B2B Lead Generation Blog

Should lead generation ignore current customers?

”We know more about our prospects (leads) than we know about our current customers” was a shocking statement I heard from a client and it stuck with me. In fact, it's the impetus for this post.

When you have a complex sale, it can be easy to think of lead generation as only a process for acquiring new customers rather than a process that can also be applied to generating new or more business from current customers.

A while back I was in a meeting with a marketing leader of a Global 100 software firm.  He shared a story about their new CEO at the time. The CEO asked 10 members of the executive team to write a list of their top-10 customers. Amazingly just 4 of the 10 executives got 5 of more of the customers correct!  Their VP of Sales faired best, with correctly listing 8. 

In the same meeting it was pointed out that the top-10 customers accounted for over 50% of their $300 million in revenue. The CEO immediately declared that, “we're focusing on our customers first!” From that meeting they dubbed their new initiative as, “The Customer First Plan.” 

As a result of reaching out and talking to their customers, they saw a net revenue increase of 15% from current customers and their customer referrals increased by over 100%.

Still, I’m amazed at how many marketers seem to only emphasize new account acquisition when they could also be going further with their existing customers.

According to research by the CMO Council, “Marketers Are Flying Blind When It Comes to Leveraging Customer Data.” The study showed, “just 6 percent of marketers say they have excellent knowledge of the customers when it comes to demographic, behavioral, psychographic and transactional data, while over 50 percent report they have fair, little, or no knowledge of the customer.”

Conducted in late 2007 and early 2008, the CMO Council's “Business Gain From How You Retain” study undertook a wide-ranging evaluation of where and how marketers are "operationalizing" customer intelligence and insight to reduce customer churn, increase lifetime value, improve the customer experience, and increase the effectiveness and targeting of marketing spend.

The CMO Council concluded, “Only 50 percent of global marketers report having a strategy for further penetrating or monetizing key account relationships. In addition, a surprising 45 percent rate the effectiveness of customer relationship management (CRM) systems as deficient or needing more work, with only 15 percent of companies rating themselves extremely good or effective at integrating disparate customer data sources and repositories.”

The solution to solving poor customer management is to leverage a processes that you already have (or should have!). A lead generation program that includes teleprospecting, lead nurturing and lead management.

Adding a customer program to the lead generation mix can be fairly straightforward. The messaging is a bit different, but ultimately we still need to be a relevant resource to people. 

Often the first task in a customer program is to update the database. How long has it been since the database was verified? Are your contacts still there and are they in the same role? If you don’t already know the condition of your data, you can pull a random sample of data to test. Make sure you pull enough data to insure the test is statically valid.

Once the database is in working order, then question becomes, “How can we educate our current customers and affirm their decision to be working with us?” Nurture those all important relationships. Just like when reaching out to prospects, positioning you and your organization as trusted advisors is essential to building trust that starts AND maintains AND expands relationships.

From this point forward you should look to your current customers with the same energy and optimism as you do with your prospect and you’ll be amazed with the results.

So, do you have a Customer First Plan?

Generate over 60,0000 inquiries by educating people?

Last year, I wrote a post on giving away ideas to proactively educate and attract future customers. I was surprised that it generated such a lively discussion.

Michael Stelzner wrote the following comment on my post back then, “I have been giving away my trade secrets for years (against the advice of advisors). The results have been amazing. The fact is that folks look to you as a thought leader when you share your secrets. In addition, the discussion that comes from sharing results is a better idea.”

Today, Michael just launched a series of videos on how he is leveraging educational techniques to pull in inquiries and generate leads. Michael told me he's got a bunch of videos he plans to release over the next few days telling how he generated over 60,000 inquiries and leads for his business by giving away his ideas.

Watch his first video, "How To Generate Mass Interest in Your Business During Tough Times." (No need to do anything special, it will just start playing.)

B2B Marketing and lead generation via Social networking

Have you dipped your toe in the water of social networking yet? And if not, should you start? That's a question I know a lot of very busy B2B marketers ask themselves which is why I found Tessa Wegert's ClickZ article on "Facebook as a B2B Marketing Tool" interesting.

In the article, Wegert highlights how some marketers are experimenting with using the Facebook site for proactive marketing and build targeted niche networks and B2B communities.

I've been using LinkedIn for several years because it's geared more for business people. But I’ve heard the audience demographic of the Facebook is now moving from being focused on college kids to becoming a place for adults.

Overall, social networking sites are proving to be great tools for job seekers and recruiting. But I still wonder about the value of social networking tools for lead generation and business development that Wegert's article brings up.

