As we begin 2010, think of ways you can create points of reference within your organization where you can create standards.  Then evaluate and compare against past performance to ensure you are improving your overall marketing effectiveness.

Standards should be created in each of the four disciplines of the Demand Lifecycle™ – lead management, contact management, campaign management and marketing effectiveness. 

To get you started, Eloqua Best Practice recommends the following standards for measurement to create a baseline for evaluation and comparison.

Demand Lifecycle(TM) Recommended Metrics for Benchmarking

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I was thinking that there are many parallels between how you run a successful fantasy football season, and what it takes to run a successful Demand Generation organization. Indulge me…here we go.

It’s All About How You Matchup Against the Competition

Fantasy football is all about knowing your players and how they matchup against their opposing teams that week.  Even though you may have a great QB, if he is facing the no. 1 pass defense, maybe you should sit him that week. Well the same goes for marketing campaigns.  Many marketers today are using tools that allow them to see how prospects are visiting their website, and what they searched on to get there (great blog on search queries here).  This is becoming a new way of targeting follow-up campaigns or driving lead scores.  The reason search queries are so powerful, is that you know exactly what the prospect was thinking when they came to your site, how deep they are in their buying process, and are they evaluating any of your competition (“us vs. them”)?  By understanding who you are up against, you can zero-in on the strengths to highlight, and weaknesses to defend.

It’s Hard to Know Everything, So Rely on Others for Advice

There are so many things that go on during an NFL week, that it near impossible to stay on top of everything.  I heavily rely on data and advice provided to me by ESPN and other sites.  This allows me to stay on top of key trends and changes during the week.

Well the same goes with Demand Generation.  I am lucky at Eloqua to be involved with hundreds of successful customers, but not everyone has that luxury.  Get engaged with a community, read blogs (such as this one), and spend time with other demand generation professionals (see Eloqua Customer Success Tours).  Many marketers admit that they “don’t know what they don’t know”, but by spending time learning from others, you can at least “know more about what you don’t know”.

Time Kills All Deals (Inquiries)

In Fantasy Football timeliness of action is so critical.  Whether it is picking up a player on the waiver wire, or accepting a trade offer from another team.  You need be ready to take action, every day, every hour, every minute.  Well the same goes for Demand Generation.  You have heard the phrase “time kills all deals”, but how about “time kills all inquiries”?  In a study completed by M.I.T., they showcased that hours matter when following up to inquiries.  In fact, the chances of converting an inquiry to a qualified lead, is increased by 600% if you call in the first hour vs. the second hour. 600%!  That is really unbelievable.

Well there you have it.  If you are reading this article and won your fantasy football season, perhaps you should consider a career in Demand Generation.  Either that or you were just lucky enough to grab Chris Johnson or Aaron Rogers this year.  See you at the Superbowl.

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VP Sales: You marketers are all the same!  Your campaigns always look so slick.  You always are producing lots of “stuff”. But, when it comes to the tough questions, you never have answers!

Marketer: You want answers?

VP Sales: I think we are entitled to them.

Marketer: You want answers?

VP Sales: We want THE TRUTH!

Marketer: Pshh…You can’t handle the truth.  We live in a world that requires interest in our products and solutions and that interest must be strategically generated by people with elite skills. We have a greater responsibility than you can possibly fathom. You scoff at the marketing team, you curse our big budgets; you have that luxury. You have the luxury of not knowing what we know – that while the cost of business results may seem excessive, it builds customer loyalty and scales revenue. My very existence, while grotesque and incomprehensible to you, allows us to create a revenue-producing machine. You don’t want to know the truth because deep down in places that you don’t talk about at your pipeline forecast meetings you want me on that call; you need me on that call.  We use words like engagement, relevance, and calls-to-action.  We use these words as the backbone of a life spent building long-term relationships and creating demand. And you use them as a punch line. I have neither the time nor the inclination to explain myself to people who rise and sleep under the very blanket of genuine interest that I provide and then question the manner in which I provide it. I would rather you just said “thank you for finding that deal” and went on your way. Otherwise, might I suggest that you stop questioning me and close the deal I just sent to you, either way; I don’t care what you think you’re entitled to.

