Northwinds

Rounding Up Leads in a B2B Environment

Posted on 24. May, 2010 by ashley in The Strategist

Everyone knows that beef is what’s for dinner and that M&Ms melt in your mouth but not in your hand. Advertising is not only part of our daily lives but a part of our culture and for the most part expected and accepted in our culture. So for companies selling to the general public it is relatively easy to find an effective way to get their message out. But for B2B manufacturers and service providers with niche target markets it may be challenging to get in front of the right people. With complicated services and products that can only be sold to small and specific market groups, B2B companies are challenged with effectively identifying key customers and creating and maintaining a meaningful connection.

Most commonly referred to as lead generation, the process of capturing enough attention and interest to acquire contact information for continued communication is an important obstacle for most B2B providers. However, it’s not enough to obtain as much contact information as possible through every communication portal and every event attended. Sales representatives end up calling on uninterested parties and the process becomes timely and ineffective. Instead, companies should be looking to meet, greet and continuously communicate with customers where they are conducting the majority of their product and service research—online.

Spreading Awareness

Spreading product and brand awareness is likely one of the most important steps to lead generation. Often overlooked by companies that view branding and advertising with little monetary value, branding and awareness building among B2B is just as important as it is among B2C. It may not be necessary to send branding campaigns to everyone and anyone who will listen, but it does become important to make it as easy as possible for customers to be able to find your company, when decision makers and contributors are conducting procurement research.

In a research report by CMO Council/KnowledgeStorm, more than 45% of B2B decision makers spend five or more hours each week conducting research on product and service information online. Since the Internet is such an important research tool for B2B customers, online tools are going to need to become increasingly important to B2B partners. Online tools such as websites, forums, blogs, webinars, procurement catalogs, social networking sites, vortals (vertical market portals or search engines) and email campaigns are going to need to take a stronger stance in marketing budgets, if B2B companies want their products to be at the forefront of where customers are searching for information.

Since B2B customers spend the majority of their time in the business cycle during the research and consideration stages, it becomes crucial to provide them with as much in-depth and relevant information as possible. Keeping this accessible not only provides customers with the information they are looking for, but it gives the company the opportunity to gather data, such as contact information, to move them along the buying cycle to a sales conversion. But providing in-depth information doesn’t do the company a lot of good, if no one knows it’s there. Take advantage of SEO and other technologies with these best practices tips:

1. Keywords you use in your company and among coworkers are not necessarily the search terms that are being used by customers.
   It is probably never safe to assume that you know exactly how a customer is thinking and therefore searching for your product. This is because everyone searches differently. Keywords that you may use to search for your company, product or service are not necessarily the keywords that your customers are using as their search terms. When putting in your keywords keep in mind your customers perspective. What aspects of your business are important to them? Is it expertise in their industry? Location? Do you offer a particular feature/benefit? Make sure you include these keywords to make it easier for your customers to find you.
2. Customers are likely to start a search with what they know.
   Ever heard the phrase, “go with what you know”? Well the same holds true when your customers begin searching with the information that they have. And so when you are putting in your keywords you should begin with the first piece of information that the customer has—which is likely to also be the problem they have. They may or may not know that your service or product is able to solve their particular challenge. You probably shouldn’t assume that they do.
3. Search engines are not the only tool being used by customers for research.
   SEO is important, but search engines are not likely the only online tool your customers are using for researching products and services. It is important to identify the online publications, forums, resources, vortals (vertical market search engines), and social networking sites may be important to your industry.

Capturing Lead Information

Once interest has been established, companies will look to develop tools that potential customers will be willing to exchange their contact information in order to receive something in return. This process often referred to as lead capturing, allows the company to establish a line of communication with a potential customer. Many companies use registration processes on their website to allow potential customers to download PDF’s , white papers, product information, and information on promotions from their website. This method has proven effective for providing customers with added value in exchange for their contact information; however, should not be over used on a single site. Keeping too much information hidden without lead in, may cause potential leads to be wary and turn away leads. Companies should make sure that value is added through their site, and restrict information that requires registration to those that add the most value to a potential customer, such as a case study or product catalog. Other tips for website lead capture tools include:

