B2B Lead Generation Blog

How to Select and Optimize Outsourced Teleprospecting Redux

If you're too busy to listen to my podcast or simply prefer to reading over listening, Sridhar Ramanathan, whom I interviewed on how to select and optimize outsourced teleprospecting partnerships, posted his the talking points on his blog. 

Pacifica Group: Part II: How to Select and Optimize Outsourced Teleprospecting

Podcast: How to Optimize Teleprospecting Vendors

More companies than ever are using third party providers for teleprospecting and lead management operations, however there is little information on how to select, engage, and measure these vendors who will add that essential human touch.

I just interviewed Sridhar Ramanathan, President of Pacifica Group, on how to evaluate and optimize outsourced teleprospecting partnerships (aka inside sales, telesales, telemarketing). 

Sridhar is an industry thought leader in marketing and former HP executive that grew HP's Managed Services unit to $1B in revenue. He has spent that last seven years advising his clients at Pacifica group on how to implement successful marketing strategies that increase revenue. 

If you are involved in lead generation for a complex sale, this podcast offers practical information you won't want to miss.

During the interview you will hear Sridhar discuss:

• Why his client's decide to outsource
• What to have ready before engaging a firm
• The criteria companies should use when hiring a firm
• Success metrics used to evaluate effectiveness
• Pitfalls to avoid in a partnership
• Co-sourcing or Outsourcing?
• Best practices that make teleprospecting partnerships very effective

Listen to podcast now (27 minutes MP3 9.58 MB)

Podcast: How to Select and Optimize Teleprospecting Partnerships

Podcast: Interview with MarketingSherpa's Anne Holland

Would you like some inspiration or some fresh ideas for your marketing and lead generation strategy?

If so, MarketingSherpa just released their “Business Technology Marketing Benchmark Guide 2007-08” and I had the privilege to interview Anne Holland about this year's findings. Very useful stuff. Download the Executive Summary

During our in-depth interview, Anne shares some terrific insights and helpful data on numerous marketing and lead generation tactics.

Three data points that I found particularity interesting:

1. Teleprospecting works. As we all know, tech buyers are a notoriously tough crowd to cold call. Sherpa's findings contradict the "calling doesn't work" line we've heard for years. Their data shows that over 50% of tech buyers admitted to short listing a vendor after receiving a well timed and relevant phone call.

2. Sherpa's data shows that more decision makers (not just influencers) are attending webinars and watching archived events. This indicates the importance of relevant educational events and online content for lead generation.

3. Companies who provided fewer but higher quality "sales ready" leads to their sale people have better sales conversion rates than those that send lots of early stage leads and that creating a "cost per lead" culture just does not work.

Listen to podcast now (31 min MP3)

Show Agenda  

• Benchmark data that B2B all marketers must know
• Fresh ideas and best practices for lead qualification
• Why you should capture and track all web inquiries in your CRM
• How many buyers/influencers in the typical F500 buying process (hint: it's big!)
• Sherpa's unexpected data on B2B telemarketing (teleprospecting)
• Useful data on lead management and lead nurturing
• How webinars are reaching more decision makers than you would expect
• Common email mistakes (and why mobile devices matter more than you think)
• How and why high quality content is important and influential to buyers
• Why fewer leads is better (the CEOs role) and why "cost per lead" budgets fail
• Distinguishing characteristics of top performing marketers
• Unconventional research that will improve your corporate website homepage

The Business Technology Benchmark Marketing Guide features data on numerous marketing and lead generation tactics especially valuable. They also have practical data on search, email, PR, direct mail, lead generation, trade shows, podcasting, telemarketing, budgeting and more. They interviewed over 1000 marketers, plus this year they gathered in-depth research from 4,658 actual business technology buyers.

If you are a marketer for a company that sells technology, I encourage you to get a copy of this report. It will definitely help you better budget, forecast, and benchmark your marketing results.

MarketingSherpa: Business Technology Marketing Benchmark Guide 2007-08

How Lead Nurturing Improves Lead Generation ROI

I know there's a lot of emphasis on lead generation (that's a good thing) but, getting a ton of leads doesn't guarantee that increased sales will follow. In a complex sale, my experience is, most of the selling actually happens when the sales person isn't there.

Startling as it may seem, recent research (and even studies from ten years ago) shows that longer-term leads (future opportunities), often ignored by salespeople, represent almost 80% of potential sales. You can increase your odds success by adding a lead nurturing program.

What’s lead nurturing? Lead nurturing is all about having consistent and meaningful communication with viable prospects (those that are “a fit” for your solution) regardless of their timing to buy. It’s not “following-up” every few months to find out if a prospect is “ready to buy yet?” Lead nurturing about building trusted relationships with the right people.

Continue Reading at the INSPIRE SmartMarketers.com Blog (a new blog I'm contributing to monthly) presented by Netline.

On June 6th, I’m doing a webcast on a multimodal approach to lead nurturing as part of ON24's Wednesday Webcast with Experts Series. I hope you can make it. Register here.

Telemarketing big with Xerox

Do you use the telephone as part of your multi-modal lead generation strategy? 