In B2B, I think our reputation matters as much as our brand. Like traditional networks, online social networks must be built on trust and value to be effective. In either case, you can't replace credibility lost, if you fail to use them correctly.

I have a few hundred people in my online social network and more in my off line network. But I've found it takes just as much effort to use social networking tools to nurture relationships online as it does to nurture relationships off line. So in the end, I end up connecting more with my network offline or using old standbys like the phone or email.

Here's my question…

If you use social networking tools, I'd love to get your input. Do you think a typical marketer or sales person (who isn't a good “networker” already) can build relationships and generate sales leads for their company from a social networking tool? Why or why not?

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

Collaboration Huddles and 35 Other Ways to Improve Sales and Marketing Teamwork

I just got back from speaking at the New Marketing Summit and it was great. But it seems that I can’t attend a marketing conference with out hearing marketers swap complaints about their sales teams.

I don’t know about you but I’m fed up with the same old story.  Companies continue to waste millions of dollars because of poor teamwork and collaboration between marketing and sales.

Even the very best lead generation program cannot compensate for poor teamwork and collaboration, but unfortunately we continue hear about it time and again.

Sales and marketing often believe they are working together but collaboration takes more than annual or even quarterly planning meetings. Teamwork is something that must exist in a very real way each day.

I’ve found the most powerful way to foster teamwork and collaboration is to do more frequent and effective meetings. At InTouch we call them “huddles." We have short huddles daily and weekly between the marketing and sales team. 

In our huddles we do three things: Talk. Understand. Execute. (Repeat again) Talk. Understand. Execute. (Repeat again) Talk. Understand. Execute. Okay got it? (Repeat again).

In addition to huddles, there are other ways that sales and marketing can and should collaborate together.  This is just one list of 35 possibilities that we’ve tackled in our huddles and I hope you’ll add your own too.

During huddles, you can brainstorm, go over marketing and sales programs, and accomplish or think about any or all of the things on the list below:

1. Get feedback from the sales team – look at the conversion process and have regular face-to-face meetings or conference calls. Where is your sales team getting stuck?
2. Seek to understand if the sales team is at capacity.  Don’t generate more leads if they are focused on closing deals. Support them with nurturing.
3. Encourage sales people to follow-up on leads and hold them accountable, while still treating them like customers…ask them what they need. 
4. Develop a strategic lead generation and growth plan between sales and marketing.
5. Marketing and sales can work together on standardizing and documenting their lead generation and sales process so that what is happening can be easily tracked and measured.
6. Develop a marketing program that helps the sales team sell at a personal level.
7. Train your sales people on how to optimize your lead generation investment and give your feedback. 
8. Centralize the lead qualification process.
9. Use your huddles to introduce new sales people to the marketing team. 
10. Share lead generation best practices amongst the sales team.
11. Assign revenue goals to your joint sales and marketing plan.
12. Be flexible in your planning, so that you can adapt to changing requirements.
13. Lead generation must be promoted from the top down and bottom up.
14. Develop a culture that values leads by creating a universal lead definition.
15. Get the marketing team out in the field with the sales team regularly.
16. Arrange your compensation so there’s a shared accountability around lead generation.
17. Remember what Steven Covey say’s, “seek first to understand.  Then be understood.”
18. Close-the-loop on each sales lead being generated.
19. See that marketing takes over as many of the non-selling tasks as possible.
20. Integrate sales and marketing activity by using the same database or CRM system. 
21. Define and map out the responsibilities shared by both sales and marketing.
22. Share details about upcoming, events, articles, and press coverage.
23. Go over the upcoming lead generation program strategy and what the outcomes of that strategy are expected to be.
24. Mutually share new insights gained from customer feedback.
25. Share effectiveness measurements from recent lead generation activities.
26. Jointly develop message map and value proposition for you lead generation program.
27. Ask, what have you learned from the leads? Are there changes in hot topics for your target audience?
28. Discuss common concerns raised by potential customers and how the sales team is addressing them and develop solutions together.
29. Do your lead generation messaging align with your target audiences needs?
30. Analyze competitive information, and develop a SWOT (strengths, weaknesses, opportunities, threats)
31. Improve relevance of sales tools and marketing materials with sales input.
32. Map out your customer’s decision and buying process and then map out your value proposition for each role involved in the buying process.
33. Determine an answer to the question: What is the life cycle of a lead?
34. Strategic accounts: Can you develop content and lead generation events with your existing customers as references (ambassadors) to your audience? 
35. Define your expertise: how can you demonstrate your ability to solve business problems and share new ideas?

