Even though we are getting closer to 2020, where one would assume that open communication and building long term and trusted relationships are the way forward, the best ways to approach demand generation for ROI are still topics which are widely discussed and frustrations are still being identified.
In a society where expecting high volume and immediate results are the norm, we are asking ourselves the fundamental question if this should also be the approach towards how we get the best results and ROI when collaborating with a demand generation consultancy.
Priorities and the business landscape have changed significantly over the last 10-15 years but lead generation hasn’t. It is now widely recognised and acknowledged that the priority is to build trust with the chosen target audience.
From personal experience it’s clear that most sales approaches used are based on earning a “quick buck” and looking for that one-time big project or sale rather than looking to win the customers trust and repeat business. The norm has often been to discard relationship-building and to focus on “getting as many dials in as possible, because the more dials you make the more opportunities you potentially uncover” …
Let’s take a closer look at this slightly archaic approach which, believe it or not, is still used by more than 65% of organisations internally and by many Demand/ Lead/ Marketing Generation agencies.
While the majority of sales are still made by having phone conversations, using the above approach often results in high-volume cold calling with a basic or restricted understanding of the value propositions and culture of the organisation being represented.
Where this activity produces meetings, the volume often defeats the purpose and mostly defeats the quality…
In a nutshell, this type of Lead Generation campaign tends to result in a promising number of leads (closed to a call or meeting). Traditional lead generation goes hand in hand with incentivising BDRs to close meetings and deliver a number of meetings or calls per month with little or no regard for the quality of these or establishing long term relationships with prospects.
This scenario sees organisations with a high volume of leads, scheduled meetings or calls BUT only a tiny proportion of them convert into actual sales opportunities.
Why? Because the focus is to identify if there’s “an interest to meet” rather than to have an open dialogue about why we are reaching out. There is little emphasis on sharing the frustrations mentioned during conversation and understanding when these challenges may arise, when would be the most relevant time to engage and mostly understand why.
What are your thoughts and experiences using this traditional approach? Get in touch if you’d like to find out how we have helped clients to improve ROI using a more long term nurture and relationship building methodology?