Category Archives: Marketing

Use a Voice to get Your Emails Read

The emails that come out from Marketing Sherpa are always welcome at my desk and a report I’ve read in the past titled New Research: What Motivated Buyers to Receive and Engage with Vendor Email was another example of time well spent.

This report cites that prospects and buyers say the most important factor in determining whether or not a buyer/prospect will open an email is that it’s from a “known sender” – set at 45% importance. It’s something that Boxpilot has pushed for years in our efforts to encourage clients to use a voicemail before the email so that when a message arrives they already know:

  1. Who are you?
  2. What do you have?
  3. What’s in it for me?

I’m hoping to see campaigns segment their audiences a little more finely than we usually see and send messages that are more tailored to their targets. A great starting point would be to at least not send the VP HR and the VP Finance identical messages, particularly those that originate from a vanilla corporate email address. They don’t even hint that there might be a real person behind the message.

With even half as much attention paid to the source as is already paid to the subject line – (which according to this article is only set at a 25% level of importance) responses and relationships will only get better.

Numbers Can Lie

Did you ever play “Telephone” when you were little?  Remember what happened to that whispered message passed through 10 kids and how easily “Strawberry Jam” turned into “I am a banana”? It was funny then.

Research findings, passed via content marketing and social media are a lot like “Telephone” because once a number is repeated often enough, small changes in the interpretation can create a very different story. Even worse, every time something is repeated, it takes on a greater authority – even if it’s questionable to begin with.

Here is a finding from the CEB, MLC Customer Purchase Research Survey, 2011 which is quoted extensively by subject matter experts and in other reports including “The Digital Evolution in B2B Marketing” among others.

It states that:

On average, customers progress nearly 60% of the way through the purchase decision- making process before engaging a sales rep.

This finding – fine tuned in an included chart in the report to show that almost 60 is actually 57% has surfaced, over and over and over in countless discussions and B2B studies. An additional comment about the response distribution indicates an upper limit of 70% so that number shows up quite frequently as well.

  • 57% being close to 60% is frequently represented as two thirds- once it hits 2/3’s  well, that’s  “almost 70%”
  • 70% – well that’s pretty darned close to three quarters, which is almost 80%

I’ve seen all of these numbers passed on as absolute fact.  I’ve also seen it written as 2/3-3/4  of companies have made the decision before calling in the vendor. (Just a little slant on the interpretation – It’s a “Telephone” thing)

But even the original number isn’t telling the whole truth.

In a direct quote from the Digital Evolution in B2B Marketing, about how this number came to be it states:

” To understand the scope of this issue in the B2B context, CEB’s Marketing Leadership Council (MLC) surveyed more than 1,500 customer contacts (decision makers and influencers in a recent major business purchase) for 22 large B2B organizations (spanning all major NAICS categories and 10 industries)….”

1500 contacts involved in a recent major business purchase sounds pretty impressive, but 22 companies?   What that means is the “recent major business purchase” involved an average of 68 decision makers and influencers. (1500/22=68.18)  A distribution chart in the original report clarifies that yes, indeed we are talking about only 22 companies, or a total of 22 purchases.

For 22 major purchases, each involving an average of 68 decision makers and influencers (and I’ll stick my neck out here to also suggest literally millions of dollars) the customers delayed engaging with sales reps until they were 57% through the process. I wouldn’t be at all surprised if the first 50% of the process was about figuring out what each of the obviously many involved departments required- not to mention whose budget would be taking the hit. It’s hardly what I would describe as a “striking finding” – more like a bit of a snore. But look at the fuss that number has caused.

So, for most the the B2B vendors out there who are wondering what to do with your apparently antiquated sales team, may I suggest – “Turn them loose.”

Think of it like this – Does 68 decision makers and millions of dollars look like a representative B2B sale?

More to the point – does it look like one of yours?

B2B – Back to Basics But Better

In its heyday outbound marketing even in B2B embraced a huge list of media options. In addition to email we had:

  • Direct mail – in regular letter, postcard and dimensional versions
  • Voicemail
  • Online Advertising
  • Newspaper, Business Magazine and even Outdoor Advertising
  • Telemarketing
  • Radio
  • TV

While not everyone could afford all the arrows in the outbound quiver, there was a widely used mix of options.

