Management and Leadership Strategy Scorecard

Use this tool to document your Management & Leadership objectives, initiatives, measures, and targets for the next 12-18 months.

Documenting Sales Call Opportunities

Your Outside Sales Representative comes into the office complaining that their prospect wasn’t in a position to buy your product. They have every excuse and objection, but you have a lingering feeling that a solid opportunity was wasted. This is a reality for many Sales & Marketing Directors in mid-sized enterprises.

Read this summary to understand the importance of documenting sales call opportunities and ensure your reps are giving 100% on every call. Additionally, use Demand Metric’s downloadable Sales Call Reporting Tool to provide a simple framework for reporting on the results of sales calls.

What Needs to be Documented?

• Sales Call Participants – are the right decision-makers and stakeholders even in attendance? Is your representative wasting time pitching gates? Have your representative show you WHO they brought to this meeting to provide assurance that they are able to get the right audience to the meeting.
• New Business Opportunities – any new business development opportunities, including sales, partnerships, supplier relations, investors, or other opportunities. Be sure to include milestones, timelines, start/end date.
• Meeting Agenda – this sounds basic, but you need to make sure that your front-line troops are prepared for their meeting, and are sending out confirmations and meeting agendas. This may be an area for improvement.
• Discussion Results - action items from the discussion need to be captured and used to measure success of new opportunities. Having an Action Plan for each customer is essential for management to guide struggling sales reps.

Profile Customers to Manage Opportunities

Customer Profiles can be used in conjunction with Key Account Plans to strategize and report on revenue opportunities with senior management. Additionally, these tools can be further leveraged to internally communicate target customers for training purposes. The equivalent of this tool for external uses is a Case Study. Use Demand Metric’s Customer Profile Template to more effectively manage sales opportunities by providing a simple reporting tool for senior sales management.

What Can Customer Profiles be Used For?

• Internal Training – customer profiles are a great vehicle to promote understanding related to what a happy, profitable customer looks like. Use this method to get your new recruits on the right track.
• External Communications - organizations that promote the success of their customers through Case Studies demonstrate their customer-centricity and provide reassurance to prospective clients that their solution is solid.
• Reporting on Opportunities – these one page documents are excellent for reporting on new business opportunities with senior management. Instead of asking senior leaders to run reports in a CRM system, you can provide them with the information they need to help out with client strategizing.
• Documenting Action Plans – once you have reviewed the current and future opportunities associated with this customer, document your step-by-step action plan to eliminate any confusion related to next steps.

Align Sales & Marketing with Lead Nurturing

Sales complains that the tradeshow, web, or other leads they get are junk. Marketing says that Sales doesn’t call the quality leads they produce. Sound familiar? The basis for this common rift is a poor lead generation, qualification, scoring, and nurturing program. Read this Executive Summary to learn how to qualify, score, and nurture leads that aren’t quite ready to be handed off to sales for closing.

What is Lead Nurturing?

Lead nurturing is all about having consistent and meaningful communication with viable prospects regardless of their timing to buy. It’s not calling up every few months to find out if a prospect is ‘ready to buy yet?’ Lead nurturing about building solid relationships with the right people. Source: B2B Lead Generation Blog

Implementing a Marketing Automation Solution

 

According to the CMO Council’s Marketing Outlook 2008 study that polled over 820 senior marketing professionals, some of the top challenges for marketing leaders in 2008 include:

1.     Quantifying the Value of Marketing: measuring the impact of marketing programs and investments continues to be the top challenge for marketers. 

2.     Increasing Credibility of the Marketing Function: while 79% of respondents are increasing the perceived value of marketing, 19% are losing credibility. 

3.     Improving Marketing Department Efficiency: many organizations will be automating key marketing processes and implementing marketing ROI systems.

4.     Generating More Qualified Leads: emphasis on leveraging analytics to score lead quality, and lead nurturing strategies to incubate & develop prospects.

 

Definition of Marketing Automation

 

Marketing automation solutions incorporate business strategies, marketing processes, and automation technologies to generate, qualify, and develop leads along the entire sales cycle.

 

Key Marketing Automation concepts include: Lead Acquisition, Lead Scoring, Lead Nurturing, and Lead Assignment.

 

Following are definitions for each concept:

 

·            Lead Acquisition: leads are acquired when prospects inquire or respond to marketing campaigns such as tradeshows, email marketing, direct mail, cold-calling, search engine marketing, online advertising, etc.

·            Lead Scoring: leads are scored for quality based on explicit profile criteria (job title, company size, location, etc) and implicit behaviors (website visits, downloads, event registrations, form submissions, etc).