A recent BtoB Magazine article by Carol Krol, "Copy this: Telemarketing big with Xerox" shows that, although the phone may not be as buzz worthy as other lead generation tools, it remains the backbone to successful lead generation. 

However, as Krol’s article shows, the telephone shouldn’t stand alone.  It should function as the integrated hub for all other lead generation modalities and the central point for qualifying inquires converting them into sales ready leads. 

It is fascinating to see just how versatile––and necessary––the phone is for lead generation, with such applications as:

• Initial prospecting and qualification.
• Qualifying inquiries from various sources.
• Appending data and information.
• Reconnecting with past customers and leads.
• Centralizing leads for profiling and scoring.
• Following up on requests for information.
• Driving seminar and webinar attendance.
• Inviting and following up on trade show attendees.
• Validating direct marketing lists.
• Following up on direct mail campaigns.
• Building a database.
• Scheduling sales appointments.
• Developing relationships.
• Getting internal referrals.

To use the phone as an effective lead generation strategy, consider creating a specialized teleprospecting function within the marketing group. Teleprospecting teams often improve ROI because they create functional bridge between the sales and marketing to increase accountability and results. 

Creating a teleprospecting or lead management team, as an internal unit is easier said than done.  So it is not surprising that more organizations are now outsourcing their teleprospecting activities to companies like InTouch. 

Podcast: Marketing and Sales for Big Complex Selling (Pt 1)

I had a great time chatting with Todd at 800-CEO-READ on lead generation. This is the first of three podcasts 800-CEO-Read is doing on B2B sales and marketing.

Here's what Todd says about it:
"In this podcast, I talk with Brian Carroll, author of Lead Generation for the Complex Sale. Next week, I interview Jill Konrath, author of Selling to Big Companies. In week three, I bring Jill and Brian together to talk about the interface between marketing and sales."

Like many of Todd's podcasts; this one is a high-level discussion geared for business leaders and those who support sales people. While you're there, I encourage you to take some time to visit 800-CEO-READ's other websites. They are a super resource for anyone who reads business books.

Listen to podcast now (MP3 43:47 min 30.1 MB)

Speaking at MarketingSherpa's B-to-B Demand Generation Summit 2006

I'm speaking at MarketingSherpa's Demand Generation Summit being held in Boston and SF this fall.  I've worked out a special promotion with MarketingSherpa -- you’ll get a complimentary autographed copy of my book and a $300 discount on the Summit if you register by August 31st.

This should be just in time to inspire you during your fall budget and planning season. Meet experts; mingle with your peers; and discover new data, strategies, and tactics (includes search, podcasting, email & microsites). 

Please note, you must click on this link to register so you can get the discount and free book (that's the only way our good friends at MarketingSherpa can identify you as qualifying for the complimentary, autographed book offer).

How Podcasts Impact B2B Purchase Decisions

A key aspect of lead generation is to engage people as early in their buying process as possible, because that's where you can make the biggest difference. Simply put, engage early and often. 

An excellent way to reach people early is by developing thought-leading content. Yet most companies lack thought provoking, educational content; instead, they emphasize sales content. Sales content is most relevant in the later stages of the buying process. 

Your content should be specifically designed to help support and pull your potential customer through each stage of their buying process. How? By helping people find the answers to their questions and being a resource to them, regardless of their timing to buy.  Also see: Using Thought Leading Content as a Lead Generation Tool

Podcasts are a great way to share your thought leading content which is why I found this report by KnowledgeStorm and Universal McCann very compelling.  They just announced the results of a joint research study on the emerging role of new media, particularly podcasts, on B2B technology purchase decisions. 

Key Findings from the Study Include:

• 41 percent of survey respondents claim they have listened to podcasts on more than one occasion, while 13 percent stated that they “frequently” download or listen to them.
• 32 percent of survey respondents stated their usage of podcasts has “Increased” or “Significantly Increased” in the last six months.
• 72 percent claimed that they have downloaded or listened to podcasts on technology topics on more than one occasion; 23 percent do so “frequently.”
• Nearly 60 percent of respondents said that information on business or technology topics, currently delivered as white papers or analyst reports, would be more interesting as podcasts.
• 55 percent of respondents would be more likely to consume white papers and analyst reports if they were delivered as podcasts.
• 57 percent of the frequent podcast users stated their biggest challenge with podcasts is the scarcity of interesting content.
• 65 percent responded that they listen to podcasts for both personal and business interests.

To learn more about the Emerging Media Series study visit, Podcast Study Report. 

Closed Loop Feedback: The Missing Lead Generation Huddle

In team sports, the huddle is crucial to the success of the team. While in the huddle, the team looks at their performance on the last play, including: what worked and what didn't, and then uses this feedback to decide their next play. 

Those of us involved in the complex sale can learn a lot from the team huddle.  Lead generation is an iterative process that requires consistent closed-loop feedback. Closing the loop on a regular basis allows you to constantly learn from each interaction.

I define closed-loop feedback as the principle of eliciting a continuous flow of pertinent information from the sales team that tracks each qualified lead from start to end, whether to sales close or to rejection.

