Marketing Management Feed

Hemingway said, "Never mistake motion for action" But Then Again he Didn't Have a CRM or Marketing Automation System

IStock_000008575657MediumJust generating a bunch of inquiries and leads from different sources I consider to be ‘motion.’    ‘Action’ occurs when you have a system in place to ensure 100% follow-up of the results over an extended time (2x your average sales cycle).

When inquiries are abandoned by sales reps at alarming rates (75-90% are said to be never followed-up by a sales representative), the marketing department has to pick up the chore and finish the lead nurturing job.

I know for a fact - the companies that nurture and follow-up 100% of their inquiries and turn what is “turn-able” into marketing qualified leads sell more than those that don’t; 200%-400% more is not uncommon. 

Companies that have a sales engagement software tool do better than those that don't (see VanillaSoft.com). 

There is enough research from the marketing automation companies to know that this is no longer just an opinion but established fact. If you want to get the greatest return on your lead generation ‘spend,’ you have three choices:

1. Salespeople must follow-up 100% of the inquiries and not give up until the inquirer says they have bought or will not be buying.

2. Marketing will nurture the inquiry until it is ready to turn over to Sales, or will nurture it during the salesperson’s follow-up process. The two departments will be co-equals in pursuing the inquiries/leads until the person buys or dies.

3. Look for a sales engagement software tool that works with your CRM system.

While both Sales and Marketing are responsible for ‘action,’ Marketing needs to take the lead in determining who will do what and in establishing the timetable.

How long has it been since you reviewed the CRM system for:

  • Lead distribution rules?
  • Open territories
  • Nurturing messages

How long has it been since you reviewed your marketing automation system?

  • Is the content you are sending to prospects updated or old? 
  • Are you using the complete MA system that is available to you?
  • Are you tracking how often your content is opened and by whom? 

Are your salespeople just using a CRM system or have you armed them with a Sales Engagement software tool?  Darryl Praill, CMO of VanillaSOft taught me that sales engagement software in conjunction with a CRM system and Marketing Automation 

Have you mistaken motion for action?  

Inside Inside Sales Radio LogoTo hear more about sales engagement and managing inside salespeople listen to Darryl Praill on Inside Inside Sales, an alternative radio broadcast with podcast replays. 

Disclaimer:   This is not a paid advertisement or post for VanillaSoft.  

 


Praill Says Marketers are the Real Builders of Wealth - or Maybe it Depends

Does marketing control the wealth of the B2B companies?  Darryl Praill, CMO of VanillaSoft and host of the popular Inside Inside Sales podcast says, “it depends.”

In the end, he says marketers are the builders of wealth, pound for pound, when measured against the employee count of marketing versus that of sales. They have the talent and the skills, Darryl says, but whether they have the will to use these is another matter

SLMA_640x640_Showcard_PraillThis statement can also be said of other departments, says Darryl, but marketing sets the strategic direction of the company, produces the product specifications that customers need, and generates demand.   Darryl, however, still puts a “but” into the interview when he cautions that not every marketer is using their talents and skills as well as their competitors.

 About Darryl Praill

Darryl Praill, Chief Marketing Officer of VanillaSoft is a high-tech marketing executive with over 25 years’ experience spanning startups, re-starts, consolidations, acquisitions, divestments and IPO’s. He has been widely quoted in the media including television, press, and trade publications. He is a guest lecturer, public speaker, and radio personality and has been featured in numerous podcasts, case studies, and best-selling books.

Praill is a former recipient of the coveted Forty Under 40 Award, and has held senior executive roles in leading companies including Sybase, Cognos (now IBM), webPLAN (now Kinaxis), and CML Emergency Services (now AIRBUS).

More with Darryl Praill on Inside Inside Sales  

Steps to Handle and Reduce Objections

Opening the Door to More Sales Meetings

About VanillaSoft

VanillaSoft, the industry’s most successful sales engagement platform, helps sales development teams engage over 15,000,000 contacts every month. Used standalone, or in combination with existing traditional CRM systems, VanillaSoft empowers sales reps to respond to new leads faster, interact with leads more consistently, across more channels, and generate more qualified sales opportunities. Globally, thousands of users employ VanillaSoft’s queue-based sales engine and intellective routing to implement sales cadence automation resulting in substantial gains in speed-to-lead, persistency, productivity, and revenue-per-rep. VanillaSoft is a privately held company headquartered in Plano, Texas, USA. To learn more, visit www.vanillasoft.com.

