Archive for the ‘Lead Management’ Category

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Comparing Key Features of Three Leading CRM Solutions

Friday, May 20th, 2011

In light of InsideUp’s recent announcement of its integration with three top customer relations management solutions, small to medium-sized companies who have not begun using CRM may wonder which of these applications would be the best fit for their needs.

To help you make an informed decision, here are a few of the main features and functions of each of these CRM solutions:

Salesforce CRM introduced its CRM software as a service (SaaS) in 1999, allowing companies to leverage the benefits of CRM solutions without the expense of purchasing and installing software. Salesforce focuses primarily on the automation of sales, marketing and customer service and support functions. You can choose the Unlimited, Enterprise, Professional or Group edition. Salesforce.com also offers training as well as consulting and implementation services.

Salesforce features include: sales force automation, marketing automation, customer service and support, analytics, document management, contract management, Mobile CRM and AppExchange. Users value Salesforce for its intuitive interfaces, flexible customization, extensibility and ease of use.

The Professional edition is ideal for SMBs, and offers custom dashboards, comprehensive reporting and analytics, sales forecasts, e-mail marketing and real-time data sharing in addition to its basic customer service tools.

Microsoft Dynamics CRM offers a complete front office suite that includes robust sales force automation (SFA) platform, basic marketing functionality and customer support capability suitable for the typical small or midsize business.

Features include: sales force management, order management, sales quotes, opportunity management, email marketing, case management, email response management, marketing campaign management and searchable knowledge base.

Microsoft Dynamics users enjoy its highly customizable platform as well as its tight integration with Microsoft Outlook. It also allows users to easily share information through such formats as Excel, HTML, XML, CSV and PDF.

Sugar CRM is the leader in open source CRM software. With strong venture financing, Sugar CRM is expanding internationally, and its user communities are continually making advancements in user flexibility and control.

You can choose from Sugar Enterprise, Sugar Professional, Sugar Cube and Sugar On-Demand. Sugar CRM offers a workflow-based dashboard which displays your open calls, leads, and scheduled meetings. Sugar CRM solutions are Microsoft compatible and offer features such as sales force automation, reporting, forecasting, mobile app, core sales and marketing support and collaboration.

Module Builder lets Sugar users create custom fields within a given module or create an entire new module. Sugar’s paid solutions offer several built-in features, which cost extra on other services. Sugar customers appreciate its affordability and ease of customization.

All three solutions are well suited for small to medium-sized businesses. And the ability to easily integrate any of these CRM services with real-time leads from InsideUp makes the sales automation process easier, more intuitive and results-driven.

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How to Get Better ROI from Inbound Marketing

Monday, March 28th, 2011

Embracing the latest online marketing strategies, businesses are spending countless hours and marketing dollars in an effort to keep their sales teams supplied with inbound leads.

Marketing teams are kept busy revising, perfecting and testing their inbound strategies using the myriad social media, content marketing, search marketing and public relations tools at their disposal.

Inbound marketing may seem like the latest trend but it is built on classic marketing principles. Closely related to the principle of “permission marketing,” a term coined by Seth Godin in the late ‘90s and now widely used by marketers, inbound marketing is an effective means of acquiring leads who are actively seeking your services.

A prospect’s permission to contact them is one of your most valuable marketing assets, especially since most people do not give out their information freely to just anyone who asks for it. It indicates that they are already interested in what you have to offer, so you don’t need to expend any effort convincing them on that count. The only thing that remains is to demonstrate that yours is the ideal company for their needs. And this brings us to the heart of successful inbound marketing.

Speak to your customer out of a genuine desire, not just to sell them on your solution, but to truly help their business succeed. Keep this motivation at the core of every piece of content you create and every interaction with your prospect.

Building a genuine rapport does take an investment of time, but the results will be solid and lasting. These are the same principles used by the best lead generation companies to generate warm leads who have demonstrated an interest in your services, supplied information about their specific needs, and are not only willing, but eager to hear about your solutions.

Treat these inbound leads like gold. Be the company who provides value before your prospect has even committed to using your service. Answer their questions and build their trust. Make sure your company’s message is aligned with your prospective customers’ needs. You will be building a loyal customer base while you strengthen your reputation and your brand.

