Advances in marketing technology are enabling B2B marketers to

Transcription

1 Chapter17 Inbound Lead Generation and Marketing Automation Strategies Michael Ward Advances in marketing technology are enabling B2B marketers to deliver relevant messaging at an increasingly granular level, and the results are impressive. Marketing automation a collection of behavioral monitoring, lead scoring and lead nurturing technologies is predicted to see large-scale adoption in the coming years due to both the efficacy and efficiency with which it drives revenue. Getting the most from the latest technology often begins with an understanding of not only how, but also why, it works so well. In this chapter we ll take a look at one of the concepts driving innovation in B2B marketing technology as well as the capabilities afforded by these innovations. We ll wrap up with a brief case study illustrating the successful use of the latest and greatest. The One Word Business Plan: What Truly Works in Marketing There s a single word that guides nearly every conversation you have. It s there when you speak with your spouse, your children, your friends and co-workers. It s a natural part of normal human conversation, making it more effective and helping to build lasting relationships. This word is also the foundation of many business interactions. Every deal that gets closed has this word to thank. This word is responsible for the popularity of both Google s search engine and the success of their core Advice From the TOp i 143

2 Michael Ward revenue generator, AdWords. The word is relevance : It is the difference between success and failure in marketing. It s also the driver behind many of the technological innovations gaining a foothold in B2B marketing today. We ve all heard that art imitates life. Technology regularly imitates life, as well. Enterprising people often use technology not to create a new process or task of their invention, but rather to add efficiency and scale to a process or task performed every day. Marketing automation fits this description. The collection of technologies that comprise a marketing automation solution attempts to add efficiency and scale to the process used by great salespeople to get deals done and stay relevant to the needs of the prospect. Great salespeople use relevance as their go-to tool on a daily basis. It s a simple process with two steps: listen and respond based on what you ve heard, and then repeat. Great salespeople are listening on many levels. They hear the words the prospect says. They observe body language and pay attention to tone of voice. They watch for facial expressions and shifts of position. All of these observations help the salesperson formulate their response. In responding, great salespeople have a wealth of knowledge and experience to draw upon. They know their product or service very well. They know the industry and are familiar with the competition and their products, tactics and pricing. A great salesperson can choose, at any given moment, from a whole host of responses in conversation. For a great salesperson, the choice is clear: choose the response most relevant to the needs expressed by the prospect at hand. Relevance works. It works when you talk to your spouse about tonight s dinner. It works when your coworker asks about the trade show schedule. It works when having a serious discussion in the boss s office or when letting loose with your friends on the weekend. It s what works in marketing, as well, and automating it is the goal of marketing automation. Relevance is the basis of human interaction. Staying relevant to the topic at hand in a conversation or meeting is automatic for most of us. We pick up on the cues available, process them and respond without having to think about it. Staying relevant is what makes communication work. It will also work for you as a B2B marketer. But how does one communicate in a relevant manner to each lead in your database when your database contains 10,000 prospects? How about 100,000 or 1,000,000? Even 1,000 prospects is an overwhelming number when dealt with individually. 144 i Advice From the TOp

3 Inbound Lead Generation and Marketing Automation Strategies Listen, Respond With Relevance, Repeat How significant is it when a prospect clicks a link in a marketing and visits your website? The answer, of course, depends on additional information. Who clicked the link? Was it a high-value decision maker or someone not as important to your marketing effort? On what link did they click? More importantly, what happened after they clicked on the link? Did the prospect look at a single page and bounce off your website or did they dig deeper? What specific pages did Marketing automation tools emulate the process of listening to prospects by monitoring the individual behavior of each prospect they view? Did they come back to the site for a repeat visit? What other interactions has this individual had with your brand? Is this person exhibiting behavior typical of a well-qualified lead? Do you know what behavior is typical of a well-qualified lead? Marketing automation tools emulate the process of listening to prospects by monitoring the individual behavior of each prospect as he interacts with your website, campaigns and other online assets. They know which Web pages each lead looks at and for how long. They know which PDF files are viewed, which videos are watched and by whom. They even know which Web pages weren t viewed by a given individual. They know the search phrases used by each prospect, their general location (city, state and country) and whether it s this prospect s first or fourth visit to your site. Behavior can be used to quantify and qualify lead interest. Obviously, the prospect that looks at a single page on your site and leaves is behaving differently, and arguably less qualified, than one that looks at twelve pages today and comes back to look at seven more tomorrow. But, behavior alone isn t enough to qualify a lead. A marketing automation system will also connect to your customer relationship management (CRM) application and access existing leads and job titles, roles, specific geographic locations and other fields. This allows you to augment behavioral data with traditional database marketing fields such as address information, annual revenue and number of employees. Advice From the TOp i 145

