The Big Picture, May 2015: Lead Lifecycle Management, Sylvia Jensen
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Lead Lifecycle Management and Marketing Automation From Sylvia Jensen, Sr. Director of EMEA Marketing at Oracle Marketing Cloud // The Big Picture is a bi-annual must attend event for senior B2B marketers and corporate communication professionals to gain insight, understanding and strategic advice from leading industry practitioners. The May event focussed on making the most of the digital conversation, and involved speakers from Google DoubleClick, LinkedIn, Oracle Eloqua, Sysomos, Purestone and LEWIS. For more information visit the event page: thebigpicture2015.purestone.co.uk
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The Big Picture, May 2015: Lead Lifecycle Management, Sylvia Jensen
- 2. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Lead Lifecycle Management 7 Steps from Prospect to Revenue Oracle Confidential – Internal/Restricted/Highly Restricted Sylvia Jensen Sr. Director of EMEA Marketing Oracle Marketing Cloud 20th May 2015 @smajensen
- 3. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Agenda 1 2 3 4 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’ Oracle Confidential – Internal 3
- 4. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | What’s Changed? Why Lead Lifecycle Management is Important
- 5. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | 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”
- 6. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Digital Body Language How frequently a prospect interacts with your company and content is key to determining true buying interest. @smajensen
- 7. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Ground Zero Sales and Marketing Alignment
- 8. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Ground Zero: Sales and Marketing Alignment What needs to happen before lead lifecycle management Sales Opportunities Win Rate Quota Attainment Traditional Marketing Responses Clicks/Visits Volume of leads Costs of programmes
- 9. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Marketing validates quality of interest Marketing nurtures to sales ready Sales validates and accepts ownership Sales validates BANT criteria Sales closes revenue opportunity InterestCustomer Buying Process Evaluate PurchaseLearn Justify Marketing & Sales Process Ground Zero: Sales and Marketing Alignment SUSPECT INQUIRY MQL SAL SQO CLOSED
- 10. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | 7 Steps from Prospect to Revenue
- 11. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | The 7 Steps to Lead Management Overview Improve Marketing Efficiencies Enable Sales Improve Lead Quality Do Effective Nurturing Improve Targeting & Segmentation Measure Marketing Effectiveness
- 12. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 1: Understand your Buyer The customer’s journey – Ideal Customer Profile Interest Evaluate Justify Purchase Has anybody checked out…? I’m trying to figure out … ? map their journey…. I’m trying to figure out… ? Any suggestions on where I can find… ? Oh no! I’ve just…
- 13. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 1: Understand your Buyer Interestingly, Facebook is the largest contributor for both B2B and B2C. And, while the traffic from social networks is still a small portion, it appears to be a promising channel. Market reach is growing from social channels Closed Won Inquiry SAL SQO Suspect Source: Eloqua’s April 2011 Benchmark Report, pg 7
- 14. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 2: Segment your Database • Geographic • Demographic • Psychographic • Behavioural • Occasion Deliver the right message at right time Improve Targeting & Segmentation Closed Won Inquiry SAL SQO Suspect
- 15. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 2: Segment your Database Less is more. Smaller segmented batches perform better than larger presumably non-segmented batches. Precisely, targeted marketing Improve Targeting & Segmentation Closed Won Inquiry SAL SQO Suspect Source: Eloqua’s April 2011 Benchmark Report, pg 7
- 16. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 3: Improve Marketing Efficiency By offloading marketing staff of manual tasks associated with lead generation, scoring, nurturing, event management, and other tasks, each person can be more productive. Automate repetitive steps Source: Eloqua’s April 2011 Benchmark Report, pg 7
- 17. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 4: Score your Leads Lead scoring is a method of assigning points to each prospect you come across. Score determines action. Get the right leads to sales - fast Will improve win rates, revenue and helps cement sales and marketing alignment. Closed Won Inquiry SQO Qualified Lead (MQL) Sales Accepted Lead (SAL) Suspect
- 18. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Lead Scoring
- 19. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 5: Nurture your Contacts Best-in-class companies employing automated nurturing, plugging a leaky funnel, realising growth, whilst laggards not using nurturing are seeing a decline in leads. Nurturing keeps your brand top-of-mind Source: Eloqua’s April 2011 Benchmark Report, pg 7 Do Effective Nurturing Closed Won Inquiry SQO Qualified Lead (MQL) Sales Accepted Lead (SAL) Suspect
- 20. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Lead Nurturing
- 21. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | of leads are followed up on by sales reps. 20% 70% 80% of leads followed up on are disqualified. of disqualified prospects go on to buy from someone within the next 24 months.(Research: SiriusDecisions) Lead nurturing. . . . . . the process of cultivating leads who are not yet ready to buy.
