A Southeast-based software company has a rock-star marketing organization. The team responsible for promoting its solutions generates a large quantity of leads through extensive and well executed marketing programs.
Last year, more than 20,000 potential prospects responded to this marketing, indicating their interest in the services offered by the company by registering for and attending events, visiting the website and campaign-specific landing pages, and downloading white papers, case studies and other industry information.
With that kind of success, this company’s challenge certainly wasn’t lead generation … but rather lead qualification. To make sure that sales resources were used efficiently, marketing needed a way to turn those leads into opportunities. The company was looking for a way to assure sales reps spent their time nurturing prospects and closing deals, not qualifying thousands of hand-raisers.
This company chose PointClear to help qualify its leads … and keep the sales team as productive as possible. PointClear, which offers a gamut of prospect development services ranging from lead generation to prospect nurturing, from event support to response management, provides a lead development offering called Lead2Value™. Lead2Value is a low-cost, high-quality way to convert marketing leads to sales prospects.
The client noted that PointClear’s sophisticated approach to lead development was influential in being selected as its outsourced lead development partner—and the subsequent conversion of 4,176, or 22%, of its raw leads into qualified leads. Extensive data analysis is used to manage the conversion process, enabling intelligence gathering and fine tuning along the way. In PointClear, this B2B company has an effective means of qualifying tradeshow, webinar, web, direct marketing and other leads, leading to the following results: Sales reps have closed $2.2 million in new business to date, and an additional $23.4 million worth of prospective business is now in the pipeline.
Upon engagement, PointClear set out to create meaningful market segmentation to assure that all marketing and sales efforts are directed toward the highest performing targets. The client had been scoring prospects based on company size, industry type and level of seniority. PointClear began by testing these variables, plus others, and measuring the performance of each.
The test results were somewhat surprising. While the marketing team had prioritized prospects one way, they learned after just four weeks that there was one variable that was more important than any other: title. Specifically, PointClear proved quantitatively that if the prospect’s title included one specific word, then the target had a higher value.
Previously the company had focused on functional area, which was a self-selected designation. PointClear helped the client realize that the target’s title was more important than what often amounts to an area of interest. The revelation was that it was more productive to talk to those who had a specific accountability, as opposed to those with general interest and a desire to educate themselves, but no real responsibility.
Another significant result of the month-long testing was measurement of ideal contact frequency. PointClear implemented its time-tested tracking process to measure the incremental cost benefit of each touch—calls, voicemails and emails. The resulting numbers represented another “aha” moment.
PointClear’s tracking showed that 88% of opportunities generated happened within the first three contacts: Further attempts to contact were not as effective. While the number of touches required varies by decision-maker level and type, having PointClear’s data at hand helps the client better allocate spend and focus resources on high-return activity.
In addition to key learnings having to do with title and contact frequency, a benefit of PointClear’s lead development program is the valuable feedback the prospect development partner is able to provide to the client’s marketing executives regarding the effectiveness of specific events. As a result, Lead2Value has enabled the company to better understand its best lead sources. According to the client’s VP of marketing, PointClear has provided a clear view of lead source quality.
PointClear has found that a good source of leads is one that converts at a 20% level. If raw leads generated through a specific tradeshow convert, for example, at a 12% level, marketing can adjust its investments to achieve better results.
Not only is PointClear helping this client efficiently and effectively qualify raw leads through Lead2Value, the prospect development firm has helped the company achieve increased marketing ROI by maximizing lead generation, and by providing marketing intelligence needed to fine tune the company’s demand generation programs.