Today we’re gonna talk about a little bit about one of the biggest challenges that B2B marketers have when doing page search or other marketing and that is optimizing in real time. This has been a challenge because you really don’t know what leads are gonna convert. There are a lot people that use a cost per lead target and that cost per lead target is completely arbitrary, because some leads are worth more and some leads are worth less than others. So the question is…
How to drive growth when advertising your B2B business
This is a very common challenge; some of the last sophisticated advertisers just simply go for cost. They tell their agencies or their teams to optimize for a cost per lead. If others will do cost per lead, but then they just look at it over long periods of time and then identify what’s working and what’s not.
And so today I wanna share with you a process that we use with our B2B clients that’s extremely powerful, and that it allows us to optimize in real time, but then evaluate over time for longer term goals.
So, in our “back against the wall versus laughing to the bank” exercise which we’ve had featured on Rick Mulready show – Art of Paid Traffic, and a couple of other places. A process that we use for all our clients. We try to create a real cost per lead instead of just using an arbitrary number. We look at what your overall business is able to pay for an average lead. What that does is when you have your cost per lead backed out now it’s actually a real legitimate cost per lead.
Then we use the cost per lead target on an on-going basis, but then we also track the final conversion. And we look at that final conversion depending on the sales cycle, so essentially the sales cycle will determine how often you can track not only cost per lead, but also the true ROI from your campaign.
So if your sales cycle generally is 3 to 4 months, then you’re using the data for up to 3 to 4 months back to optimize your performance targets, to identify the ad copy, the keywords, the campaigns, the marketing targets, whatever it is that’s driving higher ROI for you, you would look at that over a longer period of time.
The process of constant lead improvement
There is a process. We’ll talk about this in a moment… part of this is getting all of your data and reporting in place. So while most people either optimize for a cost per lead or they look at it over a long period of time. We recommend both number 1 and number 2 as well. If you pass your marketing data into the CRM, look at the CRM… I wouldn’t say in real time necessarily, but marketing has the accountability to drive qualified leads. So for every lead that’s marked “not qualified” by the sales team (if you’re passing back the marketing data into your CRM), you should be able to have a report for the marketing team that shows you all of the sales leads in visual detail. This allows the marketing team to see when a sales person says “Oh! the lead this year isn’t qualified.” and they will be able to understand why.
We’ll talk about a later podcast on more detail about creating a unified definition of a leader, a marketing qualified lead which is something that a lot of enterprise companies do which is a very powerful exercise and that’s part of this process.
But, the bottom line is that if you can share in real time through the CRM the data for every single lead… the lead sources, the campaign, the keyword, and then the lead quality, the marketing team can adjust and say “okay, even though we’ll hit our CPL targets as an example, our cost per lead target with these leads, this lead isn’t valuable.” What messaging are we giving them? Or what landing pages are we driving them to? How can we innovate through gut feel and having the same gut feel that the sales person has, or the CEO, or someone with the bigger picture has, but drive that down to the smaller level simply by sharing the insights across organizations.
So, it’s really important when you’re in B2B to be able to put the tracking into place so that your CRM is getting all of your marketing data. And that marketing data in turn is getting shared with your marketing team. This way your marketing team can drive better insights faster.
How to drive better insights faster the quickest
You can now go ahead and implement this strategy I’ve shared and slowly adapt your marketing system and sales team to the new challenge. Or, if you prefer a quick done-for-you solution that’s going to deliver all the results without sacraficing your resources, Global SEM Partners might have something to offer to you.
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