benchmarking the buyers journey
DESCRIPTION
Demand Gen Report's first session of the Lead LifeCycle Series sponsored by LeadMD #LLCSeriesTRANSCRIPT
Session sponsored by!
#LLCseries
Benchmarking the Buyers
Journey!!
#LLCseries
Questions / ON24 Logistics !
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About Demand Gen Report!
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Panelists!Moderator
JusRn Gray, CEO,
Lead MD
Andrew Gaffney, Editor,
Demand Gen Report
Benchmarking the Buyers Journey Aligning buying behavior to your revenue model Justin Gray, CEO July 21, 2014
7/21/14 8
Speaker Intro
Benchmarking: The Value of LeadMD
JusFn Gray CEO, LeadMD @jgrayma-er /in/leadmd [email protected]
LeadMD @myleadmd /company/leadmd-‐inc. leadmd.com/blog
7/21/14 9
Outline for Today
Benchmarking: The Value of LeadMD
§ Understanding Buyer Behavior § Mapping Behavior to Revenue Models § Benchmarking Your Results § Buyer Persona Specific Models § Lip Service: The Barriers to Revenue Modeling § Questions
UNDERSTANDING BUYERS How we build trust
7/21/14 Presentation Title 10
Traditional Buying Concept
7/21/14 Presentation Title 11
Look Familiar?
7/21/14 Presentation Title 12
How we really buy
7/21/14 Presentation Title 13
MAPPING BEHAVIOR Buyer journeys & Marketing’s Effect on the Journey
7/21/14 Presentation Title 14
Duh! The Role of Perception:
7/21/14 Presentation Title 15
A.I.D.A.
§ Awareness – the customer is aware of the existence of a product or service
§ Interest – actively expressing an interest in a product group
§ Desire – aspiring to a particular brand or product
§ Action – taking the next step towards purchasing the chosen product
7/21/14 Presentation Title 16
Combine the Two Models
§ Buyers Process .vs Marketers Process
7/21/14 Presentation Title 17
Traditional Terms Have Value
§ Create Uniform Definitions – Initial Consideration
§ (MAL): Marketing Accepted Leads § MQL: Marketing Qualified Leads
– Active Evaluation § SAL: Sales Accepted Leads § SQL: Sales Qualified Leads – Pipeline Stages
– Purchase § Customers § Lost Opportunities
7/21/14 Presentation Title 18
7/21/14 19 7/21/14 19
BENCHMARK LeadMD'Metrics'MatrixClient'Lead'Data'Analysis
Company'Business'Name:'XXXXXXXX
Project'Start'Date:'September'1,'2014
Metric Baseline TargetTotal'Revenue'(Current'Quarter) $2,343,750.00 $3,431,250.00
Average'Deal'Size $25,000.00 $25,000.00
Average'Length'of'Sales'Cycle'(Days) 90 90
#'of'Quarterly'Inquiries 3000 3050
Inquiry'to'MQL'Conversion'% 25% 30%
MQL'to'SAL'Conversion'% 50% 60%
SAL'to'SQL'Conversion'% 50% 50%
SQL'to'Close/Win'Conversion'% 50% 50%
Conversion'Metrics
Revenue'Indicators
Projected'Revenue: 3,431,250.00$'''''''''''''''''
LeadMD'Lift'from'Target: $1,087,500.00
Benchmarking: The Value of LeadMD
PERSONA REVENUE PATHS All buying journeys are not equal
7/21/14 Presentation Title 20
The Constant Between Models
7/21/14 Presentation Title 21
Content Research
Mar
ketin
g Ef
fect
iven
ess
Research Models
§ Company vs Consumer § Initial Awareness – Company Driven
§ Active Evaluation – Consumer Driven
§ Social Interaction § Online Data Gathering § Word of Mouth
7/21/14 Presentation Title 22
AVOIDING LIP SERVICE When push comes to shove
7/21/14 Presentation Title 23
Barriers to Success
7/21/14 Presentation Title 24
Murder by Numbers
§ Only 22% of marketers use analytics to manage campaigns (beagle)
§ Only 38% of marketers have a single view of interaction with content across digital touchpoints (forrester)
§ 82% of Marketers report being incented on lead volume (leadmd)
§ Only 27% of B2B leads are sales-ready when first generated (marketing sherpa)
7/21/14 Presentation Title 25
The Final Blow
§ 90% of business buyers say when they’re ready to buy, they’ll find you (DemandGen Report)
7/21/14 Presentation Title 26
The Conversation Continues
7/21/14 Presentation Title 27
Final Thoughts
§ We have to change our thinking § We need seek out the conversation § We need to focus on nurture § We need to evaluate the model
7/21/14 Presentation Title 28
QUESTIONS Open forum
7/21/14 Presentation Title 29
7/21/14 30 Benchmarking: The Value of LeadMD
#LLCseries
Q&A // Panelists!Moderator
JusRn Gray, CEO,
Lead MD
Andrew Gaffney, Editor,
Demand Gen Report
#LLCseries
Lead LifeCycle Series Prize Box!
Register, a>end and tweet the Lead LifeCycle Series sessions using the #LLCseries hashtag to be entered into the Prize Box giveaway! The more sessions you a>end and tweet, the higher
the chance at winning one of these awesome prizes!
See the full contest details and rules at: h>p://www3.demandgenreport.com/lls14/contest-‐rules.html
#LLCseries
Thanks for attending this session!!
Make sure to a>end the next session in the Lead LifeCycle Series:
h>p://dg-‐r.co/lls14