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Slide 1: B2B Marketing Increasing Revenue with Outsourced Lead Management
Slide 2: B2B Marketing In B2B marketing, managers typically prefer to develop cost cutting strategies rather than come up with ways to increase revenues. It’s somewhat easier to reduce expenses by eliminating processes, consolidating vendors or, in a worst case scenario, laying off staff. Just like your personal budget, businesses can always find areas to trim expenses. However, developing plans to increase revenue often takes more thought and analysis. Solutions usually become very involved and may require additional staffing resources. Other complex options surface too, including expensive market research, multiple concurrent lead generation campaigns, or creative sales promotions that may require reducing the fees for your products and services. What typically misses the short list of ideas in B2B marketing, unfortunately, is managing existing leads. Companies of all sizes can increase revenues substantially just by working the current sales pipeline.
Slide 3: B2B Marketing Lost Revenues from Weak Lead Management Practices B2B marketing requires a regular flow of qualified leads to be successful. And, to increase revenues, these qualified leads must be expertly managed. Poor lead management practices put millions of dollars in potential sales revenues at risk. But lost revenues aren’t the only fallout from a sub-par lead management program. B2B marketing efforts can suffer because of the following:
Slide 4: B2B Marketing Less Than Desired Brand Awareness. If your programs aren’t producing a sufficient quantity of qualified leads, you’re not improving your brand awareness. The more customers who use your product, the more your brand will be recognized. Plus, you’ll gain valuable feedback from the increased number of customers for future product development. Market Share. By securing more revenue from the increased number of converted leads, B2B marketing managers boost market share. The more customers a company serves, the greater the share-of-mind the company will enjoy in the marketplace. And, the increased share of mind can have a positive effect on overall market share.
Slide 5: B2B Marketing Buyer Behavior. When new customers buy your products or services, you have an opportunity to learn why they made the purchase decision. Purchasing decisions can help B2B marketing managers communicate differentiating factors and position the product or service competitively. However, it’s not just the new sales that provide insight. Lost sales opportunities can provide crucial information. This feedback will help companies re-position products and develop sound sales objection strategies.
Slide 6: B2B Marketing How to Recover Lost Revenue The absolute best way to recover lost revenue is to improve the lead management process in a B2B marketing program. This project needs to involve both sales and marketing staff. Unfortunately, many companies are at a disadvantage to fully develop a strong lead management program. Reasons include the following:
Slide 7: B2B Marketing Because lead management is not a core competency of most B2B marketing organizations, chances are the associated processes are not fine-tuned or as disciplined as they should be. Lead nurturing may not be managed from a comprehensive standpoint. In other words, companies may stop nurturing leads after a marketing campaign ends. Without regular human contact to nurture leads, companies reduce their sales opportunities significantly.
Slide 8: B2B Marketing Lead processes can be ineffective. For example, storing and tracking lead data may be lax. And the hand-off of leads to the sales team may not be as smooth as possible. Companies may not have the required staffing resources to successfully manage a lead program. Managing the complete lead management process is not something sales or marketing can do on its own.
Slide 9: B2B Marketing Improving the Lead Management Process with Outsourcing Automation is a useful component of the lead management program. But, success doesn’t start and stop there. Good lead management requires consistent tracking and regular contact with prospects. A solution for B2B marketing is to outsource part, or all, of the lead management program. Outsourcing can provide many benefits, including:
Slide 10: B2B Marketing Increased Customer Contact. Sales people should be focused on closing deals, not nurturing leads. An outsourcing company can manage the leads and send the most qualified, ready-to-buy leads to the sales team. Improved Sales and Marketing Relationships. Sales and marketing departments often experience some friction when it comes to lead management. Sales may believe leads generated by marketing are unqualified. Marketing typically assumes the sales team is not following up appropriately. An outsourced lead management solution can remove any animosity between the two departments. Better Qualified Leads and Sales Opportunities. An outsourcing company that specializes in lead management can increase the revenue opportunities for any company. The outsourcing decision with the right provider can deliver an attractive return on investment.
Slide 11: B2B Marketing Rather than accept fewer qualified leads and therefore reduced revenue opportunities, companies can outsource lead management. With an outside firm working on your lead management around-the-clock, you can know you’re getting the most qualified leads possible. And, what better way to grow your business than to just work your existing leads more successfully!
Slide 12: About the Author Larry Fleischman is Director of Marketing for Televerde, a leading B2B provider of sales pipeline development solutions. For more information about B2B Marketing, visit: http://www.televerde.com