Posts

Better Industrial Marketing Doesn’t Mean More Technology

Marketing Automation vendors have done a great job of spreading the message about the benefits of technology in marketing. Industrial companies are paying attention. I’ve been asked several times about using Marketing Automation (MA) in industrial marketing. I should be excited and jumping up and down with joy, right? Not so fast! Why do I say that?

Unless you get your marketing house in order first, technology alone isn’t going to solve all your industrial lead generation problems. A popular quote by Bill Gates sums it up nicely. He said, “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”

How Marketing Automation Works

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Marketing Automation Alone Can’t Deliver ROI for Industrial Companies

Let me start by saying that I’m a big believer of Marketing Automation (MA) and have seen it produce incredible marketing ROI for some manufacturers and industrial companies.

Then why does the headline of this post make me sound like a skeptic? That’s because it’s a case of good news, bad news.

First, the good news, MA does make the entire process of converting Marketing Qualified Leads (MQL) into Sales Qualified Leads (SQL) very efficient and measurable. It produces amazing results when implemented and managed correctly.

This infographic from Pardot (A SalesForce Company) shows the real results automation users are seeing, descriptions of how automation is transforming companies, and staggering growth statistics.

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Are Industrial Companies Wasting Their Leads?

No matter the size of the company or the industry they are in, my conversations always boil down to them wanting more leads from their industrial marketing. Yet I see very few of these companies with a lead nurturing strategy in place to convert leads into sales opportunities. As a result, online leads sit untouched or go without a response for weeks if not months.

Often I see marketing people from manufacturing and industrial companies hand off leads to sales with little to no qualifying. This only causes more frustrations and reinforces the long-standing belief by sales that “Marketing generates crappy leads.”

It is important to understand the differences between a Marketing Qualified Lead (MQL), a Sales Accepted Lead (SAL) and a Sales Qualified Lead (SQL). (See my post, “SAL is the Glue that Binds Sales and Marketing in Lead Generation.”)

Here are some eye-opening statistics from a study done by MarketingSherpa:

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Manufacturers Need Lead Management to Close the RFQ Gap

Talking to manufacturers and industrial companies on a daily basis has convinced me that when they say they need help with their lead generation, they really want more RFQ (Request For Quote) opportunities.

Generating new leads, qualifying and nurturing them until they turn into a RFQ is too much work for them. For a real-life example of this lead generation disconnect, read my post, Manufacturers: Don’t Start a Lead Generation Campaign without Sales.

During my internal discovery process, in nine out of ten cases, I’ll hear the President/CEO/Owner of manufacturing or industrial companies tell me one of their goals is to double the volume of RFQs they generate. To most of these decision makers winning new business is strictly a numbers game. They are convinced that the more they quote, better are their chances of scoring more deals.

I have to politely disagree with them because “activity is not the same as productivity.” It is not an easy sell for me to change this mindset. I have to make a strong business case before I can even get their attention.

Here are the steps I go through to change their minds and have worked well for me:

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Manufacturers: Don’t Start a Lead Generation Campaign without Sales

Every manufacturing or industrial company that I talk to wants more leads. However, there is a serious disconnect between sales and marketing when it comes to defining a qualified lead.

This is not a new problem. Google sales and marketing disconnect and you will find thousands of articles written on this topic. I am here to tell you that it is very real and thriving within manufacturing companies.

Recently, a manufacturing client retained me to help them improve their industrial lead generation campaign. This company had spent thousands of dollars in Pay-Per-Click (PPC) and banner ads in niche industry eNewsletters. They had received a fair amount of traffic from those efforts but had little to no conversions. In short, very poor ROI from their lead generation efforts.

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SAL is the Glue that Binds Sales and Marketing in Lead Generation

A lead is a lead, right? Depends – are you in marketing or in sales?

SAL – Sales Accepted Leads is the bridge between Marketing Qualified Leads (MQL) and Sales Qualified Leads (SQL).

No, I am not splitting hairs nor am I indulging in semantics. Clearly defining and understanding the implications of MQL, SAL and SQL are critical to the success of B2B lead generation.

Assigning a numeric score to business sales leads based on a predefined set of rules, takes away the subjectivity out of qualitative ranking like Hot, Warm and Cold leads. Quantitative lead definitions reduce the friction between sales and marketing.

B2B marketers are being held a lot more accountable (as they should be) for their contributions to a company’s revenues. This is more so for industrial marketers because generating a steady stream of high-quality sales leads plays a far more important role than other B2B marketing objectives such as branding, thought leadership and/or community building.

These days, respect for B2B and industrial marketing is spelled as M E T R I C S.

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Survey Finds Growth in Pipelines and Sales Cycles for B2B Lead Generation

I recently read a news release put out by Infogroup on their SalesPulse Survey of B2B sales professionals conducted jointly with OneSource, an Infogroup company. Some of the findings match what I am hearing from my industrial clients and one really surprising result.

The top findings I got out of the release were:

  1. 47% of the sales professionals reported a slight increase in the size of their B2B pipelines this year as compared to last year. However, the sales cycles have also become longer, making it much harder to close deals.

    This agrees with what I am hearing from my engineering and industrial clients, they are seeing a lot more activity but the average sales cycle has grown by an additional 90 ~ 120 days. Because of longer sales cycles, more promising opportunities are being lost since business conditions change at the other end and projects are put on hold indefinitely or being eliminated.

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