PropelGrowth B2B Marketing [r]Evolution Video


Creating powerful and relevant content is hard work

As just about anyone involved in content marketing will tell you, creating relevant content is challenging. Generating great content is downright difficult. It requires a lot of thought and attention to the dynamics of a particular topic. With that in mind, we marketers can be sure of one thing — businesspeople love statistics and quotations; they are the pixie dust of many white papers and research reports. Compelling stats and quotes have a magical effect on this audience – they get attention. Creating a piece of content that is front-to-back stats and quotes can be like serving up a sumptuous feast prepared by Emeril Lagasse.

A compelling social media video inspired us

Earlier this year, Candyce and I were introduced to one of Erik Qualman’s inspiring Socialnomics videos at the Social Markets website. As we watched the video, we were amazed and amused by the compelling social media stats that animated across the screen to Fatboy Slim’s “Right Here, Right Now”.  This video was so evocative that we decided to use it to open up our session on social media at the National Introducing Brokers Association (NIBA) Conference in April 2011. You should have seen the faces on the audience as they sat with rapt attention! Every once in a while there would be a quick intake of breath or chuckle to indicate surprise or amusement. The video was a hit and made a wonderful “waker-upper” for a mid-afternoon session. It brought the audience on board with us and prepared them for the presentation and panel discussion that followed.

There were no videos on B2B marketing stats

In my search for other similar videos, I came across an interesting one on the emergence of mobile media, but nothing that covered business to business marketing. It was a foregone conclusion that I wasn’t going to find anything made for the Capital Markets. So when Candyce and I were asked to participate at the NIBA Conference in Chicago, we knew that we’d need another video to open up our session on inbound marketing (at 3:45 in the afternoon, I might add). Having been inspired by the Socialnomics video, we agreed that we needed to create a video of our own that would add impact to our session as well as fuel PropelGrowth’s marketing efforts. We needed a video that would help tell one of our stories while adding value to the industry. It also made sense to begin creating video content, since in our talk, we cited YouTube as the second largest search engine in the world.

Making the case for content marketing

Building on some of the issues we covered in the April NIBA presentation, we agreed that we needed to tell a story beginning with reasons why customers have taken control of their buying process and ending with a compelling case for content marketing. Our goal was to leave the viewer with a sense of, “Oh crap, I need content and I need it now!” We also wanted to provide advocates for PropelGrowth services with content that would help them to convince other decision makers within their organizations.

Telling the story

We began by compiling more stats and quotes than we would ever need. Once done, Candyce suggested that we print them out, cut them into individual strips and lay them out to “storyboard” our content. I thought she was nuts, but this helped tremendously as we were able to interactively move data around, find the holes in our story, and “trim the fat.” We had to make sure that we could transition smoothly from one topic to another while keeping it relevant to our main audience. Once we were satisfied with the result, it was up to me to fire up After Effects and start animating.

Creating the sizzle

Donning my Art Director hat, I began with establishing a typographic style, which in this case could be a little looser than normal, yet not over-the-top. I started by designing the text with an eye on making sure it was consistently legible without being monotonous. Every little element that can keep the audience interested is helpful. From there, I began conceiving visuals to help expand the look and feel of the video. What I wanted to achieve was a bit of intermittent sizzle, then build to a crescendo and the all-powerful call to action.

Composing the music

For the soundtrack, we initially inserted music as a placeholder because there was no time for me to compose something original in time for the NIBA meeting (I also had to get the Powerpoint presentation done). We knew we wanted an original soundtrack to work in harmony (no pun intended) with the motion graphics.

In my past professional life, I created video presentations for High-Def, desktop and web video. It was exciting to bring these parts of my background to bear here, fulfilling our “use every part of the buffalo” mandate.

Senior executives like video

PropelGrowth is in the business of content marketing and we wanted to show our clients and prospects that we are capable of developing more than just written content and live events. We also wanted to meet a perceived need in the industry for innovative B2B subject matter. Video is growing steadily as a vital piece of content marketing strategy. According to a 2010 Cisco report, internet video traffic is expected to increase from 30% to 90% by 2014. Forbes Insight found that “59% of senior executives prefer to watch video instead of reading text, if both are available on the same page. 80% of executives are watching more online video today than they were a year ago.”

Oh yeah…

…In case you have an “oh crap, I need content, and I need it now” moment after watching the video, give us a call. We can help.  +1 212.738.9445 and select option 2 for sales.