1. Vary the types of media available through lead capture tools.
   In a study done by Marketing Sherpa, 3000 IT buyers/vendors demonstrated that various types of decision makers may show preference for different types of presentations. While executive level buyers preferred to receive information through webinars, contributors/ end users tended towards preference of white papers. Throughout the B2B buying process, various levels of decision makers from engineers to CEO’s will need to be involved. Marketers should be able to speak to each level in their preferred method of communication. This ensures that the company is able to effectively communicate the value of their products and services to all personnel involved in the buying process.
2. Be aware visitors to your site may be at very different levels of the buying process.
   One challenge that many companies face with lead capture is that many of the leads are not qualified enough to be handed to a sales representative. Many times this can be because the lead is not far enough along the buying process to be contacted by a sales representative without it seeming intrusive. They may just be doing research on various product applications and not looking to buy an actual product, or they may be gathering information and not ready to speak to someone directly. Companies should be aware of the information they use for lead generation and what value it has in the buying process. Leads may be downloading a case study for a multitude of reasons that may not convert to procurement; however, leads downloading direct product information are likely to be more qualified for a sales conversation.
3. Take advantage of other lead generating websites online.
   Growing in popularity is the use of vortals or vertical search engines to find industry specific product information on the web. With the vast amounts of consumer information available through the internet, B2B decision makers and procurement officers are challenged to sift through it all to find relevant materials in an efficient manner. For example, a procurement officer searching for piping through a traditional search engine such as Google, may find a multitude of sites from smoking pipes to Pipe Spring National Monument mixed in with the information they are looking for. Vertical search engines take into consideration the background of the search to make the search faster and the results more relevant.

Many of these search engines provide lead generating opportunities, such as GlobalSpec. With over 5 million registered members, GlobalSpec is one of the most popular vertical search networks in the B2B marketing world. Specializing in manufacturing processes, GlobalSpec provides procurement officers will the opportunity to search through relevant category and spec information to find the products and services they need. Companies listing with GlobalSpec are sent opted-in direct contact lead information for those that click on their products to find out more information as well as request additional information such as request for estimates, company information and product catalogs. This allows companies listing with GlobalSpec to develop a list of highly qualified leads. While GlobalSpec may not be appropriate for all businesses due to its manufacturing focus, companies should search industry information and identify those vertical searches that may be available for their industry.

Nurturing the Lead

Another challenge that B2B professionals face is once the contact information is obtained what is the best course of action for converting that lead into a sale. In order to ensure the most success in this process, companies should view each lead as the beginning of a new partnership. Many companies fall prey to the expectation that immediate sales can be developed through communication with the lead list. This belief fails to take into account that B2B products often have a long and complication sales process, and often will require multiple communications to push them along they buying cycle. In order to accomplish this effectively, companies should:

1. Identify the level of lead qualification.
   This simple step is often left out of the lead generation process, but can be a crucial time saver for sales representatives. Not every contact that comes through the site is ready to be contacted by a sales representative to schedule a demonstration of the latest piece of equipment. It’s sad, but it’s true. In order to determine the potential customer’s level of qualification, companies should assess the quality and quantity of information collected by the contact. Contacts that download a single white paper are likely not as ready to talk to a sales representative as those that downloaded the white paper, the product catalogue and two case studies. By taking the time to examine the qualification of the lead, companies can then make communications more effective.

   One way to further qualify leads is to send an email response that offers the potential lead the option of downloading more information, such as a product catalog or case study and being contacted by a sales representative to receive more information. This opts the contact in for receiving the call and ensures that the sales representative is not wasting his/her time making cold calls that do not lead to further sales.

2. Send appropriate responses for the qualification.
   If a lead is not ready to buy right away, this does not mean that the contact should be discarded. It does mean that the company will need to work harder to eventually convert the person into a sale. If a contact downloads a single white paper or case study send them a brochure or to website information that will further their interest into the product/ service and its application. If the contact downloaded information about a particular product, this may be an appropriate time to have a sales representative contact the person, but to make the established communication less intrusive they might offer a case study that is relevant to the customer’s business or the particular piece of equipment. This will help to further the contact down the sales cycle, without causing a standstill in the conversation if the contact is not ready to buy immediately. Like any relationship the case of “too much too soon” may turn away a potential customer.
3. Keep reoccurring contact with leads
   While it is important to send appropriate responses individually, companies should keep in regular contact with all their leads. Sending them regular updates on company news and product promotions is a good way to keep in the forefront of a customer’s thoughts. Many B2B sales depend on making sure that your company is among the consideration set when it comes times to make a sale. And because of the complicated sales cycle that accompanies many products and services, the time between initial contact and end sale can be quite extensive.

Regular contact can ensure that your company’s brand and value messaging are still welcome and well received when your contact is ready to make a purchase decision.

Tags: Awareness, B2B, Capturing Leads, information, Lead, Lead Generation, Messaging