I’m wondering what you do in your company to foster better sales and marketing collaboration? Please share your thoughts and comments. Who knows? Your comments could be included in my next book.

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.

On Lead Nurturing: Looking for a "hot" date?

When it comes to lead generation, the dating analogy is nothing new. But I liked what Tom Myer at the tdog.blog said on the topic of lead nurturing in his post, "If you don’t remember me on the second date, why should we go on a third?"

Myer writes:

“If lead generation is like dating, and we’re all out there on the singles scene, most of our effort goes to landing first dates. We do everything we can to catch someone’s eye, fetch up the nerve to ask them out, and work really hard on making a good impression that first time around. We may also have well-meaning friends and families setting us up on blind dates (aka referrals), and we may also run into those people who have heard good things about us from other people and want to get to know us better (aka word of mouth). (Yes, it’s a neat metaphor, and I’m not the first to notice it, but I digress.)

All of this dating stuff aside, lead nurturing is like getting to know someone better (except in the business context multiple relationships are not only condoned but encouraged!). If you spend all that time and energy getting a “first date”, why would you blow it by not remembering important facts about your prospect on the “second date”? Also, if you’re on that second date, why not take this chance to get to know them a little better?”

I agree. He goes on in the post to talk about how to use your relevant and educational content as part of the lead nurturing mix.

As important as information gathering is, it is important to not get too personal on the first date. Think about your web forms. Are you asking for far too much information before you've earned their trust?  I wrote about this in my post, Why Most B2B Sites Fail to Convert Sales Leads.

Don't blow it on the first date by thinking of it as a campaign rather than a conversation.  The challenge is to make each conversation you have be relevant and meaningful.  The reward? A more memorable conversation that will likely lead to others and eventually a relationship.

You'll do better by thinking of lead nurturing as a process of micro-conversions based on the multiple conversations you’re having. Be patient and you'll build the opportunity profile over time.

Sridhar Ramanathan president of Pacifica Group points this out in his blog post, "Demand Generation: Are You Making Your Prospects Lie? He writes, "One of the dirty little secrets of online marketing is that the leads you generate are only as good as the data that the customer prospect chooses to share about themselves. And very often they lie."

As a way to get started, no strings attached, why not give away something of value for free? Then later request an email address, then ask for first and last name, later requesting a phone number, and so on.

I can tell you that it does take time to use a nurturing approach, but you will end up with better and more profitable relationships, whether it be personal or professional. 

Heck, I knew that I wanted to marry my wife after the second date, but I can tell you that it took time, attention, creativity and patience to win her heart. 

Let’s go one step further with the dating analogy. If your customers made the leap to commit to working with you, do you then ignore them because you’ve already won them over?

At InTouch we believe the “yes” is only the beginning, not the final result. Take time to nurture your existing customers too. Like any good relationship, it starts with a memorable and meaningful first conversation and continues with ongoing attention and commitment.

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)

Article: Why Most B2B Websites Fail To Convert Sales Leads

Check out a new article that I wrote for RainToday, called “Why Most B2B Web Sites Fail to Convert Sales Leads.”  It was originally a blog post I wrote back in June.  There, I offer some thoughts on organizing and providing open access to more of your web content to successfully improve your lead generation success. 

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).

Webinar: Lead Generation Strategies for the Complex Sale

Join me for a complimentary webinar this Thursday, August 17, 2006 at 1pm EDT.  This action-oriented session will provide tips and best practices that you can put into practice immediately.

When you leave this session you will:

• Learn 3 proven lead generation strategies that deliver results
• The most effective ways to get sales and marketing alignment
• See the most effective tactics used for an integrated marketing program
• Know how to identify and prioritize your best prospects
• Hear what's working to develop a dialog with executive level buyers

Register here

This event is sponsored and hosted by WebEx Communications, the worldwide leader in online meeting applications.

New complimentary e-book - Start with a Lead: Eight critical success factors for lead generation results

My latest project is ready! I just published a complimentary new e-book titled Start with a Lead: Eight critical success factors for lead generation. Please download it and pass it on.

According to studies, the single biggest challenge for contemporary B2B marketers is effective lead generation. Conversely, it has been pointed out that 80 percent of marketing expenditures on lead generation are wasted because the leads are lost, ignored or discarded by sales people.

Marketers today are constantly reminded that the company needs more sales leads...now. Unfortunately, that immediacy is quite often at the direct expense of quality. Instead, marketers should adopt and tailor lead generation programs that will increase the odds of creating better sales leads and relationships that will ultimately result in long-term, happy and profitable customers.

