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Practical IT Research that Drives Measurable Results Increase Revenue & Improve IT’s Reputation with Lead Management Automation Introduction • Supporting the Marketing department seems like a never ending list of constantly changing requirements. • Keeping up to date with every new technology and understanding the potential benefits while avoiding biased marketing hype is tough. • Utilize this solution set to get up to speed on the emerging space of Lead Management Automation (LMA). • This solution set helps you understand how LMA can reduce low value IT work, provide Marketing with new capabilities and increase company wide revenue. • LMA provides one of the few technology projects which provides a significant opportunity to increase company wide revenue. • Utilize this comprehensive toolset to asses the benefits of LMA then build a business case & strategy for LMA implementation. Executive Summary • Lead Management Automation (LMA) provides an opportunity to increase company-wide revenue by over 15% • Improve your reputation as a business enabler and guarantee yourself a seat at the executive table by championing this high potential technology at your organization • Provide your marketing department with a toolset that will enable new capabilities, and enable the marketing department to become more self sufficient by: • • • Reduce IT time spent on low value repetitive tasks like: • • • • Constantly updating marketing web pages Building changing marketing reporting requirements Providing data queries and supporting mass e-mail capabilities Utilize this comprehensive solution set to: • • • • • • • Providing lead acquisition, scoring and nurturing capabilities that enables continual optimization of the vast amount of money spent on the marketing function Providing a toolset that enables the marketing department to follow lead management best practices and mature Understand trends in the emerging field of LMA De-mystify the confusion in the market place Assess your company’s readiness Assess how the costs, benefits & risks of LMA apply to your organization Utilize the toolset provided to build a stronger relationship with your Marketing & Sales departments Provide a comprehensive toolset to your VP Marketing to assist them in building a business case & strategy for LMA implementation Lead Management Automation is an emerging technology that, for qualified firms, is highly likely to provide an extremely positive ROI. Lead Management Automation: Solution Set Road Map What is Lead Management Automation LMA Market Definition & Analysis LMA Market Penetration & Opportunity LMA Appropriateness Criteria Understand Benefits Costs & Risk LMA Costs, Benefits & ROI Improve Marketing/IT Operations & Relationship Mitigate LMA Risks Move Forward with the Proposal Build Alignment with Vice President of Marketing Build the Business Case for LMA Formulate an LMA Strategy Market Analysis: LMA is an opportunity to increase company revenue & improve IT’s reputation What is LMA and why should IT managers’ care? • • • • Lead Management Automation (LMA) provides a tool set which allows Marketing to more effectively manage the vast amount of money spent on advertising and lead generation This emerging category of technology provides an opportunity for an IT project to significantly increase company revenue Compared to alternative IT automation projects the ROI potential of LMA is significant The following section will outline the exact capabilities, benefits & IT impact of LMA in more detail. LMA is not possible to replicate without IT support! • • • • If marketing is following known best practices for managing leads they will require IT to provide many low value repetitive tasks that can be effectively automated using LMA Changes to web pages, lead reporting, list segmentation, queries, mass mail mergers are all tasks which enable marketing to more effectively generate leads and are all task which become self sufficient with LMA Without LMA these low value tasks can be a source of frustration for both IT & Marketing. Replicating the entire feature set of LMA with a homegrown solution is unlikely to be efficient Be concerned if LMA is brought into the organization without IT involvement • • • LMA provides the tools for Marketing to become more self sufficient and autonomous from daily IT support and requests. Marketing may attribute LMA success to being autonomous from IT, reinforcing a perception that IT is a bottleneck and not an enabler. LMA is an opportunity to proactively champion a business technology, reducing the perception that IT does not “get the business side” and simultaneously improve the relationship between Marketing & IT Lead Management Software Automates Key Marketing Processes Lead Management solutions integrate business strategies, marketing processes, and automation technologies across all stages of the sales lead lifecycle, allowing marketers to track leads from initial inquiry to sale, providing a closed loop reporting mechanism for marketing activities, and enabling campaign ROI measurement. Lead Acquisition Marketing's goal is to Target and reach the right prospects to generate qualified leads for the sales organization. Leads are acquired when prospects inquire or respond to marketing campaigns. E.g., email marketing, direct email, cold-calling, SEM Prioritization & Scoring Leads are scored for quality based on explicit profile criteria (job title, company size, etc.) and implicit behavior (web visits, downloads, event attendance , etc.) Leads can be scored according to their “sales readiness” before being passed onto sales or nurtured (to increase their sales readiness