BANT May Not Work in Qualifying Leads for Industrial Sales

 

Using BANT to qualify leads for industrial sales

Sales people have been using BANT (Budget, Authority, Needs, and Timing/Timeframe) criteria to qualify leads and prospects for a long time ever since IBM first coined that acronym. It made a lot of sense from salesperson’s point of view because they want to know up front if the prospect has the money or can get the budget approved and has the buying authority. They don’t want to waste their time on unqualified leads. Nothing wrong with that!

[Read more…]

Digital Marketing for Manufacturers: Making a Business Case

Imagine this all too common scenario if you are a manufacturer, distributor or an engineering company. Sales are slow; you need to do something right now to make the phones ring. The directive comes from the top – add more sales people, start working the phones and drop those prices just to book orders.

Uh oh, that isn’t working, something ain’t right! It has always worked in the past but not anymore. Why is that?

Digital marketing for manufacturers identifies invisible buyers

Invisibe industrial buyersToday’s industrial buyers are in self-serve and self-select mode, making them virtually invisible and hard to reach. They don’t need or want to talk to your sales people to get product information. Your buyers will engage with your sale team only when they are ready.

Hounding them with cold calls or unwanted spammy emails is not going to help them make a more informed decision of selecting your industrial product and/or solution.

Some of the key findings from a research study done by IHS GlobaSpec were:

  • 48% of industrial professionals spend at least six hours per week online for work-related purposes.
  • 42% percent visit more than ten work-related websites each week.
  • The primary uses of the Internet for technical professionals are to find components, equipment, services and suppliers (74 percent); obtain product specifications (73 percent); compare products across suppliers (69 percent); find pricing information (68 percent); and perform research (66 percent).

You need to be where engineers and industrial buyers are actively searching for answers to their problems. You need to be online with digital marketing.

[Read more…]

Webinar: Digital Marketing Road Map for Manufacturers and Industrial Companies

Success with Digital Marketing - a Road Map for Manufacturers

I will be co-hosting a webinar with John Hayes of ENGINEERING.com on August 5 at 10am PST / 1pm EST. The webinar is called Success with Digital Marketing – a Road Map for Manufacturers.

We plan on covering a lot of ground on digital marketing as it relates to manufacturers and other industrial companies. You’ll walk away with key takeaways for creating your own digital marketing road map.

In case you are not familiar with John (@JackHayes), he is the CEO of ENGINEERING.com and the author of Digital Marketing for Engineers. He and his team publish a lot of helpful content on their Digital Marketing for Engineers blog.

Our presentation will include:

  • What is digital marketing and why is it right for an engineering and industrial audience
  • Defining the road map to digital marketing
  • Steps to create a road map and measuring ROI
  • Why marketing to engineers is a big challenge
  • How to make a business case for digital marketing with content
  • How to win the engineer’s mindshare and working with SMEs

This webinar will be held on August 5, 2015 at 10am PST/1pm EST. Of course it is free to attend.

I hope to see you there.

Register Now

 

SEO Must Complement Conversion Optimization for an Effective Industrial Marketing Strategy

I find too many manufacturers and industrial companies still hung up on individual keyword rankings and getting to the top in Google and other major search engines. I’m not trying to minimize the time, effort and the expertise needed for search engine optimization (SEO) of industrial websites. After all, traffic is the lifeblood of online marketing and you can’t get traffic if your site is invisible in search engines.

The problem is that traffic by itself means nothing if you fail to convert it into qualified leads and sales opportunities. The old assumption that visitors will call after finding you in Google and visiting your site is not working anymore. Industrial buyers do their own research and usually complete 60-70% of their buying journey before contacting your sales team.

I understand most industrial companies tend to define a qualified lead as an RFQ or RFP but it is too late if that is the first contact you have with the buyer. You are either one of three competitive bids or competing on price alone. Your potential customers will turn a deaf ear to your spiel about differentiation and expertise at this stage of their buying decision. All they care about is your price and lead time.

[Read more…]

Lead Generation for Industrial Companies is a Process not a Campaign

I hear too many manufacturers and industrial companies talking about creating campaigns because they want to pump up their lead generation. That mode of thinking is outdated and simply doesn’t work today where you are dealing with mostly invisible and self-directed industrial buyers.

Buyers are looking for information online and interacting with sales people on their own terms. Your industrial lead generation needs to evolve to meet their needs. Otherwise you are going to struggle generating qualified leads that turn into sales opportunities. That is a virtual certainty.