Stats used in the video

If you’re interested, here are the sources for all the stats we used in the video:

83% of people report that they no longer trust corporate or product advertising
Edelman Trust Barometer

70% do trust recommendations from users online
Nielsen Global Online Consumer Survey (2009)

“People are more likely to engage with and share content surfaced by people they trust.”
— Malorie Lucich, Facebook Spokesperson

In May 2011, Google exceeded 1 billion unique visitors.
comScore Data Mine

There are more social media accounts than people on earth:
Earth population = 6.93 billion
Social media accounts = 10 billion
In-Stat (by way of John Rich of Studiocom)

Time to reach 20 million users:
Facebook = 1152 days
Twitter = 1035 days
Google+ = 24 days
Leon Håland

In 2010 more than 66% of all US Internet users were using social media.
Nielsen

Social media accounted for 22.5% of all time spent on the internet in 2010
Nielsen

The average hours spent per user grew 30% over 2009
Nielsen

If Facebook were a country, it would be the third largest in the world
Facebook

Unique visitors to Twitter increased 959% year over year in 2009
Nielsen

Social media is the number one activity on the Internet – exceeding pornography
Huffington Post

If the pen is mightier than the sword…
… then Facebook and Twitter are mightier than the governments of…
• Tunisia
• Egypt
• Bahrain
• Yemen
— Phil Donaldson, Director of Marketing, PropelGrowth

“Hedge fund bets $40M that Twitter can predict the stock market”
Huffington Post

92% of B2B buyers use online resources to research products and services
Enquiro

… 90% of senior executives start their path to purchase with informal online research around business problems online
— DemandGen Report

Most buying cycles are 70-80% complete BEFORE companies are willing to engage with sales people
—SiriusDecisions

“Content is the fuel that drives demand.”
— Joe Chernov, Vice President of Content Marketing, Eloqua

Publishing compelling content builds credibility
— Ardath Albee, Author, Emarketing Strategies For The Complex Sale

Today, there are more than 200 M blogs
China Internet Information Center, Technorati, Wikipedia

72% of companies who blog weekly have acquired customers through their blog
HubSpot

Average cost per lead:
• Outbound channels – $373
• Inbound channels – $143
HubSpot

54% of B2B companies increased inbound marketing budgets in 2011
HubSpot

Average budgets on blogs and social media increased from 9% in 2009 to 17% in 2011
HubSpot

“Instead of focusing on market share, focus on mindshare.”
— Candyce Edelen, CEO, Propelgrowth

Using Social Media to Find New Clients

I recently came across a series of posts at the InvestmentPal Blog that have some compelling statistics.

InvestmentPal cites a HubSpot survey which found that financial services companies using social media were most likely to acquire customers through LinkedIn and their blog, with Twitter placing third and Facebook a distant fourth. Other interesting stats from that HubSpot survey include:

Companies who have acquired customers from their blog:

  • 47% of all companies blogging
  • 72% of companies that blog at least once a week

Financial services companies who have acquired customers through social media channels:

  • LinkedIn: 61%
  • Twitter: 40%
  • Facebook: 35%

The results are compelling. But what they don’t discuss is the strategies and techniques that these companies employ. Remember, social media is merely a communication vehicle, not a strategy in itself. Giving social media the credit for winning business is sort of like giving the telephone credit. It’s not the technology, it’s the content that wins business.

I’d love to see a survey that drills into the content strategies of these firms to determine what works and what does not. For example, we often see companies use Twitter, LinkedIn or their blogs to broadcast general company information like press releases without providing any educational content. Then, when their broadcast strategy doesn’t deliver results, they claim that social media doesn’t work. Companies who strictly deliver promotional material on their blog will see much poorer results than companies who share helpful educational content targeted to their specific audience.

Warm regards,

Candyce Edelen
+1 201.751.9494

 

Follow @CandyceEdelen on Twitter View my profile on LinkedIn Featured in Alltop

8 Tips for Outsourcing Lead Management

Lead qualification can be an arduous task. Effectively engaging buyers through the stages of the buying process is a challenge that many sales and marketing teams cannot meet with internal resources alone. Professionals responsible for lead generation and lead management are becoming painfully aware of this.  I recently came across a discussion on lead generation outsourcing at Focus (http://www.focus.com/questions/sales/what-are-drawbacks-lead-generation-outsourcing/). A question was posed asking whether there are drawbacks to outsourcing lead generation. This is a subject that I couldn’t resist responding to, which inspired me to share these eight insights:

1. Find a firm that is familiar with your space and your target market.

Make sure that the reps assigned to your account have experience in your industry. These people will be talking to your customers. If they don’t know what they’re talking about, they risk alienating your prospects.

2. The outsourced firm should act as an extension of your sales and marketing team.

It is essential for them to work closely with both sales and marketing. They need to participate in sales meetings, get substantial product training to clearly understand your product, your market, your ideal prospect, and your sales objectives.

3. Encourage the lead management firm to sit in on the meetings that they generate.

This will help them understand the right questions to ask to improve their qualification skills.

4. You will need to provide quality content for use in nurturing the leads that are not yet sales ready.

Don’t depend on the firm to be able to keep leads warm if you’re not providing thought leadership and other educational content that they can use to facilitate your prospects’ buying process. If you don’t have strong content, consider hiring a firm that can provide both content development and lead generation/nurturing. Here is a link to an article about using thought leadership to facilitate the buying process: http://landing.propelgrowth.com/thought-leadership-to-support-the-entire-buying-cycle.html

5. Work closely with your sales team and the outsourced lead generation team to define the following:

  • Raw Inquiry
  • Engaged Lead,
  • Marketing Qualified Lead
  • Sales Accepted Lead
  • Sales Qualified Lead

Make sure that the lead generation firm is clear on the specific criteria for a marketing qualified lead (MQL) as this is probably the lead level that will be passed to sales. Also define clear steps for how a lead is to be worked once accepted, and how it gets recycled if deemed to be not sales ready. Ask the lead generation firm to continue to nurture leads that aren’t ready.

