New Strategies for Sales Lead Generation
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Transcript of New Strategies for Sales Lead Generation
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Sales Lead Generation—New Strategies and Tactics
Andrew (Andy) Rudin,Managing Principal, Outside Technologies, Inc.Vienna, VA
Montgomery County Innovation Center
September 10, 2013
outsidetechnologies.com
703.371.1242 (mobile)[email protected]
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Who is Andy Rudin, and why is he here?
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Actually, I’m here because I’ve made my fair share of business development mistakes, but I’ve made some good decisions, too.
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Key Problems to Solve
a)?b)?c)?
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Key Problems to Solve
Leads are to business development what oxygen is to living organisms.
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Debunking a few lead-gen myths
1. “We basically just need someone to open some doors for us.”
2. “Our product sells itself.”3. “It’s a numbers game.”4. “Cold calling is dead.”5. “Prospects have all the
information power, anyway.”6. “60% of the buying decision is
made before the salesperson calls.”
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How do prospective customers buy?
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Opportunity Funnel
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What is a lead, and how many are enough?
Calculation:
Quota = $3,000,000% of quota sales-generated: 40%
Quota requiring lead support ($3M x 1-.40): $1,800,000
Revenue per order: $60,000
Converting leads required ($1.8M/$60K): 30 leads
Conversion rate: 20%
Qualified leads required per rep (30/.20): 150 leads
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Monthly revenue target: $125,000
Marketing driven revenue: $70,000
Average sales price: $7,000
Marketing-driven deals: 10 ($70,000/$7,000)
Opportunity-to-sales ratio:5 (we close one out of five opportunities)
Number of opportunities needed: 50 (10 x 5)
Qualified lead-to-opportunity ratio:
2 (we turn one out of two leads into an opportunity)
Number of qualified leads needed: 100 (50 x 2)
Inquiry-to-qualified-lead ratio:
7 (we turn one of every seven inquires into qualified leads)
Number of inquiries/leads needed: 700
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700 * $X
10 * $7,000 average per deal
50
100
$70,000
Monthly Lead Generation Budget Calculation
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What is a lead-generation process?
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Eight Steps to Build Your Lead Generation Machine
1. Define your prospect universe2. Build buyer personas3. Discover the network of
influence4. Map the buying process5. Audit your content and resources6. Build a campaign framework7. Create a lead management process8. Measure and adjust
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Tools & Resources
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Lead-Generation ProcessBlogs Webinars + Podcasts
White PapersTradeshows + Speaking Advertising + SEO
Social Media engagement
Website / Landing page
Capture/Vetting
Conversation
Offers +Promo’s
e-mail +E-newsletters
PhoneNetworking
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Eight Steps for Successful Lead Qualification
1. Figure out greatest risks for successful outcomes.
2. Convert these risks into questions to ask.
3. Break down the questions into smaller ones.
4. Figure out your risk appetite.5. Plan your options.6. Determine where to get the information you
require.7. Understand your assumptions.8. Prioritize your opportunities.
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The Top Four Lead Qualification Questions1. Does my prospect have a strategic
challenge or operational issue that my company can solve?
2. Can I get access to the people who are can drive the activities required to implement the project?
3. Does my prospect have the financial resources to pay me what I am likely to charge for my product or service?
4. Are there sufficient pressures requiring change that will enable a sale within my planning horizon?
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What exactly is “Lead Nurturing?”
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Lead Generation 2.0
1. build a content library.2. distribute to your social media assets.3. connect with people, not titles.4. focus on them.5. promote others 10:1.6. listen for leads.7. nurture your database daily.8. wire this into your company.9. build relationships before buying
begins.
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Lead-gen Mistakes to Avoid
1. Casting your lead-gen net too wide2. Being too complicated or too opaque
for buyers3. Following up too quickly/slowly4. Not qualifying, or not knowing how to
qualify5. Not knowing the buying process6. Not planning for detours off the
“happy path”7. Not measuring lead-generation
effectiveness, or measuring incorrectly
8. Risk confusion: taking on too much, or too little
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Final tips
1. Aim for the right number of leads—not too few, but not too many, either.
2. A steady pace wins the race.3. Discover your prospect’s “happy
path” toward a purchase, and match it.
4. Plan for the likeliest best and worst scenarios.
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Further Reading
1. Online article: Five Ways to Use LinkedIn for Prospecting
2. Book: Maximizing Lead Generation, by Ruth Stevens