No Leads get Left Behind

The folks at Bulldog Solutions compiled the Q&A session from a live Webinar I did last week with them called "A Case Study: Improving Lead Quality and Quantity" with the American Marketing Association.

Lead nurturing is something I am very passionate about and feel marketers need to start embracing more. A recent Forrester study cited over 50% of B2B marketers rated Lead Quality as their TOP concern. The antidote to this stay awake issue is clearly a well defined process for nurturing those leads so no lead gets left behind. I hope you enjoy the Q&A session below and feel free to reach out or comment on a question you might have regarding lead nurturing.


Q: What would my first step in starting a lead nurturing process like the one described in the Webinar?

Paul: Sit down with Sales and explain what you are doing. Then hammer out a common definition of what it means to be a "Sales Ready Lead" and what the attributes of this lead would be, such as company size, geographic location, etc.

Rob: That alignment with Sales is critical, absolutely. If there is not agreement-- preferably backed up with data from closed deals and current clients showing that everyone's impressions of what makes a good lead are correct—then the entire exercise is just academic.

Q: How do you begin to get support and buy-in from your IT partners?

Paul: We didn't use IT to bring this in. We bought an ASP software, and we brought it in through the interactive marketing group. They essentially are the caretaker of this system. Naturally there is an IT person that takes part in the interactive group, and they are aware of it, but they are not involved in the care and feeding of this in the way the interactive group is.

Rob: We see this a lot: When it becomes an IT initiative, it can get mucked up quickly because you begin to lose sight of what it's for. This really needs to be a marketing initiative. What's good about that is that the tools don’t necessarily require a lot of horsepower on the front end. I should also point out that when you do it right, there are a lot of dividends for everyone. Not just marketing and sales, but it makes the database management so much cleaner, it has spillover effects to IT.

Q: It seems to me that one of the difficult steps is getting your database in order. This seems to be the holly grail to build your nurturing processes.

Paul: And you are right, it totally is. I redid my database three times before I had it perfect. Put extra effort into this step. We started by grabbing every conceivable list of opt-in contacts we could find and putting them all in Excel. Then we de-duped and made sure company names were consistent (for example, Amex vs. American Express). Then we tagged them with the industry and the solution they expressed interest in before we attempted any remarketing efforts.

Q: What percentage of lead nurturing falls under Sales' responsibility vs. Marketing's?

Paul: In our organization, field marketing reports to sales, so it’s seen as 100% sales focused. But I'd say lead nurturing is a marketing responsibility versus a sales responsibility.

Q: How does Sales help in updating lead status? Do they literally go into the system and update?

Paul: It depends on where it is in the selling stage. When it's in the marketing funnel we have the inside sales team go in and update the status after any contact. They also add any other feedback they might have. Once they find they have interest and they can set an appointment with the prospect, the contact is moved over to the sales person, and then it becomes the domain of the sales person.

Rob: Leads may move from hot to cold and back to hot again, and many of the technology tools have real-time notification that helps with the process of communicating with them at the right time. For example, if all of a sudden I see that someone has downloaded my white papers and is forwarding them to colleagues, it's time for me to step back in and connect with them.

Q: What are some ways you would score if your call to action just brought them to a splash page enabling them to have a rep call them? Not all of us have the ability to offer up to 5-6 touches. Could you score by feedback rep received during follow-up call?

Paul: Absolutely! Keep in mind the “Gold Standard” of qualifying leads is still the phone. If you can afford to do that, please do. My flow is too much to qualify each one with the phone until they are done with enough “self qualification.”

Q: How do you assign "credit" to the channel that generated the sale when it's likely that there were several activities that lead to the sale?

Paul: I am not foolish enough to believe that marketing is a straight shot – meaning you do one event and you have tons of qualified leads. In fact I think you need an average of five to nine touches (depending on the lead) before they are really qualified. But having said that, when you know which channel was the last touch (which we do) you can do that type of scoring. The magic there is you can start to look for “unique combinations,” which is something I am just beginning to do.

