How to Create and Measure Complex Lead Nurturing Campaigns Across Multiple Media
Kathy Rizzo, TeleNet Marketing Solutions Debby Marquardt, Hewlett Packard Tuesday, November 14, 2006
HAVE YOU EVER...
…Agonized over a black-hole swallowing your leads?
…Encountered sales reps that only want “HOT” Leads? …Been told that a monthly e-newsletter is Nurturing?
…Wondered if there’s a better way?
Nurturing…
In a complex sales cycle, Nurturing is a relationship building approach utilizing multiple media to provide relevant information to prospects and engage in an ongoing dialog until qualified prospects are “sales ready”.
HP Situation Analysis
• Strengths…
1. 75% of campaigns experience Strong Response Rates 2. Successful Tele-qualifying on all campaigns
•
Shortcomings…
1. Lack of sales follow-up resulting in poor closure rates on our D Leads 2. No further communication to our Qualified Prospects
HP Situation Analysis
• Statistics showed… • Of 1,000 Responses reached via tele-qualification: – 20-30% = not useable (unqualified) – 5-10% = A, B, C leads (short to mid term leads) – 5-10% = D leads (long term leads) – 50-60% = Qualified to Buy (non-leads) • Therefore, without nurturing… • We’re not maximizing the opportunity of our initial investment • We’re not using the full potential of our campaigns
HP Nurturing Test
• Small-scale test with TeleNet Marketing Solutions to build a case • Results:
• 13.9% rate of returned voice mail messages • 3% higher Lead Rate • $650,000+ confirmed pipeline • 13:1 Estimated ROI
HP Move Forward Plan
• • Buy-in based on statistics & test results Two important messages:
1. Already made significant investment to identify qualified prospects, who will buy…eventually 2. Build a relationship NOW rather than waiting until competitors are calling
• Identified two areas of focus moving forward: • Enterprise Storage • High Performance Computing
•
Agreement on implementing a manageable strategy that can be expanded over time.
Major Nurturing Steps
• Lay a Foundation for the Prospect Relationship • Conversations = Relationships • Segment prospects based on their buying stage • Active Engagement • Passive Engagement • Ongoing contact strategy customized to the prospect • Prospect Profiles = Determine What’s Important • Marketing Matrix = Relevant Information for Major Prospect Segments
Nurturing Engine
Define “Sales-Ready”
• Factors Include:
• Length of Your Sales Cycle • How Your Prospects Make Decisions When should a Sales Rep be engaged?
Enterprise Server & Storage: ־Pain and project/need identified ־Within 6 months of decision. Budget identified ־Decision-Maker or Influencer/Recommender ־Desire to speak w/Account Executive or Partner Financial Advisory Service Provider ־Community Bank ־Defined expansion or growth plans within 12-18 months ־CEO, CFO or COO agree to Advisory Meeting
Examples:
Create a Prospect Profile
• Consider…
• What drives prospects to evaluate (PAINS)
• How prospects evaluate & purchase your product/service • How sales positions and sells your product/service • What sales NEEDS to know to be successful
Profile Example: Storage
Existing Environment
Primary Storage Vendor
[ ]HP [ ]EMC [ ]SUN [ ]Other [ ]HP [ ]DELL [ ]Other [ ]Hitachi [ ]IBM [ ]NetApps
Growth
Storage Capacity
[ ]<100 GB [ ]101-300 GB [ ]301-500GB [ ]500-1000GB [ ]1-10TB [ ]10-25TB [ ]25-50 TB [ ]50-100 TB [ ]100-250 TB [ ]500-1000 TB [ ]1 petabyte [ ] >
CHALLENGES
Cost of environment Back-up Security Speed Storage Management Reliability Consolidation BC&A Other
Primary Server Vendor
[ ]IBM [ ]SUN
Annual Growth Expected
[ ]0-10% [ ]20-50% Notes: [ ]10-20% [ ]>50%
Operating System
[ ]Windows 2000 [ ]Novell [ ]SCO [ ]LINUX Redhat [ ]HPUX [ ]Windows NT [ ]Netware [ ]Tru64 [ ]LINUX SuSE [ ]Other
Factors Contributing to Growth
[ ]New Projects [ ]Applications:_____________________ [ ]Growth of Company Notes:
Notes: __________________________
Pain Profile: Financial S/W
Pains By Area
Multi-Channel:
[ [ [ [ [ [ [ ]Infrastructure Consolidation/Integration ] too many disparate systems ] need to reduce maintenance cost ] older technology/vulnerable to outages ] too difficult to train employees to use ] upgrades too expensive due to mixed infrastructure ] need ability to customize and integrate systems
Internet Banking:
[ [ [ [ [ [ [ [ [ [ [ ] ] ] ] ] ] ] ] ] ] ] more competitive, unique functionality security too expensive to offer need to customers to decrease transaction costs integration for customer w/retail & business accounts increase fee revenue by charging services corporate: increase functionality corporate: need to enable customers to self-service attract more small business accounts lower small business servicing costs develop web-based products for small businesses
