Think your sales department is doing all it can to convert credit card processing sales leads or VoIP sales leads into paying customers? Think again. When it comes to maximizing lead generation efforts, perceived success rates are much higher than real statistics indicate, according to our recent study. (more…)
Telemarketing is simply marketing accomplished over a telephone. Often times, organizations utilize telemarketers to perform this task on behalf of the organization and can greatly benefit one’s business.
These services generally fall into two categories: business-to-business and business-to-consumer. Within these two categories are a variety of sub-categories, or services, which telemarketing companies can provide to you, their client. Services can include lead generation, which is the gathering of pertinent information including the names, telephone numbers, email addresses, and physical addresses of targeted individuals as well as what time of day is best to contact that person; sales, which is the persuasion of the person to use your product or service; outbound, which is proactive marketing involving contacting both preexisting and potential consumers of your product or service; and, inbound, which is reactive reception of incoming inquiries.
When choosing a telemarketing company to outsource, it is important that you balance the need to save money with the importance of having a high-quality provider. To help you with your decision, this section features a review of the top 10 telemarketing companies, discussed in no particular order. To connect with other telemarketing companies, visit Resource Nation’s telemarketing business center.
Recent reports show magazine revenue steadily decreasing. In fact, according to the United States Publishers Information Bureau (PIB), total magazine rate-card-reported advertising revenue through the first three quarters of 2008 posted a 5% decline against the previous year. Additionally, there was a 9.5% drop during the first three quarters of 2008 in advertising pages, compared to the same period in 2007. Specifically, for the third quarter of 2008, total magazine rate-card-reported advertising revenue decrease 8.8% compared to 2007’s third quarter. In addition, there was a 12.9% drop in advertising pages compared to the third quarter of 2007.
The magazine industry argues that magazine advertising has been negatively impacted by the ongoing economic woes, similarly to several other industries. Ellen Oppenheim, Executive Vice President and Chief Marketing Officer of Magazine Publishers of America stated “We’re seeing the unfortunate result of the ongoing softness in the economy. . .Consumers have cut spending and advertisers have followed suit. It’s affected every ad category and every ad-supported sector of the media industry.”
A closer examination of magazine revenues evidences that while overall magazine rate-card-reported advertising revenue, publishing, and advertising page count declined, some advertising categories posted gains. For example, retail, food and food products, and public transportation, hotels, and resorts are three advertising categories that showed increased revenue. Overall, though, magazine revenue is unfortunately steadily declining.
So, how can the magazine industry and other industries remain alive and increase revenue?
By finding other ways to produce revenue online. Banner ads, revenue share affiliate programs, and lead generation are just three examples to help drive down the total cost of acquisition per customer and increase revenue.
See Resource Nation’s online marketing business service center to connect with companies to help you with your marketing needs.
Banner Ads, also referred to as web banners, banner ads are beneficial because they can be customized with multiple images, animation, and changing colors.
Revenue Share Affiliate Programs are another way magazines and online businesses are increasing revenue. Affiliate programs allow businesses to earn a share of the profits each time the magazine refers a customer to the business. If the business provides a service that is an added-value to the magazine’s online readers, the size of the profit share can be significant. Amazon.com has been successful in its affiliate program. Our program has also been successful for partners like Entrepreneur.com and StartUpNation.
Lead Generation is also becoming more and more popular. Essentially, a lead is someone who either signs-up for a product or service or signs up to receive more information about a product or service. Magazines and companies are implementing these tactics to connect with prospective customers. Examples of lead generation marketing include online lead generation, direct mail, telemarketing, and email marketing.
The online advertising industry is a billion-pound industry with hundreds of millions spent on online acquisition campaigns alone. From Pay-Per-Click (PPC) advertising on search engines like Google and Yahoo!, to banner ads, email campaigns, organic search, blogging and web PR, magazines and other businesses are making an investment to find additional revenue.