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SLMA Radio is hosted by James Obermayer of Funnel Media Group which is a program on the Funnel Radio Channel.  Funnel Media Group is the sponsor of SLMA Radio

Funnel Media Group, LLC   


No One Can Sprinkle Sugar on Bulls--- and Call it Candy

Sometimes it doesn’t make any difference how much sugar you add to something it won’t change the outcome.   Sprinkle a little or a lot of sugar on bull and it won’t change the taste; you can’t make it into candy.   You have to start with meaningful ingredients.  Let’s take sales lead management (yeah, I know it’s a stretch, but read a bit more).

C-level managers want to spend only enough on marketing to make forecast.  That’s it.  Anything more from their perspective and the money is wasted.   CFOs and CEOs only have a hint of an idea on branding.  To them branding is just another way for marketing to spend money without being held accountable.

For most companies adding a CRM and Marketing Automation System to the sales process is like sprinkling sugar on the problem.    They know they need to do  something, and heck, everyone else is doing it, but managing sales leads crosses so many department barriers that it resists change.   Even the best CRM and Marketing Automation Systems can only do so much.  Why is that?

We all agree that the fundamental purpose of a company is to create a customer

As Peter Drucker said, “A company’s primary responsibility is to serve its customers. Profit is not the primary goal, but rather an essential condition for the company’s continued existence. There is only one valid definition of business purpose: to create a customer.”  That can only come about when marketing or sales creates a demand for the company’s products (when all else fails quote the master).  

 Creating and managing a customer when they have raised their hand and shown an interest, whether from a salesperson’s cold call or a marketer’s lead generation program will succeed or fail based on one single criteria: unfailing follow-up.  Failure to sell is ultimately based on the old sales saw that says,

“All things being equal people buy from people they know,all things being unequal, people buy from people they know.”

If you fail to follow-up and start a conversation it isn’t a surprise when you lose the sale. 
75-90% of all customers who seek information from a company are never followed-up with anything more than a brochure or an email.  And yet the typical B2B product takes from 3-6 touches (conservatively) to turn someone into a customer. 

To create a culture of unfailing follow-up requires a mandate from management to both sales and marketing, tracking systems (CRM) and information delivery systems (MA).  Companies that have a 100% inquiry follow-up can cut their marketing budgets by 50% and still increase sales within 90-120 days.  Marketing Automation programs are inexpensive tools (sugar) that provide insurance for lead follow-up when the salesperson fails. 
 
Take a solid lead generation program that delivers qualified leads, mix in rules for 100% sales lead follow-up by salespeople, a CRM system for tracking and accountability, and sprinkle a marketing automation program into the mixture and you have the ability to create a customer at a faster rate than your competitors.     

In this case you’ve sprinkled sugar on the process and it does come out as candy!


Karen Rubin - 5 Minutes on Deciding what's Important and What's Not

Karen Rubin, VP of Growth for Owl Labs talked about the learning curve of operations with start ups. With startups, it's the 80/20 rule where 20% of the tasks take the most amount of time.   

Karen says, "But actually, 40% is good enough in startups on the operational side.  Ask yourself, What part of the business does this impact now and how permanent is the solution that I'm executing on?

For example, you may have a solution that you need to do manually every week for a period of time until you know it's the right solution.

The common mistake is that people ask, "What's the perfect right solution I need to get to?" before they know if they are headed in the right direction.

"Start with the smallest thing you can do, do it for a while, then figure out how to automate after you are sure this is the right path."

Mike Volpe says, "It's OK to do things that you know will break. And it's OK to not fix things until they break or are close to breaking."

Listen to the full episode here.