Infrastructure Functionality
[ ] maintains business leader dependency on IT [ ] doesn’t support business goals [ ] cannot resolve problems quickly due to complexity
Infrastructure Marketing
[ ] need consistent experience across channels [ ] cannot segment and target customer data
Branch Automation:
[ ] training on systems too difficult [ ] more processes should be automated [ [ [ [ ] ] ] ] need to reduce transaction time too many errors in teller processing difficulty deploying upgrades to the teller platform inability to chose where to start Check 21
Infrastructure Management:
[ ] transaction processing needs improvement [ ] limited ability to move to self-service channels [ ] complying with regulations in more timely manner
Marketing Matrix Media
Tip: Use your PR Agency to help locate relevant 3rd party content
Marketing Matrix Template
Level 1Establish Credibility Level 2 Become A Valuable Resource Level 3 Position Your Solution
Invites to webinars & regional events, Solution Guide, Case Studies, etc
Customer Success Stories, Third Party Articles, Customer Testimonials, Solution Whitepapers, Case Studies, Brief, etc. etc. Security Reliability Consolidation
Tip: Don’t get overwhelmed! Focus initially only on Level 1 and the areas, which typically represent 80% of your prospects.
Frequency of Contact
• Determined by: – – – – Specific direction given from prospect Buying stage determined by conversation Receptiveness of the prospect Triggering Event
Tip: Develop suggested prompts for follow-up based on buying stage
Telemarketing Messaging
• Content of Telemarketing calls dependent on… • Historical conversations • Profile data already obtained • Goal of each contact is to… • Provide information that is valuable • Expand the Prospect Profile • Learn about changing business priorities • Determine if “Sales-Ready”
TM Messaging Preparation
• Determine prior to dialing…
• What is the extent of the prospect’s previous interaction within the nurturing strategy? • Consider details of previous nurturing touches: conversations, voice mails, e-communications, events, etc. • What do we already know about their situation? • What else does Sales need to know? • How can your call convey value to this prospect?
Tip: System prompts can be programmed based on key profile data and marketing matrix.
Example: One to One TM
Good Morning/Afternoon, this is ____________ calling from Hewlett Packard. I am calling today as a follow up to our last conversation on (date). When we spoke, you mentioned that you were…. (customize as appropriate) Possible Conversation Tracks: •Focusing your attention on… (critical business issue or current challenge) •Investigating solutions regarding … •Interested in evaluating/purchasing/implementing … •Had plans to … •Wanted more information on … •Thinking about …
Example: One to One TM
Good morning/afternoon. This is _________________ calling on behalf of Hewlett Packard. I am calling today to offer to send you two new white papers on hospitals’ strategies for implementing image archival systems, which I think may be of interest to you based on the conversation that we had on (date). (Determine Interest) In order to make sure we can continue to offer you relevant information, I’d like to take just a moment of your time to confirm some information regarding your current situation.
Email Integration
• Email occurs multiple ways:
One-to-one follow-up after a conversation Information prior to a scheduled call Scheduled one-to-one emails between phone conversations One-to-many delivered to strategic groups
Tip: Do not overlook the importance of a bounce-back email.
Nurturing Email Best Practices
• Personalize every message
• Reference past conversations
• Tie your message to their business needs • Make it readable from the preview window • Provide an invitation to respond
Tip: Email Tracking Tools can help to prioritize calls
Example: One-to-One Email
Tip: Official Signature Adds Credibility
Example: One-to-One Email
Example: One-to-Many Email
Tip: Keep your contact strategy manageable by focusing on 1 one-tomany e-message each month.
Micro Website or “Resource Center”
•Repository for relevant marketing material
•Non-Sales oriented resource center)
(Think
•Response mechanism (But, not as a requirement to view data!) •Track traffic
Marketing Activities
• Direct Mail:
• Planned Direct Mail to relevant subsets of the Nurturing Database
• Events:
• Event calendars programmed based on geography and topic
Tip: Compare response files to make sure you’re not duplicating efforts or confusing relationships.