Business owners that sell retail products are counting down the days to Black Friday, also known as the busiest shopping day of the year. On the day after Thanksgiving, eager shoppers brave long lines to get the best deals at their favorite stores. This year, increase the number of customers purchasing your goods by using telemarketing services to notify current clients and potential shoppers about all of the great deals your business has to offer during the Christmas season. No matter what type of industry your business falls under, people are interested in hearing more about your holiday specials.
Telemarketing can be done within your office, from an outsourced call center, or from home. Typically, it’s best to have a live person make the calls, but some companies use a recorded message to reach potential customers. Recorded calls don’t allow for real-time feedback which can be important. Telemarketing agencies recommend making at least two calls to your customers during the Christmas season. In the first call, introduce your company to the potential customer and determine their needs in relation to the goods you are offering. In the second call, motivate the customer to make a purchase.
There are four subcategories that telemarketing companies use to reach out to customers.
· Lead generation is used to gather information about your potential customers.
· Sales uses persuasion to sell your goods or services
· Outbound call centers use a proactive marketing approach where your current and potential customers are contacted directly.
· Inbound calls occur when customers contact the business directly to learn more about your company. These calls are generated by advertising and the efforts of your sales representatives.
Before you start working with a telemarketer to get more sales leads during Christmas, you will want to write a script that the telemarketers must abide by. Include information about your company and products and what is in it for the recipient. If you are offering a special promotion over the holidays, mention that and mention that others are interested. This call to action will also encourage customers to start their holiday shopping with your company. Make sure telemarketers have a firm understanding of the concept of your business and have various routes to take if they experience a rebuttal from the client about the call or service.
In order to get a healthy list of potential customers, you can acquire information from their past purchase history, credit limit, competition entry forms, previous requests for information and application forms. If your budget allows for it, you can also purchase names of like-minded individuals from a broker’s database.
Be aware of the nation’s telemarketing regulations and follow the guidelines. During the holidays, people can be more sensitive. The few consumer privacy laws intact that must be abided by are the Telephone Consumer Protection Act of 1991 and various Do Not Call lists. Consumers can opt to include their home or business phone number on these lists and telemarketers are restricted from calling them about services. Also, many states have their own lists in addition to the national Do Not Call List so research the rules about recording calls, Sunday and holiday calls in your state.
Last, make sure the telemarketing company is professional and is effective with their services. Shop around at different vendors and don’t be afraid to ask about mock trials to gauge their communication services.
If you are a small business looking to get out information about your products and services this holiday season, visit our online telemarketing business service center.
Webster’s Dictionary has been a tool used by many generations, now of course one of many options available online. It’s very much a democratic concept—words defined in the same way for all to employ. Yet, when it comes to marketing and sales, a common definition becomes very elusive. Or more accurately, the word, “lead,” employed by each discipline is dramatically different.
In many companies, sales and marketing work in silos, and when they do meet, they collide. To a marketing person, a “lead” is a name and phone number of a prospect, who based on their profile, is a potential buyer. To a salesperson, a lead is a targeted title at a targeted company with an expressed desire to buy from the company.
Therein lies a huge challenge.
A marketer develops campaigns designed to reach out to those potential buyers; most typically with a call to action. If a potential buyer (prospect) responds to that call to action, marketing calls this a “lead” and counts this as a feather in their cap. After all, marketers take a holistic approach to their craft. They are chartered with “making the phone ring” and use different mechanisms such as direct mail, email campaigns, trade shows, seminars, etc. to do so. Marketers measure success by “hits,” attendees, inquiries, etc., then try to equate a Return on Investment (ROI) to such metrics. Typically, this ROI is based on sales pipeline or projected sales which may take months or even years to materialize. While there is value in these marketing initiatives, quantification of value is in the eyes of the beholder.
Sales people are much more tactical and only focused on the numbers that really count—compensation for their efforts. In most organizations, sales people view leads much differently than marketing. They view them as opportunities to close business in a defined (the shorter the better) time period. A lead needs to be qualified.
