company’s ability to measure marketing ROI …”
>>> Marketing Management Analytics, March 2007 release
Danger of blanket ‘measurement’
“Too many metrics will not help articulate the value of the marketing organization. … [I]n this digital world, so many things are measureable that it can become overwhelming. Just because something is measurable, does not mean it should be measured or that it is valuable to measure.”
>>> Sandy Carter, The New Language of Marketing 2.0
Marketing scorecard• End goals
– Profitable revenue• In-process sales goals
– Sales conversion rates
Sales conversion ratesUnique IRs % Prospect
Outbound 2000 30% % LeadNew Prospects 851 33% Fast Leads 281
Inbound 250 50% % Prospect Nurtured Leads 46 % Opportunity62% Total 327 25%
Events 250 30% % Junk5% dead
Partners Foo Barrecycle
Prospect DatabasePrior Period 5,000Attrition % 7.50%Attrition 375
Move to LeadDB size 4625 1%
New Adds 527New DB 5,527
Marketing scorecard• End goals
– Profitable revenue• In-process sales goals
– Sales conversion rates– Lead management efficiency
Lead management efficiency
Don't measure
Cost per opportunity
Cost per closed opportunity
Cost per qualified lead
Campaign ROI
Sales-qualified leads
Marketing-qualified leads
Email open and click rates
0% 10% 20% 30% 40% 50% 60%
18%
21%
21%
32%36%
44%
52%
58%
46%
50%
43%
45%
31%
32%
19%
Want Use>>> Silverpop
Marketing scorecard• End goals
– Profitable revenue• In-process sales goals
– Sales conversion rates– Lead management efficiency
• Customer-retention goals– Net Promoter Score– NPD insights
‘Balanced’ marketing scorecard• Functional perspectives• Financial + non-financial metrics• Corporate strategy mapping• Predictive + lagging indicators
>>> David Raab, Marketing Performance Management Toolkit
B2B case >>> TIBCO
• SOA and BPM software• Challenge knowing what was
working / what was not• Focus on achieving a ‘closed
loop’– Integration of platforms– Tie in to company’s own
platform– Analytics ‘mash-up’– Tuning of lead-generation
activities
Getting Going withEngagement 2.0
Embrace the goal >>>
Engagement 2.0
Customer
Sales
Marketing
Partner with sales >>>
Build your infrastructure >>>
Learn more >>>
Continue the dialogue >>>
http://www.silverpop.com/blogs/demand-generation/
Thank you
• Phone: 617.413.6087
• E-mail: [email protected]
• Twitter: @abneedles
• www.silverpop.com
• Marketing Automation Solutions