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Twelve Key Ways Marketing Automation Can Benefit Your Business

Tuesday, January 25th, 2011

According to a new report by DemandGen, the number of companies that have adopted marketing automation solutions in 2010 is double that of the previous year. Several giants such as IBM and Oracle were among them.

With marketing automation’s capacity to help companies maximize their return on investment, manage revenue cycles, and create brand awareness, the number of B2B companies taking advantage of this technology is expected to continue to grow. But you don’t have to be a mega organization to reap the benefits of CRM and other forms of marketing automation software. So what, exactly, is marketing automation and how can it help your business grow?

According to SearchCRM, marketing automation software is used to automate marketing processes such as customer segmentation, customer data integration (CDI), and campaign management. Its use makes processes, which had been performed manually, much more efficient. It also provides new features and capabilities that companies have yet to exploit. Marketing automation is an integral component of customer relationship management (CRM).

Marketo further defines marketing automation as a tool for increasing operational efficiency and driving revenue. It automates the routine and repeatable tasks involved in lead management, lead nurturing and lead scoring. It will also build and maintain your company’s marketing lead database. It can also be integrated with your company’s existing sales force automation systems.

Automation software enables marketing departments to measure what works and demonstrate the impact of specific marketing and lead nurturing campaigns on company revenue. Used effectively, it can foster collaboration between marketing and sales teams and increase productivity.

The two main functions of marketing automation are campaign management and customer segmentation. Organizations use factors such as gender, age, and education to separate and categorize customer data. This helps marketers create campaigns targeted to particular demographics and measure the effectiveness of advertising and lead nurturing strategies.

Within these two main functions, marketing automation programs perform a multitude of tasks. Some of these will vary by provider, but most will help increase the effectiveness of your marketing in these 12 ways:

  1. Increase productivity by replacing repetitive manual tasks with automated systems.
  2. Help to manage your company’s revenue cycles.
  3. Automate lead generation and lead nurturing processes.
  4. Create marketing work-flow systems, budget plans and organizational calendars.
  5. Manage organization-wide marketing campaigns
  6. Manage mailing lists based on existing lead, account and contact data.
  7. Assist on campaign asset creation.
  8. Analyze campaign effectiveness based on customer data.
  9. Use information captured in lead details to qualify leads to next stage.
  10. Deploy mass email campaigns to targeted mailing lists.
  11. Import leads from external sources, such as lead suppliers and Web downloads.
  12. Create, automate and deliver multi-channel promotional messaging.

If you’re planning to purchase marketing automation software tools, it’s important to realize that your initial purchase is only the beginning. When companies express disappointment with their marketing automation system, this is often because they have not taken the time to learn how to use it fully. To get the most benefit from your software, you will need to integrate it with the right resources, people, and processes.

Think of marketing automation as one component of your complete marketing solution. When used effectively, it can help you build brand awareness and realize a higher return on your sales leads.

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New Study: Salespeople Spend Excess Time Prospecting for New Leads

Tuesday, December 7th, 2010

How is your sales team spending their time? Recent findings by CSO Insights reveal key areas where B2B companies can enhance their marketing efforts and increase sales. In a survey for CSO’s Sales Performance Optimization Report, 1,800 companies reported that their sales representatives spend nearly 20 percent of their time generating leads.

Obviously this is not the most effective use of a sales agent’s valuable time and skills. Unfortunately, however, this has become standard practice in many businesses. This is not surprising in light of the findings in Marketing Sherpa’s 2011 B2B Marketing Benchmark Report.
Out of 935 respondents, an astonishing 80 percent admitted to sending unqualified leads on to their sales team.

Still, customer acquisition was found to be an even higher priority this year than in previous years, with over 90 percent of marketers in the CSO report stating that acquiring new customers has become their top priority. (Click image to enlarge.)

Other activities that typically consume a sales agent’s time include attending meetings and handling administrative tasks (18%),  account service calls, (15.2%) and other activities such as travel and training (36.6%), leaving only 11.5 percent of the average salesperson’s workday for closing sales.

How can businesses dealing with these challenges keep their pipelines filled with qualified leads? Many companies are creating a balance by purchasing pre-qualified leads so that their sales team can spend more time closing and less time trying to generate and qualify new leads. Even if such a move produced a conservative 10 percent increase in sales productivity, the potential for much greater revenue is obvious.