- 22. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Case study: McAfee Challenges: Many leads generated, but not all quality leads. Marketing effectiveness to improve sales pipeline. Engaging prospects throughout buying process. Solutions: Eloqua Lead Scoring. Automated Lead Nurturing Program. Director of McAfee’s Global Demand Centre, Alexandre Papillaud, has said: The implementation of Eloqua’s lead scoring and lead nurturing programs has really moved us forward in our marketing evolution.
- 23. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Lead scoring in action. The world’s largest dedicated technology security company, McAfee reaped the rewards of a lead scoring (and lead nurturing) program from Eloqua (part of the Oracle Marketing Cloud). The company . . . 35%Reduced leads 35% while improving overall quality. x4Increased lead to opportunity conversion rate times four. Tightened marketing and sales alignment. >
- 24. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 6: Enable Sales Marketing intelligence for sales action - alignment Enable Sales Closed Won Inquiry SQO Sales Qualified Opportunity (SQO) Suspect MQL SAL Closed Won Prioritised view of most engaged prospects
- 25. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Step 6: Enable Sales Marketing intelligence for sales action Easily track buying signals of interesting accounts Closed Won Inquiry SQO Sales Qualified Opportunity (SQO) Suspect MQL SAL Closed Won Enable Sales
- 26. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | The 7 Steps to Lead Management Overview Improve Marketing Efficiencies Enable Sales Improve Lead Quality Do Effective Nurturing Improve Targeting & Segmentation Measure Marketing Effectiveness
- 27. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Campaign ROI
- 28. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Continuous Optimisation Why you will never be done
- 29. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | 25% £5M 50% 20% 5% 20,000 1,000 250 125 25 Revenue Inquiries Qualified Leads Sales Accepted Leads Sales Qualified Opps Closed-Won Leads Conversion Rates Sales Stage Volume Required ASP = £200K SaaS Company, 20% Win Rate Optimising Results: Lead Management
- 30. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | 20,000 1,000 650 325 65 Inquiries Qualified Leads Sales Accepted Leads Sales Qualified Opps Closed-Won Leads Conversion Rates Sales Stage Volume Required ASP = £200K SaaS Company, 20% Win Rate Optimising Results: Lead Management 65% 50% 20% 5% £13M Revenue
- 31. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | In Summary
- 32. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | 3 things a modern marketer should remember 1. Align with your sales team to improve lead flow and effectiveness of your revenue engine 2. Learn the 7 steps in lead management and adopt them over time, as you evolve – it’s a journey 3. Continuously improve your lead management processes to grow revenue and productivity
- 33. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | &
- 34. Copyright © 2015, Oracle and/or its affiliates. All rights reserved. | Lead Lifecycle Management Sylvia Jensen Sr. Director of EMEA Marketing Oracle Marketing Cloud @smajensen sylvia.jensen@oracle.com http://www.linkedin.com/in/sylviajensen Thank you!