Q: How can one tell how long to hold onto a lead, and work it thoroughly, before giving up on it as unusable?

Paul: In this system, I'm not giving up on anybody unless they change jobs and I lose their e-mail contact. But I know the tolerance on the sales side is much less than that! Sales is quarterly driven, they have their own specific goals. But if you look at how many touches it takes to get through to a CEO, that number of touches is in the 15-20 zone. So if a sales person gives up after five, they're only a third of the way there.

This type of system can help, because you're passing something along to sales that's already been qualified, and it behooves them to work it thoroughly.

Q: What should the expectations be for rejected/returned prospects?

Paul: Simply that we put them back into the funnel for more nurturing AND we know what the issue was, so perhaps we can evolve the system. Again, whatever your vision is for your own lead nurturing system, I guarantee it will change. So you must stay committed to constant improvement.

 

Oh Behave! – Hidden Forces that Shape Irrational Behavior

When marketers design a marketing campaign – we typically design them for “rational” buyers. But do buyers ever act rational?

And what about us?

When we make decisions we think we're in control and making rational choices. But are we?

Dan Ariely a faculty member at MIT’s Sloan School of Management and member of the Media Lab has launched a book called Predictably Irrational and the blog by the same name dedicated the study of behaviors. His work is fascinating and enlightening for all marketers.

Dan is going to be one of the Keynote speakers at MarketingProfs B2B Forum on June 9-10 in Boston (along with David Meerman Scott) which sounds like a fantastic line up to me – I know I will be there as well conducting a panel on: Is Social Media Harder for B2B vs. B2C? So don’t forget to join us for that.

This is a direct link to the event use promo code ESPK08 to save $200 on the $1,295 registration fee (save $350 if you sign up before May 19th).




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About Dan

Dan’s immersive introduction to irrationality took place many years ago while he was overcoming injuries sustained in an explosion (here is a description of his experiences in the hospital). The range of treatments in the burn department, and particularly the daily “bath” made him face a variety of irrational behaviors that were immensely painful and persistent. Upon leaving the hospital, he wanted to understand how to better deliver painful and unavoidable treatments to patients so he began conducting research in this area. After completing this initial research project, he became engrossed with the idea that we repeatedly and predictably make the wrong decisions in many aspects of our lives and that research could help change some of these patterns. A few years later, decision making and behavioral economics dramatically influenced his personal life when he found himself using all of the knowledge he’d accumulated in order to convince Sumi to marry him (a decision that was in his best interest but not necessarily in hers). After managing to convince her, he realized that if understanding decision-making could help him achieve this goal, it could help anyone in their daily life.

Predictably Irrational, is his attempt to take research findings in behavioral economics and describe them in non academic terms so that more people will learn about this type of research, discover the excitement of this field, and possibly use some of the insights to enrich their own lives. In terms of official positions, he is the Alfred P. Sloan Professor of Behavioral Economics at MIT’s Sloan School of Management and at the Media Laboratory, a founding member of the Center for Advanced Hindsight, and a visiting professor at Duke University.

 

Turkey and the Internet

My wife loves to travel, and spring break for my kids is always the perfect excuse to get away. But this time was different; for over a year my wife had been planning a trip to Turkey with a family we tend to travel well with.

Of course April is always a busy time in life as well as at work, and yeah, there’s never a good time to get away. But my wife assured me that every hotel we were staying in had Internet access. Now you know, it’s been a decade or more since the Internet became mainstream, and that seemed sensible to me. But what transpired I could never have expected.

Internet access in Istanbul was perfect in the hotels. My Blackberry and iPhone worked very well. Once outside one of Turkey’s main cities, Internet access became very spotty. In fact, in one town I got on the Internet one day, and then it was out for two whole days!