But, there were some big issues with B2B outbound marketing . Personally, I don’t consider that those issues were either that they were interruptive a.k.a. intrusive ( which used to be considered a good thing) or that they attempted to force the dreaded sales presence on not quite ready to buy prospects.  Rather, the issues were that Outbound was not well targeted and most of the options cost too much. Looking back, its easy to see that in many cases the issue of cost would have been easily addressed if we had done a better job targeting the messages.

But, that was the Heyday.

Right now, B2B Outbound is in a sorry state. In an effort to correct the problems of the past, and because the shiny new automation tools pushed us that way, we’ve thrown too many  eggs into one basket – email.

Let’s face it, email is (relatively speaking) cheap, fast and easy. It’s the darling child of the automation platforms and hence the darling child of social media, which in many areas is manipulated by the staff and content farms selling us inbound marketing and marketing automation software and services.

Oh yes……and it is brutally over used.

Check out this report. “The State of B2B Lead Nurturing” produced by Bizo (about to be aquired by LinkedIn) in association with Oracle Marketing Cloud. Two conclusions drawn in this report are:

1. “Email marketing is widely used, but does not reach a significant proportion of known contacts. On average, 79 percent of marketers say their email open rates don’t exceed 20 percent.”

So, in other words 79% of marketers who are actually measuring their opens know perfectly well that 80% of the people they need to message – aren’t reading their messages. Now, I ask you, “Does this sound like effective, affordable outbound?” Nope – I don’t think so either. So it’s pretty hard to disagree with the second conclusion.

“In order to help fill the sales pipeline, marketing must embrace a truly multi-channel lead nurturing strategy that goes beyond traditional email marketing strategies.”

It would seem like a good time to re-invent B2B outbound marketing and take advantage of the lessons we have learned.

Lesson # 1 – No more blasting out one size fits all messaging. Not only is it wasting your money, even worse, it’s wasting your influence. Even though many of you have databases that are in (kindly) a semi-sorry state, you can at least segment company and contact information to the extent that you can produce messaging that fits the priorities of the people you can talk to.

Lesson # 2 – Embrace a multi-media outbound lead nurturing strategy. You’re missing too many opportunities with email. For lead nurturing opt first for choices where you can target your messages.  Voicemail, live voice, text messaging, direct mail are choices that offer control, cost efficiency, speed of deployment, timeliness of messaging and a degree of automated delivery.

 

 

 

Stop Throwing Leads Away

Generating quality leads is – according to some very sensible sources- the #1 priority for marketing and with priorities come expenses!  So just how much of your lead generation expense is being tossed out the window when your painfully generated leads don’t get timely follow up?

When research shows that 35-50% of the sales go to the vendor who responds first it makes sense that 61% of B2B marketers will send leads directly to sales.  But,  is your sales team following up on every lead in a timely fashion?  Sadly, probably not and one of the major contributing factors is the difficultly experienced by B2B callers when it comes to reaching leads, responders and even current customers live on the phone.

But, when it comes to:

  • qualifying new leads,
  • staying in touch with current customers  and
  • intelligently deciding which contacts stay with sales and which go to automated nurturing

 

There is no substitute for a live conversation.

  • Email might communicate some features
  • Voicemail can draw attention to your message
  • Downloads and web responses can hint at interest levels

But only a dialogue with someone in your company can INSTANTLY ask and answer the questions to identify which leads should demand your immediate attention.

If you are not talking with every person that your marketing programs are identifying as a lead, then why are you spending the money on lead generation?

There is a low cost, very simple way that Boxpilot can help your callers talk more and dial less. Click here to ask about it.

Stop the Summer Sales Slump

It a sure sign that summer’s here: Sun is shining, birds are chirping, kids are playing, sales are slumping (?!?!?).

What was that? you say.  Sales slumping?  That’s right, 68% of businesses report a drop in sales over the summer months.  Now, I can buy that some of those businesses may actually be seasonal, but 68%?  Surely not.

But if you think about it, summer is full of productivity killing (but certainly fun!) distractions: vacations, beaches, backyards, patios, etc.  And, if productivity is down, sales are sure to follow.

But it doesn’t have to be this way.  As a manager, I’ve been faced with this obstacle myself, and have come up with a few ways to overcome this challenge.

1) Intelligently stream responsibility:

  • Forget about a vacation “out of office” message
  • Make sure people who reach out to you in your absence are handled appropriately, whether that’s with an autoresponder or a live call— delegate a human to make this assessment.

