PLUGGING (HOLES IN) A LEAKY FUNNEL “Process and automation increase lead volumes, improve quality and significantly increase SALs at Basware ” Eloqua Experience, London, June 2013 Ceri Jones Marketing Director Basware UK Limited [email protected] om
Jan 12, 2015
Eloqua Experience, London, June 2013
PLUGGING (HOLES IN) A LEAKY FUNNEL“Process and automation increase lead volumes, improve
quality and significantly increase SALs at Basware
”
Ceri JonesMarketing DirectorBasware UK [email protected]
About me
• 30 Years B2B Marketing• Enterprise solutions/ SaaS background• Focus on integrated marketing: demand
generation, content marketing, funnel management and marketing automation
• Marketing ROI Evangelist – analytics culture
• Basware Field Marketing since 2011• Now driving the Demand Center roadmap
• Contact:• http://uk.linkedin.com/in/cerijones/• j_ceri (T)• [email protected] (g+)• [email protected]• www.cerijones.me
Eloqua Experience, London, June 2013
What I’d like to cover
• The Business Challenge• No Lead Left Behind (NLLB) Scope• Sales-Marketing Alignment
–Pipeline Management Process/ SLA–Lead Handover–Escalation & Reporting
• Lead Scoring/ Nurturing Pilot• Benefits to date
Eloqua Experience, London, June 2013
Eloqua Experience, London, June 2013
Basware - Driving financial performance forward
Reduced invoicing costs by
75%
Cut 3rd party spend by
10%Receive
97%of invoices as electronic invoices
Reduce costs of Accounts Payable function by
60%
Process over
90%of invoices without any manual intervention
Pay over
85%Of suppliers within 7-10 days to capture discount
Reduce costs of processing expense claims by over
50%
Basware provides open, secure, cloud-based purchase-to-pay and e-invoicing solutions to organizations of all sizes, resulting in greater efficiencies in procurement, accounts payable and accounts receivable.
Companies use Basware solutions to drive sustainable cost savings, proactive insight to cash flows and improved buyer–supplier relationships.
Eloqua Experience, London, June 2013
History• Founded 1985• Publicly listed 2000• Offices in 14 countries
around the world• Growth through
acquisition
Corporate performance• Net sales >€120m• 1,400+ employees• Partners in 30+
countries• >1m users in 2,000
customers, >60 countries
The Open Network• 1.9m suppliers listed• 0.8m active buyers/
suppliers• $254b total annual
spend across network
Basware in Numbers
THE PROBLEMEloqua Experience, London, June 2013
The Business Challenges
€s locked up in dormant leads & opportunities
Low confidence in sales forecasting threatens business predictability
Process disconnect & lack of accountability
Inconsistent working practices in lead management
Poor insight into conversion ratios and pipeline velocity
Blocked Funnel!€€€€€ locked up in dormant leads &
opportunities
Eloqua Experience, London, June 2013
The Sleeping PipelineAgeing of 10% Winning Probability Sales Opportunities
Opportunity Created(From Marketing Sourced Leads) Count
Jan-11 8Feb-11 14Mar-11 9Apr-11 7May-11 59Jun-11 89Jul-11 45Aug-11 45Sep-11 34Oct-11 27Nov-11 5
Total 342
28% older than 6 months81% older than 3 months
35% not modified* in last 90 days49% not modified in last 30 days
Marketing Qualified Leads Piling up
Decem
ber 2
011
Dormant O
pportunity
Revenue
(no activity
or update in
last 6
months)
March 2012
Eloqua Experience, London, June 2013
SQOs stuck at the to
p of the fu
nnel
NLLB PROJECT“No Lead Left Behind”
Service Level Agreement
Technology & Platforms
Business Control & Insight
Data Management & Quality
Sales & Marketing Process
NLLB
Eloqua Experience, London, June 2013
Eloqua Experience, London, June 2013
The Process Challenge: Sales & Marketing are not always aligned!!