score) Lead Nurturing & Assignment Leads are incubated until they are ready for follow-up by sales. Nurturing involves steady communications designed to educate the buyer. Leads are nurtured until they reach a specified quality score, and are assigned to sales. Client Nurturing Client Nurturing utilizes the same capabilities as Lead nurturing to automate the ongoing communication with clients to ensure repeat business and client satisfaction Lead scoring functionality can be utilized as client retention scoring. Lead Acquisition Step 1: What is Landing Page Optimization and how does it impact IT? Landing Page Optimization Process Continuously Improve the Landing Page Marketing Best Practices IT Implication /Bottleneck How Marketing Automation Helps Small variations in presentation and content can significantly enhance the prospect experience and lead conversion Marketing requires IT support to edit the landing pages Lead page editing capabilities allow Marketing to modify, update and optimize their own landing pages daily without IT involvement. An iterative approach is required, as the enhancements do not are not always produce predictable results The unavoidable lag between request & task completion reduces agility and means wasted time on already out of date changes, increasing frustration for both marketing and IT. Daily changes should be made to landing pages to increase conversion rates A/B Test the Improvements Calculate Lead Conversion Rates Best practices for marketing dictate that landing pages be vigorously A/B tested for continuous improvement in an effort to optimize the number of leads generated. Lead conversion rates must be calculated for each of the test landing pages and for each Keyword Landing page conversion rates are critical as organizations pay for each click regardless of whether it converts into a lead Many B2B firms often spend in excess of $20,000 monthly on Adwords thus it’s critical to continually optimize this spend Provides the facility to set up A/B tests automatically No testing tools in place to generate these comparisons Testing allows for increased conversion rates which decrease the cost of each leads Poor reporting capabilities for lead conversion Calculates lead conversion statistics for all test pages Providing reporting on how hundreds of keywords and landing page result in which sales requires a sophisticated reporting engine. Keywords and landing pages effectiveness can be evaluated and ineffective spend can be optimized Lead Acquisition Step 2: What is Campaign Optimization and how does it impact IT? Campaign Optimization Process Marketing Best Practices IT Implication /Bottleneck How Marketing Automation Helps Evaluate Multiple Campaigns & Lead Sources Different Sources of leads must be evaluated to determine where to increase and decrease spending Reporting tools are required to monitor hundreds of different lead sources and keyword combination from lead acquisition right through to close over a period of months making analysis and reporting practically impossible without IT support Provides turnkey reporting capabilities allowing Marketing to measure campaign effectiveness across multiple stages Marketing must calculate not only which advertising sources convert into leads, but more importantly which leads convert into sales Without lead acquisition data integrated directly into a CRM system Marketing simply cannot calculate or determine which leads result in sales LMA provides CRM integration tools and closed loop reporting which allows Marketing the capability to manage the quality of each lead (as measured by revenue) not just the quantity of leads produced by a campaign Marketing must be continually re-allocating spend to more effective sources of leads On average Demand Generation spending is double the amount spent on the entire IT budget Prove Campaign ROI from lead source to close Re-Allocate Marketing Spend 8%-15% of company revenue is spent on Marketing Activity compared to 2% to 5% which is spent on information technology. Integration of a home grown lead reporting system will require more resources than utilizing the tightly integrated LMA solutions into common CRM packages Without LMA Marketing does not have the tools to evaluate which portion of marketing spend is effective. Avoid continual Marketing requests for reporting which is unlikely to be as comprehensive as can be provided for 1.5-6K/month by LMA With effective reporting Marketing can eliminate spending on the 25% worst performing campaigns and allocate that spending to more effective sources of leads 1.5K-6K/month for LMA is a small amount to spend compared to what most organizations spend on demand generation Prioritization & Scoring Step 3: What is Lead Scoring & Prioritization and how does it impact IT? Lead Scoring Process Score Incoming Leads Marketing Best Practices IT Implication /Bottleneck Any company which does not prioritize and score leads with a system more sophisticated then hot, warm, cold is missing a significant opportunity to increase company revenue A manual Scoring system is impossible cumbersome for Marketing to create and maintain without LMA or IT support How Marketing Automation Helps Improve lead conversion by scoring leads before flooding the sales organization with every lead Sales can allocate their time to the right sales leads Measure Explicit Lead Criteria Measure Implicit Behavior Criteria Measure explicit criteria like job title, company size, to determine lead priority Effective lead scoring requires ongoing measurement & optimization. LMA provides a tools set to score and segment leads This key marketing task is next to impossible without LMA or IT support. Each client