By using closed-loop-feedback, Nortel Networks, watched their revenues from sales leads double every quarter for six consecutive quarters. Also, their close rate on sales leads has increased by 500 percent since they kicked off the program. 

Next, I'm going to share tips and the process that my team uses to conduct closed-loop feedback meetings with our clients.  It works wonders!

A typical closed-loop feedback meeting will include or address:

Attendees
- Program manager and program expert (internal or outsourced)
- Lead generation specialists/Inside Sales/Teleprospectors (internal or outsourced)
- Sales team
- Interested observers (managers and leaders)

Tools Needed
- Reports
- Summary of month’s activity
- Export of leads into sales stage

Agenda
- Status of leads in the sales process
- Feedback on each lead if available
- Leads active and moving forward
- Inactive leads
- Incorrectly qualified?
- Further follow-up?
- Leads for nurturing.
- Wins that can be celebrated
- Things being done right
- Things that can be improved

Questions that work

The effective closed loop feedback meeting is structured by the open discussion of all attendees, generated by such questions as:

• Have you been satisfied with the quantity of leads that have been generated?
• Are some sales people getting too few leads?
• Should there be a special focus on individual sales people or industries?
• Do database record notes contain enough information to prepare for next steps?
• Are the notes clear and understandable?
• Do the notes reflect what you hear when you call the prospect again?
• Are there other questions that would help you better prepare for the next action?
• Are current lead criteria adequate for qualifying prospects?
• Are there upcoming events that should be promoted when calling?
• How many calls does it take to reach the prospect?
• How many days after receiving the lead does follow-up begin?
• How many leads have turned into customers?
• What are the names of prospects who became customers?
• Is there anything unique about the leads that went into the sales pipeline or were closed?
• Are there prospects and/or customers who should be discussed specifically?

It is important to note that this process works best when you've developed an universal lead definition to assure buy-in from all stakeholders first.  Otherwise, you're dealing with to much lead quality variance. 

Companies that make closed loop feedback work have higher lead-conversion rates than those that do not.  Ultimately, companies that “huddle” more frequently improve all phases of the sales and marketing continuum and their return on investment.

How a Blog Turns Into a Book Deal: The Story of my book, Lead Generation for the Complex Sale

With my book just being released, I’ve had a lot of people ask me how I got my book deal.  I’m delighted to tell them that it all started with my blog. A number of bloggers I know have become or are in the process of becoming published authors after starting a blog.

In this Podcast, which is part of a PRWeb podcast feed, I give the scoop on how it all came together for me.

Listen to How a Blog Turned into a Book Deal (MP3 7:43 min 7.12 MB)

Also, an interesting article "It's Not Too Late To Start Blogging (But It Will Be Soon),"was just published on RainToday.com by Larry Bodine. If you're still debating on starting a blog sure to read it.  His Professional Marketing Blog is good too. 

New Book: Lead Generation for the Complex Sale is officially released

The wait is over! My book, Lead Generation for the Complex Sale, was released this morning. You can read the press release or listen to my podcast about it. 

I liked what Bryan Eisenberg, New York Times and Wall Street Journal bestselling author of Call To Action and the new book Waiting for Your Cat to Bark? had to say: 

"The lead generation game has changed in the age of the Internet. If you don't have this new playbook your competitors will. Brian Carroll closes the loop on lead generation, taking you from defining a lead, thinking like your prospects, tactics to increase lead generation, passing leads from marketing to sales, measuring the results, and nurturing the leads for increased revenue. If you don't read and then apply lessons from Lead Generation for the Complex Sale, then let me know how things work out for you."

Read the book announcement press release

Listen to the book release podcast (7:43 min 7.12 MB)

Download a free chapter

For the real thing, order on Amazon. You can find the book at your local Borders or Barnes & Noble and other bookstores. For multiple copies, order on 800-CEO-Read (Call Meg at 800-236-7323 ext. 206 CST.)  For the buzz on the book, read reviews and news. More about the author.

Update:  The book made its debut in Amazon's top 100 (sales and marketing books) today.  Debbie Weil author of The Corporate Blogging Book calls my book launch an example of Book Launch 2.0. 

Lead Generation for the Complex Sale on wsRadio.com

I just did a 40-minute live interview on the Online Marketing show with RSS Ray broadcast by WS Radio.com, the world wide leader in internet talk radio.  A podcast version of the show is available via iTunes or the host website RSSRay.com.

During the interview, I share new ideas for generating B2B customers and talk about my book, Lead Generation for the Complex Sale, that's being released next week.

Click here to listen to the recording. 

Book Cover and Advanced Praise for Lead Generation for the Complex Sale

We're quickly approaching the official release of my book, Lead Generation for the Complex Sale : Boost the Quality and Quantity of Leads to Increase Your ROI.  Also, my book got a new cover!  (click image to enlarge) 

I'm humbled by the incredible endorsements that I've received for the book so far. You can read the advanced endorsements here, more here, and via my new book website before they're posted on the major on-line bookseller websites. 

For those who pre-ordered the book, it will arrive with the new cover in June.  I just got my first shipment of author copies and they look great!  Thanks again! 