VP Sales: Can you prove how much revenue you impacted last year?

Marketer: I did the job I was hired to do.

VP Sales: Can you actually prove how much revenue you impacted last year?

Marketer: You’re darn right I can.

———————————–

Can you handle the truth? The truth is I see organizations continuing to FAIL in 2010. Fail in understanding what mix of marketing and sales strategies actually drive the business to its revenue and growth targets. I believe this is because we all continue to isolate sales and marketing instead of evaluating performance within context of the entire integrated sales and marketing funnel. We continue to judge the effectiveness of marketing by eyeballs that hit our website – and NOT revenue. We look at sales efficiencies without the context of inbound demand and how it is currently managed. We aren’t putting in service-level agreements and holding both functions accountable for the greater short-term and longer-term objectives.

I am looking for MORE than a few good marketers in 2010. I am looking for the elite sales and marketing professionals that are driving change in their organization and developing a CORE COMPETENCY in Demand Generation for their business. And, when I say core competency, I mean those organizations that have established a revenue machine. Stay tuned as I track them down and share insights from the front lines of those that are adopting the principles of The Demand Lifecycle and dominating their markets.

A Few Good Marketers will succeed in 2010. Will you be one of them?

**And, thank you to Alex Shootman and the clever Eloqua team for letting me steal the movie reenactment idea.

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1.        Benchmark and assess for improvement in marketing effectiveness

2.        Review the health of your database

3.        Lead stage definitions – get in alignment with sales and implement in CRM and Eloqua

4.        Implement lead scoring and make sure you are monitoring results

5.        Identify manual processes and automate where appropriate

6.        Track everything you possibly can, but only report on actionable data

7.        Have fun with your campaigns

8.        Identify MBOs that are jointly shared with sales

9.        Document your marketing processes

10.      Take inventory of your campaigns, update where appropriate

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Click to watch now!

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• Cleaning out inactive contacts
• Online reputation measurement
• Follow-up timing

Today we’re going to talk about purchased list. (Hint: Bad Idea!)

Are you buying email lists from other sources and adding those folks into your database? Don’t. I mean it: stop right now. First of all, the success rate on purchased email lists is approximately .001% according to my in-depth research, not to mention that you’re killing your online reputation. If you’ve purchased lists in the past I encourage you to be ruthless and cull those people from your database. Right now. Go.

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Most marketing organizations are trying to understand (1) where is the prospect in my buying cycle? and (2) who are they to my organization? And these two questions do not have the same answer key…

You should not combine Lead Stage and Lead/Contact Type in one field.

Lead Stage fields we recommend:

• Suspect
• Inquiry
• Marketing Qualified Lead (MQL)
• Sales Accepted Lead (SAL)
• Sales Rejected / Recycled Lead (SRL)
• Sales Qualified Lead (SQL)
• Customer

Lead / Contact Type fields we recommend:

• Prospect
• Customer
• Partner
• Competitor
• Employee
• Press
• Analyst
• Student
• Vendor

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1. You work hard to bring in high quality leads
2. Your qualification team checks on the leads and sends the best ones on to your resellers
3. A large black hole engulfs the rest of the data in the sales cycle

There are many advantages to selling through channel partners, but one of the biggest downsides for a marketer is the lack of visibility. In order to know which marketing programs to continue, which trade shows to attend, which AdWords to buy, etc. you need to know which leads are resulting in closed deals. Many people have tried to solve this problem (and they’re still trying!), so I’m not going to tackle that black hole.

What I can tackle is a quick check-up on your partners so that you can measure who’s following-through with the leads that you’re sending to them. Here’s how it works:

Approximately a week after your inside team has qualified a lead and sent it to a partner, send a follow-up email to the lead asking them a simple question: “Did our partner get you the information that you needed?” Make it simple for them to respond by offering two links in the email: “Yes, I have what I need” or “No, I’m still waiting on information.”

