Improve your lead management system workflow for marketing

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[Music] hey it's Zen from automation Institute and the director of demand generation at wakado welcome to lesson 2 of the marketing process automation course in this lesson you will learn how to design and execute a successful lead management strategy earning the right to your target audience attention requires an understanding of what makes an ideal customer profile because of this cross-functional alignment is critical when defining your strategy with the continuously evolving demands of the customer marketers are challenged to produce more with less however we are seeing the opposite with technology gardeners 2021 CMO span survey shows that 68 of CMOS predict an increase in technology span despite decreasing budgets this shift is due to the impact of automation on lead management eighty percent of marketers saw an increase in leads when adopting automation within the lead management strategy connecting this to your business we can see how automation adds a competitive advantage in your go to market strategy responding to inbound leads touches multiple systems and workflows Research indicates that if you are not responding within five minutes the conversion to meetings booked reduces significantly 10 times decreased by 10 minutes and 100 times by 30 minutes whether you are transforming your existing lead nurturing strategy or starting from scratch it is helpful to follow 4 simple steps the acronym Rose will help you remember the steps needed to build your lead management strategy review objectives success measures execution plan we will now dive into the first step review your current process foreign in order to streamline your work and build a process for lead management that will last it's important to audit your current process considering lead management is a complex system of processes touching Marketing sales and customer success is critical to capture their points of view the processes within need management to be considered are lead generation consider the mix of inbound versus outbound the channel mix and the overall speed to follow up lead enrichment and scoring consider how you are capturing the data and its usage within the lead are you scarring based on a mix of Behavioral data filmographic data and internal factors lead routing what is the lead acceptance rate Are All Leads getting routed to the right person within the right time lead nurturing how are you handling re-qualification are you segmenting natural paths based on the customer buying stage lead hanoff our sales accepted leads being responded to in a timely manner are they meeting the qualification criteria or are sales re-qualifying the leads once accepted Define your objectives not all buyers require the same lead management process outlining key touch points along the customer journey and identifying where each segment fails will help you to build a structured objective setting when defining your objectives it's important to have a start and end point use the audit as your starting point for the end point you'll want to evaluate effort over time and impact once you have done that you can prioritize the items with the highest impact and least amount of effort mapping your process out in terms of process maturity and automation efficiency can give you the starting point to identify which processes require your attention and which are low hanging fruits here is an example of what a general lead automation progression looks like and how it can evolve over time Baseline maturity and the Baseline maturity stage there is lead generation which captures information routing leads to sales through a CRM and a basic lead nurturing process enhance maturity once you have the Baseline process established you can begin to enhance your processes this includes things like enriching the leads that come in with demographic and filmographic data scoring leads based on a set of attributes routing leads by territory or product line and building notifications for qualified leads with built-in service level agreements optimization now that your process has been enhanced you can work on refining and optimizing you can go beyond thermographic and demographic data to enrich accounts based on personal and intent data you have multiple scoring models and built-in lead nurturing tracks built out notifications have proposed actions and guidance for reps getting notifications scale the last stage of the automation progression is scale as the business grows and you reach this stage of maturity the changes become focused around skill if you are a software product you might employ a product LED growth model to drive qualified leads and expansion having things like adaptive lead scoring prioritization of leads by the propensity to buy and highly Specialized Sales teams will help your organization scale and serve your prospective customers best success measures being able to show the impact of the strategy is key kpis are key performance indicators evaluate the success of an organization or of its performance in a particular activity leveraging the kpis defined in the S is versus future state in the objective setting is the backbone of this evaluation you will want to develop a scorecard beyond the usual operating metrics to embed a feedback loop to continuously improve your lead management strategy this example template allows you to map out the kpis requiring retention and Define each process change and expected impact they will ultimately move the process to the Target kpi you will first determine the high level kpi like a conversion to mql look at what your current kpi is what the process change you want to see and how that will impact your business once you have this mapped out you can set a target kpi for your team to achieve this process is immensely helpful to have the right success metrics execution with strategic Cycles becoming shorter the focus on execution becomes greater given the growing complexity and interconnectivity of processes having a toolkit to establish how the strategy will be delivered is an important step in transforming a lead management process you can connect strategic objectives with executable workflows by developing business requirement documents these documents bring the why and a how giving structured insight into the requirements to deliver your strategy once you have documented the technical requirements you can kick-start the work to transform your inbound lead management strategy preparing a business requirements document involves translating domain knowledge to technical requirements typically the document will include identification of problems being solved applications involved how the workflow operates impacted data structures data handling process workflow diagram and error handling process [Music] lead management is a complex network of Technology data people and processes breaking it down piece by piece helps you understand gaps and address them when building your strategy a it takes time and proper preparation to see success now you have a foundational understanding of the four steps needed for forming a lead management strategy in the next lesson we will cover looking more deeply into tactics like virtual event registration [Music]