By Carlos Vidal, Manager, Lead Generation Practice, SBI
Within the emerging Demand Generation discipline, much has been written about how to better manage leads. Respected industry practitioners have offered metrics for evaluating lead effectiveness which, if implemented, improve Marketing’s ability to generate leads.
In this introductory article and in a series of follow-on articles, we will explore the idea that organizations can gain much more than mere lead generation by instituting a closed loop contact-to-contract lead measurement process and then acting decisively on the data stemming from this new approach.
Marketing Automation software analyzes which leads convert to prospects, when and how they do so, and what means are best to increase this ‘conversion’. Marketing departments, enabled by these solutions, are tempted to claim victory since they can now create a steady stream of “sales ready” leads. This amounts to solving all of half the problem. Getting to the other side of the equation, the Sales side, represents the major untapped source of value from efforts to improve lead generation and management.
A closed loop contact-to-contract measurement process enables Marketing to make decisions on lead development, nurturing, events, design, and campaigns based on whether they ultimately drive more revenue. This process combines Marketing and Sales data on costs, activities and results in a comprehensive view that includes data based on revenue and sales cycle length, lead-specific tracking data and prospect activity.
Ambiguity is removed.
With this information in hand, you can determine metrics such as the ones in the table below.
In the subsequent installments of this article series, we will address each area in detail and provide actionable metrics and suggestions to put this to use in your organization. We will demonstrate how each metric, when optimized, influences the size and shape of the ‘standard’ sales funnel.
Taken together, this new contact-to-contract measurement approach allows Sales and Marketing to collaborate in a way that drives value for both departments.
Carlos is a Principal at Sales Benchmark Index (SBI), a strategic advisory firm that helps executives understand how well their sales forces are performing relative to peer group and World-Class levels. SBI is differentiated through the use of empirical data -- a repository of over 11,200 companies, across 19 industries, 11 years of history and over 315 sales metrics. Through SBI’s sales benchmarking services a company can use comparative data to identify improvement opportunities available by leveraging best practices of World-Class companies.
News flash everybody. Inbound marketing is so old school. Some claim even back to the 11th century BC. I was being generous in my headline.
I get a chuckle when B2B marketing practitioners glom onto a fancy new name for some marketing principle that has been around for thousands of years. Then everybody rallies the wagons and wails on the bugles as if there some new magical way to create demand for consumers. Inbound marketing is in effect the same principle as “pull marketing.” Of course, we remember the classic “push, pull marketing” from our marketing 101 class. I’ll frame up the situation as a refresher to make the point.
Demand Gen Report’s 2014 B2B Buyer Behavior Survey provides insights into how B2B buyers make their decisions. Buyers are waiting longer to engage with sales, but they are more satisfied with the process than in years past. For an in-depth look at this research, download the report now!
The B2B Content2Conversion Conference brings together the top thought leaders and practitioners in both content and demand generation. The combined agenda provides real-world case study examples, as well as actionable takeaways on how marketers can better target, engage and convert prospects into customers. Taking place in Scottsdale, Arizona, the B2B Content2Conversion Conference provides you with a playbook to optimize your 2015 marketing plans.
Discover how-to details and strategies for fast, measurable digital marketing success. All of it is real-world experience grounded in rigorous research and taught by successful marketers who face your same challenges. Learn how to make your email campaigns — and your career — more successful than ever and do it within a world-class venue. It's no wonder leading organizations consider Email Summit a priority investment year after year.
Social Media Marketing World 2015 is the world's largest social media marketing conference. By attending, you'll make connections with 100+ of the world's top social media pros (plus 2500 of your peers) and you'll discover amazing ideas that'll transform your social media marketing strategies.