Tuesday, 9:30 | Campaign eBlaster 101
Eloqua Experience, London, June 2013
“Hey Sales, how are the leads?”
Eloqua Experience, London, June 2013
“They suck and we need more of them.”
Eloqua Experience, London, June 2013
Work Stream: Sales & Marketing Process
Objectives:
1.Agree a Basware-wide process to manage the Sales and Marketing pipeline, from lead creation to closed opportunity and clarify naming conventions
2.Define how the process should be executed at a detailed level in supporting systems. Identify weaknesses in the current system support for the process and recommend changes
3.Recommend target metrics for each of the stages in the process and document the process and the metrics in an SLA between Sales & Marketing
4.Recommend how training and adoption of the defined process should be managed
ALIGNMENT
“Revenue is a team sport”Bob Apollo, Inflexion-Point
Eloqua Experience, London, June 2013
Marketing and Sales High Level Process
CONVERT
Lead Opportunity
Pre-lead‘Sales Ready’ Lead
OpportunitySO-10
(Qualified Prospect)
OpportunitySO-50
(Proposal Given)
OpportunitySO-70
(Decision Due)
OpportunitySO-90
(Pending Sale)
WinNew Marketing
Lead Lost
OpportunitySO-0
(Marketing Prospect)
Pipeline
System
Eloqua
CRM
ReportingEloqua
Google etcSQL Server Report
(CRM Data)SQL Server Reports & Sales Analyzer
(CRM data)
ProcessCustomer
for LifeSales Opportunity ManagementLead Handover
Lead Qualification
Lead Creation
OwnerMarketing Sales Basware
Tele-qualification
Eloqua Experience, London, June 2013
The devil’s in the detail!
ALIGNMENT
Eloqua Experience, London, June 2013
Focus: Lead Handover & Recycling
• Agreed levels of qualification (B.A.N.T.)• Formal process• Established expectations• Common pipeline definitions
• Rejected lead management – lead nurturing
• Clear rejection reason codes• Formal re-qualification process
ALIGNMENTEloqua Experience, London, June 2013
LEAD SCORING & NURTURINGUK Pilot
Downloaded a white paper
Need connects
well with our solution set
Has signing authority for
up to $50,000
Presence in four foreign
countries
Has spoken once to
inside sales
Four call centers in the U.S.
Vice president of
sales
Plans to buy within six months
Last interacted
three months ago
Has not committed
formal budget yet
$120 million company
1,530 Employees
Eloqua Experience, London, June 2013
Nurturing and Scoring
• Basware nurture offers contacts who have completed form content appropriate to their job role and buying cycle stage
• Our nurture targets ‘top of funnel’ early interest only– 4-stage automated email – brings people back to the site
• Engagement with emails and web content drives the lead score
• Scoring automates the means of comparing web visitors to our ‘ideal customer profile’
• Our ideal profile is based on authority and readiness to influence or buy products and services from Basware
• Scoring measures both behaviour and explicit data requested in forms
• Form data is presented progressively on each ‘high value’ download
Eloqua Experience, London, June 2013
Nurturing Scoring
Outbound
Contact Database(Eloqua)
Inbound
Top-of-funnel Nurture
AP Operations Finance Manager/ Controller CFOPurchasing/ ProcurementITSMB
Automated Top of funnel Nurture Persona-based
Scoring
Inside Sales follow upReach threshold
Score
Landing page
Progressive Form
Eloqua Experience, London, June 2013
Eloqua Experience, London, June 2013
Scoring drives a lead rating
Qualification
Level(fit)
Interest
Level(buying
behavior)
Lead Rating
A
BBC
Lead rating drives ownership
C
D
D
B
C
D
A
B
C
Low Medium High
High
Medium
LowInterest Level
Qua
lific
atio
n Le
vel
Marketing Qualified Lead (MQL)
Eloqua Experience, London, June 2013
Progressive Profiling
Eloqua Experience, London, June 2013
Explicit lead data captured to support NLLB Process
Eloqua Experience, London, June 2013
What did we learn from the pilot?