Personal lead generation tools

If you do lead generation (a.k.a. prospecting) for yourself you may want to read the WSJ article, "End of the Cold Call?" by Jeanette Borzo.  The article features tools that will aid sales people, entrepreneurs, and professionals with their personal lead generation efforts. 

It's important to note that these tools will help users begin conversations but they won't do the hard work of building relationships for you.  My research shows that executive buyers choose the sales person who has been a resource and developed a relationship with them regardless of their timing to buy. 

Time and time again it is proven that customers want the salespeople they deal with to understand their business, their needs, and the pressures under which they operate.  These people are called trusted advisors. 

Reaching Decision Makers

Reaching decision makers today seems harder than ever. To develop an effective lead generation program, you need a process that identifies decision makers along with their sphere of influence before you can initiate a productive conversation. 

I was recently interviewed on the subject for the article "Reaching the Decision Maker" by Scott Bekker, editor in chief of Redmond Channel Partner magazine. The article also features comments from my friends Mac McIntosh and Jill Konrath.  Together we dispel some common myths on what works to identify and reach decision makers. 

As you'll see reaching decision makers is actually a two-part task. The first part is finding them, the second is engaging them. 

Link: Redmond Channel Partner Online | Feature: Reaching the Decision Maker.

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Webcast: 8 Critical Success Factors for B2B Lead Generation

Join me for a complimentary webcast on Thursday, March 16th at 2pm EST.  I'm speaking on the "8 Critical Success Factors for B2B Lead Generation Success" along with Mark Organ, CEO of Eloqua.   

Watch the recorded webcast archive now

During this webcast, I will share the most critical – and often overlooked - factors in successful lead generation including:

• How to combine sales and marketing to optimize the number of leads
• Preventing lulls in your sales cycle
• Developing Universal Lead Definition (ULD) and ideal customer profile (ICP)
• Building, maintaining and growing your database
• Multi-modal lead nurturing - a crash course
• Ready yourself for what's next - new and promising tactics
• and more...

Register for this webcast registration is closed. Watch the recorded webcast now

Sponsored by Eloqua, provider of the leading integrated demand generation platform for executing, automating and measuring highly effective B2B marketing programs.

Podcast Segment 2: Selling to BIG Companies

Segment 2 from my 1-hour live interview with Jill Konrath, Chief Sales Officer and author of Selling to Big Companies.

Listen to Segment 2: Selling to BIG Companies (11:29 min 2.7 MB)

• What's the proper role of marketing?  Who should do what?
• Where's the best place to start when selling to a BIG company?
• What tactics work and which don't?
• What’s your view on the use of email? Does it work?
• How can you make sure your e-mail message gets a response?

Marketing That Reaches Decision Makers In Big Companies

I was quoted in an article on B-to-B marketing in Marketing News, a publication of the American Marketing Association.  The article entitled, "It Takes a Committee to Buy into B-to-B," by Staff Writer Allison Enright, focuses on how marketers can connect with decision makers in big companies. 

If you're doing marketing or lead generation for a complex sale, you'll want to read it.  Normally, this article would only be open to American Marketing Association Members but InTouch was given special permission to share it with readers of the B2B Lead Generation Blog.  Enjoy. 

Here's a brief excerpt of the article:

If you think finding the right person to target with your business-to-business marketing is harder than it used to be, you’re right. The number of people involved in a purchasing decision is filling up the boardroom, according to Sirius Decisions Inc., a marketing and sales information services company in Southport, Conn.: In 2005, 3.5 more people on average were involved in making a purchasing decision than in 2001.

With so many people weighing in on a decision and no clear go-to target, marketing and salespeople are evaluating the best way to go about making a connection.

“The challenge is to create a dialogue from sales and marketing, and we need to be a lot more intelligent with our approach. People who are lower in the organization used to make decisions, but now it’s the boss’s bosses and involves more of a team approach,” says Brian Carroll, president of Arden Hills, Minn.-based sales qualifying service InTouch Inc., and author of Lead Generation for the Complex Sale."

Read full article "It Takes a Committee to Buy into B-to-B"

Reprinted with permission from Marketing News, published by the American Marketing Association, Allison Enright, February 15, 2006, Pages 11 - 13.

This Years Hot New Lead Generation Strategy is Thinking

I finally caught up on a long overdue "to read" pile on my desk.  Each year, it seems, a few hot new lead generation tactics get lots of media attention.  Based on the recent headlines, it's safe to say that online lead generation (search, podcasts, RSS, etc.) will remain hot topics in 2006.  I say, go ahead and freely explore new tactics for your marketing mix but above all, think.   

When it comes to the nuances of the complex sale, wisdom is rarely gleaned from the headlines.  I wince a bit at the implied "everyone’s doing it, so you should too" message portrayed.  Why?  Because it works.  By nature, many of us follow the crowd when that might be exactly what we shouldn't do. 

As simple as it seems, thinking effectively is vital to developing solid lead generation strategy.  Our mindsets ultimately influence our strategic choices.  Investing in lead generation means you are proactively initiating a relationship with a potential customer.