4 Michael Ward But, what s to be done with all this statistical and behavioral data? How does it combine to determine lead qualification and deliver relevant messaging? This is where automation comes into play. Lead Scoring: A Logical Next Step When that great salesperson sizes up a lead, many factors are analyzed instantaneously: male or female; products of interest; level of interest; decision maker; ability to pay. The salesperson is able to quickly size up the prospect, determine what stage they re in and decide upon appropriate steps. Your marketing automation system must handle this sizing up for you automatically. This is a feature known as lead scoring. A prospect s lead score is most logically broken down into three components. 1. the Contact score evaluates information such as job title, role and decision-making ability. The contact score also takes into account the presence of certain requisite information about the prospect, such as name, address and phone number. 2. the Activity score gauges how active the prospect has been on your website, blog or other digital assets, as well as clickthroughs and other campaign-related activity. 3. An Engagement score measures the prospect s level of engagement with your company. Engagement is defined by events in which the prospect takes proactive steps to engage with your brand, such as filling out a Web form, webinar registration, online chat, free trial downloads, etc. A prospect s interactions with your digital assets are not scored equally. Some interactions are of higher value and will have a higher impact on lead score. For example, a software company would typically assign a higher value to their licensing or pricing pages, as prospects viewing these may well be moving into a buying phase. Likewise, certain assets may have a negative buying correlation. Job seekers are often of little value as prospects. Visits to your careers page will normally have a negative impact on a prospect s lead score. A capable lead-scoring system will automatically assign default values to certain types of interactions. click-throughs, repeat website visits and online registrations are assigned a predetermined number of points by default. You may also want to store more than one lead score per prospect. If you sell multiple products or services you may want 146 i Advice From the TOp

5 Inbound Lead Generation and Marketing Automation Strategies to score prospects based on their activity and engagement with each one separately. Lead scoring is the automated equivalent of sizing up prospects to determine their interests and stage in the buying process. With this information in hand, our great salesperson knows how to stay relevant to the prospect s needs. Automating this relevance is known as lead nurturing. Automated Relevance: Lead Nurturing The dictionary definition of nurture says things like feed and protect, support during development and educate. These are the goals of any well-conceived lead-scoring campaign. Applied to marketing automation, lead-nurturing amounts to the delivery of relevant content to each prospect based on interests and on stage in the buying process. But, how does that translate into action? A great salesperson doesn t pounce on a lead with contract terms if the prospect is asking general questions about product benefits. Nor should a marketer blast out end-of-quarter pricing discounts to every lead in their database. Leads determined to be early in the buying process should be educated, not sold. Further, they should be educated about the benefits of products or services they have expressed interest in via their actual behaviors, including surveys, Web page views, phone conversations, etc. A lead-nurturing campaign for a prospect in this stage may consist of an automated series of s delivering tips, best practices or general product information. The prospect s interaction with each of these pieces is monitored. Did they open the ? Did they click-through? Did their website visit indicate that they ve moved into buying mode? The lead-scoring system is watching vigilantly for all of these behaviors and can automatically move the prospect from a research mode campaign into a buying mode campaign. It can also assign the lead to the appropriate great salesperson in your CRM when the time is right. In practice, you want to automatically set up nurturing campaigns that deliver appropriate content to prospects in various stages of the buying process. You also want your lead-scoring system to back up those campaigns so prospects flow through the system at their own pace. The net result is well-primed prospects being handed to sales with solid information about the prospects interests and qualifications. Advice From the TOp i 147

