Archive for Lead Nurturing

7 Steps to Effective Channel Marketing – Expert Guest Blog

Tuesday, September 13th, 2011

Ed. Note: This latest article in the Zephyr 47 Expert Blog Series is provided by Alan Feldman with Winn Technology Group. Channel sales and marketing are critical for the vast majority of B2B organizations and here Alan highlights 7 key areas for channel marketing success.  These details are presented in greater detail in their latest white paper which is linked below.  

The continuing paradigm shift in the IT market shows steady movement towards a greater focus on the Channel — to increase sales, achieve increased market penetration and enhance brand recognition.  More and more, large vendors are announcing their intent to bolster their Channel efforts and direction, recognizing the substantial growth that can be attained.  The bottom-line is truly the bottom-line – how to increase revenues while reducing the overhead and direct costs of driving those increases.  Businesses today have many more options in their buying cycles – from research tools, analysis, social media, and an expansive reseller community.  This has changed the sales process dramatically, and technology vendors are racing to adapt.  Potential customers are expecting more competitive pricing, improved value, and consultative services to complement their process.

The Challenges – The channel model presents a number of challenges that must be identified and overcome in order to realize the full benefits and revenues.  These challenges are both internal to the vendor, external with the partner, and ultimately, reflected at the customer-level as well.  Some of the more recognizable challenges include identifying, on-boarding and training new partners, aligning messaging and solutions with partners, managing MDFs and Co-op funding, managing leads and follow up activity, and ongoing nurturing and cultivation.

The Solutions – There are some key steps that can be defined and implemented to help accomplish a successful channel marketing infrastructure and process.

  1. Identify your optimal channel partner profile – evaluate alignment, corporate culture, growth, vertical markets, solution expertise, support, etc.
  2. Assign dedicated resources to manage the relationship and marketing funding – nurture the relationship to a mutual partnership, leveraging knowledge, materials, and solutions.
  3. Continually evaluate partner performance – Ensure partners maintain an agreed-upon performance level and contribution.
  4. Develop Lead Nurturing Strategies – establish specific pilot programs to help the partner and VAR community develop a cost-effective framework for lead nurturing and cultivation.
  5. Design, structure and implement a “Demand Center” framework – provide packaged campaigns, with centralized repositories of campaign information, preferred vendors, services, templates, lists, etc.
  6. Host co-branded events – draw attendees based on the vendor’s brand recognition, and add further credibility to the channel partner.
  7. Create and maintain ongoing feedback mechanisms and tracking – ensure continual two-way communications on all activity to create a teamed approach to close deals, through status reporting as well as automated tracking systems.

Addressing and implementing these 7 steps will help to build partner loyalty through support, knowledge, funding and programs, while ultimately increasing the revenue stream for both prime vendors and their channel partners.  The complete whitepaper can be downloaded from Winn Tech HERE.

 

Author Bio: Alan Feldman is Sales and Marketing Manager at Winn Technology Group, and has focused on the design, development and execution of direct marketing campaigns for many of the leading technology vendors in the industry over the past eight years.  Prior to Winn, he spent nearly 25 years as a Sr. Management Consultant in the technology, government, retail and education markets.

I invite you to join our LinkedIn channel marketing discussion group, WinnDemandCenter, to share your thoughts, contribute to critical discussion, and learn from others in the industry – all with the intent of improving processes and success in IT Channel Marketing.  Please click on the following link to join: http://linkd.in/e56Njb.

Winn Technology Group is a privately-held marketing solutions company headquartered in Palm Harbor, Florida.  Exclusively providing marketing support to the technology industry since 1990, Winn has partnered with leading IT firms to develop and execute B2B marketing solutions. For more information, visit www.winntech.net, or contact them at marketinginfo@winntech.net

Z47 Note:  This interview originally appeared in Manticore Technology’s Funnel Focus blog.  We have posted here as well.

In the B2B market, long, complex sales cycles come with the territory and can last anywhere from 6 months to 3 years. Therefore, lead nurturing is a critical part of many organizations’ sales processes. In the Lead Nurturing Cookbook, we offer a recipe for building long-term lead nurturing processes marketers can implement using their marketing automation platform. Brian Hansford, Founder and CEO of Zephyr 47, an agency that specializes in helping organizations implement and improve their lead management processes, participated as an “Guest Chef” on this recipe offering marketers advice on how to successfully execute a long-term lead nurturing program.