Think relationships.  Good lead generation identifies, initiates, and nurtures relationships with the right people, until they are sales-ready leads.  Lead generation is a conversation, a dialogue; it is not a series of campaigns. Again, companies don't buy; people do. This mindset can open up a whole new set of possibilities.

Think multimodal.  For strength and stability, a table requires all four legs.  To lose one is to become less sound, less secure.  So too with lead generation.  Do you rely on a minimum of tactics, maybe to save a dollar?  Or do you proceed with a strong and stable base?

Think about your value proposition.  Is your lead generation strategy tailored, relevant and meaningful to each person involved in the buying process?   It is important to note, too, that thinking in terms of multiple modalities for lead generation allows marketing and sales to retrofit revised messaging whenever knowledge about the prospect’s position in the buying process is updated. 

Think critically.  Think white space.  Not copying your competition.  What worked yesterday doesn’t necessarily today or tomorrow. Frequently, lead generation programs don’t allow for contingency plans.  Or adequate feedback mechanisms that would foretell the need or opportunity for alteration in the first place. If a tactic fails to deliver, be ready to modify it or replace it.

Again, I encourage you to resist the temptation to follow the crowd that's reacting to each hot new lead generation tactic. Rather, think critically about your unique situation and what make senses for your organization.  Focus on developing the optimal mindset first, then strategies, and finally tactics.  Think.

It's a New Year for Lead Generation for the Complex Sale

Greetings and happy New Year!  Wow, I haven't posted here in a month but I promise you will see a lot more activity soon.  In the meantime, I wanted to give you an update.

During the past month, I've put all of my energy into getting my first book, Lead Generation for the Complex Sale, to the finish line.  I got this milestone e-mail (for a first time author) from my editor at McGraw-Hill.  She wrote, "I just put your book in production!  Congrats.  It’s in great shape.  All the final edits you made really helped to polish it off even more.  Well definitely go out and celebrate tonight.  I know that you’ve worked really hard on this manuscript and it’s turned into a fantastic manuscript."

So after 14-months of writing, editing, writing, editing, and re-rewriting again, I'm "done!"  Seriously, this has been a labor of love and I hope this book profoundly changes the way people think about lead generation and makes a huge impact. 

Though there are scores of books on direct marketing, branding, advertising, marketing tactics, PR, varied sales approaches, cold calling, etc., I have yet to find a text that addresses the comprehensive approach to lead generation for the complex sale like mine. 

I'm awaiting an official release date but Amazon currently shows April 15th... yes that's Tax Day.  To those who have already pre-ordered the book, thanks!  You can pre-order it here. 

Getting your sales channel to really follow-up on sales leads

B2B marketers know getting field sales people to follow-up on sales leads is tough but getting channel partners (VARs, resellers and distributors) to follow-up and close-the-loop seems down right impossible.

If you're supporting multiple sales channels with lead generation, you'll probably like this case study by MarketingSherpa.  It explains how GE Access Distribution got their channel to close the loop on 95% of leads delivered.  The best part was that their solution was not buying CRM software instead, they focused on developing collaboration and teamwork. 

I agree with all of the suggestions in the case study.  Teamwork between the sales and marketing is essential to get the maximum ROI from marketing and lead generation programs.  I paraphrased a few of key points from the case study below:

• Evaluate lead sources by quality (not quantity)
• Develop and use a universal lead definition to qualify all leads
• Make sure the lead distribution is simple and understood by all stakeholders
• Pick up the phone - don't rely on email to do the heavy lifting
• Marketing treats the sales channel as their customer

I've talked to a number of companies that are now requiring close-loop-feedback in their contracts with their channel partners.  What gets measured gets done and what gets paid for gets done. 

Do you have any other tips on how to get the channel partners to follow-up on sales leads?  Share your comments. 

MarketingSherpa.com: How GE Access Distribution Got Resellers to Follow-Up With 58% More Leads

Telemarketing is the top lead generation tactic

The phone is the number one tactic to generate leads according to the Direct Marketing Association's 2005 Response Rate Report which shows the following: 

Telephone, dimensional mail, e-mail, and coupons provided the best response rate results for generating leads. Telephone leads all media with the highest response rate of 5.53 percent. Dimensional mail was close behind at 5.28 percent, and e-mail produced an average response rate of 3.39 percent.

The data came from over 500 campaigns from 21 industries and tracked 19 different tactics including: outbound telemarketing, direct mail, search marketing, and e-mail among others.

Thanks to Carol Krol over at BtoB Magazine for pointing me to the report. DMA Report shows telemarketing is the top lead generation tactic 

Combine Your Cold Calling Efforts With Email Marketing

Targeted e-mail combined with outbound calling is the ideal 1-2 punch for increasing leads, sales activity and revenue.  It has long been accepted that combining outbound calling with direct mail marketing dramatically increases results in B2B programs. 

The killer application of email marketing and phone calling is the ability to prioritize phone calls based on the actions of the email recipient. With tracking capabilities you can now know what link your prospect clicked on and where they went to next. Plus, you can track many other elements as well. 

This gives us a bit of marketing ESP (extra-sensory perception) to combine our shared knowledge from various mediums such as email newsletters. 