Ideally, you’re going to want to use a marketing automation system to do this so that you can take it one step farther: a week after sending that email you can check to see who did not respond in any way and send them a second/final email asking again. Now you have three groups of leads: those who haven’t replied, those who are happy, and those who haven’t heard from their assigned partner.

It’s that final group that you’ll want to keep an eye on. It’s time to give them a little attention again from your inside team, then assign them to another partner and get the ball rolling. If you start to see trends in this group – are the same partners failing again and again? – you’ll need to dole out warnings and perhaps even take away partner privileges… I’ll leave that up to you and your organization. On the other side of that coin, keep tabs on the happy group too and consider rewarding (or at least thanking) the high-performing partners.

I’d love to hear from you – have you tried anything like this? What kind of results have you experienced?

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So how can I make sure there is buy-in from sales at the beginning of the process?

One of our customers, Astute Solutions created a lead attribute worksheet they provided their sales team to rank each value to make sure they were part of the process.  They worked with a few key sales people, explained the process and had them complete the worksheet.  Once each had completed with their answers, all the data was aggregated and provided marketing with a definition of what makes a qualified lead to the sales team.

Here are the steps they followed:

• Step 1 – Defined Explicit and Implicit Criteria, for example – Job Function, Webcast Attendee.
• Step 2 – Define Values for each Explicit Criteria, for example – values A – G.
• Step 3 – Choose sales reps to complete the worksheet.  Provide them with the Criteria and Values and ask them to weight each 1-3.  1= Low Value, 2= Moderate Value 3= High Value.
• Step 4 – Aggregate all the sales reps’ answers into one worksheet .  Total the entire score.  The weighted average is the total score divided by how many sales reps involved in the process.  For example Value A for Job Function was 15 Total Score, divided by 5 sales reps = Weighted Average 3.0.
• Step 5 – Based on the Weighted Average, each is High Value, Moderate Value or Low Value.  Now you can use this information to ensure your lead scoring categories and attributes are 100% in alignment with sales’ approach to a qualified lead.

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It’s interesting to see the reporting data back-up what I’ve been noticing anecdotally. I spend my days guiding Eloqua’s small-medium business customers in their marketing automation projects. One refrain I’ve been hearing over and over is “lead nurturing”. It’s not about lead acquisition right now, it’s about mining the leads you already have, warming them up and getting them ready for sales.

However, it’s definitely time for a shift even further down the lead funnel. Sales cycles are now longer because of the economy and that gives marketing more of a chance to get involved in the sales process.

Alden Cushman, SiriusDecisions’ research director and benchmarking analyst says:  “From discussions with clients we’ve benchmarked, we estimate b-to-b companies are doubling their number of pipeline acceleration programs. Instead of focusing on generating new leads, these programs represent a more effective way for marketing to impact the extended sales cycle by helping to move deals that have stalled in the pipeline. Without question, the economy is driving this trend…”

What Can You Do?

• Re-engage Stalled Opportunities: Consider a short nurturing campaign to all contacts that have been sitting in the same Opportunity stage for more than 30 or 60 days (or whatever makes sense for your business). What can you offer them that will give them a nudge in the right direction? Customer testimonial videos are an excellent choice, or perhaps a “Top 10 things to consider when purchasing a…” checklist.
   
• Nurture the Account: For large deals that involve multiple contacts at one account, think about building a customized landing page for them. You can offer links to the collateral they’ve already seen and maybe some they haven’t yet (add green checkmarks to what they’ve been sent in the past). Be sure to give prominence to the name and number of the sales person for the account. Then add in some exclusive content that is normally only available via a form on your site. This is your chance to show them how well you treat your customers by giving them VIP treatment even before they’re a customer.
   
• Share “Privileged” Information: Maybe it makes sense to show your late-stage prospects a sneak peek of your upcoming product features or new service offerings?
   
• Food for Thought: Do you have a lot of ’stuck’ prospects clustered in a geographic area? Host a breakfast and invite those prospects along with two or three of your current happy customers and let them mingle.

I’d love to hear your ideas! Are you moving down the funnel and focusing less on new leads and more on maturing the leads you already have?

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Photo credit: Slowburn