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Best Metrics to Optimize B2B Demand Gen
- 1. ® InsideUP Best Metrics to Optimize Your B2B Demand Gen Campaigns B2B White Paper Series © 2016 InsideUp. All Rights Reserved.
- 2. Fuel Your Account Based Marketing Success with Predictive Analytics B2B marketers who need to do more than simply create brand awareness through outbound marketing have adopted Account Based Marketing (ABM) in order to focus on key accounts. Successful ABM campaigns can produce highly qualified, valuable prospects. According to ITSMA’s Account Based Marketing Survey, ABM produces the highest ROI of any B2B marketing tactic. B2B companies have enthusiastically embraced this strategy. ITSMA’s 2016 Services Marketing Budget Allocations and Trends reported that more than 50% of marketing organizations have adopted ABM and that spending in this area is expected to increase sharply. “Account-Based Marketing is the strategic approach marketers use to support a defined universe of accounts, including strategic accounts and named accounts. It also includes support for the post-sale customer lifecycle, using marketing’s toolkit to contribute to the overall customer experience.” - SiriusDecisions But, like any new initiative, diligence is a constant requirement. “To make account-based marketing work…it’s essential for all stakeholders to be involved in the process,” said Brian Grubbs in a blog post for Seismic. “Sales teams need to communicate which accounts to target and why, content creators need to determine proper messaging and positioning for every target individual, and lead generation specialists need to ensure they are focusing their campaigns in a hyper-specific way.” How We Got Here: Technology’s Impact On B2B Marketing With access to countless resources and tools, today’s B2B buyer is much better equipped to make purchasing decisions. According to a study by McKinsey, the average B2B buyer will utilize six different channels while researching solutions. And nearly 65% will end up frustrated due to inconsistent experiences. Further complicating the buying process is the fact that the average number of decision makers involved in significant technology purchases has grown from five to seven, an IDC study found. And each of these individuals will have their own approach to the discovery and research process. Hoping to meet decision makers on their path to purchase, many marketers are focusing on the “buyer journey.” Unfortunately, this so-called journey is not so easy to trace. The linear funnel model, or “point A to point B” journey, has been discredited recently due to the increase in control exerted by B2B buyers over the purchase process. In a recent study by Forrester, 78% of respondents agreed that their prospects’ buying journeys have become more complex and nonlinear. Rather, once buyers have become aware of a particular need, they tend to “bounce around” in search of answers. The next step after downloading a white paper, for instance, will not always be to ask for a demo, as you might expect. Or a buyer who reads a case study could be pushed back into the awareness phase after discovering that the solution they thought they were looking for will create yet another need.
- 3. Identify Best Accounts and Personas to Target To successfully target the right accounts, more is required than having access to data. In fact, lack of data is no longer the problem it once was for many marketers. What’s keeping marketers awake at night, as can be seen from the chart below, is how to manage data from a wide variety of sources while ensuring the quality of that data. “What challenges do you face that inhibit your organization from creating actionable insights about customers and prospects?” Ensuring data quality from a variety of sources Managing data from a variety of sources Providing real-time insights to the business Managing the velocity of data generation Standardizing metrics across the organization Connecting individual prospects or customers to the organizations they represent Base: 150 B2B marketing analytics decision-makers and influencers. Source: A commissioned study conducted by Forrester Consulting on behalf of EverString, October 2015 47% 47% 39% 36% 35% 34%
- 4. Implement Lead Scoring as Part of Your Target One way marketers can make the most of the data they have is to assign a score to each lead. Lead scoring technology has been widely adopted by marketing organizations to prioritize individual leads. Lead scoring is vital for companies looking to better qualify leads and thereby increase conversion rates. New research by Aberdeen reveals that using a system of lead scoring produces lead qualification rates 192% higher than average. An Eloqua study found that business service marketers who use lead scoring have 30% higher closure rates, with closed deals bringing in an average of 17% more revenue per deal. Detect Early Intent with Account Scoring Lead scoring works well in the traditional “funnel” model because every contact is considered a “lead” located somewhere along a linear progression from “suspect” to BANT qualified “prospect.” But to successfully execute account based marketing campaigns, another layer of predictive analytics is needed. To fuel the multiple touchpoints that characterize today’s B2B buying process, marketers need to embrace the continual scoring of contact data - even the data that does not show any recent intent. This early detection technique improves upon the “shot-in-the-dark” marketing that now occurs when a vendor is forced to churn through a list of contacts built by running a data extraction against an in-house database (using a set of basic demographic parameters)-or worse, by obtaining raw contacts from a data merchant.