I explain more in my article, "Combine Your Cold Calling Efforts With Email Marketing," on RainToday.com.

Marketing accountability and ROI Measurement

Most marketing ROI measurements are akin to driving a car while staring at the rear view mirror, you can't see that you are going to crash until the debris is already behind you. 

Return on marketing investment and accountability are top-of-mind for almost every B2B marketer today I meet, yet the metrics they are using to quantify their performance are woefully inadequate. 

Marketers are cleaning their dirty and cracked rearview mirrors rather than look towards what they can do to help their sales team sell.  Peter DeLegge wrote an interesting article on the matter called, "The Bottom Line on Marketing Accountability."

The key is to look at why are we measuring our marketing ROI in the first place?  Are we measuring our metrics to simply justify our existence or are we striving to measure our contribution towards growth, revenue and profit? 

Thanks to Kate Maddox and BtoB Magazine for pointing me to the upcoming 2005 Marketing Accountability Forum.  Maddox notes that, "according to the [ANA] report, 73% of respondents reported a lack of confidence in understanding the sales impact of a marketing campaign." 

If the sales team is measured by their ability to bring in or grow customer relationships, then marketing should be measured on their ability to help the sales team get into the right opportunities (a.k.a. sales ready leads).

CEO's expect marketers to provide metrics and to be accountable just as their peers in other departments.  Marketers must remember that we're in charge of controlling what is measured. 

Relying on just on the tactics that are 'easy' to measure such as tele-prospecting, webinars, website logs, email campaigns while not measuring ROI for public relations and branding is not being fully accountable.  In fact, many marketers aren't even looking at their easy to measure tactics. 

Here are some of my other posts on Marketing ROI Measurement

Marketing to Small-Medium Businesses Via IT Consultants & Resellers

I was quoted in a special report by MarketingSherpa's contributing Editor, Dianna Huff. 

Here are just a few of the Marketing Tips in the article:

• Give them "meaty" marketing messages
• Teleprospecting works - if it's done well
• Invite consultants to demos at trade shows
• Webinars are key for consultants and VARs

Here's a few points that aren't in the article:

• Resellers and IT consultants are unique - treat them that way. 
• They are "opinion molders."  Treat them as “the customer” and help them connect with your "shared customer" - the end user company. 
• Resellers don't want 'cookie cutter' sales lead programs.  They want to co-create lead generation programs that are highly customized.
• They are more interested in working with partners that have taken the time to understand their market and their customers. 
• Start asking questions such as, "How can we help you sell more?  What do you need?  How do you plan to grow revenue?" 

Link: MarketingSherpa.com : How to Market to Small-Medium Businesses Via IT Consultants & Resellers.

Participate in MarketingSherpa's IT Marketing Metrics Survey

MarketingSherpa just launched their 2nd Annual IT Marketing Metrics Survey.  This Survey is focused exclusively on IT Marketers. 

I worked as an advisor to MarketingSherpa's metrics editor, Stefan Tournquist on the project.  Based on what I know so far, this years “IT Marketing and Metrics Guide” will raise the bar again. 

IT Marketers - if you have often wondered how you compare to your peers, make sure you participate in this survey.  Everyone who participates in the survey will receive a complimentary Executive Summary of the results. 

Participate in the 2nd Annual IT Marketing Metrics Survey

Cold Calling Tips for the complex sale

When used correctly, the phone is a powerful way to start and develop relationships.  Peter Davidson at the BeConnected blog pointed me to Kevin Stirtz's post on cold calling.  Thanks Peter. 

Kevin Stirtz's post, How to Make Cold Calling Work for Your Business, has some good points but - there is a better way.

Peter explains that we can use a bit of marketing ESP by combining our shared knowledge from various mediums such as email newsletters.

He writes, "One of the best ways to pre-qualify your leads is to work off a list of those contacts that have subscribed and clicked thru on the content of your email newsletter marketing efforts. Properly written and distributed an email marketing campaign can provide incredibly detailed information and customer intuition that will help your sales staff know what your customers are interested in."

Absolutely - we just need to be judicious with how we use that information.  Don't say, "I wanted to speak to you about [topic they clicked on] because you clicked that link a dozens times."  I’ve received calls like that and it feels a bit… creepy. 

If you must cold call, how do make each call relevant?  How can your phone call be plus in that person's day rather than another unwanted distraction?

I did a webcast with Jeff Thull on how to have relevant conversations with executives in mid-size to Fortune 500 companies.  Jeff is the author Mastering the Complex Sale® and The Prime Solution®. 

The challenge of cold calling is make sure each conversation we have is relevant and meaningful.  That's what this webcast is about. 

My company uses Jeff's approach for many of our lead generation programs and it works.  Why?  There's no manipulation, pitches or trickery - it is simply about authentic communication.

Watch the webcast How to have relevant conversations with top executives (Executive Level Selling)

Revised Lead generation strategy map for complex sales

To be successful at generating leads for a complex sale, marketers can't rely on one specific tactic but rather they need to leverage a portfolio of tactics.  It begins with a mindset that see lead generation as an ongoing conversation - with human beings - that's both multimodal and iterative.  Not just a campaign. 

