SAN FRANCISCO--(BUSINESS WIRE)--Four marketing strategies could boost sales conversion rates by up to 25 percentage points but a vast majority of companies fail to fully use all of them, according to a new study on business-to-business (B2B) marketing released today by strategy consulting firm Altman Vilandrie & Company.
Despite the proven sales benefits of these strategies, the study shows that only about 15 percent of companies fully used all four strategies – detailed customer journey mapping, advanced lead scoring, standardized lead handoffs, and collaborative sales and marketing efforts post-sale. Even when companies use these techniques, they often fall short of maximizing sales conversions because of a lack of coordination and integration.
“While many companies are following some of these strategies, very few employ all of them in an optimal way,” said Altman Vilandrie & Company Director Stefan Bewley. “Through the survey data and in our conversations with B2B marketers, we found an impressive increase in sales conversion for companies that were able fully implement these strategies.”
The study, released in a series of white papers today, includes a survey of 190 B2B marketing decision-makers from major US companies (with annual revenues of at least $100 million) and interviews with B2B marketers as well as industry experience from Altman Vilandrie & Company’s consultants.
The study reveals how proper coordination of these practices can lead to improved sales conversions:
Detailed customer journey mapping - Customer journey mapping, a common B2B marketing practice, involves documenting a sales prospect’s lifecycle throughout the entire process. Although 70 percent of B2B marketers map the customer journey, less than 15 percent of B2B marketers reevaluate their journey maps on a frequent basis. The survey shows that this stagnant approach hurts businesses: companies with more thorough customer journey mapping can increase conversion rates of Marketing Qualified Leads (MQLs) to sales by 3 to 5 percentage points.
Sophisticated lead scoring - Lead scoring is the practice of defining the stage of a lead within the marketing and sales process, such as MQL and Sales Qualified Leads (SQL), as well as prioritizing prospects within those stages. While 80 percent of B2B marketers use lead scoring, there is a wide range in both discipline and sophistication. The survey shows that “companies using lead scoring have 6 to 10 percentage point higher conversion rate of MQLs to sales – with more sophisticated companies on the high end of that range.”
Standardized lead handoff – The survey found that only 35 percent of B2B marketers classify their lead handoff process as highly standardized. Companies with highly standardized handoffs have 13-17 percentage point higher conversion of MQLs to sales versus companies with a non-standardized handoff.
Coordinated sales & marketing efforts after the initial sale – Marketing and sales are not always coordinated and working together. “Only 55% of B2B companies today employ both sales and marketing teams collaboratively to expand the customer base” according to the survey. However, companies using sales and marketing together “have a 6-7 percentage point higher conversion rates of MQLs to sales.”
“One common theme we heard from marketing executives is that they didn’t always have the ability or resources to continually update these practices throughout the year,” said Altman Vilandrie & Company Principal Kate Rodriguez. “However, with the rise of more advanced, real-time analytics and increased marketing automation, the hurdles to implementing these practices are lessened – and those that do are at significant competitive advantage.”
The entire white paper series and accompanying infographic can be found here. For more information on the study, please contact email@example.com.
About Altman Vilandrie & Company
Altman Vilandrie & Company is a strategy consulting group that focuses on the telecom, media, technology and investor sectors. The company’s consultants are experienced in strategy, marketing, finance, M&A, technology, regulatory and operations disciplines. Based in Boston, with offices in New York City and San Francisco, Altman Vilandrie & Company enables clients to seize new opportunities, navigate mounting challenges, improve business performance, and increase investor value within complex and converging industries.
Ninety percent of the boutique firm’s operator clients are large- to mid-cap companies including service providers, technology and software developers, and media companies. Altman Vilandrie & Company’s financial clients include many of the largest and most prominent investors in the telecom, media and technology markets.