Measurement and Analysis
• Measure Activity and Nurturing Pipeline
Passive Active Sales Ready
• Track and Rate your Nurturing Touches • Monitor the average score for a “Sales Ready” lead • Evaluate point of diminishing returns for each prospect
Example: Measurement Reporting
Touch Summary (9/1/06 -9/31/06)
Type
Completed Conversations Voice Mail Email Mail Total Touches
Status Type Movement (9/1/06-9/30/06) Starting Status Type
Active Engagement Passive Engagement Passive Engagement Active Engagement No Movement
Nurturing Touches
272 960 324 12 1568
Current Status Type
Sales Ready Sales Ready Active Enagement Passive Engagement No Movement
Number of Records
12 4 108 4 144
Percentage
4.41% 1.47% 39.71% 1.47% 52.94%
Total Conversations
272
Total Positive M ovement:
124
45.58%
Sales Ready By Category (9/1/06-9/30/06)
Status A-Lead B-Lead C-Lead Total Sales Ready Number of Leads 2 4 10 16
Example: Measurement Reporting
Points
Sales Ready Leads (9/1/06-9/30/06)
Conversation Event Voice Mail Email Postal Mail
5 4 3 2 1
Account
XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Contact Name
JENNIFER SMITH SCOTT STEPHENSON ALLEN SHANCK JOE LODUCA MICHAEL FOX MAURICIO FERNANDEZ MARK ANSLEY KIMBERLY LEWIS RONALD WILLIAMS JOHN JARVIS MARCO ROCHA JACK SPARKS MICHAEL JAYSICK ROBERT FOGEL DENVER MARTIN
Phone #
555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555 555-555-5555
City, State
Carmel, IN BURLESON, TX Dallas, TX NEW YORK, NY Columbus, OH SAN DIEGO, CA PLANO, TX GREENVILLE, TX CASPER, WY Camus, WA BOSTON, MA Boston, MA Orlando, FL McLean, VA ATLANTA, GA Totals
Score
17 21 11 32 10 12 35 20 15 15 50 17 13 10 8 286
# Touches
4 5 4 8 3 3 9 7 5 4 11 6 3 3 2 77
Average (M onth) 17.875 Average (YTD) 17.4576
4.8125 5.0878
Example: Email Statistics
% Number Bounced Number Quantity Bounced Back Back Read % Read 124 3 2.42% 84 67.74% 97 7 7.22% 42 43.30% 63 4 6.35% 23 36.51% 40 4 10.00% 23 57.50% 324 18 5.56% 172 53.09% % Attachments Opened Number Response (Optional) Responses Rate % 6 4.84% 2 2.06% 3 4.76% 1 2.50% 12 3.70%
Email Category One - to - One One - to - Many One - to - Many One - to - Many Total Email Activity
Title Customized ABC DEF GHI
Triggers telephone follow-up
Lead Lifecycle Management
• Common Pitfall
• Relying only on systems to distribute and track your “sales-ready” leads
• Solution: Ensure leads are top of mind
• • • • Use the phone and email in combination w/CRM Ask for feedback – seek to improve Maintain contact through the sales cycle Receive measurable data
Example: Closed Loop Reporting
Lead Identifiers
Original Lead Lead Source ID Status
xxx xxx xxx xxx xxx xxx xxx 1346 17 1766 192 578 100 123 A Lead B Lead C Lead C Lead C Lead B Lead B Lead
Closed Loop Data
Initial Lead Value
$150,000.00 $75,000.00 $178,000.00 $45,000.00 $255,700.00 $150,000.00 $100,000.00
Lead Date
Closed Loop Status
Value Confirmed by Sales
$90,000.00 pending $255,700.00
Actual Closed Lead Value Final Status
$89,000.00 Closed / Won Pending Return to Nurturing Pending Pending Closed / Won Closed / Lost
4/12/2006 Completed 5/1/2006 Active 4/1/2006 Completed 3/4/2006 Pending Assignment 6/1/2006 Active 4/10/2006 Active 4/10/2006 Completed
$275,000.00 $0.00
TOTAL
$953,700.00
$345,700.00
$364,000.00
Selling Your Boss
• Approximately 10% of the market are Long-term Leads
– Greatest probability for a “Win”
– Greatest probability of NOT being pursued by Sales
• 50-60% of marketing responses are Qualified Non-Leads
– Eventually will buy from you or your competitors
• Maximize the investments already made • Nurturing is measurable – Monitor and Measure the Nurtured Pipeline – Report “Active Engagement” Activity – Measure ROI • Nurturing is a tailored, manageable approach
Nurturing…
To answer our initial question… YES, there is a Better Way! Nurturing provides Sales with the leads that they want to work, while providing Marketing with measurable results.
Thank You
Debby Marquardt Hewlett Packard Company and Kathy Rizzo TeleNet Marketing Solutions www.telenetmarketing.com 877-282-2345 Krizzo@telenetmarketing.com