I had a bit of writers block as I was working on my book last night.  I went back my earlier mind map and I revised it.  Hopefully I made it better.  (Click image to enlarge)

Are there any tactics/modalities that I'm missing? 

Download lead generation map.pdf

Okay back to writing...

Lead generation modality map for complex sales

I asked InTouch client, Cheryl Hatlevig of Adesso Systems, to share her philosophy on doing lead generation for the complex sale.  She has a brilliant perspective that I wanted to share. 

"I look at our lead generation efforts, specifically in this economy, as a financial portfolio. If I can’t measure the tactics or programs in terms on return on invest to the organization…leads generated, business closed, opportunities in the funnel, then why should I expect the company to invest in my fund."

I agree her completely - lead generation for the complex sale requires a holistic, disciplined and multi-modal approach.

A while back, I did some brainstorming for my forthcoming book, Start With A Lead: Lead Generation Strategies for the Complex Sale, I mapped out some of the main lead generation modalities.

Here's the lead generation modality mindmap that I came up with. (Click image to enlarge)

Are there any tactics/modalities that I'm missing? 

One-to-one lead generation for B2B companies

Interesting article from DMNews.com on one-to-one marketing for B2B companies.  DMNews.com: One-to-One Marketing Builds Sales

Kermit Yensen writes, "Sales and marketing leaders often have a clear vision of how one-to-one marketing can benefit their prospective customers, their sales force and their bottom line. So why aren’t they implementing one-to-one marketing for themselves? Or, if they have, why do results seldom measure up to the vision?"

Yensen argues that it all starts with the marketing database. 

Database addresses the symptom not the cause

Many 1-to-1 lead generation programs don't fail because of a lack of vision or strategy.  They fail as a result of poor execution.  Poor marketing/sales databases are simply a symptom of the problem rather than the root cause. 

One-to-one marketing requires tremendous synergies between marketing, IT and sales.  Simply put, most company don't have enough cross-functional teamwork to successfully execute 1-to-1 marketing.  I wrote a post about this a whle back. 

Lead Generation meets the Bermuda Triangle

Disciplined Lead Qualification improves sales performance

Recent studies show that sales people want selling time more than sales leads.  Best practice driven companies are recognizing that it is futile to continue to pass marketing driven inquiries directly to sales before they are rigorously qualified as "sales ready." 

Last week, I visited with a CEO who was really upset with his marketing team because he felt they were generating a lot of "junk leads."  He said, “I don't think my sales people will invest any more time calling marketing generated leads until I pay them to do so.”  That may sound extreme but numerous studies have shown that 70 - 80% of leads are never contacted by a sales person. 

We must realize that the extreme time pressure salespeople face—especially those with a complex sale—requires them to ignore what is not immediately relevant and highly likely to produce revenue. Why? They are not paid to do anything else. And that makes quality more important than quantity to them.

Today's article, in MarketingSherpa, is on point because it argues that marketing must drive the entire lead qualification process.  In addition, they found that phone calls aka telemarketing is the single best way to qualify leads and provide some great tips on how to do it right.  How to Qualify Sales Leads for IT Products & Services via Telemarketing

Related post: How to ensure every single lead is followed up on

My company has tried and tested a number of different lead qualification and scoring approaches for our clients.  We have found that using the phone - aka teleprospecting - is the single best way to qualify leads as part of a overall lead management process.  No other tactic is as accurate when it comes to collecting the qualitative information salespeople require to justify pursuing a prospective lead. The phone is timely, interactive, and personal—the perfect combination of assets for building a relationship.

Marketing Wisdom for 2005

MarketingSherpa just released a new e-book, Marketing Wisdom for 2005.  It contains 105 real-life marketing tips and lessons.  I contributed lesson #52 (on lead generation of course) in the B-to-B Marketing section.

You can download your copy free 2005 Wisdom for 2005

How to ensure every single lead is followed up on

Many marketers involved in lead generation have long had a nagging suspicion that their sales team doesn't take their leads seriously.

Published reports show that up to 70% of marketing generated sales leads are not followed up on by a sales person.  If this sounds like you, you’re probably missing an effective lead management process. 

Lead management is a multistage process that manages the conversion of sales leads to customers. 

7 major stages of effective lead management:

1. Lead Generation
2. Lead Qualification 
3. Lead Refinement   
4. Lead Distribution 
5. Lead Follow-up
6. Lead Tracking and reporting
7. Lead Nurturing

In the case study today, by MarketingSherpa.com, they highlight how XOsoft transformed their lead management process and reaped tremendous results. 

How to End Sales Lead Neglect & Make Sure Every Single Lead is Followed Up On Appropriately.

As you’ll see, effective lead management requires systematic approach, ongoing management, monitoring and continuous improvement.  Stay tuned, I’ll be sharing more detail and best practices for each stage of lead management in the coming months. 

My Lead Nurturing Article in MarketingProfs.com

My article on lead nurturing was just published on MarketingProfs.com. 

Link: Lead Nurturing: Ripening the Right Bananas.

