As we talk to marketers across companies, we are continually surprised by the level of their dissatisfaction with the current marketing-to-sales process. Many feel that something isn’t working. Salespeople are still not working about 70 percent of the leads marketing is sending them, according to MarketingSherpa. In addition, marketing budgets continue to be reduced while the objective of driving more revenue remains. Still, at the same time, many of these marketers don’t want to adapt new processes or take a first step toward improvement. What’s even more surprising is the lack of angst from both CEOs and CFOs inside these companies. I say angst because if any of them had a sense of the current cost of their marketing-to-sales process and the lost revenue opportunities associated with that process, they would be beside themselves. What am I talking about?
The current legacy marketing-to-sales process is costing these companies thousands of dollars each month. These costs can be broken down into two distinct buckets: In the first bucket is the cost of lost revenue not obtained because leads are generated but aren’t worked and are hence falling out of the funnel, never to be heard from again. That’s the cost of not nurturing. In the second bucket, is the sheer waste of marketing dollars spent on lead generation that’s not optimized, along with the cost associated with sales teams that are spending time contacting leads that will never take their call, because they aren’t qualified, and aren’t ready to buy. These costs are really very easy to quantify in each organization.
Since we don’t have much time, let’s hone in on the cost of lost revenue. Here at LeadLife, we are developing some easy-to-use ROI tools so you can plug in your own numbers. But I think you’ll agree that it’s pretty easy to see that if 70 percent of leads generated are not worked and some percentage of those unworked leads (estimates range from 20 to 50 percent) will buy from someone over the next year – revenue is lost simply by not staying in touch. How about if you are generating leads in the form of anonymous visitors to your website and you aren’t able to even see who they are? You aren’t converting them with your forms? Then you could also be losing revenue simply by not having the technology to help convert anonymous to known leads. We had one client that within a week generated $48,000 in revenue simply by being able to see what companies were visiting his website and then reaching out to the key decision-makers at those companies.
If your company hasn’t adapted its sales and marketing process to take advantage of advanced marketing technologies, if it hasn’t built new processes that put responsibility on marketing for digital nurturing through the top end of the funnel, and if it isn’t embracing content marketing strategies, then it’s definitely costing you thousands each month. As painful as change sounds, the status quo is much worse.
LeadLife has created a new website tracking tool that reveals who is on your website, what they are interested in, and when they indicate buying behavior. Funnel Fixer allows companies to go beyond normal website analytic tools. Real time alerts are sent to sales reps giving them insight into when prospects act on messages – enabling reps to close deals faster. It only takes 2 minutes to see the Funnel Fixer video and download our no-risk, no-obligation solution.