2) Set up a predictable lead nurture program ahead of time for your active pipeline.

  • Work with your marketing department (or services like Boxpilot 🙂 ) to make sure you have a preset contact stream going out.
  • Schedule emails and/or calls with targeted messages to go out on a preset schedule.

3) Keep your cold outreach going out—your funnel will thank you.

  • Work with marketing to have daily calls and emails scheduled so that it’s like you are not gone.
  • People worry about not being there to accept response, but the fact is, response rates are low, and lower still are the number of people who are ready to buy after that first response.
  • Have cold outreach responses fed to a auto responder campaign or a live call (see #1 above).

It may seem beastly to administer, but without it, sales slump.  The best place to start is by having Sales and Marketing sit down together to lay out responsibility.  Utilizing external support from a service provider, may be the best option to solving this problem without headaches—let the 3rd party enable coverage.

Putting effort into building a great system will not only make a difference this summer, but any slump period your business typically has.

 

Your Best Voicemail Campaign

Voicemail marketing has evolved since 2001 when I first started  working with clients to help them create successful campaigns. Honestly, I miss the way it used to be when all it took was a reasonably natural sounding message, a half decent offer and a list that wasn’t total garbage. We routinely drove double digit response rates. It was like shooting fish in a barrel. Fun to sell and lots of happy, happy clients with an awesome ROI even when bumped up against a (really pointless) measurement like cost per lead.

It’s not so easy anymore. Changing markets, escalating workloads, too much automated marketing thrown against the wall of poorly discriminated targets and too many supposed lead lists from completely unqualified inbound responses. All these factors have combined to take response rates for email, direct mail, telemarketing and just about every type of lead generation campaign and caused them to basically TANK, compared to what they used to be.

But this is the new reality. Like most other marketing tools that have been around for a while, voicemail does still work, but it works differently than it used to and one of the differences is that it needs to be executed well. With a few rare exceptions, there are 5 MUST HAVE elements for a successful voicemail campaign execution. They are:

    • Natural Sounding Message – While there are a few people who naturally do this well, I’ve found for the most part that too many clients don’t give this consideration the respect it deserves and that’s almost a crime because please, be assured that the instant a busy decision maker realizes that they are listening to a recording- they’re gone. We all get those lousy canned recordings both at work and at home- do YOU listen to them? I don’t. Natural – takes work in both the scripting and the recording.
    • Kick Ass Opening – Have you ever noticed how much testing, is applied to email subject lines? Naturally, you appreciate that weak subject lines mean email messages lost in the clutter. Never Opened. Never read. Ineffective. Take this principle and start applying it to your voicemail messages. I think – in the interest of simple human courtesy you still get a “Hi – sorry I missed you”, but if you follow that up with some irrelevant blather about your company and who you are and what you do and how successful, blah, blah, blah you’ve been – you’ve just squandered a rare opportunity.  Push your punch line to the front of your message.
    • List Quality-Part 1 Cleaning the Data – The B2B marketing community has given lip service to the issue of data quality for years now, so why do we still see such crappy lists? Hmmm, let me think – probably we see crappy lists because not enough people are picking up the phone and verifying that the information is up to date, that titles are accurate, that phone numbers actually relate to where that person can be found and not just the head office number that many computerized search tools default to. I fully concede that software list services have come a very long way, and there are some good ones out there, but without verifying the information, you are investing your efforts and your money against an assumption. Of course, if all you’re doing is slamming out cheap emails, maybe you don’t care.
  • List Quality – Part 2- Stop the Carpet Bombing – Here is how I see this problem. Cheap email and marketing automation controlled by workflows that are written with the analytical discretion of a 5 year old have turned so called sophisticated marketers into carpet bombers. Reacting to declining response rates, our solution has been to reach out more frequently to expanded lists without truly considering who we should we reaching – and then reaching out to everyone with the same vanilla message. Of course, if all you’re doing is slamming out cheap emails, maybe you don’t care. (Deja vu).

Guided voicemail is not bulk email, please target responsibly!

  • Campaign Integration – One Hit Wonders are not marketing campaigns – Use your guided voicemail as one element of an integrated campaign, by which I mean support it with email follow ups, build a coherent message strategy, generate some level of voicemail messaging frequency and measure your success within the overall structure of your campaign. I still talk to too many people who talk about “Sending out a voicemail blast” and think they’ll solve all their problems. This is not where the smart money is. In this instance, the hesitancy of many to engage with sales reps really works against them. No one knows more about putting together a good campaign (in any medium) than someone with loads of experience, success and peer expertise to draw on.

