This infographic is based on a B2B Benchmark study released by MECLABS shows how marketers are optimizing their marketing funnels.
The biggest surprise is that a whopping 68% of organizations have not identified their marketing funnel! Thus, as the infographic displays, they are focused on the total lead volume and the closing rate of those leads. This is a limited view of the business. Conversely, only 32% of businesses surveyed have identified their funnel to reveal its: 1. Strengths - what works at generating qualified leads and converting them to customers 2. Weaknesses (where leads are not converting or leaking out of the funnel). The logical question is - "How do you optimize a marketing funnel that you don't understand?" This is an an expensive way to operate. Invest the time to understand your how your marketing funnel works at all levels. Strive to improve funnel conversion rates and improve the the ROI of your marketing spend.
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I was struck by a discussion on the difference between Lead Generation and Demand Generation - "Lead Generation is Crippling Demand Generation" The two terms are often used interchangeably - but they are absolutely different. I had this discussion just yesterday with a marketing leader.
Before you build a launch plan, recommend specific marketing content and campaigns, you need to know what the organizations objectives are? How will the ROI of this investment in marketing be measured? Additionally, where is the marketing funnel working, and where are the "leaks", where your prospects are opting-out of the purchase process? Lead Generation is characterized by offering up relevant content to prospects. If a prospect fills out a form to download your white paper, case study, comparison guide, or archived webinar...they are characterized as a "lead". There are all sorts of leads, however, in different stages of the purchase process. The quality of the lead can be measured by the rate at which they convert to sales readiness. A lead is not simply a job title at a specific type of business. A lead is a hand-raiser - a prospect who has a problem that you can help them solve. The quality of the content, how well the title and summary engage a prospect (who has a problem your solution can solve) is imperative. Demand Generation requires more broad distribution of content and messaging. All of your content cannot be gated behind a registration form. Building awareness with potential buyers (early in the purchase process) is important. Snippets of your content and messaging must be integrated across your website and social media conversations. Ensuring that your organization builds a reputation for leadership in your space will get you on the "shopping list" when prospects are ready to actively shop. Development of a comprehensive Content Marketing Strategy integrates content across both Demand Generation and Lead Generation. Executing on both will accelerate the ROI of your marketing exponentially. I have been designing an awesome info graphic that shows how marketing has changed over the past decades. Fortunately, I found this "History of Marketing" info graphic which does a great job of telling the story. This saved me at least a week of work!
The Bad News: Marketing is much more complicated as the number of ways to engage customers has ballooned. Talking at your customers is no longer effective. They are adept at tuning out unwanted messaging. The Really Good News: Your ability to engage with customers is no longer a function the size of your wallet. Inbound marketing (attracting the shoppers to you) utilizing a solid Inbound Marketing Plan utilizing SEO and Content Marketing delivers leads to your sales team. The Best News Inbound marketing can be integrated across all outbound marketing campaigns (email, content syndication, events) to maximize impact of your marketing spend. I admit it…I watch the Super Bowl for the ads – not the football. You know people like me; I get quiet during the advertising breaks. I enjoy evaluating each $3.5 million ad and distract the real football fans in the room. Super Bowl is likely the only event that audiences remain glued to their televisions to watch the ads. Viewers use TiVo or a DVR to skip advertisements the other 364 days a year.
I, as a marketer, have been asked by sales, “Why can’t we run Super Bowl Commercials too?” Next time they ask, I will pull out this handy list of 25 Things You Could do with a Super Bowl Ad Budget. While $3.5m may get your product on the shopping list, there is much more work to be done to close a sale. The shopping experience has changed fundamentally – especially for long purchase cycle consumer goods (consumer electronics, cars, etc) and B2B solutions. We live in world in which we are deluged by marketing noise. Prospects have adapted by tuning us out. They skip our ads (except on Super Bowl Sunday), toss direct mail, ignore our banners, and snicker when the see our emails languishing in their junk email folders. Our world is a nightmare for the “Mad Men” marketers of the past. Prospects will actively engage when they are ready to make a purchase decision. Investments in branding advertising can help you make their short list. According the recent research, the B2B IT purchase cycle has shrunk significantly. This is one of the reasons content marketing becomes a critical investment. Prospects want information quickly. Marketing content includes white papers, case studies, comparison guides, video demonstrations, webcasts, and podcasts. Prospects may visit your website. They are more likely to seek unbiased reviews from blogs, industry experts, twitter and other social media venues. Integrating your content marketing with messaging, positioning, and calls-to-action across multiple sources allows you to leverage the web to its potential. Inbound marketing, where your SEO optimized marketing content draws prospects to you is evolving to be one of the most cost-effective ways to generate qualified leads. One Super Bowl Ad is not likely to sell a car; but it can get the car on the shopping list. Once it is on the shopping list, savvy marketers need to have marketing content ready to help the prospect make the purchase decision. |
AuthorPhyllis Stewart- Archives
April 2015
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