Supplementing your marketing strategy by purchasing qualified leads will also free your sales team to spend more time nurturing those leads that fail to close on the first call. When you consider that for every 100 raw leads, only 4 to 7 are ready to buy, it’s easy to see how businesses can further improve ROI by shifting their sales teams’ focus toward nurturing the other 93 to 96 percent of leads throughout the buying cycle.

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Posted in B2B Lead Generation Tips, Lead Management | 1 Comment »

Strengthen Your Sales Message to Boost Sales

Saturday, October 30th, 2010

When you receive pre-qualified leads who are ready to buy, they will still need compelling reasons to buy from you rather than from your competitor. You can increase sales up to 30 percent by creating a sales message that is relevant to your buyers’ questions.

A 2008 survey by International Data Group found that the chance of closing a sale was reduced by 45 percent when the content of the sales message was not relevant to buyers’ most pressing questions. The study also found that 42 percent of the time, sales teams had not been provided with adequate training and tools to help them answer these questions persuasively. Although the survey participants were IT buyers, the same principles of effective and relevant sales messaging applies to virtually all types of marketing.

Sales messaging is defined as offering a persuasive and compelling answer to a buyer’s primary questions regarding the services you offer. The three basic questions buyers have are:

  1. Why should I meet with you? (If an initial appointment is the next step in your sales process.)
  2. Why should I replace my current solution with your company’s services?
  3. Why buy this solution from your company and not from your competitor?

According to a recent poll by BtoB Magazine, 70 percent of marketers graded themselves at “D” or an “F” level in regard to how well they prepared sales messaging and supporting materials for their sales team. If you feel you fall into this category, the good news is that you have the opportunity to increase sales by analyzing and strengthening your sales messaging.

The first step toward stronger sales messaging is to know your target market well. This will enable you to replace weak generalities such as “great customer service” with specific information about how your company is uniquely positioned to fill a buyer’s needs.

A future post will go into further detail about how you can create a compelling sales message.

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Seven Tips for Effective Lead Management

Saturday, October 30th, 2010

Even the best leads will not produce the results you want if they are not managed and nurtured well. A study by Marketo found that only 25 percent of new leads are actually sales-ready. The rest will require a long-term management strategy to bring in results.

An unofficial survey of several lead management companies produced the following best practices.

1. Nurture leads before sending them to sales. ( Unless you have purchased real-time leads from a lead supplier. Sales should contact these leads immediately, and any that do not close should be given to marketing for further nurturing.)

2. Become a recognized authority in your industry. Offer your expertise to help prospects make an informed decision. If you provide guidance without pressure, you will come to be viewed as a trusted source.

3. Work with sales to define a sales-ready lead. Take into account demographics such as company size, yearly revenue, and purchase time-frame. If you have purchased leads from a lead generation company, that work has already been done, and these pre-qualified leads can be sent directly to sales.

4. Keep your sales team informed about which marketing activities each prospect has responded to, so they can tell you which strategies are yielding results.

5. Compile qualifying questions, call scripts, and email templates to help with the initial contact. Using these tools, a rep can refer to specific interests the prospect has demonstrated, such as downloading a white paper on a particular topic. Ask questions that will help you gain new information, rather than what you already know about your prospect.

6. Don’t waste leads. Make sure sales follows up on each one. Reassign leads that aren’t contacted the first time around. Every lead should be valued and cultivated through the often very long B2B sales cycle.

7. Track the results of individual marketing activities to gain a deeper insight than you would by simply tracking the lead source.

If you are working with a lead generation company to supplement your in-house marketing strategies, many of the best practices listed above, such as lead scoring and qualifying to determine which leads are sales-ready, will have already been done by the lead supplier. Using pre-qualified leads can take some of the pressure off your marketing team while keeping the pipeline filled.

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Use Targeted Sales Messages to Avoid Wasting Your Leads

Monday, October 4th, 2010

Sales messaging is the foundation for all your sales and marketing efforts according to sales and marketing effectiveness expert Michael Cannon. “Most companies do not have a definition for their sales messaging, let alone a methodology for how to develop and deploy it,” Cannon states. “The results are millions of dollars in lost revenue, higher sales costs and missed bonuses.” He recommends using the following top-10 principles for creating effective sales messaging that will increase orders and improve profit margins for your company:

