Date post: | 15-Nov-2014 |
Category: |
Presentations & Public Speaking |
Upload: | m-kevin-jarnagin |
View: | 230 times |
Download: | 4 times |
Collaborative QualificationTransforming Prospect Qualification in the Age of Inbound Marketing
A Revenue Architects eBook
Summary
• We know that the web and inbound marketing has changed the buy-sell cycle and buyers are already well educated before they engage with sales.
• Some argue that sales lead qualification is now less relevant as prospects are self-qualified before engaging the sales representative.
• We believe that qualification remains an important element of the sales and marketing operating model and requires a new more collaborative approach.
– Marketing must play a bigger role in deal qualification and provide better decision support for sales.
– Sales must use a more consultative approach to deal qualification in order focus time and resources and to build win strategies.
• Traditional sales qualification models like BANT and SCOTSMAN can be adapted and applied effectively across the marketing and sales funnel.
2
Today’s buyers are in more control
3
Explore Research Evaluate Engage Advocate
We know that today’s B2B buyers use the web, mobile and social to “self-sell”. They in discussion forums and peer social networks for input and validation and they also explore your website prior to engaging a sales rep.
Search Social Media Content Forums Blogs Articles
Experts Website Register Downloads Chat
Downloads Research Website eMail Webinars Webinar
Transition Access Transact eMail Newsletter Services
Social Media Share Curate ReTweet Post “Like”
A New Relationship Lifecycle
Implications for Marketing & Sales
• A bigger role for marketing– Buyers no longer follow a linear process– Information is available from multiple, fragmented sources – and sales no longer
controls what information is delivered and when– Buyers can enter the purchase process at any stage, and can be armed with
varying levels of information about your product - and your competitors– Buyers expect immediate, relevant information unique to their situation– Marketing must increase its levels of sophistication in delivering early and mid
stage content
• Adapting the lead qualification process– Marketing must help identify what stage of the process a buyer is in and provide
more tailored content for each stage– Sales needs a more complete picture of the prospects they speak with – such
as their online behavior (beyond filling out a form)– Marketing needs to capture big data intelligence and get that information to
sales so they can have more informed conversations.
4
However, we continue to see disconnects
5
Sales expect marketing to provide more qualified leads
Marketing leads don’t align with sales criteria
Marketing does not capture rich prospect information
Information doesn’t flow between marketing and sales
Marketing nurture leads too long without engaging sales
Sales don’t follow up on accepted leads
Unqualified Sales accepted leads are not cycled back for nurture
Harsh qualification limits sales effectiveness.
Toward a More Collaborative Approach
Collaborative Qualification
Operating Model
Qualification Framework
Consultative Selling
6
Marketing and sales should engage a collaborative qualification process to drive consistent revenue performance.
Why?
• Sales leaders in considered sales environments are experts at building professional relationships and navigating the nuances of prospect qualification.
• Marketing leaders are experts and driving brand awareness and fostering demand in the marketplace.
• Given the shift toward a self-sell model, marketing and sales must share pipeline intelligence at each stage of the buying process and collaborate on how to best engage prospects along the path.
• Complex and considered sales require a range of intelligence factors to properly qualify and engage - it is risky to over-automate the definitions in the pipeline. A collaborative process will ensure better prospect care.
7
Step 1. Build a Revenue Operating Model
Align marketing and sales by mapping a single marketing-to-sales process and define the structures for a more predictable pipeline.
• Map the stages of the pipeline from the buyer point of view and define a lead:– Marketing qualified (MQL), sales qualified (SQL) and sales accepted lead (SAL).
– Deal information is informative and offers decision support for sales– a lead scoring system can help.
• Activate more open and collaborative intelligence about prospects by connecting the inbound marketing platform and prospect information from marketing automation with the CRM platform for sales.
• Establish marketing and sales assets that deliver at each stage of the buyer process.
• Create a common language for the sales pipeline to drive company-wide adoption. Establish revised forecasting metrics and methodologies that.
8
Operating Model Collaboration
Prospect MQL SAL SQL Likely Closed
Target the right audience and
align sales territories.