I caught up with Brian and asked him to expand on the insight he offers in the Cookbook and help you understand what factors are important to consider when building a long-term lead nurturing program.

In an extended lead nurturing program where you might be engaging with buyers six months to a year before they are sales-ready, how do you ensure they are getting the right message, at the right time?

I like Rules of 3 when tackling an opportunity. There are three factors to help B2B marketers effectively engage with prospective buyers over an extended period and win the business.  First, develop the profiles of the buyersand influencers involved in the buying process. Profiles or personas are incredibly important in lead nurturing success because they will help steer content and lead management. These profiles should outline the roles, responsibilities, points of pain, and messages that prospective buyers care about.

Secondly, develop a content strategy that provides the information for these contacts at the various stages of buying process.  The buyer personas will help focus a content strategy on the right audience with the right information. In addition to the content focus, the content strategy should identify the channels to publish and serve the content. A buying process begins when buyers research the problems and the solutions, transitioning to vendor evaluation, purchase decision, decision validation, and ongoing loyalty. As buyers move further into their process, marketing automation solutions help marketers provide the right information to the right people over a given period of time.

Thirdly, B2B marketers should have their lead management strategy.  This takes into account the workflow, contact cadence, campaign themes, and definitions that move leads through the buying process and a qualified handoff to Sales.  Marketing automation systems integrated with a CRM solution are very important and enable this entire lead nurturing process.

What are some mistakes you’ve seen b2b marketers make in building a long-term nurturing program?

Many B2B marketers fly blind with their lead nurturing because of inadequate or poorly developed content. Actually, I think many still follow more of the old ‘drip marketing’ model where every database contact gets peppered with the same content at random intervals.  Here we are in 2011 and I still get unfocused and irrelevant emails, calls and offers from various B2B companies!

Marketers must think long-term and cater nurture programs to potential and existing customers based on their stage in the buying process, their role, the need, and the timeframe. The spray and pray scattergun approach just doesn’t work anymore. Just as important as nurturing new business opportunities, B2B marketers should nurture their existing customers! This entire process requires heavy lifting in analyzing data, speaking with customers to profile what information helps them, testing campaigns, and involving Sales in the nurturing process.

Companies with extended product lines can improve nurturing performance with targeted messaging, relevant content and offers.  Providing the same content in a random fashion for all potential contacts misses the mark.

A study by Gartner states that 45% of leads that enter your website will purchase from either you or a competitor within 12 months. What can b2b marketers do to help ensure these leads purchase from them not their competitors?

Statistics like Gartner’s show there are amazing opportunities for B2B marketers to engage buyers and drive revenue. B2B marketers can use marketing automation solutions to engage the gold in ‘Gartner’s 45%’ and minimize the risk of lost sales to competitors. Lead nurturing strategies that engage prospective buyers with content, timing, and workflow provide a tremendous competitive advantage.  Just increasing the number of sales of those 45% can have a dramatic and incremental positive impact on revenue.

I may sound repetitive, but my message is consistent!  A lead management and content strategy that helps B2B marketers engage prospective buyers with the right content at the right time can cause a dramatic increase in conversions. B2B marketers cannot solely rely on capturing contact information and sending random forms of content irrelevant to the recipient and sending generic messages solely through email. Nurturing with lead scoring provide focus and help deliver marketing qualified leads to Sales that should have an accelerated decision cycle. Without the nurturing by Marketing and Sales, supported by a marketing automation platform, the competition will win.

How does marketing automation help you track where leads are in their buying cycle and how should this impact your content offerings?

In my corporate experience and with clients now, I have seen time and again how marketing automation solutions enable B2B marketers to track activity-based behavior and user-provided information to help score prospective buyers as leads, or not. From there, leads can be guided through a nurturing process where the ultimate benefit is a shortened sales cycle and accelerated revenue generation. This is done by following a strategy that involves scoring leads and escalating them to Sales at the right time, based on previously agreed definitions.  Scoring models implemented with marketing automation platforms are critical in helping B2B marketers deliver and serve the right content through the right channels at the right time. The beauty of this entire process is how Sales can be involved by serving content and passing leads back to Marketing for further nurturing if needed.

Marketing automation solutions enable nurturing programs by providing the right content to prospective buyers based on their scores which determine where they are in their buying process.  Content throughout the nurturing process includes detailed white papers, case studies, performance tests, RFPs, entertaining videos, product demos, and more. Marketing automation solutions like Manticore enable the entire process of serving this content to the right people at the right time. B2B marketers will achieve strong conversion and revenue results with rich content that effectively addresses each stage of a buying process, delivered through multiple channels and formats.

