Here’s a short series focused on business growth implementation, a collection of my thoughts, popular opinions and current trends...
The importance of lead generation and what it means for marketers
New clients are necessary not only for the overall development and growth of a firm, but for its survival. Clients come and go. In a competitive world, driven by tight economics and intelligent buyers, clients’ attention is constantly distracted by multiple, smart service providers who test loyalty and threaten client relationships. Firms discounting the value of constant development of new clients are laggards or soon to be such. On the other hand, firms understanding its importance know that a strong marketing team is instrumental for the business development process and fully utilize and enable those resources.
The definition of the marketing function and its deployment depends on firms – their size, strategy, and outlook. For some firms, marketers should be focused on brand management and internal and external communications only – i.e., they facilitate branding activities, develop and distribute newsletters, maintain communication materials (websites, brochures, etc.), create client and firm events, etc. For others, marketers are a key part of the executive team in charge of leading and developing the firm, and are involved in the entire sales cycle. In this latter scenario, in addition to managing branding and communications, marketers are engaged with strategy and service development with the BD and sales teams as well as client retention, and all of the support tasks that accompany this strategic function: from gathering market intelligence, supervising the CRM systems, developing proposals, and creating loyalty programs, among others. These two examples demonstrate polar opposite views of the role of marketing in professional services firms. As long as firms realize the need for constant client acquisition they should define the marketing role to ensure it includes direct connection to growth, especially if that’s not already the case. Marketers should also realize that they have an opportunity to have a bigger impact on the overall development of the firm and provide a greater value by tying their activities to revenue generation.
In other words, marketers should consider that part of their responsibilities includes engaging, inspiring and supporting both the firm and professionals to grow the firm. So, what might that mean and look like for marketers? Managing the lead generation process...
I’d recommend that marketers start by having a clear understanding of the strategic direction of the firm as a whole, and its constituent practice groups and/or individuals to ensure proper prospect targeting. They must know what “a good lead” looks like so that they can better find them and communicate with them. Marketers must work with the rest of the parties involved in business growth (partners, business developers, etc.) to define growth objectives in terms of revenue numbers, and translate them into leads to incite actionable plans.
Measuring processes, tracking systems and reporting tools are critical for lead generation. Here marketers must look to the IT and financial teams for cross functional support. When elaborate CRM and budget tracking tools are already in place then marketers must recognize their full potential, adopt them and demonstrate their key benefits to the rest of the stakeholders. If no such systems or processes are in place, then marketers should develop and use simple practices and tools such as excel sheets. Remember: one can’t manage what one can’t measure!
A big part of managing the lead generation process is the tangible execution. Marketers must set up and run lead generation campaigns: often a combination of thought leadership platforms, social media tactics and direct outreach (see “lead generation tools” below). The objective this time is to go above and beyond the traditional awareness building campaigns. It is to identify and engage prospects into a two-way communication, which will eventually facilitate connection and develop a relationship. This is often a long and multi-step, multi-dimensional task that calls for patience and discipline.
The proper implementation of lead identification, touch and follow up with the right content and the appropriate frequency are just as important as equipping the firm and its professionals adequately in order to convert leads into an actual prospects and revenue. Marketers should communicate the value and plans of the various lead generation campaigns to the key stakeholders. They should create tools, cheat sheets, articulating value propositions and key talking points, and “how to” guides for specific thought leadership platforms. Business growth is a team discipline. Everyone in the firm has a role to play. The more prepared and the better equipped players are the higher the chances of success.
Professional services marketers today have a wide range of lead generation tools at their disposal. Industry best practice ranks thought leadership as the number one method for effective lead generation. Marketing professional services is “selling the invisible” as Harry Beckwith calls it. It is about demonstrating knowledge and differentiation, and for that knowledge-based materials are best. White papers, articles, newsletters, case studies, books and e-books, presentations – in-person and webinars, and surveys are just a few of the popular tactics employed by marketers. Properly structured and executed they can be very effective.
Growing professional services is also about building deep relationships and trust. In managing the lead generation process, it is marketers’ responsibility to tee up relationship building opportunities and put professionals in positions to demonstrate their know-how, start new conversations and earn trust. Continual education platforms such as seminars, on-line technical courses, conferences, issue-based events, community initiatives are examples of live and on-line forums, facilitating relationship building and lead nurturing. Again, it is imperative that marketers realize that the full value of these events spreads beyond building awareness and amplifying the brand to facilitating relationship creation and demonstrating subject matter expertise.
