I must admit, I’m a bit of stats nut when it comes to forming an argument and making my case for something, like whether the Celtics can win it all this year, or saying its time to break up the Red Sox and start all over.
Rethinking the DemandGen Process: Quantity or Quality?
But when it comes to B2B sales and marketing, I am going to get on my soapbox and tell all it’s time to rethink the entire demand generation process. Why? Because looking at a variety of stats from some of my favorite authorities like Gartner, Forrester, Marketing Sherpa and Sirius Decision tell a very dark story about current practices that still plague the B2B industry and have a big-time drag on revenue and profitability growth. These stats represent some of the worst practices that are a carryover from the way we did things in the good old days when buyers actually took your calls and read your email. They also point to an obsession with lead quantity rather than lead quality.
Sales-Ready vs. NOT Sales-Ready
Let’s start at the top. Basically, today when someone hits your web site for the first time and registers for something of interest, only 10-15% of those folks are sales-ready. Most of the rest, 70% or more are not ready to engage beyond this initial opt-in for that white paper or webinar. So going all Lady Gaga and calling all those people who downloaded that cool info-graphic you just published or who dropped by your booth at Info-Mania Marketing World Expo is impressive, but a waste of time. Its not hard to figure out the ones that sales can work on, but that 70+% group will be quickly discarded by your sales team.
What Happens to the 70+% That are NOT Sales-Ready?
The latent demand ones typically just fall by the way side. And that is not only a shame, but a HUGE waste of your leadgen dollars. That is something your CEO or CFO will remind you of come budget review time because 3 out of 4 of those leads will end up buying sometime in the future. More damning though is stat #3 from the worst practice hit list: 9 out of 10 of those who buy, do so from someone other than who started things off initially. Think about that one for a moment. Let it roll around in that rational analytical mind of yours before you start reaching for the bottle of Tequila.
“You Tawkin’ to ME?”
Point #4 speaks to buyer behavior today that is driven to total distraction with Smart Phones and texting and tweets and stop-by workers and bosses. With B2B buyers bombarded by 3-5,000 messages daily, it takes 11-13 proactive outbound communications to interrupt those ADHD buyers. That’s a lot of emails, phone calls and banner ads loaded with supposedly juicy content before that target buyer asks, “you tawkin’ to me?” and pays attention. It’s not necessarily that the content or the offer or the call-to-action is irrelevant or weak. You have to be committed, be persistent and keep trying.
What’s the Payoff for the Shift to Quality?
Finally, though we have painted a dark and hopeless picture here with the state of things in B2B lead management behavior, the real message to deliver to your sales team and your bosses is that doing it right will make a huge difference in revenues and commissions for everyone. Sirius Decisions annual study of the B2B market repeatedly report that the best-in-class sales and marketing teams generate four (4) times the number of closed deals than average team from the same number of leads.
If that doesn’t get your bosses’ attention when you make your case for making some changes in your lead management practices, then you have a different problem to deal with friends.
Posted in B2B Marketing, Content Marketing, Lead Management, Lead Nurturing, Lead Quality, Uncategorized | No Comments »