In creating lead nurturing programs, one of the biggest challenges marketers face is creating enough valuable content. What are some techniques for repurposing existing content effectively?

This has to be one of the biggest areas of pain that I saw both in my corporate life and with clients or companies in the B2B realm. So many organizations struggle with this and it’s an ongoing battle to produce relevant, interesting content.

There are all kinds of different forms of content that can be targeted to audiences, depending on where they are in their buying cycle. It’s not just the job of the marketing manager to create all the content. All organizations is have subject matter expert in some area within their four walls that can help produce some content.

It’s important to look past just the marketing manager and the product manager. Maybe there’s a sales rep or an engineer that can provide expertise on a subject, which could then be turned into a three-paragraph blog, for example.

A technique that we’ve used successfully is actually working with partners to develop content, and jointly publishing offerings. If you have a channel organization, recruit their subject expertise to develop content.

There may already be even an existing library of content that can be updated or repurposed, or refreshed.  Just because a white paper is three years old doesn’t always mean that it’s outdated. Many times they can be updated and refreshed pretty easily, and you can repurpose and incorporate them into some campaigns.

Zephyr 47′s Brian Hansford is honored to participate in a Focus Marketing Roundtable March 18.

Join us for our roundtable teleconference on March 18th, 2011 at 1pm PT/ 4pm ET with Ardath Albee, Brian Hansford, Craig Rosenberg, Emily Mayfield, Jeff Erramouspe, Michael Damphousse, and Tibor Shanto where we will discuss ingredients, techniques and timing b2b marketers need to effectively execute lead nurturing programs.
Based on Manticore Technology’s Lead Nurturing Cookbook,  we will share our “recipes” for creating proven-effective nurturing programs that B2B marketers can implement in real-world scenarios.
Topics Include:
1)    What 3 basic ingredients you need to successfully build and implement a lead nurturing process
2)    The optimal number and timing of touches for different types of lead nurturing processes
3)    How to integrate human touch points into lead nurturing and maximize call-connect rates
To follow the conversation and to submit your own questions use keyword FocusMarketingRT on Focus.com and #FocusRT on Twitter.
Moderator
  • Emily Mayfield, Director of Marketing, Manticore Technology
Panelists
  • Ardath Albee, CEO and B2B Marketing Strategist, Marketing Interactions Inc.
  • Brian Hansford, President, Zephyr 47
  • Craig Rosenberg, Leader, Focus Expert Network, Focus.com
  • Jeff Erramouspe, President, Manticore Technology
  • Michael Damphousse, CEO/CMO, Green Leads
  • Tibor Shanto, Sales/Marketing, Renbor Sales Solutions, Inc.

REGISTRATION INFORMATION HERE

Q4 Funnel Fiber – 4 Steps to Accelerate End of Year Revenue

Friday, November 12th, 2010

The fourth quarter of a fiscal year for any organization is commonly the best performing in terms of sales and revenue generation.  It doesn’t matter if the fiscal year follows a calendar year or a variation like Microsoft’s that ends in June.

The challenge for marketing and sales is filling and clearing the funnel with the most qualified opportunities to meet sales expectations.  If managed properly, this process should begin proactively early in the annual planning process with a campaign schedule.  Sadly, too many organizations still operate with a sense of panic in the last fiscal quarter, when a sense of focused urgency is better.

So how can an organization work to nurture the best opportunities in the shortest period of time and clear the funnel for end of year success?  Here are four ideas to consider.

1. Focus on Accelerating Evaluation Cycles and Validating Purchase Decisions

Well designed demand generation strategies should include ongoing lead nurturing campaigns.  Statistically however prospects in the early awareness stage may not bring the accelerated sales for some B2B organizations in the fourth quarter.  Of course this depends on the length of the buying/sales cycle.  The demand generation team should collaborate with the sales teams to focus efforts on the leads that are further into the sales funnel where an evaluation is fully underway and a purchase decision is pending.  The tipping point for these opportunities may be high value content that helps conclude an evaluation and validates the purchase decision as the right one.  This leads to the second point….

