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Lunch and learn, flagstaff, loop demand gen
- 1. You’ve got a great product now how do you sell it? How to build a successful sales strategy for your B2B organization Jared Bodnar, President, Loop Demand Gen February 23, 2012
- 3. What do you want to accomplish?
- 5. 1) The anatomy of an entrepreneur
- 6. Entrepreneurial DNA Humility No fear Fire
- 7. What does sales bring to mind?
- 10. 2) Categorizing your business
- 11. Direct Direct & Integrator Channels and Direct Channels Online/Catalog Proactive Partnering Solution Consultative Commodity Strategic Tactical $ $ $ $ $ Committee The Boss Prospect The Bodnar Sales Diagram
- 12. OEMs Distributors End-users Value-added Resellers Small Large Size of audience Small Large Deal size Direct Sales Indirect Sales
- 13. Problem identification Evaluating options Looking for solutions Narrowing focus Buying decision Typical B2B Buying Stages
- 15. 3) Proven prospecting strategies
- 16. Who likes cold calling?
- 17. Prospecting Methods Networking Content Marketing Telemarketing/ Cold Calling Referrals Social media Online and e-mail marketing Survey Marketing Direct Mail Trade shows
- 18. What is a qualified lead?
- 19. BANT Qualification Criteria Budget Authority (to buy) Need Timeframe
- 20. SCOTSMAN lead qualification criteria Solution Competition Originality Timing Size Money Authority Need
- 21. The Demand Generation Funnel
- 22. Trade Shows/Networking Social Media Online Searches Public Relations Company Website Marketing Automation Software tracks user interactions online Marketing Automation Software captures leads Marketing Automation Software scores and segments leads Telemarketing E-mail Marketing Direct Mail A Leads B Leads C Leads Leads passed to sales rep via CRM Lead Nurturing via Marketing Automation Qualified Unqualified Leads are re-scored
- 23. 4. Lead Scoring 3. Lead Nurturing 2. Track Online Activity 1. Capture Contact Information
- 24. Marketing Sales Sales and Marketing process flow Lead Nurturing Contact Lead Scoring Lead Capture Marcomm Consultation Propose Close Sales-ready Leads Returned Prospects Marketing Automation CRM Only high-quality leads are being delivered to sales Results are tracked and returned leads go into a Lead Nurturing program
- 25. 4) Why have a selling system?
- 26. Selling System Example UFC Pain Budget Decision Fulfillment Post Sell Yes No
- 28. Inside Sales Outside Sales
- 29. The psychology of sales
- 30. 5) What motivates people to buy?
- 31. Emotion? Logic?
- 32. People must have an ‘Emotionally Compelling Reason’ to buy
- 33. 6) Success metrics that matter
- 34. X Closing Attempts The Magic Formula % of Success X Revenue(s) =
- 35. Number of Leads Success Metrics (The Basics) Opportunities/Pipeline Revenue Raw Leads Qualified Leads Discovery Meetings Presentations Proposals Revenue Success Metrics (Advanced)
Editor's Notes
- Please fill out the worksheets we’ve passed out as that will help us later during the presentation. Good morning and thank you for attending our Lunch and Learn on the topic of building a successful B2B sales strategy. I understand everyone ’s time is valuable, so I wanted to let you know that this presentation will last no longer than 45 minutes, including questions. Thank NACET Thank Tech Council Interactive: ask questions, raise hands First, I want to find out a little bit more about you so I make sure we make use of our time most effectively and you find value in today’s event. How many business owners do we have here? How many people who are primarily in sales? What about marketing? OK Great. Now, let ’s go ahead and get started. My name is Jared Bodnar and I’ve had experience in helping B2B organizations with their sales and marketing strategies throughout my entire career.
