One of the most common issues that business leaders have with their B2B marketing is a concern that’s the cost of generating a lead is seen to be far too high.
In fact lead generation is expensive if several factors I’m not aligned correctly, here are six of the most common reasons:
- If your target audience is not receptive.
- If your product is not it effective.
- If your message doesn’t resonate.
- If the people you are reaching out are the wrong people.
- If your messenger is inarticulate.
- If you are not spending time where your prospects are.
There are many subtle versions of these reasons that can cause your lead creation process to be weak and therefore your cost to be very high.
But quite simply when these issues are present, then your message will not be received effectively, and that means that most of the people you are spending time and money trying to talk to, are not going to hear your message and are therefore not going to respond to it.
Often companies who use B2C techniques when targeting a B2B audience suffer from these issues.
The B2B buying process (or as we at B2B3 call it “the buyer’s journey”) needs to be understood.
Every market needs to have a custom buyer’s journey model created. You need to understand the process by which your prospective customers will choose to solve the problems you are looking to solve.
Business decisions are made as unemotionally as possible.
If you truly understand how your prospects reach a buying decision from the first moment they learn of a potential issue, right through to the implementation of a solution and through to the years of usage of an implemented solution, then you are in a position to effectively market. And turning this knowledge into executable programs is critical.
If you are concerned that your marketing leads are just too expensive, then you need to consider using B2B³ to help you redefine your marketing model and execute for success.
We will do the following:
We will evaluate your product, message and market to define a winning strategy for you. This will start with a process we call “The Drill” and lead to the most compelling way to describe your products to your market, that maximizes interest in what you are selling, and set’s your marketing up for success.
As part of this process we test very assumption and leave you with a messaging platform that you, your customers and your prospects will get excited about.
The Black Box
We use the work from the drill to build a complete buyer’s journey, that encompasses every aspect of marketing and is designed to work with all levels of prospects from those who don’t even know the problem you solve even exists as yet, through to those who are already customers and you wish to keep as customers for the long term.
This stage of the process we call “the black box” and it is designed to provide very clear and meaningful measures to all levels of the organization while separating the measures and goals of each element of marketing from the derivative impact they all have on the critical success factors of the business.
The business will have:
- A real-time view of the progress in terms of forecast-able pipeline.
- A clear understanding of who is being marketed too.
- Which of those prospects are actively engaging in the campaigns.
- Which of those are providing intelligence, that helps you and your sales teams decide their viability as a lead.
- Which of the leads are worth expending sales effort on progressing.
- Information that your strategic leaders can use to make strategic decisions.
The Hand Off
The third critical process we enact is one we call the “hand-off” and it is a detailed engagement model between sales and marketing to ensure that every qualified lead to maximized.
This is a critical factor in business success and is one that all too often breaks down without careful on-going management.
If marketing are generating weak leads, or too many leads for sales to manage, then the effort is wasted.
Tuning your marketing engine to the scale of your sales capacity is critical, and then ensuring that sales can consume (and do consume) all quality leads is the only true final measure of marketing success, and the hand-off is our tried and tested method of delivering this.
The Drill, The Black-Box and the Hand-Off, this is the B2B³ tried and tested model for B2B marketing success and will lead to a level of focus on just the right people, with just the right message at just the right time that ensures maximum efficiency and effectiveness for your marketing; driving down the cost of leads to levels only experienced by the best B2B marketers.