2. Re-purpose & Re-use Existing Content

Q4 may not always be the best time to kick off major content development projects such as white papers, new development of flash demos, etc.  However there may be existing high value content that can easily be re-purposed and re-used in multiple formats.  For example, re-purpose, edit and reformat white paper content into blog posts, webinar, podcasts, simple YouTube videos or Slideshare presentations.  This content can be targeted to the leads further in an evaluation stage or a purchase validation stage.  Don’t reinvent the wheel or kick off major content projects if the time, people, and money don’t allow for it.

3. Reporting and Analysis

The saying “if you can’t measure, you can’t manage” applies here.  Proper reporting should be an ongoing practice but it is especially important in the fourth quarter.  Demand generation teams and sales management can both benefit from increased reporting frequency in the fourth quarter.  Reports from marketing automation and CRM systems can identify bottlenecks in forecasts and funnels.  Additionally, reporting can highlight performance issues with individual sales representatives and channel partners.  (I do not mean to imply Big Brother monitoring. Reporting can identify positive opportunities for performance coaching and improvement.) Focus on the right data.  Click-throughs and impressions are meaningless unless presented with an explicit direct correlation to how they impact revenue.

4. Chicago ‘Voting Style’ Communication – Early and Often

One of the single biggest causes of collaboration and relationship breakdown between sales and marketing teams is poor communication.  The marketing and demand generation teams should always prepare sales for upcoming promotions, campaigns, supporting content and tools.  The communication should reflect up to minute reporting and analysis of funnel flow should be reported frequently as well as the sales forecast.  Don’t rely exclusively on email or portals for these communication sessions.  With the right frequency, these session can be brief and (ideally) should be in person or on conference calls.  (And sales managers, don’t blow off these meetings without notice.  Sorry to typecast, but I have to call that out because it happens a lot.) With the proper focus on influential and purchase-validating content, the funnel and forecast should reflect progression.

Let us know your thoughts on these 4 Steps to Accelerate End of Year Revenue.  What practices does your organization use? What are your lessons learned?

At Zephyr 47 we encounter many corporate marketing teams that distribute leads to a sales or channel organization, never to determine the final disposition.  It’s like they go into a black hole and the opportunities lost are scary to imagine.  Many times a “Marketing Qualified Lead” (MQL) may be disqualified by sales for various reasons – some legitimate or not so legitimate.  Disqualified leads present fantastic nurturing opportunities that can develop into future revenue.  Disqualified doesn’t mean ‘dead!’

It’s Alive!

A well developed and executed lead management process ensures leads disqualified by sales will move into a nurturing program or process.  This begins with a well defined matrix of a qualified lead.  There are several models for this that revolve around budgets, timeframe, decision making authority, deal size, and need.  (Critical point! Sales and marketing must agree on the qualification definition that fits customer personas and goals of the company.)

Check the pulse of a disqualified lead.

Managing the the lead process with marketing automation and CRM systems, leads can be distributed to sales based on pre-defined qualification criteria.  In general these marketing qualified leads demonstrated a level of engagement by requesting information, visiting sites, completing web forms, downloading content, etc. while providing more information that builds their profile.  With this profile, once an MQL threshold is reached, that lead is passed to sales.

Don’t Bury the Lead

When sales directly engages with an MQL they may learn more specific details that actually disqualify the lead.  Maybe the budget for the fiscal year is already spent.  Maybe a new decision maker is taking over the project.  Possibly the business pain has lost some priority for a limited period of time.  All of these are legitimate reasons to temporarily disqualify a lead in the short term.  That doesn’t mean the lead is dead!

These leads should enter into a nurturing program where scheduled contact is administered with a marketing automation system.  The contact and touch points should include high value content.  The key objectives for nurturing are demonstrating credibility and validating the lead contact’s decision to evaluate and ultimately make a purchase.

In the “old days” of 1.2% response direct mail marketing and simplified sales contact management, these disqualified leads may have simply been tossed or neglected.

Do the Math – A Scenario

Lead nurturing can exponentially increase marketing effectiveness!

To demonstrate, let’s run a simplified process for a fictional company.  On average each month 500 Marketing Qualified Leads are distributed to sales, 50, or 10% are disqualified.  Those 50 disqualified leads are then classified to enter into the nurturing program.  Over the course of 12 months, that’s 600 leads nurtured and kept warm!  In this scenario just 10% are RE-qualified and passed back to sales in a 12 month period, that gives sales 60 leads to work with!  Just imagine the impact to revenue when you estimate average deal size and closure rates.

Another consideration: If you don’t nurture your leads, your competitor will.

Bottom line, every lead is precious! And disqualified does not mean dead!

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