Attracting high quality leads at the top of the funnel, that turn into closed deals at the bottom of the funnel is the ultimate goal for every B2B company. But how do you get there?
We recently hosted a webinar with Nick Ezzo, VP of Demand Generation at Host Analytics and Sudhir Kaushik, the VP of Product at Captora, for their thoughts on executing marketing campaigns that turn into revenue.
Attracting New Visitors
To execute a successful top of the funnel (TOFU) campaign, marketers must first seek to understand the buyer’s needs. What problems are they trying to solve and what terms are they using to search for the solution?
You may call your solution “omni-channel marketing attribution” but prospects are searching for “connect marketing channels to revenue.” If you target the wrong keywords, you’ll never attract the necessary volume and quality of leads needed to meet opportunity and revenue goals.
Do your research and test constantly.
As Nick Ezzo says in the webinar, “There’s almost never a universally right answer in this game, the only universally right answer is to keep testing, and keep testing with different audiences.”
What works right now, might not work 3 months from now. A marketer’s job is to constantly adapt and deliver.
Driving High Quality Leads
A number of factors can be used as signals for marketing to determine if they are attracting high quality leads and if those leads are turning into closed deals.
Lead scoring ranks leads by how likely they are to close. Each new lead is given a letter grade A to F, based on a number of factors including firmographic details and touchpoint data.
First, marketers can analyze the number of leads they are attracting for each letter grade. If certain channels are only attracting F grades, maybe the channel is not a good fit for your company or maybe you need to switch up the content you’re providing within that channel.
Next, there should be guidelines for when a lead is passed along to the sales team. Are you sending A, B and C grades, or just A and B? Again, there’s no universally correct answer. Marketers must work with their sales teams to determine the mix that works best for their organization.
Part of determining that mix, is analyzing close rates. If you’re passing along C grades and they are rarely closing, it’s a good sign that they need more nurturing from Marketing before they are contacted by Sales. It’s probably best to just pass on A and B leads.
And, if you’re passing along A and B grades and close rates aren’t great, the system needs to be reevaluated. The parameters you use to grade leads may need to be switched and/or made more strict, ensuring that only leads that are likely to close are being passed to sales.
Measuring Success Based on Revenue
To get the most accurate picture of success, each campaign should be tracked to revenue. Click through rates might be high at the top of the funnel, but if you’re losing those leads in the middle of the funnel, can you really say the campaign was a success and worth the time and money used to execute?
Marketing attribution should be used to track and highlight the channels that drive revenue. With this info, marketers are able to make decisions on actual business value instead of segmented metrics.
For example, Campaign A might have a 75% conversion rate, while Campaign B has a 50% conversion rate. If we were looking at that metric alone, we would label Campaign A more successful and cut Campaign B.
But tracking both campaigns to revenue could show that 80% of Campaign B conversions went on to become customers, with only 10% of Campaign A doing the same. In this case, although it has a lower top-of-the-funnel conversion rate, Campaign B is actually driving more closed deals and revenue and is therefore the more successful campaign.
Marketers must constantly be testing and adapting to ensure they are provide their audience with the right content at the right time. Successful marketing no longer means just driving leads and conversions, it means driving high quality leads that convert into customers.
To watch the full webinar and learn how Host Analytics and Captora achieve these goals, click here.