- I ’ve been working with sales and marketing professionals on revenue generating programs for about 12 years now. I started on the marketing side at a B2B advertising and PR agency and then I went to the dark side and started a sales support company called Loop Demand Gen almost 3 years ago. At Loop, we develop and execute integrated demand generation and lead management initiatives for our Business-to-Business clients. As you can see, we specialize in ____________________________. Our core business is Business-to-Business telemarketing and appointment-setting. Our ultimate goal is to create completely integrated programs that align the marketing efforts with the sales efforts, so prospects are engaged and nurtured throughout the entire sales cycle—effectively closing the sales and marketing loop. We work exclusively with B2B companies that have complex sales cycles, so we appreciate the challenges of business-to-business sales and marketing professionals that must communicate to prospects with different messages as they move through the buyer ’s journey. But more on that later.
- Before we get started, we want to make sure we ’re customizing this presentation as much as possible, so we wanted to ask the audience what you want to accomplish today. I’d also like to know what some of your biggest sales and marketing challenges are. If you would, just shout a few out and I’ll capture them on the white board.
- Here ’s what you’re going to learn today: How to categorize your business Proven prospecting strategies Different sales strategy options The psychology of sales Success metrics that matter
- Before we get started, I wanted to talk about what I think are some very important characteristics of entrepreneurs. Because this is a NACET event, and I’m an entrepreneur myself, I thought it would be nice to talk about aspects that make entrepreneurs successful.
- So tell me, what are the most important aspects of people that make them successful business owners? OK great, well I think we covered a few I wanted to mention but to me it comes down to three things: Fire in your belly (you need to be self motivated) No fear in your heart (you need to have courage and a fearless approach, because failure is not an option) One thing that being an entrepreneur has taught me is the value of sales. Nothing will turn you into a sales person faster than being a business owner Humility in your mind (you can’t have an ego….period)
- OK great. Thanks for your input on that. Now I want everyone to agree to be brutally honest and think of the first thing that comes to our mind when we think of sales. Don’t worry, I won’t get offended. Just shout a few words and phrases out.
- What about this? The used car salesman? Did anyone think of this? In my opinion, sales is very stigmatized in our society. People look down upon it and there are many different misconceptions about sales.
- For example. Is everyone now familiar with the internet meme about ‘what people think I do versus what I really do?’ Here’s the one I found that deals with sales. Although sales is indeed stigmatized in our society, I think there is a certain amount of selling in any job. Can anyone prove me wrong? What careers do you think don’t require any sales? Garbage men: they sell you a clean street and odor free neighborhood. Any trust me, you pay a lot for that. At the end of the day, sales drives revenue, and revenue is the most important number to any business, large or small. It’s the lifeblood to your business, and that’s why sales is so important.
- Alright, let’s switch gears a bit and talk about categorizing your business so you adopt the right sales strategy
- Here’s a diagram I came up with that attempts to categorize different product types and approaches to the market
- Here’s another diagram I put together that has to do with direct versus indirect sales. You may be tempted to sell direct, but the cost of doing so may be too astronomical, depending upon the size of your target market.
- People buy for two reasons: To feel good To solve a problem Here are the typical buying stages for B2B. As you can see, it starts with a prospect who identifies a problem within their organization, they look for solutions, evaluate different options, narrow their focus and make a buying decision. It has been proven time and time again that it is necessary to deliver more general awareness type information like videos and demos at the beginning of the buyer ’s journey and then provide more complex information like white papers and case studies as you move down the conversion path. I also wanted to point out here that the sales cycle is long and complex with B2B. That’s why it’s very important to have a solid sales strategy that is mapped to your prospect’s buying stages not the other way around. You shouldn’t begin develop your sales process without fully understanding your prospect’s buying process.
- The other thing to point out is that selling to a business is further complicated by the sophisticated organizational charts at an organization. You have CEOs, CFOs, C3POs. And typically, there are multiple decision-makers and influencers so you have to reach each of them with messages that they will be interested in. You can’t just expect that an operations guy, IT guy and sales guy will be concerned with the same product benefits because they all fulfill different roles at an organization.
- Now, we’re going to talk about prospecting strategies. What strategies do you all use to prospect for your business?
