When you think of the word optimization, you might think of writing keyword-optimized posts for search engine optimization or running AB split tests for landing page optimization.
But, in reality, any marketing process can be optimized from demand generation, account-based marketing and, lead generation.
I’ll review the basics of reviewing your demand generation funnel. We’ll provide a few back-to-the-basics tactics that you can consider as you work on planning your campaigns and budgets.
Among other things, we’ll take a basic look at conducting a lead generation analysis, to help you optimize your lead generation process, campaigns and programs.
It’s really quite simple, but it requires taking the time to evaluate what really works while building a deeper rapport with an equally busy team of quota-carrying sales reps.
Step #1: Review closed deals
The best way to determine what will work is to look at what has worked. Begin with an analysis of the deals that have closed.
How did these closed deals enter the system?
Here are a few pieces of data you want to record during this review for each channel and specific campaign (and you likely want to add a few attributes that are unique to your company, as well):
- Number of deals won
- Total revenue
- Average deal size
- Buyer persona traits
- Ideal customer profile fit
Step #2: Review new marketing qualified leads
Now that you know what works take a look at what you currently have. Break down your pipeline by marketing tactic used, and determine:
- Total marketing qualified lead volume – How many leads does each channel/tactic generate?
- Sales Qualified lead volume – How many of these are qualified leads as defined by your universal lead definition?
- Percentage of sales qualified leads per marketing channel – Determined using the above numbers
- Cost per marketing qualified lead – How much did these leads cost?
- Buyer personas targeted – Which ponds are you fishing in, and whom are you trying to catch?
Step #3: Ask Sales about MQLs
Check in with Sales to gather feedback on the performance of lead generation campaigns. You want to back up your data with real human experiences. What type of leads works best for Sales in their opinion?
This human interaction might help you uncover that although a specific tactic generates leads that close, they require many more resources from Sales to close the deal, while other leads are much easier to close.
For example, leads from a content syndication vendor may take a lot more work from Sales than inbound web leads that provided all of the necessary info, and they’re much closer to having a discussion with a rep. Use this complimentary data to identify the most effective channels and campaigns.
Step #4: Identify opportunities to optimize
Consider what KPIs to optimize for, which may include lead volume, qualified lead volume, the percentage of qualified leads per channel, and the percentage of closed leads per channel.
Now that you know what has closed and what types of new leads you’re generating, where are there overlaps? Where do you fall short?
For example, if you’re investing a lot in a tactic that generates many leads, but they never close, you may want to shift some of that money to a tactic that produces a lower volume of leads that are more likely to close. Not only will this help you optimize your marketing investments and lead generation capabilities, but it can also help optimize your relationship with Sales.
When you have specific reasons to back up why you’re investing budgets in a certain way (which they may or may not agree with), they are more likely to support your decisions.
If nothing else, the human interactions of a Sales-Marketing huddle show that you’re actively seeking input from Sales to help serve them better, and not allocating your budget and resources in a vacuum.