·            Lead Nurturing: leads are incubated until they are ready for follow-up by sales. Typically, nurturing involves a steady flow of communications designed to educate the buyer and align purchasing and sales cycles.

·            Lead Assignment: once leads reach a specified quality score, they are deemed sales-ready and are assigned to sales representatives for immediate follow-up.

 

In the past, marketers were using disparate systems for email marketing, website analytics, direct mail, online advertising, etc, making it extremely difficult to accurately track the results of integrated marketing efforts.

 

New advances in Marketing Automation technology are providing mid-sized enterprises with systems that can automate manual marketing processes and drive efficiency.

 

Most Marketing Automation solutions can be integrated directly with CRM systems to track leads from initial inquiry to sale, providing a closed loop reporting mechanism for marketing activities, enabling campaign ROI measurement.

 

 

Marketing Automation Solution Benefits

 

Implementing an integrated Marketing Automation infrastructure composed of skilled people, automated processes, and integrated technology provides numerous benefits, including:

 

·            Alignment of Sales & Marketing: alignment occurs when sales and marketing can agree on the definition of a qualified lead; systems are integrated to provide visibility into activities and results; and the loop is closed between lead source and revenue generated.

·            Increased Win Rates: leads that are scored and nurtured before being handed off to sales close at higher win rates as purchasing & sales cycles are more aligned.

·            Reduced Cost per Lead: when key marketing processes such as lead scoring, lead nurturing, and lead assignment are automated, less resources are required to manage new opportunities. Additionally, the use of a web/email-based approach can drastically reduce acquisition costs for new prospects and opportunities.

·            Improved Accountability & Credibility: marketing leaders can provide accountability for their spending once they are able to quantify the impact of their investments. When deployed properly, Marketing Automation solutions increase credibility by providing a system of record that tracks and measures marketing activities and associated business results.

·            Better Allocation of Resources: having detailed analytics on prospect behaviors and campaign ROI provides marketers with the insight needed to optimize spending on the most profitable marketing programs.

 

Marketing Automation System Components

 

At a high level, most marketing automation systems provide similar functionality: campaign measurement & reporting; marketing automation & lead management; individual web analytics & search engine marketing; direct marketing & database management; lead conversion & landing pages/forms; CRM/MS Outlook Integration.

 

If you are interested in marketing automation systems, consider researching the following vendors: Eloqua, Manticore, Marketo, Pardot, LoopFuse, and eTrigue.

 

For more information on key vendors, review Demand Metric’s Marketing Automation Vendors Matrix.

 

 

 

Marketing Automation System Components & Functionality:

 

·            Marketing Automation & Lead Management: leads can be automatically scored based on profile criteria and behaviors; leads can be added to nurturing campaigns to align purchasing & sales cycles; prospects can be routed to the appropriate sales representative based on assignment rules; sales users can be notified of prospect behavior such as website visits or document downloads; auto-responder emails are sent when a prospect interacts with the website (completes a form, etc); automation rules can be configured to add/delete prospects from programs based on their activities.

·            Web Analytics & Search Engine Marketing: individual website visitor activity can be tracked and provided to sales users; paid search campaigns and online advertisement programs can be integrated to track original lead source; website search queries can be tracked and tied to prospects; natural/organic search traffic can be tracked and keywords used to find your website are identified; non-registered companies can be identified based on their corporate IP address.

·            Direct Marketing & Database Management: contact lists can be imported, stored, and de-duplicated; email marketing campaigns can be executed with tracked URLs to determine click-through rates; prospects from all channels (events, cold-calling, direct mail, etc) can be tracked by original lead source; variables such as “first name” can be dynamically inserted into email/direct mail collateral; bi-directional CRM system integration.

·            Lead Conversion, Landing Pages/Forms, & PURLs: web forms can be created by marketing without I/T support; unique URLs can be used to track leads from advertising, direct mail, or other offline campaigns; personalized URLs (PURLs) or landing pages can be created to provide more customized interactions with customers; data can be captured from web forms that were not completed or submitted; forms can block invalid/free email addresses (hotmail, yahoo, gmail, etc) to ensure leads are qualified; form fields can be customized and set up to capture additional information during subsequent web visits.

 

Implementing a Marketing Automation Solution

 

Developing an integrated Marketing automation strategy that is highly automated and measures return on investment is not reserved for Fortune 500 marketing organizations. In fact, there are many affordable Marketing automation solutions that can be integrated and implemented very rapidly.