Now I consider myself part of the Geek Technorati, and I offered my services to help. I rebooted the router at the hotel, then reset it, then plugged directly into it – and nothing. They told me perhaps I wanted to go to an Internet café. I grabbed my two boys and hiked down to the Internet café where I found tons of Turkish kids playing games that were downloaded onto the hard drives of several desktop computers. When I inquired about Internet access, they huffed and puffed a bit then decided to turn on their dial-up modem! Here is a five-year-old “Internet café” with one dial-up modem! They too were unable to connect to the Internet after trying for a half hour. Upon returning, I was told by the hotel that “the Internet was down all over the city.”

Here is the Point …

Clearly the Internet is playing a large role in connecting everyone across the world. And businesses from all over the planet have come online to sell their wares. But my report to you is indicative of where were stand in connecting even the most remote places of the world. Bottom line: We are just not there yet.

What was curious to me was the pervasiveness of mobile in Turkey. Use of cell phones not just for calls or SMS messages but for taking pictures and shooting video was surprising to me. Many native Turkish people used their phones for everything, more so than their American counterparts.

When I was pitching the idea for this article to Internet Evolution, the Editor James Johnson responded to me with this case study.

Internet Development in Turkey: A Case Study

The paper makes the point that: The main problems in Turkey are the ISP monopoly and the speed of international connectivity. It takes nearly half an hour to receive 10 e-mails from an out-of-country mailbox. This means that it is practically impossible to use the Internet in Turkey.

The Internet gives developing countries the incredible opportunity to catch up with more developed countries, and any governments that try to control or ban the Internet will be giving up this chance.

We have definitely come a long way. But we still have some of the last miles to go!

NOTE: Please don’t let any of the above deter you from going, my family and I had a great time despite the fact that I am a workaholic that needed to be connected to the internet 24/7 – but I did some awesome Twitter-ing while there as well at took plenty of great pictures and videos.

 

Monitor, Track and Participate in Social Media – a podcast with Michael Spataro

Over the past few years marketers have been working on tracking conversations about their brands on the Web (you are tracking and listening, aren’t you?). But once you have that in place, then what?

Strategies for understanding and dealing with the flow of all these conversations are the natural next step. As more and more conversations are coming online, you need to respond quickly. So knowing things like “sentiment,” who in your organization is on point to respond, and whether they have been doing so are becoming more important. It’s like being at a party and having several conversations going on that you want to participate in.

I met Michael Spataro a few weeks back as I was researching tools to help me with this exact problem. I think what I found out was important for you to hear as well. I hope you agree.



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About Mike

Mike is vice president with Visible Technologies, a leading provider of social media analytics and online reputation management services. An early pioneer of interactive marketing and PR, Mike has been devising and implementing digital communications and social media strategies for global brands for more than 10 years, including The Walt Disney Co., General Motors, Panasonic, Hewlett-Packard, MasterCard, Eastman Kodak, Verizon, Hanes, and the renowned "Got Milk?" campaign.

Prior to joining Visible, Mike led the interactive and new media divisions for Interpublic's two largest PR agencies, Weber Shandwick and GolinHarris. He was the strategic force that established both agencies as leaders in digital communications and consumer-generated media services. During his nearly 10 years at Interpublic, Mike created and executed a variety of award-winning campaigns that blended traditional and new media ideas that produced outstanding business results for his clients.

 

5 Ways to Prevent a Reputational Disaster

Lots of brands are finding out the hard way that there are plenty of conversations taking place about them online. For good or bad.

Many brands choose to ignore this. But hope is not a strategy.

Since consumers rely heavily on the Web as an authoritative source of information, managing a brand's online reputation has become a top priority for companies. Here are 5 tips that could help you avoid a major disaster and reduce the risk of a flogging in the blogosphere.

Tip 1: Monitor the New Conversational Terrain

You have to be listening. As Woody Allen said, "half of the battle is just showing up." Create a custom feed based on keyword searches using tools like Technorati, Feedster, IceRocket and news.googlecom.