  1. Have One Specific Offering. Sales messaging is about selling one complete product or service. A number of products and services bundled together can also be considered one offering. Products or services that are sold on a standalone basis will require sales messaging particular to each.
  2. Target Each Buyer. Consider, for example, whether the buyer you are targeting is a prospect, customer, channel partner, industry analyst or investor. Buyer sub-types include user, technical and financial. Identifying buyers by title, role and offering will help to create sales messaging relative to each buyer’s interest.
  3. Answer Buyer’s Primary Questions. Each buyer has different buying questions. For example, prospects want to know, “Why should I buy your solution rather than a competitive option?” Customers are asking, “Why should I continue buying from you?” Channel Partners wonder, “Why should I distribute your product or service?” Tailor your answers accordingly.
  4. Support the Product and Sales Cycle. In the early stages, the most important question you need to answer is, “Why should I change what I currently do and buy a product or service like this?” Educate the buyer on why they should make that change. Later, the primary buying question becomes, “Why should I buy your solution rather than a competitive option?” Your sales message at this point should highlight factors that differentiate your company.
  5. Incorporate the Black and White Factor. Studies show that the human brain comprehends best when it’s presented with a clear contrast between opposites. Statements like “We are one of the leading…” is not as compelling as “We are the leader in…” Use sharply contrasting adjectives like Only, Fastest, Easiest-to-Use, Best Value, etc., to create powerful sales messaging.
  6. Employ the Differentiation Factors. Five important differentiation points include Time, Money, Risk, Strategic Position, and Personal. Attract buyers by appealing to as many of these points as possible.
  7. Provide Proof Points. Most buyers consider your sales messaging to be mere claims. Increase your credibility by providing ample evidence to support what you’re telling your buyers. Make full use of customer testimonials and case studies, the best type of proof points. Also effective are independent 3rd-party organizations such as ISO and the Better Business Bureau. Demonstration or proof of concept implementation are the third best type of proof point.
  8. Apply the “Me Too” Factor. For your sales messaging to be truly effective, differentiate your company with claims no other company can make.
  9. Organize into Three Points. Points presented in groups of three are remembered more easily. Construct your sales message using this principle to maximize effectiveness.
  10. Use a Single-Page Summary.  Simplify the answer to each buying question to a one page format, which is the most your sales reps and buyers will be able to remember at one time.

Most companies are not yet familiar with the principles of sales messaging. Learn to use them effectively, however, and you’ll reap tremendous advantages in pulling more revenue from your sales leads.

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Strengthen Your Sales Message to Boost Sales

Monday, August 23rd, 2010

When you receive pre-qualified leads who are ready to buy, they will still need compelling reasons to buy from you rather than from your competitor. You can increase sales up to 30 percent by creating a sales message that is relevant to your buyers’ questions.

A 2008 survey by International Data Group found that the chance of closing a sale was reduced by 45 percent when the content of the sales message was not relevant to buyers’ most pressing questions. The study also found that 42 percent of the time, sales teams had not been provided with adequate training and tools to help them answer these questions persuasively. Although the survey participants were IT buyers, the same principles of effective and relevant sales messaging applies to virtually all types of marketing.

Sales messaging is defined as offering a persuasive and compelling answer to a buyer’s primary questions regarding the services you offer. The three basic questions buyers have are:

  • Why should I meet with you? (If an initial appointment is the next step in your sales process.)
  • Why should I replace my current solution with your company’s services?
  • Why buy this solution from your company and not from your competitor?

According to a recent poll by BtoB Magazine, 70 percent of marketers graded themselves at “D” or an “F” level in regard to how well they prepared sales messaging and supporting materials for their sales team. If you feel you fall into this category, the good news is that you have the opportunity to increase sales by analyzing and strengthening your sales messaging.

The first step toward stronger sales messaging is to know your target market well. This will enable you to replace weak generalities such as “great customer service” with specific information about how your company is uniquely positioned to fill a buyer’s needs.

A future post will go into further detail about how you can create a compelling sales message.

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Posted in Lead Management | 2 Comments »

Seven Tips for Effective Lead Management

Friday, August 6th, 2010

Even the best leads will not produce the results you want if they are not managed and nurtured well. A study by Marketo found that only 25 percent of new leads are actually sales-ready. The rest will require a long-term management strategy to bring in results.

An unofficial survey of several lead management companies produced the following best practices.

1. Nurture leads before sending them to sales. ( Unless you have purchased real-time leads from a lead supplier. Sales should contact these leads immediately, and any that do not close should be given to marketing for further nurturing.)