Notes de l'éditeur
- So, what’s changed? The internet! We felt this mostly as consumers with the ability to research products and services online before we buy them but a similar change as happened in the B2B buying cycle. 1. Buyers are research much more online before they ever speak to a sales person. 2. All of this digital interaction means that the lines between traditional marketing and sales are very blurred. What used to be a part of the sales cycle is now managed by marketing. 3. Content is suddenly more important as we need to keep prospects engaged as they move their the buying cycle 4. There are suddenly more channels with social media than ever before 5. The good news is that with digital, we capture all this online ‘browsing’ behaviour (we call it digital body language) and can enable sales with intelligence
- Let’s think about the traditional world. Sales use to use body language to be able to read a prospect’s interest. In today’s world, we have a lot of digital clues as to whether people are interested in what we are saying or selling. We can measure this engage via our marketing channels and we can use that information in our scoring model and pass it on to sales.
- Traditionally marketing has been responsible for responses and were measured by clicks or visits, on the volume of leads and the costs of programmes. And as all marketers know, the measurements in marketing always seem to be changing. First it’s how many leads and then once you get your volume up, quality is important. You get lots of visitors to your site and then whether they are unique visitors becomes important. And costs… we’ll how many touches does it really take to convert a lead? Attribution is HARD! Sales on the other hand, is very accountable to closing a deal. Lots happens from the time a sales person engages to the time they close the deal but let’s face it… all anyone cares about is a deal gets closed. What happens in between are details. You either generate revenue or books or you don’t. Because the hand off between sales and marketing is so important (because it’s so far down the sales cycle) every organisation needs to define the ‘rules’ between sales and marketing to make sure both teams understand what it means when they say ‘qualified lead’ and sales know what the next best action is so nothing gets dropped. Both teams need to work very closely together. Before we get to the 7 steps, one thing that every organisation needs to do, regardless of whether they decide to use marketing automation to help their with their lead management, is to set up some really basic rules or A COMMON LANGUAGE between sales and marketing. SO WHAT DOES IT MEAN TO BE ALIGNED? The 7 rules of lead lifecycle management are will shed some light on how sales and marketing can work together to optimise the process of ‘from finding a lead’ to ‘closing a deal’.
- At the most basic level, Lead Management is all about how to manage the prospect who show interest in your products or services. How do you attract them? Knowing your buyer (step 1) Segmenting your data and targeting your ideal customer profile (step 2) Automating your marketing (step 3) So you don’t waste time on manually repetitive tasks and can focus on the clever marketing stuff Scoring (step 4) So you know which leads sales should follow up first Nurturing (step 5) So you keep prospective buyers engaged until they are ready to buy Sales Enablement (step 6) So you can give sales the intelligence they need to prospect and close more deals faster Measure everything (step 7) So you know what’s working and not working and also so you can fine tune the conversion points in your funnel for
- Step 1 – Know your buyer 1. HOW MANY OF YOU HAVE AN IDEAL CUSTOMER PROFILE? 2. Many people skip this step because everyone thinks they know but it’s really worth doing as it will help you set up your marketing campaigns and nurture programmes later. 3. What does your ideal buyer look like? Are they male or female? What’s their job role? What size company are they? What industry are they in? – anything that helps you identify them and allows you to segment them in the next step. The first step in this transformation involves a detailed understanding of your customer’s buying journey. You can also then start thinking about: The content that would most interest them at each state The channels they would typically use to get new information
- Optional Slide The first area to start to scrutinise is our “Top of the funnel” efforts. Are our marketing efforts ‘reaching’ far or wide enough to sufficiently draw those suspected buyers towards our brand? In the digital playground we now all participate, there are oodles of ways for us to initially start understanding (1) the problem we have to solve and (2) who like me share in this problem or have experience in helping me solve that problem. Our Marketing “Reach” is critical in attracting our potential next buyer. We’ve heard how social media has made a significant impact on empowering such buyers to collaborate. And while there’s sufficient skepticism by B2B firms in thinking this is a worthy channel. We shouldn’t discount the growing importance of this medium. In some research we did at Eloqua, Interestingly, Facebook is the largest contributor for both B2B and B2C. So whilst the traffic from social networks is still a small portion of overall total, it appears to be a promising channel. Think about your buyers.
