Up to as many as 90% of all B2B leads are unqualified and not from a prospect the company is interested in doing business with. By focusing on engagement rather than click-rate and sign-ups, B2B marketers can lower this number.
What does it cost to chase quantity instead of quality?A known number that has been confirmed by many sales managers in B2B lead generation is 100 to 5, meaning it takes 100 leads to make 5 deals. It also means 95 leads are being processed and followed up on without leading to a deal. This is our reality. And this is probably part of the reason why sales are no longer jumping out of their chairs to follow up a unqualified leads.
Telemarketing efforts being spent on following up on the volume of leads in combination with unproductive sales meetings makes out a huge wastage of budget. So, what are the alternatives? How can marketers deliver more quality instead of quantity, and in the end more business?
From quantity to quality
First, I want you to answer a question; what information is of most value to you?
- One email address (sign-up for content) or
- One identified company with 15 unique visitors and 50 visits on your webpage
Of course you are going to say you want both. And of course you can go after both. The point is that there is a need of shift in focus. Today many B2B marketers are only focusing on click-rate and sign-ups. Witch it´s natural because that is what they are being measured on! But I have seen quite a few marketing managers the last year (including myself) are getting a much better traction when shifting focus from quantity to quality based KPI:s. From leads to demand generation. Why? There is one crucial success factor. Engagment, or the “lack-of-access” challenge.
The lack-of-access challenge
For the last three years, I have clearly seen that there is a relationship between the amount of unique visitors from one organization on our webpage and the win-rate of sales. When we have over 10 visitors from one organization reading about a problem we can help them solve, I know we have hit a nerve. It doesn´t matter if these people are decision makers or not, we now that the problem is urgent within the organization. This means that it will very soon end up on the management team table, if it´s not already there. It also means there soon will be a buying decision.
Another thing I have seen is how Account Based Marketing increases traffic from prospect accounts with 100-2000% and more (targeting all employees within one organization with relevant messages online.
Three tips to start moving from quantity to quality
Demand Generation is tricky. It requires a lot of thinking and administration to get the boll rolling. Never the less there are a few tips to start moving from quantity to quality:
- Use your content marketing engine to create a pull to your website and a higher understanding of what problems you can solve (share through MA-tool and social media like LinkedIn, Slideshare, twitter and Youtube and of course your own website)
- Identify companies with many visitors – knowing who is checking you out online is something a B2B company just need to know. It doesn´t matter what tool you are using, but make sure you can easily see what organization, how many unique visitors and what pages they have been looking at (this is free when buying company targeting from Vendemore). Set a limit for a “warm prospect”. For us 5-10+ unique visitors from one organization meant a warm lead. But of course this depends on how complex your sell is and how big your general decision maker group is.
- Activate Account Based Marketing to engage as many formal and informal decision makers, creating a feel of urgency for your solution and accelerating the sales process.
With Account Based Marketing, targeting your top accounts with ads online, you not only help sales to allocate their recourses more wisely, and minimize wastage, you also support sales during the whole sales process, all the way to a closed deal.
The key is understanding the importance of “lack-of-access”. That a well qualified lead is when many employees from one organization are checking you out as a supplier.
Not many sales people are going to say “no thanks” when you tell them that over 15 employees have been checking your solution out, over 45 times!
And remember, even if these people are not the formal decision makers, many visitors from one organization is a strong indicator of an urgent problem needed to be solved. Very soon this will be an issue for management to solve, if it not already is!