MarketingSherpa Blog

I think all marketers would agree that digital technology has brought about a sea change in the world of marketing. The basic model has gone from almost exclusively “push” messages to more of a “pull” approach that combines traditional channels, such as advertising and direct mail, with strategies like search engine optimization, social media marketing, mobile and email marketing.

At one point in time, marketers could dictate the message their prospects and customers received, and then hope that message resonated enough to drive sales. In the complex sale, this meant Sales was handed scads of leads from a variety of sources with almost no additional information about that prospect on where they were in the buying cycle, or even where they were in the buying process at their company.

Power shifting to the customer

In marketing today, prospects and customers are educating themselves about your industry, business space and product or service area. This holds true in both B2B and consumer marketing.

These people are not interested in receiving marketing messages pushed to them from the mountaintop. They want useful information to begin the decision-making process long before they actually interact with your company or brand.

This new way of looking at marketing has been described a number of ways, and one new book fresh off the presses calls it, “precision marketing.”

I had the chance to speak with Sandra Zoratti, Vice President Marketing, Executive Briefing and Education, Ricoh. Along with Lee Gallagher, former Director Precision Marketing Solutions, Ricoh, she co-authored, Precision Marketing: Maximizing revenue through relevance, which is this week’s MarketingSherpa Book Giveaway.

Sandra defines the term, “Precision marketing is about using data to drive customer insights so that you send the right message to the right person at the right time in the right channel.”

The precision marketing framework is about following a logical, sequential and continually improving process:

1. Determine objective
2. Gather data
3. Analyze and model
4. Strategize
5. Deploy
6. Measure

We covered a variety of what Sandra considers precision marketing topics, including how it can even help improve your marketing career.

Before I get into Sandra’s ideas, here are a few interesting data points from the book:

• 64% of consumers say promotional offers dominate email and traditional mail received. Only 41% consider these offers “must-read” communications.

• Out of the 91% of consumers opting out or unsubscribing from email programs, 46% do so because the messages are not relevant.

• 41% of consumers would consider ending a brand relationship because of irrelevant messaging, and an additional 22% would definitely end the relationship because of irrelevance.

• A survey of IT buyers by the International Data Group found 58% of vendor content was not relevant to potential buyers, and that this lack of relevance reduced the chance of closing a sale by 45%.

Are you seeing a theme here? Relevance is extremely important in marketing today.

“I say customers are powerful, in control, and they know it,” Sandra says. “They vote with their dollars. They vote with their attention, and what I would call their brand-altering online voices. So, customers are really in the driver’s seat, and marketers need to recognize that.”

  Read more…

Originally published on B2B LeadBlog

If there is a chance to network and build relationships, there is opportunity to generate and nurture leads. Trade shows, workshops and webinars are gold mines for obtaining information. It’s fair to say 98% of attendees likely have an interest in your solution, and that is enough to begin the nurturing process.

Of course, it is very important to capture attendees’ contact information and product interests at that point of high interest, and then act on that interest before it fades.

Generating and nurturing trade show leads

In this particular test, conducted by Craig Mullenbach, Program Manager, MECLABS, and his team, an industrial testing equipment manufacturer wanted MECLABS to follow up on leads generated through campaigns and trade shows.

The goal was to determine

• if following up on trade show contact information would translate into leads,
• when calling should cease, and
• if analyzing this process would allow us to optimize similar contracts in the future.

Answers came screaming through the data we tested.

The test found that 90% of successful lead follow-ups occurred within 28 days of first contact; 60% of those leads were actualized on the first day of calling. Halfway into the calling (day 15) proved to be the last point at which 1% of conversions occurred. The graph below displays our findings.

Interest degradation

From my experience, the interest of a prospect drops off significantly over time after they leave an event or attend a webinar. The half-life is likely only a few days, and once you reach 20 days out, people can barely remember they attended the event, let alone remember a specific product.

During this test, the last conversion occurred on the 343^rd day. At some point when running an experiment, you must determine the point when the diminishing returns make further data collection no longer worth your while.

What can you learn for your own lead generation and nurturing efforts?

For every company and every product, the correct calling procedures will vary. Say the product of interest is worth thousands of dollars. In that case, continuing to call into that 41^st day may be worth your while — it just depends.

It’s all about maximizing the potential profit in the least amount of time. Beyond the specific results of this test, I think the biggest takeaway that will help you is this: Start testing your own lead programs if you aren’t already.