 

If you are charged with generating measurable demand, follow these best practices to optimize your processes and leverage advances in Marketing Automation technology:

 

1.     Learn Best Practices: attend webcasts such as Optimizing Lead Generation or High Performance Demand Creation with industry thought-leaders. Alternatively, read blog postings from innovative marketing leaders in the Marketing Automation industry: Best Practices in Demand Generation, Lead Management, and Innovative Marketer.

2.     Understand Strengths & Weaknesses: complete our Marketing Automation Maturity Assessment to see how your current processes & systems compare to best practices and other mid-sized marketing organizations

3.     Develop a Marketing automation Strategy: use our Lead Generation Scorecard to set your strategic objectives, initiatives, measures, and targets.

4.     Agree on “Qualified Lead” Definition: use our Lead Scoring Index and Lead Definition Tool to build alignment between sales and marketing on the definition of a “qualified lead.”

5.     Document Sales & Marketing Processes: define the stages in your sales pipeline and clearly document key marketing processes & campaigns for lead acquisition, lead nurturing, and lead assignment. For assistance, use our Marketing Automation Consulting RFP to hire a consultant to facilitate this initiative.

6.     Benchmark Key Metrics: if you don’t have historical data, establish benchmarks for the following metrics: Cost Per Lead = budget / total # leads, Win Rate % = wins / closed opportunities, Acquisition Cost = cost per lead / win rate, Lead Conversion % = # opportunities / leads, Lead Source % = # leads / # total leads , and Return on Marketing = pipeline value / spend. 

7.     Research Marketing automation Systems: review key marketing automation vendors with our Marketing Automation Vendors Matrix.

8.     Select a Marketing automation Vendor: use our Marketing Automation System RFP to document your key business & system requirements. Next, use our Marketing Automation Vendor Evaluation Matrix to compare solutions based on your key requirements.

9.     Implement Marketing automation System: import contact lists; add tracking code to your corporate website; customize landing pages & forms for lead conversion; create marketing automation rules for sales alerts, lead scoring, lead nurturing, and lead assignment; integrate with MS Outlook, CRM system, and online advertising platforms; design HTML email templates for campaigns and “drip” programs.

10.  Post Value-Added Content on your Website: add content to your website to provide an incentive for prospects to register (complete form) and become leads. Some examples of great value-added content include: Whitepapers & Data Sheets, Case Studies, Business Cases & ROI Calculators, and Webcasts & Podcasts.

11.  Execute Integrated Multi-Channel Campaigns: leverage your websites new tracking capability to measure prospect behavior and buying signals. Add unique URLs to track ads & direct mail, or place tracked URLs in your email marketing campaigns to monitor response rates and individual website visitor activity.

12.  Monitor Results and Refine Processes: evaluate your programs to tweak lead acquisition, lead scoring, lead nurturing, and lead assignment processes. Report on improvements to key metrics and invest in programs that are providing a quantifiable return on investment.

Public Relations Best Practices

 

Public Relations (PR) is the act of managing communication between an organization and its key public stakeholders, with a focus on building and maintaining a positive image.

 

PR professionals execute campaigns targeted at specific audiences, to influence opinions and measure public perception.

 

Typically, Public Relations involves:

 

·          Evaluating public exposure, opinions, and attitudes

·          Developing policies for communicating with the public  

·          Implementing communication programs across media channels  

·          Integrating communications with Marketing programs and brand  

·          Creating goodwill by managing a two-way communication process  

·          Building a positive relationship between the public and the organization

  

Public Relations vs. Advertising

 

Public Relations	Advertising
Free Placement	Paid Placements
Slant from journalist	Full Creative Control
Creates Credibility	Creates Visibility
Only mentioned in a story	Obvious to consumers
Viewed more objectively	Will run when you pay for it
Takes time, and no guarantees	Simple, if you have budget

 

 

Public Relations Elements

 

As you form your PR strategy, keep the following elements in mind:

·          Audience Targeting – a fundamental technique in PR is targeting a specific audience for your planned communications. Select the appropriate audience before creating your message to ensure you will appeal to their interests.

·          Press Conferences – this method allows an organization to select a specific group of journalists, analysts, or other constituents, when communicating its position on a given topic. It is assumed that the speaker will answer questions, following their speech.

·          Press Releases – providing a written statement to the media, usually communicated via newswire to many sources. Generally, journalists quote press releases verbatim, as if they had completed an interview.

·          Optimized Press Release – written communications posted on an Internet news portal. Be sure to include many carefully selected keywords so that top search sites, such as Google and Yahoo News, index your release. This medium allows you to connect with readers, rather than just journalists.