While some conventional lead generation tools such as direct outreach with call to action, telemarketing, list purchasing, contests and free trials are losing their attractiveness, social media is gaining popularity and increasingly becoming the default channel to fueling the lead pipeline. The novelty of LinkedIn, Twitter, blogs and microblogs, Slideshare, videocasts and podcasts, and infographics might evoke resistance in some firms. It is marketers’ duty to articulate their value, make the cost/benefit case to the firm stakeholders and to utilize them in a way correlated to revenue generation.
So, what’s next? Introducing and implementing new processes and tools is challenging and requires executive buy-in and support. Start small. Run experiments and learn what works and how. Build upon that to increase the number of followers. Share wins. Be patient and determined. Ultimately everybody will win – the firm and the marketers.
© 2010-2013 Copyright Mira Ilieva-Leonard / iStile All rights reserved
Friday, May 31, 2013
ON THE TACTICAL SIDE OF BUSINESS GROWTH II: Challenges facing marketers, Important data analytics for CMO'S, Relationship building insights
Here’s a short series focused on business growth implementation, a collection of my thoughts, popular opinions and current trends...
*********************************************************************************************************************************************************** "What Are The Biggest Challenges Facing Marketers According To New IBM Study?"
According to a hot-off-the-presses study conducted globally by IBM (500 marketing managers) across 15 different industries, creating growth (through the acquisition of new customers) and sustaining growth (through superior loyalty) is at the very top. 42% of respondents suggested that acquiring new customers and 36% suggested driving loyalty and satisfaction were the biggest challenges facing their organizations.
While these results aren’t earth-shattering as it is likely that a survey a decade ago would have yielded a similar pattern, what is surprising is the items at the bottom. Only 21% of the respondents suggested that measuring ROI was the most challenging problem they faced, behind branding, leveraging data, understanding and effectively using social channels, and creating positive experiences for consumers. A few years ago, measuring ROI was at the top of everybody’s list. This perhaps suggests a sign of the times – a tough marketplace, increased competition, a more global marketplace, and more savvy consumers have made growth especially challenging.
Other key findings from the survey suggest that the marketers who are driving better firm results are doing something different than their less successful counterparts. They tend to be significantly more adept at tracking, technology, and analytics and use these tools to develop more sophisticated and adaptable solutions. They are more engaged in all customer service interactions and tend to personalize marketing offers. In short, stronger firm-wide leaders are more engaged in all customer interaction, and seem to have greater competency in what is necessary to be successful today. See a summary table that compares the top performing marketer performance with the balance of marketers (from IBM 2013) below.
For details, read on here: http://www.forbes.com/sites/kimberlywhitler/2013/05/21/what-are-the-biggest-challenges-facing-marketers-according-to-new-ibm-study/
*********************************************************************************************************************************************************** "The 80/20 Rule of Analytics every CMO should know"
With all the talk about Big Data and Predictive Analytics – both of which involve complex, advanced skills and tools, driving millions of dollars in marketing – it is hard to believe in the power of simple analytics.
The truth, however, is that only 20-30% of the decisions really need the use of advanced techniques like predictive analytics. Seventy to eighty percent of marketing decisions can be judiciously addressed with simple analytics techniques, which can be learned by any marketer and executed on an Excel spreadsheet.
For the benefits of data analytics simplicity, read on here: http://www.forbes.com/sites/piyankajain/2013/05/26/the-8020-rule-of-analytics-every-cmo-should-know/
*********************************************************************************************************************************************************** "Here's How To Build A Win-Win Networking Relationship"
Here is a business-building rule of thumb: Don’t waste your time networking if you are not prepared to develop win-win relationships. Trust me when I say, I know what I’m talking about.
I am the organizer of a local business organization with a membership of over 400 self-employed women. I was shocked when I learned that most of the members attended only one or two meetings and then did not return. When I sent out a survey asking why they stopped, the majority replied that it was because they had not gotten any business.
Hadn’t gotten any business! Were they kidding me? They expected people to buy what they are offering after only a couple of visits? Hadn’t they heard that potential clients/customers need time to get to know, like and trust you? What happened to building win-win relationships?