You can test different approaches and timeframes to see which brings your company the highest ROI. You’ll learn what works, what doesn’t work and what value you can identify from analyzing this entire process. We found immense success, and we continue to refine it to better the data and practices we employ in this specific follow-up situation.

Creating a successful lead program is an iterative process

Each trade show, webinar, and/or workshop is an opportunity bursting with potential leads. Setting up a repeatable, iterative process that you can learn from and continuously optimize will help you get the biggest return for your investment:

• Create a plan of action before the event — How will we turn this information into leads? What can we analyze and test from this information gathered?

• Capture important information — Obviously, contact information is important. But, thinking beyond the basics will help your follow-up efforts. Why are they there? What information most appeals to them? What solutions most interest them?

• Follow up promptly — As you can see from this test, follow-up should often occur within 30 days, if not sooner. But remember, it is important to determine the most successful timeframe for your own efforts …

• Test your follow up efforts — Which timeframe is most successful? Which follow-up methods work best (e.g., email and a call, or just a call)? Which offers resonate the most? Which areas do we want to learn more about? And, ultimately, what will bring us the greatest results?

• Take what you learned and build off it for next time — How can we improve? What elements can we optimize and test further? How can we implement this new strategy?

Related Resources:

To Call or Email? That is the Question

Nine Simple Tactics to Drive a Higher Return on Trade Show Investment

Lead Generation: Phone calls turn first-time webinar into million-dollar leads

If you attend an industry event with Owen Blevins, Vice President of Sales and Marketing, Mid Atlantic Concrete Equipment, you better expect to hear the refrain, “Hey, Cretehead!”

It’s not an insult, just evidence that people are buying what Blevins is selling. As the founder and host of Concrete Answers, “the Internet’s most passionate show about concrete plants and equipment,” Blevins is becoming a concrete-industry celebrity, and, of course, he kicks off each episode with a resounding, “Heeey, Creteheads!”

Every other week, he introduces machinery and processes in direct response to the questions he receives from customers via his company’s website, events and sales meetings.

Even though the show is only about two years old, it has received more than 85,000 views.

“It’s not a bulldog on a skateboard, but we have a niche market. Our goal is to inform, educate and offer a little bit of entertainment. If you’re having trouble sleeping at night, be sure to watch,” he laughs. “It’s highly technical.”

Hundreds of hours of work = Hundreds of thousands in sales

Every minute of the final product represents an hour of work – planning, shooting, editing and posting. However, Blevins says the hundreds of hours devoted to Concrete Answers are well worth the investment.

“We typically know exactly what brought our customers to us,” says Blevins. “This information allows us to justify expense, because there’s a lot of time, effort and energy that goes into the channel. It’s definitely been worth it; otherwise, we wouldn’t do it. I won’t reveal exact ROI, but I can tell you the show has ultimately resulted in hundreds of thousands of dollars in equipment sales.”

Read more…

Before you start an optimization program, you have to be clear on what you are trying to optimize. Or, as Brad Damphousse, the CEO of GoFundMe, a crowdfunding site, puts it, “What’s the one thing that really matters?”

The GoFundMe team determined that, for its site, it had to focus on making it easy for anyone to receive donations. To achieve that goal, the team would have to optimize for both of its customer segments (which are essentially on both sides of the transaction): users asking for donations and donors making those donations.

So, Brad launched a series of A/B tests to help convert more new users and to gain more donations from donors.

Test #1: Sell the service

For the first test, the team mapped out its funnel and identified where leaks were occurring.

Click to enlarge

Read more…

Our job is to help you do your job better. One way we do that is through events, like the upcoming Email Summit 2013 in Las Vegas.

You can help make this event more valuable for yourself and fellow marketers by taking a few minutes to fill out the survey below.

As a thank you, you’ll receive a FREE copy of MarketingSherpa’s 30-Minute Marketer: How to Segment Your Email List for Better Results.

Related Resources:

Email Summit 2013 in Las Vegas, Feb. 12-15, 2013

Email Summit 2012: Top 5 takeaways from the industry’s largest research-based event

Email Summit: Integrating mobile, social and email marketing channels

To help you improve your search engine optimization (SEO) efforts, here’s a quick tidbit for your Friday from the MarketingSherpa blog …

SEO is usually seen as some complex, magical, always evolving formula you need to master. And, while the constant changes to Google’s algorithm (so there’s this Panda all hopped up on Caffeine …) is enough to make your head spin, Optimization Summit 2012 attendee Matt Brutsché of Austin Search Marketing advises marketers to start by focusing on the basics – meta tags.