About Our Guest

As VP of Growth for Owl Labs, Karen Rubin finds solutions to sticky problems and looks for creative ways to grow quickly. Prior to Owl Labs, Karen served as VP of Product for Qunatopian, Entrepreneur in Residence at Matric Partner, and Product Manager at HubSpot. She’s passionate about startup culture and the energy, creativity, and intelligence of the people who work there.


How to Treat Gas, Bloat, Wrinkles and high Blood Pressure Caused by Salespeople

  IStock-1015296318Note: This is one of our most popular posts and brought back for your amusement. To see the how much the woman in the photo has changed since the first post, click here

It’s a proven fact that salespeople can cause premature aging in marketing people.  Wrinkles are the most visible indication that salespeople are stressing out the marketing department.

Doctors tell me that another symptom of premature aging in marketing people is increased blood pressure (usually within 25 feet of anyone from Sales, including sales management).   Other health issues may be gas and bloating; severe snoring and lack of sleep; heart palpitations and migraine headaches between the eyes.  Stomach ailments are also reported when salespeople fail to make quota and complain to Marketing.

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June 7: Account Based Marketing for Mid-Size Companies (Live Online) 10:00am–12:00pm PST- 20% Off

 

 

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June 7: Account Based Marketing for Mid-Size Companies (Live Online) 10:00am–12:00pm PST

You’re invited to expand your knowledge of ABM Best Practices that can dramatically improve your sales pipeline in the DMAnc.org's Live Online workshop, Account Based Marketing for Mid-Size Companies.

We’ll share ABM go-to-market step-by-step tactics and sales pipeline building strategies with supporting examples.

  • ABM Best Practices
  • Strategic uses of ABM to open doors in target accounts
  • A realistic game plan for tight budgets
  • Budget saving trade-offs
  • Live Q&A

One added benefit is that we’ll send you recordings of updated course material in the future, as long as we have your current contact information.

You can take the workshop à la carte or complete just 8 of them for a certificate in digital marketing.

 

June 7: Account Based Marketing for Mid-Size Companies (Live Online) 10:00am–12:00pm PST

 

This workshop takes a realistic view of ABM and cuts through the hype that often surrounds it. Through the eyes of small and mid-size companies we'll focus on the key elements necessary to plan and execute a realistic program with a positive ROI.

We’ll have frank discussions on what an ABM program can and can’t do. With so much being claimed, we’ll insert some realism into the equation. Without shiny objects running up the bill with minimal ROI payback, this session will share ways to accomplish the desired goals while staying on a tight budget.

Key topics covered in the workshop will be:

  • Basic elements of account-based marketing and the recent developments making a buzz
  • Levels of ABM maturity (so attendees can see where they rank in the ABM readiness index)
  • Goal setting and revenue-based funnel requirements for target accounts
  • Target account selection strategies
  • Prospect data build out strategies
    • Ideal Customer Profile (ICP) tactical checklist
    • Intent data cost benefit ramifications to consider
  • Go-to-market and pipeline building methods with campaign examples
    • Account building tactics to consider
    • Lead generation approaches, what works/what doesn’t
    • Budget ramifications and tradeoffs
    • Lead/sales funnel conversion rates, and what you can expect
  • ABM process and automation tools
    • What to automate and what not to (you’ll be surprised)
    • When to automate
    • Vendor neutral landscape options
    • Cost and ROI considerations
  • Common mistakes to avoid
  • ABM framework and planning—checklist to use in creating a sound plan

This workshop is created for professionals at all levels in these roles:

  • Sales pipeline planners
  • Sales and/or marketing operations
  • Sales and marketing management
  • Demand generation and campaign planners
  • Market strategy planners
  • Account/Lead development managers
  • Business development management
  • Channel managers

Instructor: Tom Judge

 
   

"Insightful & timely actionable information I can take to the bank—great use case examples and fresh perspective on ABM."—Rocco Santoro, Growth Architect, Business Catalyst, Ecosystem Developer, Advisor—GISTICS Incorporated

"This workshop is a great idea and great job pulling together."—Gina Varela, Senior Global Campaign Manager, Enterprise Marketing—Veritas Technologies LLC

 

Requirements for Digital Marketing Certification

 

If you decide you want a Digital Marketing Certificate, you will complete any 8 total workshops online or in-person, taken within two years of starting. Of course, if a certificate isn't in your immediate plan, you can take as few or as many of the workshops as you would like. These workshops are for those who are ready for more in-depth training on a specific marketing discipline. They are practical and tactical, with step-by-step instruction and integrated case studies.