- 5. Use Predictive Analytics to Identify the Buying Stage of Target Accounts While traditional scoring models are rules-based, using only behavioral and profile indicators to predict conversion, predictive data scoring goes further by incorporating account-level information, such as previous conversions, to produce a detailed and highly accurate picture of each lead’s propensity to purchase. “Data scoring” can happen continuously and is independent of traditional “lead scoring.” It uses predictive modeling techniques that analyze data, recognize patterns and arrive at a score based on well-defined attributes (such a data cleanliness, participation in a community and past behavior in B2B purchasing activities). Performing data scoring continuously is a reasonable supporting process to achieve what we like to call Precision Account Based Marketing (PABM). This process can contribute in advance of any dynamic lead scoring, which helps optimize a campaign once it starts. Diligence in Marketing Means Measurement Predictive analytics are key to the effective use of ABM. By assessing the demographical profile, online behavior, etc., of multiple contacts from the same company, marketers can produce an “account score” that identifies “best-fit” accounts. Dynamic, data-driven account scoring is essential in order to: prioritize accounts that already live in your CRM system, and better align sales and marketing in the process. An account score should include all factors that could indicate propensity to buy, according to Jeff Sands, ABM Practice Co-Lead, ITSMA. Sands also recommends targeting “companies that are in a dynamic, growing market. It’s far more likely to turn into business than an account in a shrinking market.” Measuring results for ABM is relatively straightforward; in the end, you can simply calculate the percentage of targeted accounts with which you have closed a sale. But to gauge your progress toward that goal, here are some basic metrics for each stage:
- 6. Why Predictive Account Scoring is Essential to ABM Success We’ve all read the now legendary statistic from the Corporate Executive Board at Harvard Business Review (HBR), which says that buyers are already 57% along in their journey before contacting a sales rep. And each person in the decision making process will view the purchase from their own angle. Targeted information is clearly needed to help these buyers see why your offering is in their company’s best interest. Predictive analytics can reveal intent from an enormous set of data points generated by online activity across multiple channels. So now you can identify key pain points of the target company as a whole while also noting the unique concerns of decision makers in their various roles within the company. Predictive account scoring provides a multi-faceted view of target accounts so that you can better tailor your content and communications to the needs and pain points of, not only each account, but also the decision makers and influencers that data scoring has helped you to identify within that account. Awareness Website page views Impressions Unique visits Engagement Content accessed Number of page views Length of time spent on each page Demand Number of marketing and sales qualified leads per channel “Predictive Marketers are 2.9x more likely to report revenue growth at rates higher than the industry average.” “Modeling and predicting specific outcomes helps Predictive Marketers execute account-based marketing (ABM) strategies, enabling them to drive more buyer engagement and, ultimately, increase revenue opportunities from target accounts.” How Predictive Marketing Analytics Boosts B2B Business - Forrester Consulting
- 7. Predictive Account Scoring Is More Than Just Lead Scoring Make no mistake; lead scoring is well established as a critical component of B2B demand generation. Company size, industry vertical, and the prospect’s title and department are always important considerations for lead scoring. And, according to Aberdeen Research, companies that get lead scoring right have a 192% higher average lead qualification rate. But the most precise methods of lead scoring incorporate buying signals such as past behavior, type of content accessed, and amount of time to demonstrate intent, into the overall lead score, based on conversion data. Fresh intent data can prove invaluable as a gauge of the latest direction in the thoughts and feelings of the coveted B2B account. Unfortunately, many companies do not know how to build a predictable and reliable formula for incorporating behavioral and demographic data to form lead scores, according to DemandGen Report. And as this chart from eMarketer.com shows, unqualified, inaccurate data has been a major problem for B2B marketers. According to Aberdeen Research, companies that get lead scoring right have a 192% higher average lead qualification rate than those that do not. Performance Metrics Average Performance Best-in-class All others Lead qualification rate Forecast accuracy Marketing effectiveness Sales effectiveness Lead conversion rate Response rate Pipeline thickness 35% 22% 32% 21% 31% 21% 30% 15% 28% 19% 27% 20% 27% 12% An Aberdeen survey measured the change in key metrics after implementing lead scoring. Best-in-class companies are those that reported, on average, the highest increases in revenue growth, lead conversion rates and decrease in cost per lead. Source: Aberdeen Group, Lead Scoring and Prioritization.
