19 Jul |
The Best Mailing List for B2B Lead Generation |
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When it comes to success in B2B lead generation, everybody knows that the mailing list is the most important ingredient in any campaign. A poor list will always produce dismal results, no matter how brilliant the offer and creative. Conversely, good lists often produce acceptable results even with mediocre execution. Consequently, companies are always looking for the “silver bullet” of mailing lists for their next B2B lead generation campaign— that perfect source of fresh, highly targeted, super-hot prospects just waiting to be contacted. Sadly, this is an exercise in futility and frustration and often a colossal waste of money. You already own the best list What’s the best list you can get for B2B lead generation? It’s the one you already (should) have. There is simply no substitute for a homegrown, customized list of prospects – often referred to by direct marketing professionals as the “house” list – which a company acquires over time through different tactics. When such a list is properly maintained and updated, it is a veritable gold mine and will always outperform any list you can acquire. Unfortunately, companies continue to overlook, under use, or,
Read more...24 Jun |
How Social Media Can Augment Your CRM Effectiveness |
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In my last post I introduced the subject about social media and CRM working together for B2B lead generation. Continuing in this series, here is today’s tip on how social media can be leveraged to augment your CRM effectiveness: Practice active listening with your social media conversations. Quite simply, lead nurturing is the process of informing, educating and encouraging potential customers about your product or service through healthy and positive relationship building. The keyword here is “relationship” – and just like any relationship, B2B relationships are also built and strengthened via communication. Of course, email marketing and sales meetings give you the opportunity to cast your net, stay in touch and add momentum to your sales pitch. But listening and taking positive action based on social media interactions with prospects offers a great way to enrich your “fertile” CRM grounds. These “voices” on the web can tell you a lot about your prospects’ needs and expectations. Armed with these insights, you can enhance your offering and make necessary adjustments to your online and offline marketing materials. You’ll be ready to go to market
Read more...21 Jun |
Social Media and CRM working together for better lead generation |
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At the recently concluded Internet Week in New York, the Advertising Research Foundation (ARF) hosted a panel discussion on social media and its impact on CRM. The resounding message from the expert panellists, all big names in the advertising and marketing industry, was that sales and online conversations (a.k.a. social media) are now inseparable and must go hand in hand. The essence of B2B lead generation has always been to help a brand find entry into the minds of customers. Planned or unplanned, orchestrated or inadvertently, brands are entering the customer mindset via social media channels. Businesses that recognize this and make efforts to take control of this process will emerge as the biggest winners in CRM profitability. Today’s quick tip on how to use social media to improve your CRM for lead generation: Make your social media channels fertile ground for finding leads. On your company website, your B2B lead generation efforts are ideally tied to a specific call to action and information gathering process that feeds your CRM database. In an online social community, however, there are potential B2B leads that you may not be aware of; yet these can become your biggest
Read more...08 Jun |
Make Sales Leads a Privilege, Not a Right |
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Want to significantly increase your B2B lead conversion rates and get your salespeople to provide near 100 percent feedback on lead status? Then stop sending them sales leads— seriously! Instead, set up an online lead distribution system that requires them to request each and every lead. This simple change can have a profound effect on your conversion rates. Why? It starts with human nature: all of us value something more if we have to pay for it or request it. When something is given to us for free or without consideration, we tend to value it less. Similarly, sales leads that are “pushed” out to the field tend to receive less attention by salespeople. Second, leads that are requested are more likely to be followed up immediately. And, as everybody knows, the faster a lead receives follow-up, the more likely it is to convert. Independent research has shown that, on average, the likelihood of a lead converting to a sale decreases by as much as two percent each day that it languishes. Third, sales people are much more likely to provide feedback on lead quality and status since they requested it in the first place. This will enable you to fine-tune your lead generation
Read more...02 Jun |
Overcoming Lengthening B2B Sales Cycles |
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Recent research from a number of sources confirms what all of us in demand generation have suspected for some time now: (1) In spite of the proliferation of new marketing communications tools like social media, companies report that generating qualified sales leads continues to be their biggest challenge and (2) The sales cycle, especially for technology marketers, is getting longer. What significance do these findings have for B2B marketers? Companies (and especially their field sales forces, dealers, and resellers) have always wanted more qualified leads, not more leads, so this isn’t a big surprise. However, the lengthening sales cycle is a relatively new trend that is increasingly frustrating salespeople. Organizations need an effective way to deal with this phenomenon. Lead nurturing now as critical as lead qualifying In this environment, more and more prospects will score as “B” level leads— meaning that they may be qualified to buy your product but are not yet ready to make a purchase decision. Turning these prospects into “A” leads requires a systematic lead nurturing system that: Makes regular recontact— to continually reassess prospect status and keep
Read more...25 May |
