Introduction
A Technology Client Sought to Increase Lead Conversion Rates
For a technology client, the implementation of a new lead generation engine presented numerous challenges that impacted conversion rates and created inefficiencies for account executives. The client’s marketing initiatives were the company’s largest source of qualified leads. Despite an increased volume of leads, the client began to notice that conversion rates were on a downward trajectory. At the same time, account executives were self-prospecting leads, which generally spend 1.5 times more than the company’s benchmark. However, these prospected leads converted at a rate of half that of marketing leads.
With limited accountability around lead quality and the absence of shared organizational performance targets, the client sought to increase lead conversion rates from marketing qualified leads (MQLs) and align marketing-sales coverage.
Approach
Analyze and Identify Opportunities to Enhance Sales Funnel and Conversions
The client chose Alexander Group to lead the marketing audit, seeking a partner that could identify a targeted approach to yield higher conversion rates and optimize the performance of sales and marketing. Alexander Group:
Identified areas of opportunity for increased conversion across industries, building ideal customer profiles and sub-segments for targeted engagement.
Conducted benchmarking analysis to identify sales inhibitors for account executives.
Recommended a funnel execution roadmap to drive market assessment, ideal customer profile development, funnel alignment and campaign execution
Key Findings
Higher Volume of Leads but Lower Conversion Rates
Alexander Group’s marketing audit shed light on the client’s declining conversion rates. Following the implementation of the lead generation engine, the client experienced a 49% increase in its volume of MQLs, but the conversion of S0s increased at a disproportionate rate of 28%. For account executives, there was 62% more time spent prospecting compared to the benchmark, reporting a decrease in the quality of leads.
increase in volume of MQLs
more time spent prospecting
Recommendations & Outcomes
Achieving Sales Growth with an Optimal Sales Pipeline
The client expects that the Alexander Group’s findings will enable the organization to rethink its approach to demand and lead generation as it seeks to obtain higher-quality leads and conversion rates. The client expects that the following four-pronged approach will enable it to strategically allocate resources to optimize its sales pipeline and performance.
- Accelerate
The client expects to accelerate go-to-market focus by aligning right to win per segment and industry.
- Align
The client expects to achieve alignment in its marketing-sales coverage, motions, and service-level agreements.
- Streamline
The client expects to streamline the lead qualification process so it yields higher-quality leads.
- Invest
The client expects that the assessment will enable them to invest in impactful programs and pursuits.
Ultimately, Alexander Group’s assessment identified that for the client to enable growth in challenging economic conditions, it must achieve sales, marketing and BDR resource alignment. This requires a strategic focus on end-to-end enablement and execution.
Engaging an Expert
Identifying Strategic Opportunities for Lead Conversion Optimization
Diminished lead quality inhibits sales growth and creates misalignment between sales and marketing. Alexander Group has the expertise to help you optimize your lead generation and sales pipeline to achieve greater sales growth and resource allocation between business units.
About Alexander Group
Alexander Group understands your revenue growth challenges. Since 1985, we’ve served more than 3,000 companies across the globe. This experience gives us not only a highly sophisticated set of best practices to grow revenue—we also have a rich repository of unique industry data that informs all our recommendations. Aligning product, marketing, operations and finance efforts behind a successful sales organization takes insight and hard work. We help the world’s leading organizations build the right revenue vision, transform their organizations and deliver results.
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