20 minutes | Jan 19, 2020

#31 - Mark Colgan - Building a lean, mean, lead generating machine with outbound prospecting

Mark (here on LinkedIn) talked at the DMSS 2019 and he is a professional outreacher. His presentation was called Building a lean, mean, lead generating machine with outbound prospecting. And he knows how to help others do it. He is the CRO at TaskDrive. We have his whole presentation here: Building a lean, mean, lead generating machine with outbound prospecting from Mark Colgan   Here is the transcript of the talk we had: Mark Colgan: HubSpot is the biggest advocate of inbound marketing, yet they spent over 60% of their budget in the first few years on outbound. Really, the answer is that inbound alone doesn't work, and you need to support it with outbound prospecting or outbound marketing. Intro: This is Time For Marketing. The marketing podcast that will tell you everything you've missed when you didn't attend the marketing conference. Peter: Hello, and welcome to the Time For Marketing podcast. The podcast that brings you marketing conference speakers from all around the world, and takes their presentations, smoosh it up into five minutes, and you have a small package of knowledge. My name is Peter, and I'll be your podcast host. If you would like to check out the previous episodes, timeformarketing.com, or you can also subscribe to our newsletter, and of course find all the links to the iTunes Google podcast, Stitcher, and every else places where you can listen, and review, and rate, and do all of the great things that you do with podcasts. Today with me is Mark Colgan. Mark is the chief revenue officer at TaskDrive. Mark, hello, and welcome to the podcast. Mark: Hey, Peter. Thank you very much for having me. I'm really looking forward to sharing the presentation. Peter: Thank you for being here. Mark, you are a chief revenue officer. What does that mean? Mark: Yes, that's a great question to start with. A chief revenue officer has a few different definitions, but in my understanding and interpretation, it's somebody who aligns the different departments within a business in order to achieve revenue. Those departments I look after at TaskDrive are marketing, sales, customer success, and product. I make sure there's no silos, and I make sure that our customer is first in terms of our priority. We do everything we can to increase the quality that the customer has with us, which helps us reduce churn, and also helps us increase new customers through the sales and marketing activities too. Peter: What is TaskDrive? What are you doing? Mark: Good question. TaskDrive is a service-based business. Our mission is to help b2b sales and marketing teams focus on high-value activities. We do that by offering an outsourced lead generation and data enrichment service. We help companies build new lists of prospects. We also help them enrich existing datas, then we also help companies that sell into enterprise with their account-based insights to helping them expand their reach and increasing their sales velocity by giving them a detailed view of the stakeholders within the decision making process. Peter: This was a complicated way to say you help companies with their prospects, with their leads, is that right? Mark: Yes, but it's not just leads because we help them-- A lot of companies are faced with the fact that they have a lot of data that they've amassed over the last few years which has gone fairly out of date, so we also help them with data enrichment. Yes, one of the use cases is lead generation for prospecting. Peter: Your presentation comes from the Digital Marketing Skillshare Conference that is organized every year in Bali. You were there this year. How was the conference? Mark: Yes, it was fantastic. A really great conference. They originally started out with an SEO focus but over the last few years, have broadened that out to other tracks. There's people talking about marketing, pay-per-click advertising, as well as email marketing. I covered the outbound sales and prospecting through the presentation there. Peter: What was your favorite presentation at Bali? Is there one? Mark: I personally really enjoyed Mark Webster's presentation. He's from Authority Hacker, and he spoke about building and selling online courses, or online IP, basically, your knowledge as a personal interest of mine. I really enjoyed that talk and got a chance to speak with Mark after the event as well. Peter: Of course, Mark is a big podcaster in the marketing world. I think we should go directly to the presentation. Mark, you spoke on building a lean mean lead generating machine with outbound prospecting. Here are your five minutes. Tell us what your presentation was about? Mark: Thank you for having open mic, Peter. This presentation was actually around 50 minutes, so I'm going to do my best to bring everything into 5 minutes. I spoke about outbound prospecting, and throughout the presentation, I covered a number of different sections. I started out with what outbound prospecting is, what the four stages of building a lead generating machine is, how you can then scale that outbound prospecting. Then I gave some bonus tips and additional reading, which are all in the slides for those who are listening. I'll start with outbound prospecting. It really it's a direct channel where you can identify and target customers and directly reach out to them, and introduce them to your company its products and services. The goal of this is to start a conversation, and it's also to position yourself as a trusted adviser. You're not going to sell- especially in the b2b space, you're not going to sell directly to consumers in a cold email, so you need to remember that. Also, you need to remember that it's just one lead generation strategy, so you've got search engine optimization, social media events, webinars, side projects. Outbound prospecting just fits into your lead gen strategy. It's not the be-all and end-all. It's part of the sales process. It's the beginning part because once you generate leads, you then need to convert those leads by sales calls, or from demos, or free trials, and close them into paying customers, and then you need to fulfill those needs. Fulfill those customers and deliver the value that you promised, nurture those customers, and ensure they're successful, and hopefully, they become advocates of your business. Outbound prospecting works for most companies who have achieved product-market fit. They have an average order value of over a thousand dollars per year, and you can also scale the delivery of your service or product. It's really important to distinguish those. Also, as we approach 2020, there's a couple of things that I believe personally you need to do in order to succeed with the outbound prospecting. These are, you have to come from a attitude of offering value and giving without expecting anything in return. You need to understand the buyer's journey of awareness consideration of the decision, and people within your prospects are going to be at different levels of that journey. Also, only 3% of your market are actively buying at any one time, so that means 97% of people aren't looking to buy right now. If you're selling and pitching to a hundred people, only 3 are actively looking and 97 aren't. You need to make sure that what you're sending in your messaging is building value, and position yourself as a trusted advisor, and not just sending a sales pitch. For the sake of time, I broke down the lead generation machine into four different steps. I'll just go through those in a bit more detail. The four steps are planning, research, message, and launch. Planning really comes down to understanding who you're trying to target with your ideal customer profile, as well as the individuals within those companies. Those are your buyer personas. The best way to create these is to look at your existing customers and any sales or prospects in the funnel and just identify what they have in common. What pain points do they share, what characteristic characteristics they share as a company? You then need to move on to understanding what their pain points are, what problems are they trying to achieve or overcome from a account level as well as a personal level. In their role, what are they trying to overcome? Then you want to split out your ideal customer profiles and buyer personas into different campaigns. That might be via location, by industry, by job titles or seniority. Then you also need to prepare your email for outreach. One of the most important things to do is not use your main domain to send out these emails because you run the risk of hitting the spam traps, and then blocking your email deliverability in the future. You also need to research, spend a lot of time personalizing the outreach, so you can research on an individual persona. On an account level, make sure that your outreach is personalized, and you can use merge tags for the outreach. You put those things that you find in your research into the emails which builds relevance with the individual, and also it encourages them to reply. You then need to find those leads. There's a number of places you can look at. LinkedIn, you can go to directories, you got to the podcast, you could use paid databases like-- discover. There are hundreds of different sources for the data, but you'll only be able to know where they are when you've done your ideal customer profile and buyer persona research. Again, skipping through quite a lot here [chuckles] to try and get it into five minutes. Then we're onto your messaging. Here, you need to understand what your strategy for cadence is. That is, how many touchpoints, how many times are you going to try and attempt to contact people, over which media or channels, what the duration of the outreach is going to be, how much time in-between each of the messages, and what that content is. There's a number of ways to select media channels. The easiest way is the cheaper or smaller. The shorter
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