Build a 360 degree view of the customer
Validate the lead and manage it in
the pipeline.
Build insight on qualification and selling strategy.
Ensure selling and commercial
requirements are clear.
Establish the contract and kick
off the relationship.
Marketing-driven Programs, Profiling, Sales Prospecting and
Lead NurtureActive Selling and Qualification
Effective Forecasting and Commercial Management
Closed-loop Collaborative System – Marketing Automation and CRM
Campaign Management & Data Management
Lead Scoring and Decision Support
Lead Assignment and Engagement
Consultative Selling and Qualification
Commercial and Risk Management
Contract and Delivery
Standardized Qualification Metrics (e.g. BANT+, SCOTSMAN+)
Pipeline Metrics, Forecasting and Data Analysis
9
Illustrative
Step 2. Deploy a Qualification Framework
While the nature of deal qualification has changed with inbound marketing, the underlying criteria endures. The key is to embed deal qualification parameters into the marketing-to-sales funnel.
• Select and adapt a proven model across the marketing and sales stages– BANT– SCOTSMAN – Others like the TAS methodology are also very good.
• Which model is the best one? – Easy to remember and actually use– Integrate deal qualification elements into the inbound process – with the buyer in
mind
• Embed criteria into the operating model stages– Common language for deal qualification– Use by management to coach sales effectiveness and validate forecasts– Use cheat sheets and standard methods to reinforce consistent adoption.
10
BANT Qualification Model
• Budget– Is budget available for project?– If no budget, will budget be provided?
• Authority– What is the contact’s title?– Are they a decision maker?– Are they an influencer?
• Need– What problem are they trying to solve?– Are they just researching?– Is the buyer ready to buy?– What pain points are suggested by current
events??
• Timeframe– When do they want to make a purchase
decision?– What is the compelling event?
11
BANT remains relevant
BANT has been around for a long time and it is easy to remember, but lacks the nuance of models like SCOTSMAN.
• Budget – Still important for most deals. For some situations “budget” matters less because if your idea is good enough, businesses will find the money. It is critical to understand the prospects ability to fund the the deal.
• Authority – you always need this and in complex sale there are a range of coach and influencer relationships that must be understood.
• Need – sometimes the client does not really know they have a need, but you can help create the need. Often the need is not explicit. Ultimately, there will need to be a compelling business or emotional reason to invest.
• Timeline – The most important criteria in qualification is the compelling event. Not having a compelling event is the #1 reason why sales don’t move through the pipeline.
12
The Compelling Event
The Compelling Event is the most critical factor for sales to recognize a qualified opportunity
The Compelling Event defines the reason for the economic owner to act.• Economic owner• Defined date • Direct response to a business pressure• Deliver a significant business result (either improving opportunity/capability or
reducing pain).
13
Integrating BANT across Sales and Marketing
Marketing Sales
Budget• The right demographic and
firmographics• Specific insight on the ROI and
potential to spend
Authority
• Demographics related to level
• An understanding of the decision process and who is involved
Need
• Multi-touch behaviors indicating propensity to buy and buying actions
• Clarification of the business outcomes and fit with the solution.
Timeline• Behaviors, calls to action
and engagement indicates level of urgency.
• Clear understanding of the Compelling Event or Implementation Date.
Effective Lead Score Qualified Opportunity
14
SCOTSMAN Model
Solution
Competition
Originality
Timescales
Size
Money
Authority
Need
Why SCOTSMAN?
• SCOTSMAN is comprehensive, but a little harder to remember!
• Requires a greater level of operating integration• Maps well to marketing and sales• Good Mnemonic – but must be used actively to remember (try a cheat sheet
and management consistency to embed this framework)• Can be used over time to manage the sales process (rather than snapshot
bid/no bid)
SCOTSMAN – Integrating across Sales and Marketing
Marketing Sales
Solution• Targeted landing pages with
clear content/ FAQs• Exploration of mutual fit
Competition • IP Tracking • Consultative questioning to understand decision criteria and competition.
Originality• Differentiated content and
creative experience• Clarification of expectations and fit with
our unique solution attributes.