segment can then be managed separately versus a one-size fits all approach Track and record the activity history of each visitor (i.e. page visits, downloads, etc) to arrive at a lead score Implicit behavior tracking & scoring requires web pages to track activity and feed data to a scoring system which can be managed by Marketing Provides an Implicit behavior tracking system which can be managed and maintained autonomously by marketing Activity history & frequency are key components of prospect interest that must be measured to accurately gage sales readiness Implicit measurement of behaviors like tracking web site visits are impossible without IT support Implicit behavior data is critical to determining lead sales readiness and increasing the opportunity to close rate 80% of first information inquiries do not immediately translate into sales Calculate Lead Score & Prioritize Leads need to be scored for sales readiness before passing all leads to sales Improve the quality of leads that are passed on to sales Effective lead scoring requires ongoing optimization and measurement which is difficult without IT support Calculating scores and triggering automated responses requires IT support Leads that are prematurely passed on to sales are most likely lost Increase the opportunity to close rate and keep the sales force happy Nurturing & Assignment Step 4: What is Lead Nurturing & assignment and how does it impact IT? Lead Nurturing Process Marketing Best Practices IT Implication /Bottleneck How Marketing Automation Helps Nurturing involves steady stream of communication designed to educate the buyer and maintain a relationship. Without Nurturing capabilities Marketing has no alternative but to pass every lead to sales Leads are nurtured maintaining an ongoing relationship with prospects until they reach a specified score and are sales ready Sales people are not the most effective or efficient way to stay in contact with prospect for a long period of time. Provide a toolset that allows Marketing to score, segment & nurture leads until they have demonstrated behaviors that indicate they are ready for contact by sales Provides the capability to nurture leads to maturity, reducing the number of leads disqualified by sales because they are not ready to buy immediately Mass E-mail Capabilities Once a lead has been acquired it is a marketing best practice to incubate the lead utilizing mass e-mail and data merging capabilities Many IT departments support mass e-mail capabilities utilizing dedicated systems which integrate poorly Mass e-mailing and tracking response rates are more effective when integrated with scoring, nurturing & reporting capabilities Campaign Design & Management One size does not fit-all prospects who contact the organization. Designing and managing segmented ,multi-touch, multi-variable campaigns is critical to optimizing lead conversion. Complex, multi-stage, segmented campaigns are extremely hard to manage over a long period of time without IT support Campaign design, management, execution and reporting capabilities can be self sufficiently managed by Marketing Increase the number of qualified leads without additional spending on acquisition Content Improvement & A/B testing Communication & content provided to nurture leads should also be A/B tested to determine it’s effectiveness to mature prospects through the education process Nurture a database of prospects Assign Sales Ready Leads & Closed Loop Reporting At least ½ of all sales should come from nurtured leads who contacted the organization more then 30-60 days previously • No testing tools in place to generate these comparisons Replicating integrated reporting, campaign design, email, and tracking functionality is un-likely to be efficient Reduce the number of prospects who start out researching but eventually become familiar with and purchase from a competitor Lead nurturing greatly increases the ROI of your original lead generation investment as more warm leads are generated for the same original acquisition spend Increase Opportunity to close rate Client Nurturing & Assignment Step 5: What is Client Nurturing and how does it impact IT? Client Nurturing Process Nurture a Database of Clients Client Relationship Campaign Design & Management Marketing Best Practices It’s far easier to keep a client than find a new one. Utilize the same features & functions to manage and measure relationships with your existing client base Utilizing Lead Scoring to calculate Client Loyalty scores Client Deliverable Improvement & A/B testing Calculate Client Loyalty & Advocacy IT Implication /Bottleneck Utilize Lead Nurturing to maintain complex, long-term, multi-variable automated client relationships versus a one-size fits all communication plan to existing clients Utilize Assignment capabilities to escalate to customer service representatives How Marketing Automation Helps Decrease Client Churn Utilize the same features & functions to manage and measure relationships with your existing client base The same requirements & IT bottlenecks exist to develop complex nurturing & scoring campaigns for an organizations client base Increase Repeat Business Increase up-sell and cross sell opportunities Reduce customer service costs with sophisticated Client Nurturing Depending on the nature of the business utilizing the same toolset for Client Nurturing can possible have a greater financial impact that Lead Management Info-Tech Helps Professionals To: Sign up for free trial membership to get practical Solutions for your IT challenges “Info-Tech helps me to be proactive instead of reactive - a cardinal rule in stable and leading edge IT environment.” - ARCS Commercial Mortgage Co., LP