Evolution of industrial lead generation

The old ways of industrial lead generation have changed. Engineers and technical buyers do most of their research, evaluation and finally selecting a vendor very differently today than in the past. Complicating the process is the fact that the buyers do not usually go on a linear buying journey. There are many stakeholders involved in the buying decision, some of whom may never visit your website and/or meet your sales people.

Now I know you’ve read/heard all this before so what exactly is different about lead generation today? Here’s a handy chart from Marketo that explains the differences between then and now.

[Read more…]

Most Industrial Websites Miss the Mark

I don’t know of any manufacturer or industrial company that doesn’t want their website to generate more leads and grow sales. Do you? Yet, most supplier websites are failing to meet the buyer’s expectations. And that has nothing to do with industrial website design.

According to Acquity Group’s annual State of B2B Procurement study, “Although supplier websites are the most popular channels for conducting research online (according to 83 percent of respondents), buyers are not satisfied with the level of information offered—only 37 percent of B2B buyers who conduct research through a supplier’s website said it was the most helpful channel for this purpose.”

Here are some more key findings from the same study:

  • Sixty-eight percent of B2B buyers now purchase goods online, up from 57 percent in the 2013
  • Forty percent of buyers research more than half of goods under $10,000 online
  • Thirty-one percent of buyers research more than half of goods costing $100,000 or more online
  • Fifty-seven percent of business buyers have made an online purchase of $5,000 or more in the last year
  • Less than half (48 percent) of respondents purchase goods online directly from suppliers, opting instead for third-party websites and other purchasing channels

Industrial buyers prefer self-serve and self-select modes for purchasing decisions

[Read more…]

Industrial Content Marketing – Selling the Problem not Just Solutions

Industrial content marketing for problem solvingManufacturers, distributors and engineering companies want to jump into industrial content marketing because they’ve read the buzz about its effectiveness in generating high quality leads for selling solutions. They want to educate the market about their solutions and in the process create “thought leadership.”

Those are all great and valid reasons for industrial companies to do content marketing. There is a problem however and that is the problem itself.

I see industrial marketers assume that their audience is aware of the problem and is actively seeking a solution, presumably theirs. Their entire content marketing strategy is based on that assumption. They write blog posts about their solutions and create content that is very solution-centric.

You ask, “What’s the problem then? Isn’t that what I’m supposed to do with content marketing?”

Indulge me for a moment because I’m about to tell you something different.

[Read more…]

Content Marketing for Manufacturers: Overcoming Writer’s Block

Overcoming writer's block in content marketing for manufacturers82% of manufacturers said they are using content marketing according to findings from the 2015 B2B Manufacturing Content Marketing Trends—North America published by CMI. More than half (59%) also said one of their top challenges is “Producing Content Consistently.” This is not an isolated finding; I’ve read other research studies that have reported similar results.

Writer’s block – the condition of being unable to think of what to write or how to proceed with writing. (Wikipedia). That is exactly what I hear most often from my industrial clients who are struggling with content marketing.

Part of the problem is that in-house subject matter experts (SMEs) are too busy with their regular jobs to create content and the other part is the notion that they have nothing more or new to say because their audience who are primarily engineers already knows everything there is to know about the subject matter.

If you are facing the same challenges, I have two suggestions:

  1. For the first challenge, read – Industrial Blogging Lessons Learned from Working with Technical SMEs
  2. For the second part of the problem, read on…

[Read more…]

Why do so Many Industrial Website Redesigns Fail?

why industrial website redesigns failThis is a long post, so grab a cup of coffee and get comfortable. You are going to be here for a while and thanks for taking the time to read.

We’ve all heard or read about industrial website redesigns that have failed. I’m not talking about the aesthetics of a site which can be subjective; I’m referring to a site redesign that fails to produce results. For manufacturers and industrial companies that usually means that the redesign failed to deliver enough high quality leads that turned into sales opportunities.

I’ve had many conversations with prospective clients that start out something like this, “We’ve spent a bunch of money with an outside company to redesign our website but it hasn’t done much for our sales.” Some have even gone as far as saying “This other web developer did a disservice to us.”

Understandably they are now reluctant to spend more money on another industrial website redesign. What went wrong? It’s not that the other web development company deliberately ripped off these people, though there are some unscrupulous companies out there.

Most web design companies are led by graphic designers and coders; some are also experts at search engine optimization (SEO). Their primary focus is on creating an attractive site that gets found in Google for certain keyword phrases. Well, what’s wrong with that, you ask?

[Read more…]