• Scoring should act as a continuous measurement, not as a ‘sluice gate’
• More work needed on aligning content to personas and buying cycles
• Nurture rules should not be too tight initially – or everyone can be qualified out immediately!
• Test, Test, Test progressive forms and Subject LInes!
• Start and learn. It will never be ‘perfect’.
Eloqua Experience, London, June 2013
RESULTS TO DATE
Eloqua Experience, London, June 2013
Service Level Agreement
SALES : MARKETING MARKETING : SALES
Sales will receive sales-ready leads from Marketing in a timely manner once all lead qualification criteria are met.
Marketing requires Sales to review all sales-ready leads (which are CRM opportunities with the Sales Process Status of ‘Marketing prospect’) in the timeframe specified in the SLA. Leads which are qualified to the agreed standard should be accepted by changing their status (see next process step). Leads to be rejected should follow the process detailed below. Sales-ready leads should be processed in 3 working days.
Sales-ready leads should be handed over as soon as all criteria are met. All marketing leads converted to opportunities by Marketing will be measured in pipeline reporting.
Sales should process all leads within 3 working days by accepting or rejecting them.
Eloqua Experience, London, June 2013
Escalation & Reporting
‘All opportunities that are still set to a Sales Process Status of ‘Marketing prospect’ after 3 working days will trigger an email alert to the opportunity owner. Sales Management will receive weekly reports on all opportunities that do not conform to the SLA. Escalation will be managed through normal line reporting practices.’
Escalation Example
Eloqua Experience, London, June 2013
Project Roadmap
Scope/Build Deploy Measure Refine
Phase 0 Phase 1 Phase 2
Today
Forming
Phase -1
Mar 2012 Feb 2013
• Process definition & agreement• Service level agreement• Business reporting• CRM/Eloqua changes• Training materials
• Process change communication• Management training• Field training• Change management • Exception reporting
• Performance against objectives• Corrective action• Process improvement
Eloqua Experience, London, June 2013
Benefits from starting the journey
1.Pipeline Dynamics
Pipeline Conversion ConversionTarget
Actual Conversion
FY2011Conversion
MQL to SAL 54% 62.7% 43.6%SAL to SQO 39% 34.9% 57.5%SQO to Order (CRM) 24.3% 23.0% 24.3%
2012 2. End-to-end reporting
3. Education
Eloqua Experience, London, June 2013
NLLB Performance Since Go-live - Q1’12 versus Q1’13
PIP
EL
INE
VE
LO
CIT
Y
Q1’2012Average No. Days
84
Q1’2013Average No. Days
53Q1’2012
Average No. Days
31
Q1’2013Average No. Days
7
NML to SAL
SAL to SQO
LE
AD
PR
OD
UC
TIV
ITY
Q1’2012
2,800Q1’2013
3,300
Q1’2012
250Sales Accepted Leads
Q1’2013
590*
New Marketing Leads 18%
136%
LE
AD
CO
NV
ER
SIO
N NML to MQL*Q1’2012
3%Q1’2013
17%
MQL* to SALQ1’2012
3%Q1’2013
17%
SAL to SQOQ1’2012
39%Q1’2013
40%
*Equivalent to SRL in 2013
Eloqua Experience, London, June 2013
Small steps…
‘Every day you may make progress. Every step may be fruitful. Yet there will stretch out before you an ever-lengthening, ever-ascending, ever-improving path. You know you will never get to the end of the journey. But this, so far from discouraging, only adds to the joy and glory of the climb.’
Sir Winston Churchill (1874 - 1965)
ALIGNMENTSales & Marketing
No Lead Left Behind
Eloqua Experience, London, June 2013
NO LEAD LEFT BEHIND
Thank you
Ceri JonesMarketing DirectorBasware UK [email protected]@ j_ceri
Eloqua Experience, London, June 2013