Presentation on theme: "Pipeline Building, Measuring, Improving Your Odds September 12, 2012 Sam Patrick, President."— Presentation transcript:
Pipeline Building, Measuring, Improving Your Odds September 12, 2012 Sam Patrick, President
Glad To Meet You 25+ years in sales and marketing Ad Agency, corporate marketing backgrounds Launched PM&C in 2004 Consumer goods, technology, financial services, retail, professional services, hospitality DowBrands, Publix, Wachovia, Datastream, Dennys Biased to building brands, unbiased as to how Help our clients accelerate their profitable growth
How do I build a pipeline of selling opportunities? Getting Started
STEP ONE: Your database If you dont have a database, you cant go to STEP TWO. electronic file for contact names and histories: target companies, referral sources, past customers, etc. enables control of communications delivery tracks marketing and sales results drives your: - communications - appointment-setting - sales and marketing initiatives Getting Started
Brand Awareness Marketing builds the brand at the front end… sales resources build relationships, close deals. The Buying Cycle Spark Interest Create Desire2Buy Motivate $ Action TIME Familiarity > receptivity, trust, preference Information of value, ideas that match needs Tailored solutions Reasons to buy now Marketing tools, programs Sales resources, programs
Reach vs. Cost vs. Customer Interaction Marketing Channels PERSONAL INTERACTION # OF PROSPECTS REACHED PR Advertising Direct Mail/Email Newsletters/Lit. Telemktg/Awareness Telemktg/Apptmt. Events/Seminars Sales calls PR <.03 Adv. <.25 Dir. Mail <$2 Newsl./Lit. $3-4 Telem/Aware. $30-50 Tele/Appt. $100-200 Events $150-250 Sls call $3-500
Develop Awareness Putting It All Together Spark Interest Create Desire Motivate $ Action Marketing tools, programsSales pros, plan, strategy Brand familiarity Useful info, get appointments Follow-up & persistence Reasons to buy now Advertising PR Newsletters Email/Mail Website Mail & Call Webcasts Events/Shows Seminars Network Qualify opports. Set apptments. Nurture key relationships Sales strategy Proposals Scope needs Power close
Marketing ProsSales Pros Develop _____________ Add, remove ___________ Execute _____________Call to ________________ Create ______________Build _________________ Maintain _____________Visit __________________ Develop _____________Provide ________________ Orchestrate __________Follow up ______________ Coordinate ___________Close _________________ Marketing vs. Sales Who does what?
Marketing programs do not… … create _______________________________ … replace _______________________________ … serve as a replacement for _______________ … always lead to _________________________ What Does Marketing NOT Do?
What are some useful pipeline metrics that I should know and use? Metrics & Measurement
Cold Calling – Not so easy… On average, it takes _________ attempts to reach _________ prospects. It takes __________ targets to conduct _________ conversations. Cold Calling
Cold Calling – more benchmarks It takes __________ conversations to set _________ appointments. 1000 100 56 10 When you get there, youd better have a meaningful offer that addresses a need and present your value proposition in a powerful way! Cold Calling
Measuring Your Marketing What are some other Marketing program or Partner/Agency metrics?
Marketing Programs Some metrics you might consider include: Response RatesCost per contact Qualified leadsCost per appointment Ad inquiriesPR inquiries Trade show contacts/leadsProposal opportunities Email/DM response ratesDatabase growth Website traffic (qualified)Proposal win rate Webinar participationMedia/industry interest Brand awarenessSearch engine position Marketing Program Metrics
Evaluative metrics to consider include: Marketing expenses to budget Marketing investment versus new revenue generated New client acquisition – pace, investment required Proactive ideas to advance your business needs Responsiveness to requests Industry and customer insights (value-added) Investment level versus industry norms Business growth and progress Marketing Agency Metrics
Achieving Success What % of new customers are typically won after 3 sales calls?
Do you know… _____% of sales are made on the 1 st contact _____% of sales are made on the 2 nd contact _____% of sales are made on the 3 rd contact _____% of sales are made on the 4 th contact _____% of sales are made on the 5 th – 12 th contact Achieving Success
Improving Your Odds How do I improve my odds of success? Lessons learned…
1. Be prepared. 2. Never walk alone. 3. Listen as you work. 4. Targets dont care. 5. It dont hurt to know Joe. 6. Weed, seed, fertilize. 7. Honor the process. Making the Pieces Fit
1.Be prepared. Research, networking, LinkedIn profile D&B, customer database check Website review, competitor check, recent news 2. Never walk alone. Team selling Peer insights Relationships in common Lessons Learned
3. Listen as you work. Talk less and ask more questions Ferret our personal and business information Record details; dont rush to fill conversation gaps 4. Targets dont care. Their issues, not our qualifications Unhide the hidden agenda What gets you in may not be what you sell Lessons Learned
5. It dont hurt to know Joe. Demonstrate a mutual acquaintance Let em know you know their competitor Leverage your referral network for intros Find the hidden Cubs fan inside 6. Weed, seed, fertilize. Listen 80/20 Bring questions and take good notes Thank yous still work wonders Lessons Learned
7. Honor the process. Do it right, dont just do it Record everything Scour for news on your prospects Build your database – add, delete, enhance Its A Numbers Game
Expect to interface with a prospect 3-6 times before you get a sale Improve your odds with clean target lists Close more with timely, benefit-rich offers Glean more opportunities with improved listening Do the little things well and the big things will follow suit Be consistently persistent Lessons Learned
Questions or Comments? Thank you. Sam Patrick Patrick Marketing & Communications, Inc. firstname.lastname@example.org@patrickmkt.com - www.patrickmkt.comwww.patrickmkt.com In Closing