Many of our clients are looking to drive business growth through lead generation. When electronic manufacturing leader Sparton Corporation came to us looking to improve lead volume and conversion rates, we used the following tactics to transform their results. These steps can also be adapted and applied to your own organization. Let’s take a closer look.
Sparton specializes in manufacturing highly complex electronics and electromechanical products at low volumes. Through our market research, we found that Sparton’s focus on complexity could serve as a point of differentiation within the contract electronic manufacturing industry. We translated this value proposition into a campaign theme: Conquering Complexity.
Identifying your business’s unique position within the market is one way to create a competitive advantage. Then, you must communicate that point of differentiation as a value proposition for your audience. This approach helps you attract leads who would benefit from your offering.
To execute Sparton’s campaign, we crafted content that addressed research-validated buyer pain points. This series of content assets was distributed to highly targeted audiences across a range of digital channels. By reaching the right people with content that spoke to their unique needs and challenges, Sparton was able to generate and nurture more leads.
To replicate this success, consider your target audience, audience members’ biggest pain points and the best channels to reach them. Develop new content that addresses these pain points to show that you understand what your audience members face and that you have the solutions they need. Then distribute that content through the media channels where your ideal buyer is already looking for information.
Sparton tracked each visitor from the time they landed on a web page to the time they became a new customer. Through integration of Sparton’s marketing automation software, CRM system and analytics, we were able to measure marketing performance by channel and optimize as needed.
In order to track the success of your lead generation process, gather information from your own technology and reporting systems. Pinpoint which areas are working and which are not so you can make changes in real time.
To improve conversion rates and strengthen the revenue cycle, Sparton’s marketing and sales teams worked together to identify what exactly made a qualified lead. We created a lead scoring system and assigned values to the specific demographics, activities and behaviors that indicated a sales-qualified lead.
Only about half of organizations have a formal definition of a qualified lead that both the marketing and sales teams follow, but those that do are more likely to advance a lead to an initial discussion. Bring together your own marketing and sales teams to determine the characteristics of a qualified lead. Then develop a scoring system so your sales team only receives the leads that are most likely to convert.
By tracking and optimizing each step of the lead generation process, Sparton experienced year-over-year improvement across a number of key metrics:
Ultimately, Sparton’s lead generation campaign produced 9,325 CRM-verified and accepted leads and $152.2 million in qualified sales opportunities. Its close rate on nurtured marketed sales wins improved 144 percent, resulting a contributed revenue of $58.3 million.
Build your own set of performance metrics and use them to track success over time. These numbers will also provide insight into how you’ll need to optimize your campaign moving forward.
If you need some guidance on creating a lead generation process for your B2B business, tap into Movéo’s expertise and capabilities. We can help you capture and cultivate qualified new business leads through our holistic approach to response-driven marketing. Contact us today.
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