The Missing Link in Lead Qualification Systems: Sales |
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Demand generation marketers often spend countless hours designing and fine-tuning their lead handling systems. Complicated flow charts are created, lead questionnaire content is debated endlessly, forms are designed, and telemarketing and email scripts are reviewed ad nauseam. Yet, many of these sophisticated marketers overlook the single, most crucial element of a successful lead qualification system. What is it? Field buy-in is crucial For some reason, the sales force is often left “out of the loop” when it comes to lead planning. This only adds to the age-old distrust and outright enmity between marketing and sales organizations in so many companies. No matter how sophisticated your lead handling and qualifications systems are, they won’t achieve optimum results unless your sales force is empowered to take ownership of the process. To make this happen, good demand generation marketers need to follow these simple guidelines: Explain your objective upfront— Make it clear that your lead handling system is being designed to make the sales force’s job easier, not so marketing can “look over their shoulder” or take the credit for their success. Solicit input, accept
Read more...19 May |
Social Media Success Won’t Fix a Broken Sales Funnel |
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If you are a B2B marketer looking to use social media as a way to generate more sales leads, by all means test and experiment with it. However, first be sure that your CRM and lead handling systems are working properly. Otherwise, you will only make a bad situation worse. All leads should be qualified and nurtured A lot of social media gurus are telling us that, since social media is different, its success should be measured differently. This is complete nonsense. Whether you generate inquiries from social or “conventional” media, they should all be treated the same way and measured with the same metric. In practice, this means: Qualify every lead— before you pass it on to your sales people for follow-up, no matter where the lead came from. Leads that aren’t ready for follow-up should be nurtured until they are. Track and source conversions accurately— This is especially important when using social media, because its “free” nature can make any leads it generates look far less expensive than inquiries generated from “paid” sources. However, this can be especially misleading with social media because you can’t always control where and to whom your message
Read more...04 May |
Social Media for Demand Generation….Is it more of a B2C than a B2B phenomenon? |
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My most recent post on social media’s pros and cons drew a lot of feedback. So, I thought we should continue the “conversation” by offering a few more opinions from this admittedly old-school but open minded marketing professional about the value (or lack thereof) of social media as a demand generation medium. As always, I welcome your continued comments. Better for Small B2C Marketers? If you look at the biggest and most successful users of Twitter and Facebook, they seem to be B2C marketers. For example, Starbucks (@Starbucks) and Zappos (@Zappos) are using Twitter apparently to not only engage consumers with their brand but also to drive direct sales and distribute promotional discounts. Now, it turns out that small businesses (B2C) have also jumped on the Twitter bandwagon in a big way. From pizza parlors to independent and specialty retailers, small businesses are increasingly using Twitter to publicize special discounts and promotions and solicit customer feedback and many report they are quite happy with the results. From my perspective, Twitter as a marketing tool actually makes perfect sense for small businesses two reasons: (1) they have limited ad budgets,
Read more...26 Apr |
Social Media for Demand Generation: Silver Bullet or Snake Oil? |
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Social media sites like FaceBook and Twitter are revolutionizing the way companies market their products and services— or, at least, that’s what the internet marketing consultants, evangelists, gurus, and camp followers have been preaching to us for about two years now. What’s the reality behind the hype? Should social media be an integral part of your demand generation campaigns? Is it producing significant, measurable ROI for anybody out there? Let me know your real-world experiences at lfoong [at] thealeagroup.com. Debunking the Famous Dell Case Study Yes, like you, I’ve read the much-circulated Dell case study where they used Twitter to generate $3 million in sales by offering exclusive discounts to the 11,844 people who follow @DellOutlet. As an experienced (and skeptical) demand generation practitioner, I have two problems with this: 1) it’s literally a drop in the bucket of Dell’s $51 billion annual sales volume (about 0.005%). 2) Dell isn’t necessarily generating new business here. In fact, you can argue that they are cannibalizing direct sales (and profits) with the extra discounts. To be fair, let’s admit that social media is new and evolving.
Read more...19 Apr |
Effective B2B demand generation should not be complicated |
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Resurrecting the KISS Rule for Successful Demand Generation Richard Branson certainly doesn’t need more publicity, but when I read this Q&A article in Time Magazine, one of his answers really caught my eye: Q. Has your dyslexia hindered you in the business world? —Skye O’Brien, Dartmouth, Mass. A. Strangely, I think my dyslexia has helped. When I launch a new company, I need to understand the advertising. If I can understand it, then I believe anybody can. Virgin speaks in normal language instead of using phrases that nobody understands, like “financial-service industry.” Although Sir Richard (yes, he’s been knighted) was speaking mostly about the message, that old military acronym, “keep it simple stupid” (or KISS) applies equally to the demand generation (DG) process as well. Unfortunately, with the advent of sophisticated CRM and sales automation tools, we are seeing a tendency to over-think and over-complicate the DG process or to rely too heavily on technology as a “silver bullet.” With marketing staffs stretched painfully thin in an era of limited resources, this is understandable. In this environment, people will naturally look
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