Research shows that about 80% of leads marketers generate end up getting lost, ignored or discarded. So, instead of continually struggling to find new leads for Sales, marketers should begin focusing on developing effective lead management processes for converting more leads into sales pipeline.
In fact, in a recent lead generation poll I conducted through my LinkedIn group, I found that converting leads to pipeline revenue was the biggest challenge for marketers. The key is to look back at your past marketing activities to find the gold that’s been lost in the Sales and Marketing pipelines.
Although I don’t usually highlight what my company does in my blog; however, I’d like to share a great example of how an organization can improve their lead gen process by tweaking the process.
Our client was a mid-sized technology company with about $80 million in annual revenue, and their organization’s number of leads was growing fast; however, their conversions to sales were not keeping up at a similar pace. When we spoke with Marketing we discovered that they felt as though the leads they passed on to Sales were disappearing into a “black hole.” Sales provided little or no feedback on all the leads. Ultimately, we found that the lead-to-sale pipeline conversation rate was less than two percent.
To help this organization, we focused on a “playbook” which basically consisted of five steps. As a result, they increased sales ready leads by 375% by re-engaging leads that were ignored or discarded with their sales team while adding $6 million to their sales pipeline within 12 months with no additional budget.
View recorded webinar and read executive summary
Here’s how we achieved this:
- refined the universal lead definition of “sales-ready”
- qualified leads based on the universal lead definition
- nurtured early leads until they were “sales ready”
- defined hand-off process from Marketing to Sales
- closed the loop via Sales and Marketing “huddle”
Using this “playbook” as a tool to identify and evaluate the underlying issues, we helped them optimize the process and they in turn formed a strong foundation for a closed-loop lead management system.
View recorded webinar and read the executive summary
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