6 Michael Ward Much has been written about lead nurturing and the need to rearchitect business processes to achieve alignment between sales and marketing in order to succeed. Many companies with limited resources are rightfully intimidated by the idea of re-engineering business processes. It would seem that a company must operate as a bureaucracy to even digest language of this nature. Technology s advance into the world of marketing will not be stopped. A substantial competitive advantage awaits those who embrace the use of automation to qualify and nurture the warm and cold leads in their pipeline. Marketing automation doesn t have to involve an army of consultants and months of learning to be beneficial. An automated lead-scoring system, coupled with some good educational content, is enough to get started and achieve positive results. Case Study Cooling Tower Depot The Challenge. Cooling Tower Depot (CTD) had accumulated a database containing approximately 50,000 viable leads. CTD was unable to determine which of these prospects had needs on the near horizon and could not adequately canvas this number of prospects with their internal business development staff. They knew opportunities were being lost. The Client. CTD manufactures and installs industrial cooling towers around the world. It provides repair and inspection services for existing cooling towers and sells spare parts and components as well. Its products do for industrial facilities, such as power plants and refineries, what your radiator does for your car. It cools a liquid (water) that removes heat where it must be removed for plant equipment to continue operating. The Journey. CTD had augmented the efforts of their telephone-based business development personnel with occasional, undifferentiated blasts. While this resulted in some additional bidding opportunities, it was still reliant on the lucky timing of an or phone call to identify leads with pending needs. CTD had been an early adopter of Net-Results first product, a Web-based service that identifies the companies that visit your website, and details the search phrases used and pages viewed by each prospect. When Net-Results marketing automation product was ready for primetime, CTD was eager to make the transition. 148 i Advice From the TOp

7 Inbound Lead Generation and Marketing Automation Strategies The Solution. CTD maintains the most comprehensive website in the cooling tower industry. It put Net-Results lead-scoring system to work monitoring the behavior of each prospect as each interacted with the various resources made available online. Content was scored as having either high, normal or low value. Interactions indicative of engagement were given the greatest weight. This allowed the highest-value prospects to raise their hand, in a manner of speaking. The Implementation. Each of CTD s prospects generally fall into one of two categories: engineers who are involved in the design and purchase of new cooling towers, and maintenance personnel who oversee inspections, repairs and the acquisition of replacement components. CTD s database was segmented based on these two categories using job titles, past purchase/quote activity and behavioral data, where available. This enabled it to move away from undifferentiated blasts and begin nurturing prospects with content relevant to their functions and roles. The Results. Leveraging existing copy from its brochures and website wherever possible, maintenance personnel now receive s about cooling tower testing procedures, tips on evaluating vendor repair bids, and discounts on cooling tower parts. Engineers are nurtured with content focused on CTD s engineering expertise, industry-leading engineering tools and tips on the effective use of the various engineering resources. Prospect s interactions with this nurturing content are monitored and lead scores adjusted automatically. Leads reaching defined thresholds are passed to sales for follow-up. The process for CTD is ongoing with additional nurturing content being added as time allows. It took about two months to get the database segmentation in order and a moderate, but workable, amount of nurturing content in place. We ve been really happy with our decision to score our leads and segment our lists. Our business development personnel now focus their calling on high-value prospects based on lead score and the number of bidding opportunities they generate is up about 17 percent. Inbound leads resulting from nurturing have risen by 12 percent and we close a majority of that business. Michael Kast, owner, Cooling Tower Depot Inbound leads resulting from nurturing have risen by 12 percent and we close a majority of that business. Advice From the TOp i 149

8 Michael Ward Michael Ward founded Net-Results Marketing Automation as an IT consulting and Web design firm in March, Shortly thereafter, Michael identified the need for companies to know who was visiting their website, why they were visiting and exactly what each high-value prospect was doing while they were there. This led Michael, a self-taught database and Web application hack, to prototype, build and launch an SaaS offering that has evolved into a full-fledged marketing automation solution used by businesses on five continents. He has been a member of BMA Colorado since i Advice From the TOp