Timeline• Behaviors, calls to action and
engagement levels• Clear understanding of the Compelling
Event or Implementation Date.
Size • Demographics and firmographics,
• Exploration of fit and ability to deliver
Money • Visits to pricing page, Opt-in to solution levels
• Understanding the value equation and access to budget.
Authority • Demographics related to level • An understanding of the decision process, roles and who is involved
Need • Behaviors indicate potential needs
• In-depth understanding of the business need for a tailored proposal
Effective Lead Score Qualified Opportunity
17
SCOTSMAN & BANT Marketing tactics
• Progressive profiling forms • Online Surveys and Forms• Demographics (e.g. number of employees in the firm, job function )• Online Configurator - Number of users, etc.• Current solution or service• Comment form for business goals• Explicit stage in the buying process• Communications preference• Calls to action indicators (Template RFP, ROI model)• Areas of interest• Non-activity• Non-prospects filtering
18
Lead Scoring
• Develop a lead scoring model that aligns sales and marketing and serves as a decision support tool (not a binary process) for sales:
– Seeking General information– Downloading Product information– Visiting Pricing Page– Visiting How to buy information– Contact Rep/ RFP request– Premium Content downloads
19
3. Use Consultative Selling
• Approach qualification is an art as well as a science– Build a relationship and develop a rapport and be helpful– Ask smart questions and avoid hard / offensive qualification techniques– Continue selling - even at the early “self-sell” stages– Help the client identify a mutual fit
• Understand IMPLICIT Qualification (derived from marketing activities)– Is the demographic right?– Do we understand the buying process and who is involved?– Do the economics of the business support the ROI we are selling?– Are the buying behaviors right?
• Consultative qualification is customer-centered– Benefit to the client – determining fit – not a way of pushing them away– Work with the client to build the business case over time– Budget is often tied to ROI and potential strategies– Qualify too hard at the start of the sale can turn away buyers– Every meeting is an opportunity enhance qualification and shape the win strategy.
20
Six Hats of Consultative Selling
Strong market and competitive insight
Thought leadership Controls the process, controls the
deal Is client issue-driven Personal attributes Creative / Presentations and Visuals Strong questioning techniques (e.g.
SPIN and SCQA) Business Case development Understands political map Internal orchestration and credibility Accurate forecast
http://en.wikipedia.org/wiki/Six_Thinking_Hats
Consultative Selling: Crafting Win Strategies
• Direct – There is a compelling event and at least a 2:1 advantage and the client is ready to buy. Don’t delay the sale.
• Flank – You are not clearly position to win, so change the criteria and shift the explicit needs from A to B or from A to A+1
• Fragment – You can’t win the entire deal, but by splitting the elements, you may be in a position to win a piece.
• Defend – For your incumbent client, how can you ensure you are aware of the competitive threat and can defend/ retain the client and the business.
• Nurture – When there is no compelling event, the deal needs to be nurtured. This is where Marketing can play a big role in prospect care.
Professional Sales teams can engage in the right set of selling tactics using intelligence from the qualification process.
Pipeline Forecasting
• Build Marketing Metrics– 4X Marketing Qualified Leads– # Sales Accepted Leads– Structured Nurture Programs– Pipeline Velocity
• Sales Characteristics – Active lead follow-up– 4x quota Pipeline– Opportunities added each week– Funnel shape and distribution– Deal movement through the funnel– Accurate forecasting
23
Best: Not the sum total, but best case if deals go your way
Worst: No doubt this will happen
Most Likely: Educated analysis, not sand-bagged, accurate
Deal qualification is critical to a healthy pipeline.
Sales Forecasting
Benefits to Collaborative Qualification
• For Marketing– More predictable and measurable revenue impact– Smart targeting aligned with sales– The right MQLs and more SALs delivered– Collaborative pipeline management enabling prospect nurture
• For Sales– Spending more time in the ‘red zone” with qualified prospects– Work better with marketing to gain pipeline intelligence– Help prospects decide – including qualifying out when needed– Eliminate maybes – getting to a “yes” or a “no”– Eliminate waste of valuable company resources
24