In this e-book, you will learn how to develop high-volume, high-quality lead generation programs for your company. It was written for business leaders, managers and marketers who want to help their sales team sell with highly qualified business opportunities, because sales people should only be brought in when a lead has been qualified as “sales ready.” 

Download Start With a Lead: Eight critical success factors for lead generation

Podcast: Interview on the Cullinane & Green Report

I was interviewed by podcasting experts Joe Cullinane and Roger Green on the Cullinane & Green Report. I encourage you to check out their other interviews with Mike Bosworth, author of Solution Selling and co-author of CustomerCentric Selling and Jackie Huba co-author of Creating Customer Evangelists too.

During this podcast, I share my thoughts on how to use technology tools like podcasts, blogs and RSS for new business development and lead generation. 

Listen to podcast now (36:26 minutes)

Podcast: Duct Tape meets Lead Generation for the Complex Sale

I'm a guest on the Duct Tape Marketing Podcast today hosted by John Jantsch.  John's Duct Tape Marketing Blog was chosen as a Forbes favorite for small business and was twice named "Best Small Business Marketing Blog" by the readers of Marketing Sherpa. While you're visiting John's blog, be sure to subscribe to his newsletter. It's terrific. 

Listen to podcast now

Why Most B2B Sites Fail to Convert Sales Leads

Most people coming to your website aren't coming to your website to buy. They are coming to your site for information. Do you have your web site’s good content under lock and key? 

Research shows shows that if you require registration on your website to download content such as articles, white papers, studies or other "free" resources, you could be losing 75%-85% of your potential leads! 

I saw a press release for a study last week completed by the Nielsen Norman Group, which also supports this finding. According to their study, the practice of making users register before providing them with deeper information will send sales prospects running.

You'll do better by thinking of lead generation as a process of micro-conversions that build an opportunity profile over time, such as requesting an email address, then asking for first and last name, later requesting a phone number, and so on. 

There should be a balance between collecting information and providing value; i.e., be careful about requiring registration to receive anything worthwhile. Your thought-leading content can be a lead generation tool, but only if it is easily accessed.

Almost every company has at least some decent content for leads who are in the later stages of their buying process, including:  brochures, case studies, success stories, sell sheets, etc. 

The key is to reach people as early in their buying process as possible. That's where you have the biggest influence. It's not effective to wait until they are narrowing their short list.

What most companies lack is thought-leading content that addresses needs of people who are in the early stages of their buying process.  KnowledgeStorm made this same point in their recent report on evaluating and scoring web leads. And interestingly, those who do have good, relevant content lock it up behind registration pages.

Ardath Albee over at the Marketing Interactions Blog has some great thoughts on this too. Marketing Interactions: B2B Websites Not Effective

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! 

Customer Referrals and Your Sales and Marketing Department

For the complex sale you need enthusiastic referrals to help you build your reputation, differentiate yourself, demonstrate your value proposition, shorten your sales cycle, and drive revenue. 

So how do you ask for referrals?  I wrote a post called, "Asking for referrals does more than Generate Leads," based on the Harvard Business Review article, “The One Number You Need to Grow” by Frederick F. Reichheld. 

During two years of research, Reichheld discovered, that the answer to this basic question, 'Would you recommend our products/services to a business peer?', correlated directly to growth rates. 

Jim Lenskold and Bill Lee just wrote a practical article on MarketingProfs which builds on Reichhelds's research and ideas.  MarketingProfs: Turning Customers Into Your Sales and Marketing Department

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.

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.

The halo effect and lead generation

My dad taught me many lessons growing up and one that stands out as relevant to lead generation went something like this:  He said “choose your friends carefully because we become like the people we spend most of our time with and [like it or not] we’re judged by the company we keep."  He didn't know that he explained how the halo effect works.

This new case study by MarketingSherpa demonstrates the practical application of the halo effect.  It explains how Steelwedge, "...a previously little-known software company became a trusted and admired brand in a couple of short years.  The trick? Alliances with nuts-and-bolts professors in America's heartland." 

This idea is already in lead generation playbooks for most of the largest consulting firms.  We see the halo effect demonstrated in places like the Harvard Business Review where it's quite common to see business executives collaborate on papers with a professor or sponsor research projects. 

These experts can become a source of speakers and webinar presenters.  You may want to co-market an event and share the attendees list.  There are also opportunities to post articles and materials by these experts on your web site or as links on an e-newsletter.  The ultimate objective is to have some of their credibility to rub off on you. 

One way to start relationships with professors is to find those that have their own consulting practices.  Think about how you help build their practice and they may be more inclined to help you. 

I previously wrote a post on "Lead Generation via Industry Experts" which gives specific suggestions to help you get started. 