2. Become a recognized authority in your industry. Offer your expertise to help prospects make an informed decision. If you provide guidance without pressure, you will come to be viewed as a trusted source.

3. Work with sales to define a sales-ready lead. Take into account demographics such as company size, yearly revenue, and purchase time-frame. If you have purchased leads from a lead generation company, that work has already been done, and these pre-qualified leads can be sent directly to sales.

4. Keep your sales team informed about which marketing activities each prospect has responded to, so they can tell you which strategies are yielding results.

5. Compile qualifying questions, call scripts, and email templates to help with the initial contact. Using these tools, a rep can refer to specific interests the prospect has demonstrated, such as downloading a white paper on a particular topic. Ask questions that will help you gain new information, rather than what you already know about your prospect.

6. Don’t waste leads. Make sure sales follows up on each one. Reassign leads that aren’t contacted the first time around. Every lead should be valued and cultivated through the often very long B2B sales cycle.

7. Track the results of individual marketing activities to gain a deeper insight than you would by simply tracking the lead source.

If you are working with a lead generation company to supplement your in-house marketing strategies, many of the best practices listed above, such as lead scoring and qualifying to determine which leads are sales-ready, will have already been done by the lead supplier. Using pre-qualified leads can take some of the pressure off your marketing team while keeping the pipeline filled.

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Keeping Prospects Engaged Through Email Can Lead to Future Sales

Tuesday, July 13th, 2010

Email is proving to be one of the most effective means of initiating contact with and nurturing B2B leads. A recent study by MarketingProfs found that companies offering business services were among those who experienced the highest open rates (at 21.9 percent) as well as an excellent click ratio (at 4.9 percent) in their email campaigns.

In a 2010 survey conducted by Datran Marketing, 39.4 percent (the highest result) of industry executives, reported that the email was the most effective advertising channel for their company.

A strong email marketing campaign will combine the right timing of emails with a targeted campaign based on where your leads are in the sales cycle. Building a relationship in this way will result in greater customer retention and higher repeat purchase rates.

In fact, a 2009 study conducted by the Direct Marketing Association revealed that email marketing resulted in an ROI of $43.62 on every dollar spent. This was the highest rate of all direct marketing methods.

Immediate Initial Contact Followed by Nurturing—A Golden Combination

The best time to email a new lead is within the first five minutes of receiving the lead. Take this opportunity to thank them for their interest and to present any special offers you have as further incentive to try out your services.

Use email to build trust throughout the sales cycle. This is especially effective for B2B purchases, which typically have a longer sales cycle as the buying decision goes through various levels of approval. Your emails can create an atmosphere of goodwill and demonstrate that you’re there to help them find solutions.

Focus on providing real value with every email; your prospects will appreciate the fact that you are delivering more than just a sales pitch, and the occasional testimonial or case study regarding your services will be well received.

Once you have closed a sale, send an immediate thank you email and let your customer know you are there if they need help. This is a good time to offer tips on how to get the most from their purchase.

Retention emails afford the opportunity for future sales, but be careful to avoid a “hard sell,” and always pepper your sales messages and offers with useful tips and information that will help build confidence and trust in your company.  

So what are the best times to contact your leads? As with telephone marketing, the best time to email a new lead is within the first five minutes of receiving the lead. Take this opportunity to thank them for their interest, and to present any special offers you have as further incentive to try out your services.

Email is a valuable tool for building trust throughout the sales cycle. This is especially true for B2B purchases, which typically have a longer sales cycle as the buying decision goes through various levels of approval within a company.

A slower economy has also contributed to lengthening sales cycles, resulting in an even greater need to fine-tune the nurturing process. An effective email campaign can help create an atmosphere of goodwill with your prospects and demonstrate that you’re there to help them find solutions.

Strategic consultants at Responsys suggest using a progressive profiling system, asking only one question with each email, letting the customer set the tone and pace, and being careful to never assume too much about your prospect.

During the consideration phase, continue to monitor the data you collect about your prospect and change your messages accordingly.

Strategists for ExactTarget recommend that companies focus on two complementary goals during this stage: Deliver content that helps establish the company as the expert on the topic of interest, and educate the consumer on the products or services the consumer inquired about.

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Posted in Lead Management | 15 Comments »

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