lead gen & customer conversions - filling the funnel and getting revenue
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Lead Generation & Customer Conversions:Filling The Funnel and Getting RevenueJoe GelataFebruary 29, 2012
AgendaIntro & DefinitionsFunnel TheoryFilling the FunnelConverting the FunnelImproving the FunnelRules of the Road
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IntroductionWho am I?Sales, Marketing, and OperationsLate-stage Start-ups to Enterprise and AgencyTechnology, Finance, Legal, RetailLocal to GlobalFocus on process management and technology to drive revenueCRM, Marketing Automation, BI, RPM
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DefinitionsRevenue Engine: systems and processes that drive revenue from suspect to deal closeFunnel: a group of measurable stages within a process, each further qualifying a prospectDemand Gen: creating demand for your offeringLead Gen: process of capturing leadsLead Management: process of converting a lead to a saleKPI: Key Performance IndicatorRPM: Revenue Performance Management
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Funnel TheoryThe Old & The New
Funnel TheoryMetaphor to illustrate the top-down stages of the revenue processTop is high volume but lightly qualifiedBottom is low volume but highly qualifiedGoal is to push max volume to the bottom
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Sales1:1 communicationQualified ProspectMany Sales ModelsCRM Technology
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Lead Generation1:N communicationInbound & OutboundLead acquisition and initial qualificationMarketing Automation
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Demand GenerationN:N communicationInboundSocial interactionInitial touch pointSocial CRM
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Funnel TheoryIs the funnel dead?Probably (time for a new logo!)BUT the basic theory still appliesIt can help simplify your processes
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The Traditional Funnel
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The New Funnel
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The New FunnelThe revenue lifecycle is no longer linearProspects can enter/exit at any point and travel backwardsThe stages are shifting
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Stage InteractionMarketing does more qualificationSocial influence growsSocial > Lead GenLead Gen > Sales
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Funnel TipsMatch stages to customers buying habitsMake sure you can track the stagesMap activity at each stage to its goalDocument your stages and processes
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Filling the FunnelMore In, More Out
Filling the FunnelGoal:Drive prospects into the funnelResult:More leads in = more revenue out
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Social AcquisitionFind and join the conversationFacebook, LinkedIn, Twitter, Blogs, Forms, CommunitiesUse relevant content to get attentionCheap but time consumingContent creationRule of 7
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Lead GenerationAlso content drivenMap content to funnel stageTrade for contact infoContact KnowledgebaseCampaign Offers:WebinarsWhitepapersDownloads & TrialsSeminars, Conferences, and Tradeshowsetc.
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Lead GenerationInbound and Outbound ChannelsSEOPPCAdvertisingEmailDirect MailTelemarketingPartnerships
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SalesCold/Warm CallingReferralsExisting Customers
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Converting the FunnelKeeping the Pipeline Flowing
Converting the FunnelGoal:Push prospects through the funnelResult:More conversions = more revenue
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Demand ConversionCreate enough interest to drive prospects to Lead Gen stageSolid messagingInteresting contentProvide clear and easy pathLinks to website, high value content, contact info
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Lead ConversionCollect contact infoQualify leadsType of content consumedLead ScoringEducate prospectsNurture them until sales ready
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Sales ConversionRemove purchasing obstaclesGuide prospect through purchase decisionFinal conversion to revenue
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Improving the FunnelRPM 101
Importance of Optimization
Source: Sirius Decisions, courtesy of Eloqua
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RPMA discipline that optimizes the revenue engineComplex process but basic concept is valid anywhereEloqua: A systematic approach to identifying the drivers and impediments to revenue, rigorously measuring them, and then pulling the economic levers that will optimize top line growth
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RPM ImplementationFocus on KPIsCampaign Attribution (ROI)Time in Stage (Velocity)Funnel LeakageSize of Funnel (Reach)Rejection ReasonsWeighted Pipeline (Value)Total Revenue Conversion
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Revenue Growth2007 to 2010
S&P 500: 15%Eloqua Customers: 34%RPM Users: 58%RPM Results
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Rules of the RoadBeware of Potholes
Rules of the RoadKeep it simple / Dont boil the oceanProcess first, then technologyBeware of best practicesExperiment and monitorFocus on KPIs, not metrics
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SummaryAlmost there!
SummaryFunnel TheoryFilling the FunnelConverting the FunnelImproving the Funnel
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Questions
Contact
Joe Gelatajoe@revenue-engineer.com@RevenueEngineerwww.revenue-engineer.com
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