So, of course there is always more, but to very quickly summarize- if you want to create a successful voicemail campaign: Create a natural sounding message, grab attention quickly, clean up your list, Select your contacts carefully and integrate voicemail with everything else you do.

Canada’s Anti-Spam Regulations -CASL- July 2014

If you are selling, doing lead or demand generation to any company or individual employee located in Canada – you need to pay attention to CASL coming into effect on July 1, 2014 because my friends, this could be very ugly.

1- Make no mistake that this legislation applies only to messages sent to consumers – It applies equally to B2B communications.

2- Unlike the US regulations that require (quite reasonably) that companies honor opt-out requests, this law ONLY permits you to send commercial emails – like lead generation, sales approaches, download and event invitations to organizations with whom you already have a relationship OR who have specifically opted IN to your messaging.

3- The legislation will not only impose very severe penalties for violators, it also opens up both companies and individuals to Private Right of Action – which- loosely interpreted means that you can be sued as well as fined.

Here is a link to a copy of the actual legislation:

CASL – The Act

While email will no longer be an option – and this act also applies to text messages sent to a phone – voicemail messages are specifically excluded from the act.

Expectations – A Painful Wake-Up in a Tough Market

Managing a potential customers expectations is only important if you want to make more than a single sale. Buyers beware. The company that promises more than you have a reasonable right to expect might not be looking at anything more than this month’s revenue.

The biggest problem with managing expectations with integrity is that it will easily and often cost you the business, when a realistic expectation is not what your prospect is willing to hear.  The painful part is that money from companies with head-in-the sand expectations goes just as far to pay the bills.

Do you have any idea just how much it hurts when a sales rep is forced to take your lofty expectations and smash them (probably along with the sale) on the jagged rocks of reality?  Do you thank them for it? Probably not. In fact, judging from past experience, you probably give your business to the other guys- the ones who told you that “Absolutely. We can do that.”  But it didn’t work out that way did it?  And now, you’ll just stay away from that type of service because it doesn’t work.

Let me illustrate:

One of our reps recently spoke with a company and here is how it went:

  • Prospect – A Director of Sales & Marketing for a small software company
  • Target – CEO, CFO, CIO/CTO – Manufacturers
  • List – 2,000 names from inbound leads collected within the last two years
  • Contact Success – Average of 3 attempts – one voicemail and two email follow ups -without a response
  • Campaign Objective – Send one voicemail + email message with a free demo offer to the list to revitalize it with budget of $10.00 per response.

To many, this looks like a reasonable expectation, but it’s not. So, what’s wrong with this picture?

1- For starters, how can you tempt a CEO, a CFO and a CIO to leap from basically no interest to responding to a demo offer with the same message? They are, after all, working with some different priorities. As a starting point you must begin with at least three different message approaches.

2- If the list of 2000 names has been collected at an even rate over the past two years, given that the average rate of decay in a B2B list is at least 2% a month. You can expect that 500 of these records are no longer valid.

3- If the combined cost to reach your list of 2000 contacts is $2/name and you (should) already know that only 1,500 are likely even there to reach, at your budgeted cost per lead of $10.00 you need to get 400 responses. Off a maximum base of 1500 names assuming total delivery  that’s a response rate of 26%.

Usually, it is considered that the fault of the numbers lies in the fact that the cost per name is two dollars when the expectation was that it should be around twenty cents, but if you were making those calls with your own sales team, what would they cost you? – Let me give you a hint – @ 50 calls a day that’s 12 weeks of work for one person.

There is a solution, which involves, stripping down the list, focusing on a single audience, building a case over repeated contacts and setting up these prospects to be contacted by a real sales rep to get that demo trial, which is, a significantly higher quality lead than a $10 click-through-to-an-article download.

The sales environment has changed and the smart money is with those who can change their expectations and approaches to match it.

 

 

 

Boost Your Sales Ratios

I’ve had to cold call through too many recessions not to recognize that while it might be irreplaceable, it’s terribly inefficient. I resent how it wastes my precious time and I suspect that anyone who shares at least part of the responsibility to generate their own leads knows exactly how I feel.