The problem is in the definition of a “lead” and the definition of “qualified.”
You have two groups of people with different backgrounds, different objectives, and different definitions. In order to function properly, these two groups need to communicate more effectively. They need to share a common lexicon, a common dictionary, and a co-dependent level of accountability.
Of the two groups, marketing is more likely to have the advanced educational degree, work in the corporate office and be focused on metrics one or two steps removed from the heart of the sales cycle. They view leads as opportunities and the more the better.
Sales is much more primal. They think: “Is someone ready, willing and able to buy my product now?” These are relationship people and risk takers who are more likely to have been the quarterback on the football team or the captain of the baseball team. They are in the field and work directly with the customer.
Because of where they come from and how they are measured, a rift is inevitable. Marketing creates all this great activity and thinks “these dumb jocks can‘t sell their way out of a paper bag.” Sales looks at marketing and says “these poindexters wouldn’t know a good lead if their life depended up it.”
However, the common ground is that both sales and marketing need results to survive and prosper. They each need to contribute to corporate objectives, but take very different paths to get there, with many collisions along the way.
The Emergence of Translator
Recently, some open minded companies have begun to address this issue. These organizations bring in third parties to provide the common definitions between sales and marketing. More importantly, they bring in the associated processes that leverage the strengths and core competencies of each side. Sometimes these third parties introduce enabling tools and methodologies. Other times they provide outsourced services.
To succeed, these companies need to employ proven and repeatable methodologies that work with both marketing and sales to accomplish goals. Taking marketing’s strategies, these third parties create messages that position the company’s products and services in the context of the prospect’s needs. They identify the correct decision-maker or influencer within the organization and know how to gain the necessary time and attention of this potential executive sponsor to create consistent and repeated meaningful business conversations with this coveted audience.
Employing a campaign approach, these outside firms communicate key messages as they turn suspects into prospects and move them down the sales funnel. The net result—a sales funnel filled with qualified leads that understand the offering and want to hear more. A streamlined sales cycle that results in more sales, faster. By doing all the prep work before the salesperson makes that initial call, these firms leverage the time and talent of the best purveyors of a companies’ value proposition – their frontline sales people.
Marketers are freed up to understand their buyers better, pursue newer and better tactics, and measure their efforts. Sales has more time to do what they do best and that is to manage sales cycles and close deals. When sales closes more deals and marketing has the data to refine strategies and campaigns, goals are met and commissions and bonuses are paid. When this all comes together it is amazing how the language barrier is not a barrier after all.
Lead. Just say the word at a gathering of your company’s sales and marketing executives and you’re likely to re-open the debate that still sparks heated discussion. What is a lead? Sales executives have one definition. Marketing executives have another. If you’re really brave, try to get the group to agree on a definition for a qualified lead. Good luck!
Regardless of definition, both groups agree that leads - especially good, targeted, qualified leads - are a good thing. So, what is a lead?
At its most basic level, a sales lead is the first stage of the sales process and represents the identity of a person or entity who has expressed an interest in either addressing the underlying business issue which your product or service addresses and/or your specific product or service.
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While that definition is technically accurate, the proper definition of a lead is whatever best suits you and your company. It’s more important that you agree on a definition than the definition itself. Once you agree on the basic meaning of lead, you’ll want to create variations - such as targeted lead or qualified lead.
Let’s use the definition above and add some qualifiers.
A Targeted Lead is a sales lead (as defined above) from a company that resides in your target market. For example, if your solution only delivers significant value for companies between $250M and $5B in revenue and the company expressing an interest has only $5M in sales, then the lead is not a targeted lead.
A Qualified Lead is a sales lead from someone in a targeted account with the proper role who has expressed a well-considered interest in your solution AND acknowledges elements of BANT (Budget, Authority, Need and/or Timetable) with respect to the business issue your solution addresses or your specific products/services. In other words, a qualified lead is from the right person in the right company with the right problem and the desire and ability to evaluate your solution.
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