6. Work closely with the lead gen firm to constantly to review the program, evaluate the leads, refine the process, and improve the program’s effectiveness.

This is a very important step.

7. Having a huge number of leads for the firm to work is a great place to start, but don’t assume that you have enough.

We’ve received thousands of leads from clients, only to find out that the leads they considered “hot” were actually 2-3 years old. That means that many of the people have moved on, or are no longer interested. A good firm will be able to stir up some interest in an old list, but you should also continue to run demand generation programs to bring in a continual supply of new fresh leads. Make sure that the lead generation company you select tracks lead source and provides you feedback on the quality of the leads generated from various programs you run. This will enable you to direct your spending to the most effective sources and help ensure the success of your overall program.

8. Make sure the firm has the technology to effectively support their programs.

They should be using an integrated CRM and marketing automation system to provide them with the tools to manage workflow and gain visibility into prospect activity. And let them put the tracking code from their MAP on your site. The tools don’t do any good if they can’t see what the prospects are doing on your site.

Lead management is a very complex dance. You will find that the more closely you integrate your external resource with the internal team, the more effective your marketing and sales efforts will be.

Warm regards,

Candyce Edelen
+1 201.751.9494

 

Follow @CandyceEdelen on Twitter View my profile on LinkedIn Featured in Alltop

B2B Lead Conversion Rates

MarketingSherpa recently posted some data from their research on B2B lead conversion rates.  This is important data for a couple of reasons.

1.  We see most marketing departments tracking conversion strictly from new leads to sales. In reality, leads should pass through multiple stages, and conversion rates at each stage should be tracked to measure the effectiveness of marketing and pre-sales activities.

2.  Marketing and sales both need to understand that there are lengthy time spans for new inquiries as they progress from initial lead generation to qualified sales prospects. If leads are not nurtured during this process, conversion rates will drop precipitously and qualified leads that will eventually buy a product/service like yours will fall out of your pipeline before they’re ready to buy.

B2B lead conversion rates

Converting leads from inquiry to sales-ready (click the image to enlarge it)

Here is a quote from MarketingSherpa clarifying this point:

“When prospects first enter the pipeline, they may be months away from defining specifications, a budget or purchase timeline.  It is marketing’s responsibility to identify and fulfill the information needs of prospects at each stage and to advance prospects through the pipeline to a sales-ready stage as rapidly as possible.”

The one issue I have with this chart and the article on the MarketingSherpa site (http://www.marketingsherpa.com/article.php?ident=31509) is that it does not discuss the source of the inquiries. Marketers should expect to see a substantial difference in inquiry to sales-ready lead conversion rates based on the source, quality, and freshness of the original leads.  Given the high conversion rate in the first stage, I suspect that this table only considers inquiries where the lead contacted the company on a “contact us form” or called a general number asking for information about the firms’ products/services. Leads generated from trade shows or webinars may not have as high a conversion rate.

Also, this chart makes no mention of the time required for conversion or whether the leads were nurtured during that process. Again, based on the results MarketingSherpa published, I’d expect that these leads have been carefully and consistently nurtured, that the inside or field sales team then worked the leads that bubbled up to convert them, and that the time range for conversion from stage one to stage two allowed at least 12 months for the leads to mature. I submitted an inquiry to MarketingSherpa to get more details, and if their analyst responds, I will be happy to share the response.

I’d love to hear your thoughts on this. Feel free to comment below or email me at cedelen (at) propelgrowth (dot) com.

For more on the subject, check out the B2B Lead Conversion Rates page in the Demand Generation  section (under Lead Generation) of this site.

Warm regards,

Candyce Edelen
+1 201.751.9494

 

Follow @CandyceEdelen on Twitter View my profile on LinkedIn Featured in Alltop

Great content is crucial to lead generation

More and more B2B marketers are leveraging search, email, and other online tactics to generate leads. But the most important starting point is strong, thought-provoking, and business-oriented content. 

Most companies who target the capital markets need to get access to decision-makers on the business side of their target organizations. So when you’re developing content to help your teams gain access, remember to consider the audience. If you’re targeting the head trader, make the content short, direct, to the point and focused on how a trading desk makes money and manages risk. If you focus on technology to the exclusion of business benefit, you’ll lose your non-technical audience.

Once you have great content, you have something of value to offer new leads. Now promote it. Use your pay per click ads, your blog, your tweets, LinkedIn, and banner ads to promote this content. Create a landing page to effectively lead people who click on your ads directly to the content they’re looking for, and track their responses.

Make sure your sales team also has access to this content. They can use it as “currency” in the early part of the sales process to help them get in the door with new prospects.

Most importantly, don’t stop. Keep working on new content. Keep publishing thought leadership materials. Keep promoting through all your channels. And use the new content to nurture your existing leads as well as to generate new ones.

Warm regards,

Candyce Edelen
+1 201.751.9494

 

Follow @CandyceEdelen on Twitter View my profile on LinkedIn Featured in Alltop