23 Jul Why do your B2B demand generation campaigns fail?
Why do your B2B demand generation campaigns fail?
All too often, outbound B2B demand generation campaigns fall short of their goals. But why is this the case?
In this first instalment of a two-part blog series, I draw on over 25 years of experience in new business development, which has resulted in generating millions of pounds in business. Here, I’ll share a few key insights that could make all the difference in your next campaign.
Why outsourcing inside sales might not work
Campaigns are frequently implemented hastily, lacking clear focus and driven by the wrong metrics. The primary motivator is usually an urgent need to generate more B2B sales leads and revitalise a struggling sales pipeline.
This urgency may stem from delays in establishing your go-to-market strategy or less effective inbound marketing, your buyers overwhelmed by the sheer volume of market messages, resulting in fewer MQLs. It could also be due to a lack of highly-skilled inside sales resources.
Outsourcing can be successful, but not if you want to ‘outsource’ the problem, and then try to influence the cost, focus and approach, it is a waste of time and resource on both sides . The reason you are looking outside your organisation is that you don’t have the skills and capacity internally!
Campaigns can also fail when you’ve outsourced to the wrong type of agency based on the outcomes you need. Are they a telesales, telemarketing, or digital agency and can they drive positive, proactive, outbound activity using an omni-channel approach, which is critical in today’s market.
So what are major things impact a campaign’s success?
- Know your numbers
So, the first reason B2B demand generation campaigns don’t achieve the right results, is not fully understanding your sales numbers.
What is your sector focus and why? Do you know the market potential to deliver the business you need? How much revenue do you need to generate and from how many deals? How long is your sales cycle?
In sales there is always a number driving you, but when do you need to generate these opportunities in order to have time to close off your necessary revenue target? What is your win to loss ratio? How many proposals or bids do you need to establish? How many decision makers do you need to meet to generate enough opportunities?
Frequently, we find that there are gaps in knowledge around these important numbers. Yet, the better you understand these, the more likely you are to establish, drive and measure the right campaign that will deliver successful outcomes.
- Understanding your market needs
Again, if you don’t properly understand what is happening in your target market, it is going to be difficult to establish powerful and on ‘point or pain’ messages. You need to be able to identify the ‘explicit needs’ of your target persona. These should encapsulate the key market drivers and organisational needs that will result in the demand for your product, service or solution. This should also lead you to the creation of a strong proposition and result in eye-catching and engaging messages.
Ask yourself, for this sector or group of companies, what is impacting their business that we can fix? Is it new or changing legislation, increased competition, the need for greater operational effectiveness, increasing profits, or improving customer service to maximise sales?
At this point it also helps to recognise the strength of competition. And to establish, based on your understanding of what your target prospects ‘need’, how you can deal with the issue in a faster, cheaper or better way than your competitors?
- Do you have the data?
There are no such things as a perfect database! Things change so frequently companies merge and acquire others, people regularly change roles, and with GDPR legislation it is now even harder to acquire a decent data set.
According to Marketo, establishing and targeting the right audience is often easier said than done – “42% of B2B marketers report that a lack of quality data is their biggest barrier to lead generation.”
Over the years we have received all sorts of data, but frequently it is poor quality. Recently a company who said they would provide the ‘target data’ literally gave us a list of companies!
Fortunately, at Incognate we have built a ‘master data list’ over the course of many years that we curate and use specifically for our client campaigns. This is also supplemented by other means of finding and establishing a solid data set. Ensuring you have a decent set of data will optimise your campaign, your costs, and ultimately your results.
- Set Your Campaign Up for Success
Whatever the reason for your campaign, don’t start on the back foot by rushing in without proper preparation and planning. Ensuring your focus is right, you have good data, you can meet an explicit need, and there are enough potential opportunities in the market is crucial.
Additionally, making sure your offering is better than or at least comparable with the competition puts you on the right track. Understanding your numbers will give you a more realistic idea of the effort you need, how to measure your results, and the likely outcomes.
- Find the right partner
Using an omni-channel approach in B2B marketing today is crucial as it enhances customer experience, increases reach and engagement, and integrates valuable data for better targeting and personalisation.
It allows businesses to adapt to market changes swiftly, optimises marketing spend, and strengthens brand presence through consistent messaging. This approach not only improves ROI but also fosters customer loyalty by providing a seamless and integrated experience across all touchpoints.
In a rapidly changing business environment, omni-channel strategies ensure that businesses remain relevant and competitive. Finally, if you are going to outsource ensure that the agency you use has an omni-channel approach.
For a more in-depth conversation about anything you’ve read in this blog, get in touch and I would be happy to have a chat.
By John Bancroft
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