Students who complete the digital marketing certification program will receive a frameable Certificate of Completion. And, a digital badge to include on your website, blog, email signature, or social profiles.

We look forward to you attending these important DMAnc.org Certification Workshops.

Sincerely yours,

Laurie B. Beasley, Chair, DMA Northern California
lbeasley@beasleydirect.com

 
   

Super offer from our sponsor MountainTop Data. Registered attendees to any of these workshops will receive $1,000 in free B2B data credits.

 
   

Do your Salespeople Waste Time Generating their own Sales Leads?

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No one waits around the elevator to get leads, at least we hope they don’t, but how many other actions do your salespeople take to get their own leads which are unproductive?  I know salespeople aren’t literally waiting at the elevator to get leads and yet some people say cold calling by knocking on doors is dead.   However, I know medical device salespeople who are successful at it and are not ready to give it up.  Some say cold calling on the phone is dead and yet I know many salespeople making hundreds of thousands of dollars selling on the phone.  

Because I have a marketing background, as well as sales management, I think that the most productive effort salespeople can make is following up on qualified, sales ready leads.  If you can supply your sales reps with 15-25 qualified leads a month, none of them will be caught near the elevator cold-calling.   Of course a marketing automation system to qualify and create the leads and a CRM system for tracking (and qualifying) helps tremendously. 

 The sponsors for this cartoon are Sales Leakage Consulting and The Velos Group.

You can copy this cartoon, leaving in the sponsorship names and use it for your own purposes. 


Marketing Gains Power in the C-Suite

Why Marketing is in the Most Powerful Position in 100 Years

This program addresses the question of who owns the pipeline, sales or marketing and in doing so it becomes apparent that marketing not only owns it but is in the most powerful position in their company in nearly a century.

The sales pipeline, aka the sales funnel, is the long-standing measurement of the past, present, and future for a company. In the not too distant past marketing dumped demand into the beginning (top) of the pipeline and sales took responsibility for the rest of the process.

For years marketing has chipped away, usually unintentionally, at various steps of the sales pipeline to aid the salespeople. Most of this is made possible by marketing automation and telemarketing being managed by marketing. After reading some of the more recent research from Velocify of late and comments by people I respect, I think that the sales pipeline ownership has finally shifted from sales to marketing. Marketing in more sophisticated companies probably manages more than 50% of the pipeline steps now and to me, that means ownership has shifted.

Jim Obermayer is the host with the commentary this week.

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SLMA Radio is the longest running weekly Radio/Podcast program with 502 episodes and 108,000 listeners on the Funnel Radio Channel. 

 

Marketers are the Real Creators of Wealth in B2B Companies

Without the Marketer, Most B2B Companies Would be Regional Door Knockers

"Nothing happens until the sale is made," is most often quoted as a lead-in to praising salespeople. And the speaker is almost right, but we know that deep in our B2B marketing hearts, it all starts sooner than that.

Stu-tell-young-peopleWhy it's Important

"In B2B, nothing happens until the marketer creates demand. Without the marketer most B2B companies would be regional door knockers; they would not be able to go beyond the reach of their salespeople. Marketing in B2B companies creates Wealth. Real wealth. Hardcore, measurable, bottom line profitable dollars that drives the growth of our 11,000,000 plus businesses in the US."

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When Management Calls for Cuts in the Marketing Budget - A True Story

IIStock-585614264t was early September, late in the afternoon on a Friday as I remember, when the company president called me into his office.  It was a medical device company, which had gone public in the previous year.  Sales were going well, so far.

He started off quickly and got to the point.

“I need a favor,” he said.  “We have to cut the budget substantially in this upcoming last quarter; I need $400,000 from Marketing.  Please get back to me on Monday and let me know where you can cut.”

Continue reading "When Management Calls for Cuts in the Marketing Budget - A True Story" »