Here’s my advice: If you aren’t networking for the long haul then don’t bother networking at all. Frankly, you are wasting your energy if you expect instant gratification. Here are five key networking tips that I share with my organization of women entrepreneurs:
1. Understand your target market.
2. Know exactly what you bring to the networking table.
3. What is your networking goal?
4. Networking rule of thumb: Give value to receive value.
5. Follow up promptly to develop and maintain win-win relationships.
For the full article, read on here: http://www.forbes.com/sites/womensmedia/2013/05/21/heres-how-to-build-a-win-win-networking-relationship/
© 2010-2013 Copyright Mira Ilieva-Leonard / iStile All rights reserved
*********************************************************************************************************************************************************** "What Are The Biggest Challenges Facing Marketers According To New IBM Study?"
According to a hot-off-the-presses study conducted globally by IBM (500 marketing managers) across 15 different industries, creating growth (through the acquisition of new customers) and sustaining growth (through superior loyalty) is at the very top. 42% of respondents suggested that acquiring new customers and 36% suggested driving loyalty and satisfaction were the biggest challenges facing their organizations.
While these results aren’t earth-shattering as it is likely that a survey a decade ago would have yielded a similar pattern, what is surprising is the items at the bottom. Only 21% of the respondents suggested that measuring ROI was the most challenging problem they faced, behind branding, leveraging data, understanding and effectively using social channels, and creating positive experiences for consumers. A few years ago, measuring ROI was at the top of everybody’s list. This perhaps suggests a sign of the times – a tough marketplace, increased competition, a more global marketplace, and more savvy consumers have made growth especially challenging.
Other key findings from the survey suggest that the marketers who are driving better firm results are doing something different than their less successful counterparts. They tend to be significantly more adept at tracking, technology, and analytics and use these tools to develop more sophisticated and adaptable solutions. They are more engaged in all customer service interactions and tend to personalize marketing offers. In short, stronger firm-wide leaders are more engaged in all customer interaction, and seem to have greater competency in what is necessary to be successful today. See a summary table that compares the top performing marketer performance with the balance of marketers (from IBM 2013) below.
For details, read on here: http://www.forbes.com/sites/kimberlywhitler/2013/05/21/what-are-the-biggest-challenges-facing-marketers-according-to-new-ibm-study/
*********************************************************************************************************************************************************** "The 80/20 Rule of Analytics every CMO should know"
With all the talk about Big Data and Predictive Analytics – both of which involve complex, advanced skills and tools, driving millions of dollars in marketing – it is hard to believe in the power of simple analytics.
The truth, however, is that only 20-30% of the decisions really need the use of advanced techniques like predictive analytics. Seventy to eighty percent of marketing decisions can be judiciously addressed with simple analytics techniques, which can be learned by any marketer and executed on an Excel spreadsheet.
For the benefits of data analytics simplicity, read on here: http://www.forbes.com/sites/piyankajain/2013/05/26/the-8020-rule-of-analytics-every-cmo-should-know/
*********************************************************************************************************************************************************** "Here's How To Build A Win-Win Networking Relationship"
Here is a business-building rule of thumb: Don’t waste your time networking if you are not prepared to develop win-win relationships. Trust me when I say, I know what I’m talking about.
I am the organizer of a local business organization with a membership of over 400 self-employed women. I was shocked when I learned that most of the members attended only one or two meetings and then did not return. When I sent out a survey asking why they stopped, the majority replied that it was because they had not gotten any business.
Hadn’t gotten any business! Were they kidding me? They expected people to buy what they are offering after only a couple of visits? Hadn’t they heard that potential clients/customers need time to get to know, like and trust you? What happened to building win-win relationships?
Here’s my advice: If you aren’t networking for the long haul then don’t bother networking at all. Frankly, you are wasting your energy if you expect instant gratification. Here are five key networking tips that I share with my organization of women entrepreneurs:
1. Understand your target market.
2. Know exactly what you bring to the networking table.
3. What is your networking goal?
4. Networking rule of thumb: Give value to receive value.
5. Follow up promptly to develop and maintain win-win relationships.
For the full article, read on here: http://www.forbes.com/sites/womensmedia/2013/05/21/heres-how-to-build-a-win-win-networking-relationship/
© 2010-2013 Copyright Mira Ilieva-Leonard / iStile All rights reserved
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