Tip 2: Measure

Agencies like Nielsen BuzzMetrics and TNS Cymfony (trackback to a podcast on how to measure the blogosphere) have more advanced tools for monitoring social networks, blogs and communities. They also can measure the volume of buzz, track the sources and gauge the emotion of the content, be it positive, negative or just sarcastic.

Tip 3: Engage

If you don't join the conversation, you have no control. We'll say it again: hope is not a strategy. Tools like BuzzLogic can give you a picture of a blogger, as well as the influencers that surround any given blog. Also sites like BlogInluence.net and SocialMeter.com can provide a snapshot of any blogger's street cred.

Tip 4: Buy Keywords?

Yes. If you do end up with a firestorm surrounding your company or brand, why not buy keywords and get your story told? Jim Nail from Cymfony says "for a company to protect its brand, they should be buying keywords." Consider Wal-Mart as the classic example. "Wal-Mart Sucks" yields negative results for the first 10 listings. So why not own those keywords as paid links to sites that put Wal-Mart in perspective, covering, among other things, the company's substantial economic benefits to society?

Tip 5: Use PR to Strengthen Your Digital Footprint

Another obvious tactic would be to issue a series of press statements to address whatever the concerns are, and optimize them for the Web. Consider using a press release distribution company such as PRWeb, which sends releases to journalists' email boxes and makes them Web ready. This will help increase the rankings in news engines such as Google News, as well as in the general search results. When a press release ranks high in a search engine, it's just one more spot a negative listing won't appear!

BONUS - why not take my Reputation Management for New Media survey which will give you a sense of how ready your organization is for a reputation disaster? If you leave me your email I will send the results back to you in about a month.

 

Can a community be successful with low brand awareness?

Ok, here is something I’m wrestling with: Can a community be successful with low brand awareness?

If you are a big tech brand like Dell or Microsoft, you have no problem launching a community. In fact, many of these organizations have several communities.

But what if you are a small SaaS vendor? Forget costs for one moment, and resources for another (chuckling) – can you attract enough community members to make it go?

Think about the last great party you went to (technically I have never been to a party – but if I had…) where there were a ton of interesting people, lots of great conversations, etc. Now contrast that with the opposite – the party where only 10 people showed up and there were too few conversations happening in too large room. Can you really blame the partygoers if they feel weird and don’t come to the next party?

So here is my question for you: Are community plays the domain of large brands only? Or can a small brand have a thriving community, too? What’s your view?

 

Sales is from Mars and Marketing is from Venus – Vol. II– Lead Scoring

A growing trend in B2B marketing today is in the realms of “lead nurturing” and “lead scoring.”

I have often found the best way to impress the sales team is to feed them a stream of high-quality leads. Events, webinars, account-based marketing, trade events and speaking engagements all offer opportunities to find and feed some leads (usually the hottest ones) to the sales team. But what happens to those that are not so hot? Typically they hit the cutting room floor or are left to die on the vine in a Microsoft Excel spreadsheet.

As part of my ongoing series discussing sales-marketing alignment with our friends at Marketo, a B2B marketing software provider, in this interview Jon Miller and I look at why B2B marketers should care about lead scoring and how they can get started qualifying and prioritizing leads. Check it out …



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About Jon Miller
VP Marketing, Marketo

Jon has the unique challenge of leading Marketing for Marketo, a company whose mission is helping other B2B marketers drive revenue and improve accountability. Jon explores best practices in demand generation, lead management, and online marketing in his popular blog, Modern B2B Marketing, and is a frequent columnist and speaker at industry events. Before co-founding Marketo, Jon was a vice president at Epiphany, a CRM strategist at Exchange Partners, and a strategic consultant for Gemini Consulting. Jon graduated Magna Cum Laude in Physics from Harvard College and has an MBA from the Stanford Graduate School of Business.