I’m calling into a very competitive market, to a contact list who rarely answer their phone, are swamped with “sales approach” emails and when I can get them on the phone are skittish to the point of paranoia when it comes to giving a time commitment.  What I was seeing within the recent market is that booking a sales discussion – something I used to accomplish in less than 30 dials was now taking over 60.  I was not a happy girl.  Not only were my contact ratios down, but my close numbers were slipping, too – not for lead follow up – those numbers are steady, but my ability to book appointments on cold connections was down to a half of what it used to be.

Like many other reps, I tried different approaches (but that didn’t help) and I tried to compensate by boosting my outbound volume, which accomplished nothing tangible beyond further frustrating me and eventually burning me out.  I left sales.

And then I came back with a different tactic, one that I had the luxury to test and improve because I happen to sell guided voicemail for a living and one I can share with you.

I won’t speak with a contact until I have a reason to believe they already know who I am, what areas (that hopefully line up with their problems) I am calling about and hopefully have managed to grease the wheels just a little bit with some free information.  Using a combination of voicemail with an email follow up, I use several different messaging series, which are delivered to the contacts on my list before these precious little fingers of mine ever hit the dial.

  • I was disappointed at first with the terrible open rates on my emails, but a lot of headline work has improved that.
  • I was discouraged for a while with the limited number of direct responses to my messaging. But you know that just as much as the message – timing is everything (at least in this market) . My contacts are very focussed on today’s problems, not next month’s.
  • I was thoroughly pissed off that the contact numbers were at first, no better than before – averaging 16 attempts to make a connection: however by ensuring that my database was updated after the initial rounds of messaging, grouping different job titles and an increased calling frequency away from the mid morning/afternoon main meeting blocks, there has been a significant improvement down to an average of 12 attempts. It’s not terrific, but its a lot better.
  • As the different messaging series grew in length, I became encouraged with my improved ratios on booking appointments and getting referrals.

Another aspect of this project which cannot be ignored was the benefit I gained in developing the messages in the first place, really having to think about what an interested prospect could want from me and being more mindful of their needs when I did make that first contact.  Sadly, this isn’t a one size/one service fits all world, (wouldn’t our lives be easier if it was?) so sometimes the messaging doesn’t fit with their interests. But opt outs give me a chance to wait a while and come back from a different direction.

Here’s a look at how the numbers are tracking:

Connections to Dials:

  • 2009/2010 1:10
  • 2011  1:17
  • 2013 Fall 1:15
  • 2013 Fall/Winter 1:14
  • 2014 Winter 1:12

Meetings/Referrals to Connections:

  • 2009/2010- 1:2.5
  • 2011 – 1:3.5
  • 2013 Fall – 1:3.5 ( up to 2 delivered messages)
  • 2013 Fall/Winter 1:3.0 (3-4 delivered messages)
  • 2014 Winter 1:2.75 (5-6 delivered messages)

Meetings/Referrals to Dials

  • 2009/2010 1:25
  • 2011 1:60
  • 2013 Fall 1:53 (0-2 messages)
  • 2013 Fall/Winter 1:42 (3-4 messages)
  • 2014 Winter 1:33 (5-6 messages)

This is still a work in progress, but the results are looking pretty obvious, by using advanced messaging to not only clean up my list but warm up the contacts so that they are more likely to either be willing to give up some time or on the other hand, step forward and help to narrow down the subjects that might have appeal to them I am now  accomplishing in 33 dials what was taking as many as 60 before.

This is a good thing.

 

 

 

 

Lead Generation – A 2012 Report from the Bridge Group

I love reports on B2B lead generation and particulary those from the Bridge Group who manage to look at lead generation from both the marketing side and the sales side – and that seems to be rare lately.

I’ve been away and didn’t get through all my emails yesterday, which means that usually I do a slash and burn on my inbox and only keep emails directly relating to my clients – but I’m really glad I held onto Trish Bertuzzi’s message.

Here are just a few of my favorite tidbits from:

Lead Generation Metrics and Compensation Report for B2B Technology Companies

  • In spite of what you might have heard lately – outbound marketing is still where the majority of companies are placing their focus
  • Lead Generation is more likely to report to sales than to marketing, although for the companies who place their activity focus on inbound marketing, the lead gen group is more likely reporting into marketing.
  • I was surprised to read that inbound focussed reps made fewer connection attempts than outbound reps (but they contacted you first!)

There is a lot more of interest in this report.  You can check it out here