“How can I improve the quality of leads for my sales team?” It’s a question I hear in nearly every conversation with a lead-focused marketer. Coupled with measuring ROI and longer sales cycles, difficulty obtaining enough quality leads is an ongoing battle for marketers in the automotive, real estate, B2B, insurance, and finance industries.
The balancing act between lead volume, lead quality, and lead cost is the triad we’re all trying to solve for. Each business is unique and needs to figure out the optimal equilibrium for these crucial metrics while, at the same time, focusing on optimizing them.
Whether your business is predominantly focused on Volume, Quality or Cost, Marin Software is equipped with solutions that can increase the performance of your B2B Lead Gen activities in each of these areas, so that you can generate a higher ROI and reduce wasted time and financial cost
Solving for Long Sales Cycles & Multiple Touchpoints
A study by Miller Heiman Group, leveraging data stretching back to 2014, comments on how three-quarters of B2B sales to new customers take at least 4 months to close, with almost half taking seven months or more. This timeline of course varies on industry, product, price and on-boarding cost for the product or service; however, the sentiment is there: the challenges with a longer decision-making process are much higher.
As a marketer, you are likely familiar with a purchase funnel and the various touchpoints in a customer journey. The stages vary per business, but typically include awareness, interest, desire, and action. So whether it’s the initial Contact Us or White Paper Download, the single or many phone conversations for additional information, or the final purchase, it can be challenging for marketers to combine these touchpoints into a holistic strategy.
Marin’s Full Funnel Bidding addresses this challenge. Marin’s full funnel approach allows for a bespoke bid strategy to accommodate the latency and multiple touchpoints we often see in the purchase cycle. This allows advertisers to dynamically set more aggressive CPA targets for leads that have higher propensity to convert to a sale.
Marketers are tasked with optimizing to the volume of leads coming into the top of the funnel while also managing the revenue or value of the lead. With MarinOne’s Full Funnel Optimization, touchpoints can receive revenue credit no matter where in the funnel.
Analytics to Action
If your business is not already capturing a Lead Score, I highly encourage you to start leveraging this methodology. This means ranking leads in order to determine their sales-readiness. You score leads based on the interest they show in your business, their current place in the buying cycle, and their fit in regard to your business. Understanding the quality of your leads by working on your internal metrics is pivotal.
In addition to that, it’s often the case that some PPC keywords or certain social creatives will drive a higher quality lead. Advertisers should be capturing this level of granularity, and then passing it into their optimization engine to capitalize on incremental lift and performance.
For example, an enterprise-level SaaS business may be leveraging two keywords: “ERP Software,” and “ERP Enterprise Solutions.” In this instance, both keywords are upper-funnel, and in many ways very similar. However, let’s imagine the term “ERP Enterprise Solutions” drives a higher revenue value per subscription and a higher renewal rate, thus increasing its Lead Score. Advertisers should be capitalizing on this granularity by applying agile modifiers. In this example, we recommend applying a Bid Boost Modifier to increase the bid value by 10%.
The lead generation game is fluid. The campaign structure we take today may not be successful tomorrow. Thus we need to be agile and flexible with the ability to automate optimization modifiers on the fly.
Marin Software can layer bid modifiers across any data point or signals, including Lead Score.
Budget Allocation & Forecasting
As marketers, we may often be tasked with “driving more calls” or “generating more downloads for the whitepaper.” Our partners in Sales & Operations often don’t understand the intricacies of simply driving more of a certain touchpoint.
On top of optimization modifiers, we at Marin Software have developed Budget & Forecasting techniques to support you during these demands for shifts. They help you evaluate new optimization opportunities before testing them out in the real world, and help you invest more of your marketing spend into campaigns and channels with increased upside potential. No more over-allocating to the wrong channels or tactics that don't produce qualified results. This information is not only helpful to us as marketers, but can also support advertisers’ conversations with internal stakeholders.
Understanding how to improve lead quality for your PPC campaign isn’t always obvious. Yet, there are simple ways in which Marin Software can provide support:
- Consulting on your internal Lead Scoring process and ingesting that into your Bid Calculations.
- Evaluating your consumer journey and feeding any latency expectations into the algorithmic engine to ensure total efficiencies across channels.
- Layering agile and bespoke modifiers across channels to optimize toward the areas of your campaigns that drive higher quality engagements.
- Leveraging advanced forecasting and scenario-planning tools to help you respond quickly to changing market conditions.
Ready to take action on generating higher quality leads? Schedule a demo with one of our account representatives today!