- Step 2 – Segmentation Once you know you buyer and their channels, look at your database and see how you can reach them with targeted outbound programmes. What’s your data look like Do you need to improve it? When you are ready to create a campaign, segment based on ICP and behaviours your contacts exhibit and delivery the right message with the right content. Wikipedia definition: Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs (and/or common desires) as well as common applications for the relevant goods and services. Depending on the specific characteristics of the product, these subsets may be divided by criteria such as age and gender, or other distinctions, such as location or income. Marketing campaigns can then be designed and implemented to target these specific customer segments. Targeting and segmentation, as early on in the buyer’s cycle as possible, increases your likelihood of retaining that suspected buyer because you are more able to make your next message relevant to their needs/wants.
- Optional Slide Targeting and segmentation usually means smaller batches, but based on our benchmarking, shows significantly better response rates. The open and click-through rates we uncovered are in line with industry averages. But note that larger campaigns see a precipitous drop in open rates and a surge in click-to-open rates. Because the open rate is so low, it takes fewer clicks to achieve a high click- to-open rate. But this isn’t necessarily a good thing. These results usually occur when you blast your database instead of segmenting for relevance. Even some segmentation versus no segmentation can lead to a drastic improvement, as you can see for companies sending to fewer than 100,000 contacts. Follow the lead of Best-in-Class companies who segment by: • Timing. Creating timely, relevant messages always trumps sending out generic communications. By tracking industry and business topics that matter to prospects and customers, you can better connect with your audience. • Source. Figure out how prospects found your company. E.g. did they find you through a social community or by searching about a certain topic? Segment based on this insight. • Buying stage. The more you can segment based on milestones in the buying cycle, the better your targeting and the higher the response rates. This practice is essential to creating a nurture stream that helps convert prospects to qualified leads and ensures you don’t send the wrong communication that could adversely impact the buying process.
- Step 3 – Improved Marketing Efficiencies (ie marketing automation) For marketers inundated with time-consuming, manual marketing tasks and processes campaign automation makes it easy for marketers to create, manage and automate campaigns, freeing them to focus on more strategic initiatives. It makes marketing campaigns: Easier - Segmentation, emails, microsites, forms Quicker - Working from templates Measurable - Reporting Repeatable Successful Marketing Automation provides the efficiency gains of both scale and increased productivity to get more out of your marketing resources and align them to your business’ revenue strategy.
- Step 4 – Lead Scoring According to the Aberdeen Group, companies with best-in-class lead prioritization and scoring systems have a 192% higher average lead qualification rate than those that do not. Wikipedia definition: Lead scoring is a method of assigning points to each prospect you come across. Points are assigned based on specific criteria you set—those attributes you've identified as being most often associated with serious prospective customers. The higher the score, the more likely they're the right target prospect who is actively engaged in the buying process, and should be routed to sales. The most accurate lead scoring models include both explicit and implicit information. Explicit scores are based on information provided by or about the prospect, for example - company size, industry segment, job title or geographic location. Implicit scores are derived from monitoring prospect behavior; examples of these include Web-site visits, whitepaper downloads or e-mail opens and clicks Lead scoring is really about Prioritisation Sales enablement Next best action… Will improve win rates, revenue and helps cement sales and marketing alignment.
- Step 5 – Lead Nurturing Top of Funnel Activities are quite costly. Think of all the time and effort you spend trying to grow your database. Do you spend as much time trying to make use of the data you have? Once you’ve scored your leads and handed the best off to sales to follow up immediately you have a number of leads, about 80-90% of your suspects, still available in your database to market to. By setting up a lead nurturing program you can continue to ‘warm up’ leads that weren’t hot enough for sales to follow up by providing the right kind of content (you mapped in step 1) to get prospects on the next step of their journey. We aren’t going to speak about content marketing today but as a good follow up activity, learn how content marketing can help you with your lead nurturing programme. Remember your ICP? What do they look like? Now you can map their journey to your content and set up automated nurture campaigns to move them along their buying journey.