·          E-newsletters – newsletters are an excellent way to keep in touch with customers and prospects. By having people register online for your newsletter, you can build up your email-marketing database.

·          Investor Relations – communicating with current and potential investors is another critical dimension of public relations.

·          Webcasts – this communication vehicle provides steaming audio and/or video content to your audience and can be viewed on their convenience. A well-developed webcast is an excellent method for generating leads and industry buzz.

·          Speaking Engagements – positioning your key executives as experts in your industry is another effective way to add credibility to your organization. Contact industry event planners to determine which speaking engagements would be a good fit.

·          Corporate Events & Sponsorships – sponsoring industry tradeshows, community events, or charity fundraisers, demonstrates commitment to being an industry leader. Be sure to develop a policy for this medium, to avoid under-the-radar expenditures.

·          Analyst Relations – many industries have analyst firms who provide objective research & advisory services. Be sure to contact these firms to establish a relationship and communicate your competitive advantages.

  

Public Relations Best Practices

 

Consider these Best Practices for effective PR Strategy:

 

·          Segment Various Target Audiences – evaluate your target audiences, such as customers, prospects, partners, suppliers, etc, and segment into relevant sub-categories.  

·          Determine Customer Information Sources – talk to representatives from your target audience categories to identify where they go for information related to your organization and industry.  

·          Build Media Source List for Each Segment – create a high-level list of potential media outlets that correspond to your customer information sources.  

·          Review Media Sources & Identify Journalists – look for online editions of your media outlets to determine which journalist would be an appropriate contact. Develop a relationship with these people as they have a large influence over what content will be published.  

·          Evaluate Distribution & Delivery Options – there are three traditional distribution options: newswire, media database, or individual correspondence. Most PR applications automate the delivery process, and can provide substantial contacts for your industry.  

·          Decide an Appropriate Time to Deliver – avoid the end of fiscal quarters or year-end, as many large organizations will be flooding the media with their results. Don.t get your message lost in the clutter. If you are launching a new product or service, identify the optimal time to send your message, i.e. two weeks prior to an event in a specific geographic region.  

·          Select the Right PR Tools – review the following section of this report to get an understanding of the PR tools & services marketplace.  

·          Monitor Coverage – monitoring websites, blogs, or other media outlets for mentions is a critical step in the PR process. There are many tools to assist with this process, including website/blog monitoring, press clipping services, or video clipping services.  

·          Measure Results – the hottest topic in PR is the ability to measure campaign results. Evaluate the total coverage, tonality (positive, negative, or neutral), sources, and how your organization compares to the competition. Additionally, contrast how your efforts stack up to traditional advertising to demonstrate cost savings. Be sure to ask your PR service provider how reporting and analytics are integrated with their solution.

  

Selecting the Right PR Tools

 

There are many providers who offer PR Consulting; media contact databases; newswire distribution; press and video clipping; blog monitoring; webcast platforms; and other helpful PR services. This section will help you further develop your strategy by outlining various vendor offerings.

·          PR Consulting – partnering with a PR Consulting firm such as Hill & Knowlton, or a local provider, can help you with developing an effective PR process.

·          PR Suite Vendors – while organizations such as Vocus and PR Newswire claim to have a best-of-breed, comprehensive PR system, many practitioners prefer to save money and piece together vendor solutions that are well-known for their particular offerings.

·          Media Contact Database – if your needs necessitate a large media contact database; consider Bacon’s MediaSource . Contact Module.

·          PR Submission Engine & Tracking – PR Newswire provides an excellent press release submission engine but is more expensive than PRWeb who also offers an integrated solution with their partner Businesswire.  

·          Press Clipping Services – to help you monitor the coverage of your press releases, consider a subscription to BurrellesLuce.  

·          Video Clipping Services – to monitor your broadcast coverage, look at multivision’s Digital Showroom 4.0.  

·          Blog Monitoring – blogs are a rapidly growing content medium. Analyze what people are saying about your organization with Biz360 Blogview or CyberAlert.  

·          Webcasting – create winning online presentations with IVT, or Angelvision Technologies.

 

Public relations, if done effectively, can be an inexpensive addition to your marketing mix. As you develop your strategy, consider the various elements of a PR Program, learn PR Best Practices, and select the right tools for your organization.

 

If you anticipate having difficulty, consider partnering with a PR agency that has relevant industry experience. Many mid-sized organizations outsource this function, but with the right tools and know-how, you can save money and enhance your skill set simultaneously.