Lead Generation Myths Get Busted

I enjoyed this article by Mike Schultz and John Doerr posted on MarketingProfs.com.  Their article has a great hook from one of my favorite movies, The Princess Bride. Schultz and Doerr, "myth bust," 7 urban legends surrounding lead generation. 

They write, "If you want to have above-average success with lead generation, you first have to squelch the myths and misconceptions that will keep you from moving in the right direction. By doing so, you can take advantage of (dare I say) inconceivable tactics that everyone else mistakenly writes of—and you will be all alone, out front, generating the leads your competition is missing."

7 Lead Generation Myths Get Busted: 

Myth 1: Cold-calling doesn't work
Myth 2: Web sites don't affect lead generation
Myth 3: We need more brand recognition before generating leads
Myth 4: We need more new sales leads
Myth 5: Let's run some ads first
Myth 6: Direct mail doesn't work for services
Myth 7: Avoid marketing to current clients

B2B Telemarketing - Dialing for Tech Dollars & complex sales

Today's Forbes article, "Dialing for Tech Dollars," caught my attention. The article reports that B2B brands like Microsoft, BEA and PeopleSoft are outsourcing lead generation (via telemarketing) for $1million+ software solutions.

Can the "T-word" help sales people sell complex solutions?
B2B marketers voted B2B telemarketing as the #1 safest tactic they would be most likely to invest in if their CEO gave them an extra $50,000 for lead generation. (MarketingSherpa survey of 729 marketers)

Hunting down executive level decision makers is a time consuming task most sales people hate doing. One sales manager told me at a conference with a chuckle, "90% of sales people hate to cold call and the other 10% are lying."

Bottom line: If you have a sales person selling $2million annually, their time is worth roughly $1,000 per hour in revenue to your company ($2,000,000 / 2000 working hours per year roughly = $1000 per hour)

Can outsiders generate ROI for the complex sale?
If you have a complex sale, you can't risk hiring a B2B "telemarketing" firm that handles transactional sales or low-cost, in-demand widgets. You need to hire savvy professionals who understand the needs and issues of each company they contact. Unlike B2C telemarketers - where it's a numbers game - B2B is about quality not quantity.

The Forbes article points out that telemarketing can be effective assuming you find the right partner. Outsourcing costs from $40 to $100 per hour depending on the company. From $7K to $16K per month per rep.

When it is done well, I've seen B2B telemarketing firms help sales people sell by almost doubling their selling time. At my company, InTouch, we've documented revenues from leads at 2000% to 6300% ROI using B2B Teleprospecting for clients in 9 to 18 months.

A 1998 report by Gartner entitled, "Inside Selling: Selling More at Lower Cost", that showed that adding inside sales person (a.k.a. telemarketer) to support an direct/field sales rep can increase revenue per rep by 150%. Assuming all things remain equal, that means 10 field sales people would now perform like an equivalent team of 25. 

The report estimates the fully loaded costs for 1 inside sales person is 35% of the cost for 1 field sales person.  Using my above example, the increased cost to get the performance 15 more field sales people would be adding 3.5 field sales people in additional budget i.e. you're paying 13.5 field sales people (10 + 3.5 in additional budget) to get the productivity of 25 direct sales people. 

I've searched but haven't been able to locate anything to update my above example with more recent data.  Overall, every sales person I speak to says they are working harder today than they did 5 to 10 years ago and getting the same or less return. 

If you decide to outsource, the key is to find a partner that aligns with your culture and understands your company, your value proposition, your target market and the key issues of people your trying to reach. 

If you're looking for more tips and ideas on cold calling or B2B telemarketing check out my categories on the left.

Cold Calling a CIO

What could be better than a CIO telling you exactly how to cold call him? Agent Smith,a CIO at a major Air Freight Logistics company, shares his thoughts on Cold Calling A CIO.

I get at least one cold call a day from hopefuls trying (desperately) to sell me something; usually recruitment agents, telco resellers, PC/server resellers and software outfits.

It is really easy to get annoyed at this constant barrage, until one remembers these guys are trying to make a living. My problem though, is that by and large, the said guys are really amatuerish at it. And it doesn't seem to matter whether they are representing big or small companies, the lack of sales skills is amazing.

A long time ago, I was in pre-sales (and then sales) for a couple of ERP vendors and had the pleasure of attending a one day selling skills course run by Tom Hopkins. This guy taught the really basic fundamentals of sales; qualifying, making the pitch, handling objections and closing. Most of the people who call me have no idea about qualifying. They seem to assume their "victims" (as distinct from suspects) have just discovered an instant overwhelming need for (say) a Winnebago full of contract Java programmers, a content management system or yet another way of managing PC assets etc etc. And we were just waiting for the call.

Have they done ANY research? Do they know anything about who our business partners are? Do they ask any questions? Do they establish anything about how we work? Nope! They just launch straight into their speil. The alternative to the instant speil is the assumption that I have "just 15 minutes" to meet with them because they really want to understand my business ..... like looking at the corporate web site wouldn't do that?

My favourite example of this was in my last CIO job where we ran our ERP on AS400s and used Lotus N