MarketingSherpa: How to Impress Conservative Fortune 100 Business Prospects by Allying With Academia

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. 

Word-of-mouth marketing gets BtoB people buzzing

I just heard that I was quoted in BtoB Magazine on word-of-mouth marketing (WOM).  Richard Karpinski wrote the piece which, from what I can tell, is one the the first articles on WOM for B2B marketers.   

I wrote a post a while back you might want to check out, "Word of Mouth Marketing relies on reputation not branding." 

The BtoB article concludes, "In the end, word-of-mouth is only effective if it complements strong, traditional marketing techniques..."  How do you feel about this conclusion?  Where do you think WOM fits into a traditional lead generation strategy?

BtoBOnline Link: Word-of-mouth marketing gets people buzzing.

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

How to leverage word of mouth for more leads

I liked this post by Joe Cullinane, author of 21st Century Selling, over at his WOMP blog.  Although his post is poorly formatted, as one huge paragraph, the content is good. 

Cullinane asserts that we can manage word-of-mouth just as we would any other lead generation tactic.  To be effective at word-of-mouth (WOM) he recommends, "a word-of-mouth process” (WOMP).

Cullinane suggests the following to generate leads by harnessing the Word-Of-Mouth Process:

1. Leverage The Influentials (aka Industry Experts)
2. Become a Recognized Expert - act like a thought leader.
3. Be visable. (write, speak, publish, and promote)
4. Benefit from the Halo Effect. Associate with the big names
5. Use Customer Reference Selling.
6. Leverage Your Social Network.

Link: WOMP: WOMP Your Way to Qualified Sales Leads.

Lead Generation via Industry Experts

Proactively building relationships with industry experts is a powerful way to generate sales leads and positive word of mouth (WOM). 

Four steps to garner expert referrals:

1. Map out the key players, experts, opinion molders in your industry.  Look at speakers at industry events, authors, bylines and contributed articles in trade journals, and blogs.  Now you should have a pretty good map of the people you need to know. 
2. Research them, their companies, their clients or customers.  Do they work with companies that fit your ideal customer profile?  Make your shortlist. 
3. Approach them with simple value proposition via phone with something like this.  “I’m contacting you as a recognized expert in our industry.  We’re interested in your assessment of our company’s value proposition for the [fill in the blank] industry.  Also, we’d like to understand your practice’s focus better because we are actively working this market and expect to find opportunities that need strategic expertise such as yours.  Would you be interested in exploring this further?"
4. Common ties - Another simple but powerful way of finding new sales leads is get to know your customer's trusted advisors that tie into your value proposition.  Do your research (step 2 above).  Give them a call.  You have something in common already - the same customer.  This is an effective way to expand your network and generate more leads.

Many experts will give you permission to post their articles and resources on your website or newsletter.  The "about the author" gives them more exposure, and positions you as an expert too because their credibility rubs off on you i.e. you benefit positively from the halo effect.   

Over time, as you build your lead generation program, your experts may be interested in co-developing white papers, special research reports, articles, and events with you. 

Experts pride themselves on their professional integrity, so they will likely refer business to you and a competitor (assuming you have them) at the same time.  You will still have an edge by investing in the relationship.  They are still more likely to favor someone who has shown an interest in them and given them value. 

Why does this work?  You begin by being genuinely interested in their business.  Secondly, experts - stay experts - by continually updating their knowledge of industry trends, information, key players, tools and ideas. 

They continually seek out other relevant resources that could possibly help their clients.  If you can be a good resource for their clients... they need you.

Finally, when experts are doing their consulting, writing, and speaking - they are not completely focused on new business development.  The result, many go through phases of feast and famine.  You and your company could also be sales lead referral source for them too. 

Asking for referrals does more than generate leads

My first post at the Revenue Roundtable...

When was the last time you talked to your customers and asked how they were doing? A recent article in the Harvard Business Review, “The One Number You Need to Grow” by Frederick F. Reichheld asks, “Would you recommend our products or services to a business peer?”

It was confirmed after two-years of research that the answer to this single question is the number one indicator and correlated directly to growth rates. I submit that if you are not asking and getting the answer to this question, you could be generating word of mouth, but not the good kind.

Reichheld’s research shows us that people put their personal reputations on the line when they act as a reference or make a recommendation to someone else. When your customer’s act as good references, they show that they have received value from your company.

For the complex sale you need these enthusiastic references to help you build your reputation, differentiate yourself, demonstrate your value proposition, shorten your sales cycle, and drive revenue.

Get the HBR article at:
http://harvardbusinessonline.hbsp.harvard.edu