  Read more…

Organizations target quality, but they don’t pay for it. That is one of the latest discoveries from the MarketingSherpa 2012 Lead Generation Benchmark Report (free 10-page excerpt at this link). Let’s take a look …

Click to enlarge

“In the past, it may have been acceptable to assume that if an organization can lower their upfront cost-per-lead, they will also increase lead generation, improve ROI and drive revenue,” said Jen Doyle, Senior Research Manager, MECLABS.

“This makes sense when calculated on a spreadsheet, but when rolled out in an evolved marketplace with an empowered buyer, it’s going to take a lot more than simply lowering the cost-per-lead to achieve the goals of today’s CMO.”

So how can you balance cost and quality of leads?

  Read more…

In looking to improve the site search on MarketingSherpa (the site is 13 years old, and we have 2,991 case studies and articles, so an effective site search is crucial to helping you find marketing industry information to help you do your job better), the tech team here at MECLABS has explored different site search tools.

The team identified three predominant site search methods:

Method #1: Install a search engine on your own server                

In our case, we were specifically looking at PHP scripts, since we use that on MarketingSherpa.

In general, there are two types of PHP or Perl search engine scripts. One will search your entire website for the relevant article each time your visitor invokes the search engine. The other creates an index of your site, and only searches the index when the visitor uses the engine.

The former is easier to configure and use for the newcomer, but it quickly becomes sluggish when your website grows big. The latter is more efficient, but often requires you to remember to re-index your site each time you change your pages.

Advantages:

• Customizable page results
• No third-party advertisements
• Re-index as needed
• Re-indexing your site does not increase your bandwidth utilization, unless the script accesses your site via HTTP

Disadvantages:

• Need PHP support on Web server
• Will need to be able to edit PHP to configure your site search tool

Some PHP Search Engine scripts:

• Sphider
• PHPDevel Search Engine
• TSEP Search Engine Project

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“Content is the best sales tool in the world.”

After exploring his analytics, Marcus Sheridan, co-owner, River Pools and Spas, discovered that potential customers who viewed 30 pages on his website had an 80% closing rate, compared to the average closing rate of 15-20%.

Alongside Luke Thorpe, MECLABS’ Multimedia Specialist, I grabbed Marcus before his Email Summit 2012 keynote, to hear his ideas of content tipping points.

You can see Marcus Sheridan’s full keynote, along with seven other sessions on the MarketingSherpa Email Summit 2012 DVD.

Related Resources:

Most Emails Stink as a Sales Tool. Here’s Why… (via The Sales Lion)

Content Marketing and SEO: The world doesn’t need another blog post

Brand-side Marketing How-to: 6 content marketing lessons learned from a B2B IT company

Overall Content Marketing Strategy Leads to 2,000% Lift in Blog Traffic, 40% Boost in Revenue

Marketing Intelligence: 3 ways to better serve your customers (and your bottom line)

Back in 1992, if you wanted to find information about a company or its products, you had two choices:

1. Spend hours at the library poring over periodicals, annual and industry reports, and magazine and newspaper clippings. (Do you remember microfiche?)
2. Meet with a salesperson.

Life was simpler then: You could reach quota by sending some direct mail, making a few phone calls, and scheduling a few meetings. After all, the customer had very few alternatives to inform themselves. You could succeed without a solid strategy; all that really mattered was the size of your Rolodex. Lead generation as we know it today didn’t exist. Frankly, it really didn’t have to.

Those days are long gone, yet too many organizations are still selling like it’s 1992.

How do I know?

All it takes is a quick review of MarketingSherpa’s 2012 B2B Marketing Benchmark Report (free excerpt at that link). Of the 1,745 B2B organizations that participated, 61%  still have that big-Rolodex mindset – they send any lead that responds to a marketing campaign directly to sales. Furthermore, check out the chart at the right: The vast majority has not applied strategy to any aspect of lead generation.

These statistics are just a reflection of the day-to-day behaviors and attitudes that keep sales and marketing organizations stuck in a time warp. Here are five of them:

  Read more…