- 8. Resolving these issues requires a new generation of sophisticated lead and account scoring technology with powerful analytic capabilities and the ability to deliver data-driven insights-a system that can, essentially, predict the future by analyzing the past and then prescribe the most effective actions to achieve success. Challenges of Using Intent Data to Connect with Users at Critical Points of Discovery According to Senior-Level Marketers in Western Europe* and the US, Feb 2015 % of respondents 5 - a critical challenge 4 3 2 1 – not a challenge Don’t know Limited headcount 21% 31% 22% 21% 4% 1% Attribution model is too complex to use 20% 28% 26% 16% 7% 3% Inaccurate data 18% 38% 25% 13% 7% 0% Inability to find scalable solutions for prospecting and retention 18% 31% 22% 16% 11% 2% Limited ability to integrate first- and third - party data 16% 33% 23% 18% 6% 3% Inability to gain insights from data 15% 33% 28% 15% 8% 1% Inability to integrate intent data into targeting technology 14% 40% 23% 14% 7% 2% Lack of technology used to acquire and retain customers 12% 34% 30% 18% 6% 2% Note: On a scale of 1-5 where 1 - not a challenge and 5 - a critical challenge. Numbers may not add up to 100% due to rounding. *France, Germany and UK Source: Forrester Consulting, "Intent Data Can Sharpen Your Competitive Edge" commissioned by Magnetic, June 10, 2015.
- 9. Predictive Analytics and Account Based Marketing: An Ideal Pair Research from SiriusDecisions found that increasing numbers of B2B marketers are adopting predictive lead scoring. Using firmographic, demographic, and behavioral data from CRM and marketing automation to reveal account-level characteristics and buying signals, predictive lead scoring gives B2B marketers more detailed insights into which leads are the most likely to convert. However, based on the online research activity taking place outside your website, predictive account scoring enables marketers to identify potential ideal fit accounts before those accounts have already narrowed down their choices. Predictive account scoring leverages intent proclivities to identify in advance your most likely champions within potential target companies. Optimized lead scoring also enables scalable data manipulation activities to fuel a steady influx of new B2B marketing campaigns. This means not having to go into “panic mode” whenever a new campaign requirement generates the need for access to fresh data. Predictive Account Scoring is Only the Beginning The results of predictive account scoring are optimized by the distribution of tailored content and customized account based nurturing. This is important because, according to Harvard Business Review, “Individual customer stakeholders who perceived supplier content to be tailored to their specific needs were 40% more willing to buy from that supplier than stakeholders who didn’t.” Predictive analytics and enhanced lead targeting make it easier to identify decision makers within companies that are more likely to have a need for and interest in your solution. Sales and marketing teams can present prospects with the right content at the right time to effectively guide buyers through the now non-linear and largely unpredictable buying process. Insights gained through precision account based marketing practices enable consistency of message at every potential touchpoint, channel, and level of intent in the nurturing machinery. Predictive account scoring can help you to identify, in advance, the individuals most likely to be your advocates within a company, and to reach out with content relevant to each person’s concerns. The ability to do this effectively is at the core of Precision Account Based Marketing.
- 10. About InsideUp High-Quality Leads Easy to Set Up Optimized Lead Generation Pay-Per-LeadQualified Business Network Real-time Delivery Live Phone Transfer Online Access - We use only high quality business traffic and media partners. - No campaigns to manage. Account setup takes just a few minutes. - Using proprietary technology and lead scoring algorithms. - You only pay for qualified leads. No set-up and no monthly fees. - Leverage our community of buyers who actively use our service when making business purchases. - Leads posted to your CRM, delivered by email or accessed from dashboard for quick sales conversion. - Free automated live transfer of leads to your sales number. - View analytics, reports, billing, credits, leads and more. InsideUp was founded to solve a critical market need – to help firms effortlessly connect with a community of businesses actively looking to purchase services. What We Provide Ready to Learn More? Contact UsToday Call (800) 910-7638 Click insideup.com/getleads Email [email protected] As the leading platform to acquire new business customers, InsideUp has pioneered new ways of connecting service providers with buyers. Our unique and proprietary platform, designed specifically for business services firms, allows our customers to be matched with and provide custom quotes to targeted, ready-to-buy decision makers. InsideUp also offers a lead clearinghouse, which lets lead buyers pre-select the type of leads they wish to purchase
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