- As marketers, we sometimes spend a lot of time and money acquiring new contacts for our database. Typically, we send out campaigns and then send all the responses to sales for follow up. Research by SiriusDecisions found that: Only 20% of leads are followed up by sales Of those, 70% are disqualified Of those that are disqualified, 80% go on to buy from someone within the next 24 months. And when they do, you want your company to be at the top of their shortlist. At its core, lead nurturing is the process of cultivating these leads who are not yet ready to buy. Once prospects are in the funnel, nurturing them with helpful, relevant content can move potential buyers through each stage of consideration at a natural pace until they’re ready to be passed on to sales. Nurturing is the “safety net” for every stage of the buying cycle, helping ensure that no revenue opportunity is missed.
- Well, the marketing team had become so good at creating responses to multi-channel marketing programs that the top of the sales funnel overflowed with leads - to the point that it was creating a negative reaction from sales. Marketing realised they needed a way to automatically evaluate responses so only the best leads made their way to sales. McAfee decided that agreement and alignment between its sales and marketing teams was crucial to creating marketing effectiveness and improving the sales pipeline. After implementing a lead scoring program from Eloqua, McAfee can now analyse and assess both the profile fit and level of engagement of each lead. Leads that score highly are routed through an inside telemarketing team before the very best go over to sales. A lead nurturing program has complemented this success and been rolled out across the globe.
- Wondering how all of this translates into real-world results? Well, McAfee did it. They implemented a lead scoring program that delivered big results. McAfee reduced leads by 35% while improving overall lead quality. And lead-to-opportunity conversion rate increased four-fold, highlighting a clear return on investment.
- Step 6 – Sales Enablement Gartner has stated that companies that automate lead management as a business process between sales and marketing will increase conversion rates by at least 50%. B-to-b buying behaviour has changed; as a result, the marketing organization must lead the digital relationship with buyers and provide increased transparency to the sales organization. Sales enablement really has two parts: 1. Lead Scoring which we discussed in Step 4 2. Providing sales with prospect intelligence through integration of your marketing and CRM system. If you can help sales by telling them: Who to call What to say How to follow up You can help increase productivity of your sales team, close more deals and grow revenue. As an example, here we show the the integration between Eloqua’s marketing automation system and salesforce.com. Through this integration your sales people can see, at a glance the buying signals their prospects are showing and how often and how recently they’ve engaged with marketing activities that demonstrate their interest.
- Optional Slide
- At the most basic level, Lead Management is all about how to manage the prospect who show interest in your products or services. How do you attract them? Knowing your buyer (step 1) Segmenting your data and targeting your ideal customer profile (step 2) Automating your marketing (step 3) So you don’t waste time on manually repetitive tasks and can focus on the clever marketing stuff Scoring (step 4) So you know which leads sales should follow up first Nurturing (step 5) So you keep prospective buyers engaged until they are ready to buy Sales Enablement (step 6) So you can give sales the intelligence they need to prospect and close more deals faster Measure everything (step 7) So you know what’s working and not working and also so you can fine tune the conversion points in your funnel for
- By seeing an improvement in one level of conversion, from Qualified Lead to SAL, we see that an organisation can improve it’s revenue by X% to £13m. This is just an example but plug in your company’s funnel numbers, start to improve and see the results!
- By seeing an improvement in one level of conversion, from Qualified Lead to SAL, we see that an organisation can improve it’s revenue by X% to £13m. This is just an example but plug in your company’s funnel numbers, start to improve and see the results!
- The modern marketer of today needs to know the latest techniques and the benefits to their organistion You are all on the road to becoming modern marketers Lead management is an important part of any B2B marketing program Learn the steps to lead management and adopt them as you evolve Take one step at a time Continuously improve your processes Start somewhere but the important thing is to start!