- Then, once you gather all of those raw contacts, get on the phone and verify them. Do a large database cleanse to verify and update decision-maker contact information, gather their opt-in e-mail address and delete bad contacts. This will ensure you ’re making the most of your outbound marketing budget. And, if you need a recommendation for a good B2B telemarketing firm to help you accomplish this, please see me after this lunch and learn.
- Here are some prospecting methods that I think are critical to B2B sales and marketing success.
- But before, you start prospecting, you need to define exactly what a qualified lead is, especially so that both sales and marketing both agree upon what a qualified lead is.
- There are several lead qualification criteria. Here’s an older one.
- This is the one we use, which is quite a bit more in-depth
- But please note that there are different type of needs. Here is an example of the different lead stages that we use to define leads and they progress down the purchasing path.
- Now, let ’s look at you can move leads through the sales funnel efficiently and effectively. As you can see, raw leads or inquiries are gathered through various inbound marketing techniques. Once a prospect fills out an online form to access a content asset or webinar, their lead information is captured via the marketing automation software. The marketing automation software then tracks the user’s interactions online, scores and segments the leads and then the outbound marketing commences in the form of telemarketing, direct mail or e-mail marketing, depending on the prospect’s score and stage in the sales cycle. Then, leads are rescored and either sent to sales reps via CRM integration or placed into an automated lead nurturing program in the marketing automation platform to drip marketing communications to them until their score increases enough to justify another phone call.
- Here’s another way of looking at the process that’s more simplistic. The first step is attracting the right prospects, capturing their contact information early on in the process and gathering as much actionable information as possible, tracking them online, scoring them based on pre-determined qualification criteria, nurturing these prospects by communicating to them differently based on their buyer persona and stage in the sales cycle and then pass them on to sales only when they have been qualified.
- So, we’ve talked about prospecting strategies. Now let’s look at why having a standardized selling system is important. Does anyone have any idea why a selling system is important?
- So, once you have all of this content, how do you distribute it? The good news is, now there are more ways than ever to publish your content online and attract prospects. You can publish content on your company website, write blog posts and distribute them to subscribers via RSS feeds, you can post corporate videos on Youtube, you can link to your content via social networks like Facebook, Twitter and LinkedIn. You can promote your articles through StumbleUpon and Digg.
- OK, so now you have a marketable database of B2B contacts in your industry. Now what do you do with them? The simple answer is, you start marketing to them in order to generate qualified leads.
- So at this point, you should be asking yourself should I be using inbound or outbound marketing communications tactics. The answer really depends on your specific business model, target market, goals and resources. But the simple answer is yes! You should be using both. But you need to learn how to use both methods in the right way.
- If you want to look at the pros and cons of both inbound and outbound marketing, here they are. Inbound marketing is an inexpensive way to gather warmer leads in a very efficient way, because you ’re not out there marketing to a large audience, members of that audience who are interested in what your company offers are coming to you. On the other hand, inbound marketing is very time-consuming, requiring a huge commitment of time and resources to be successful, and it’s a very slow process that may only create a handful of leads each month. In addition, it is an extremely competitive proposition, especially when you take into consideration the competitiveness of keywords and phrases on search engines. As for outbound marketing, the pros are that your messages reach more people, you are assured of quicker results and those results are measurable as long as you have the right metrics in place. The drawbacks of outbound marketing are that it ’s more expensive than inbound, with historically lower conversion rates and your messages must be extremely timely because if your prospect isn’t in the market for what you’re offering, it’s a missed opportunity.
- So, you might be asking yourself how do I make the most out of my inbound and outbound marketing efforts? The answer to that question is to use inbound and outbound tactics in concert at the right time in the sales cycle or buyer ’s journey to maximize your efforts.
- So, you might be asking yourself how do I make the most out of my inbound and outbound marketing efforts? The answer to that question is to use inbound and outbound tactics in concert at the right time in the sales cycle or buyer ’s journey to maximize your efforts.
- The process flow looks like this
- The process flow looks like this
- Here ’s what you’re going to learn today: How to categorize your business Proven prospecting strategies Different sales strategy options The psychology of sales Success metrics that matter