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Making Appointment Setting Work forB2B Lead Generation CampaignsAutomating Profitable Growth www.zinfi.com
A brief summary of where appointment setting may work effectivelyand where it is bound to fail.Automating Profitable GrowthTM“Appointment setting remains animportant tactic for lead generation,how and where it works best haschanged dramatically over thepast decade. When integrated wellwith digital marketing, plannedproperly and executed effectively,appointment setting campaigns canstill provide ROI.“Appointment setting for lead generation in thebusiness-to-business (B2B) segment has existed now forabout 30 years or so. To be exact, the evolution reallystarted with the rise of database providers like Hooverand InfoUSA at a national level in the US in the 70s and80s, and then in other countries as various prospectlist providers emerged. To attain appointments witha prospective buyer, a company needs three things: alist, a phone and an inside sales rep who is ready andwilling to be hung up on or rejected 90% of the time inorder to succeed 10% of the time, making hundreds ofcalls to set up just a few appointments. Unfortunately,that methodology has become less and less effective as
What is MQL?““The efficacy and efficiencyof the sales person will helpdetermine whether s/he canconvert an MQL effectivelyto an SQL by answeringcritical sales objections andquestions. Most opportunitiesdie at this engagement level,because many sales reps donot prepare ahead of theappointment.prospective buyers are inundated with push marketingand multiple telemarketing shops harvest the same listagain and again for various sales efforts. As a result,appointment setting has become a dying art – exceptwhen coupled with a truly integrated marketing approachthat focuses heavily on inbound marketing.Here is a brief summary of where appointment settingmay work effectively and where it is bound to fail.1. Understanding What Appointment Setting Is –Success is a function of expectation, so beforesuccess can be achieved with an appointmentsetting campaign, it is important to understand whatappointment setting is and what it can do for leadgeneration. However, before we delve into specificaspect of appointment setting, let’s understand thebasic concept of marketing qualified lead (MQL) andsales qualified lead (SQL).Automating Profitable GrowthTMBefore the advent of the Internet and digitalmarketing, telemarketing was a major way ofreaching out to prospects to promote productsand solutions. As a part of that engagement, a B2Btelemarketer would typically ask four key questions:Do you have a need for this solution? Do you havethe budget to procure this solution? Do you havethe authority to decide? Do you have a specifictimeline to acquire a solution of this nature? Thisled to the advent of the acronym BANT (BudgetAuthority-Need-Timing). There have been variousiterations of the term – such as eBANT, wherethe “e” stands for environment – particularly inindustries like manufacturing, technology andinsurance, where domain specificity is required.But the goal has always been to understandwhether, using the BANT criteria, there is a goodfit. If so, it would typically lead to a marketingqualified lead (MQL). However, never in thispreliminary discussion was the exact sales potentialdetermined, because that is a much deeper, morecomplex conversation. What is SQL?Once an MQL has been generated, it leads toan appointment with a sales rep or an expert,who now attempts to convert it into a salesqualified lead (SQL). Understanding this subtlebut critical difference between MQL and SQL setsthe foundation for success in an appointmentsetting campaign. Typically, nearly 70% of MQLleads do not lead to an immediate or future salesopportunity. Why? First, because the prospectmay have an interest in a specific solution from avendor, but he/she may also be looking at othervendors. In the end, the prospect will buy fromonly one. Second, the odds are against a vendorwho doesn’t have leading market share (at least20-30%). If, for example, a vendor has 10% marketshare, then the probability that an appointmentmay lead to an opportunity is only 1 of 10. Finally,
3. Integrated Appointment Setting and Prospecting –““Appointment setting still tendsto work in some emergingmarkets, where mediachannels are not as matureor content-rich as they arein the developed markets. Ingeneral, however, the efficacyof appointment setting hasdecreased substantiallyacross the board.developed markets. In general, however, the efficacyof appointment setting has decreased substantiallyacross the board. Today, appointment setting is mostlikely to work if it is properly integrated with otherdigital means.the efficacy and efficiency of the sales person willhelp determine whether s/he can convert an MQLeffectively to an SQL by answering critical salesobjections and questions. Most opportunities dieat this engagement level, because many sales repsdo not prepare ahead of the appointment. So, nomatter how effective the marketing appointmentsetting has been, sales must still perform in orderconvert the MQL into an opportunity.2. Where Appointment Setting Works –Appointment setting campaigns used to have muchbroader application, but as years progressed and frontend of the marketing funnel got fragmented becausebuyers could find out about prospective vendorssolutions through other means (e.g., social media,peer groups, reviews, etc.), the value that outboundtelemarketing offers has decreased substantially.That said, appointment setting still tends to workin some emerging markets, where media channelsare not as mature or content-rich as they are in theAutomating Profitable GrowthTMOver the past 10 years, and especially over the past5 years, inbound marketing has changed how leadsare generated. Search and social marketing playa pivotal role in awareness generation and in somecases completely eliminate the need for outboundtelemarketing to generate awareness. However,coupled with effective inbound (search and social) andoutbound (email, event, etc.) marketing, appointmentsetting can still can be the important last step inlead qualification and setting up qualified sales callswith expensive sales resources. This applies acrossall segments (SMB, mid-market and enterprise) andverticals. However, thoughtful planning and integrationis needed for an appointment setting campaign to besuccessful.While appointment setting remains an important tacticfor lead generation, how and where it works best haschanged dramatically over the past decade. Whenintegrated well with digital marketing, planned properlyand executed effectively, appointment setting campaignscan still provide ROI; however, when used as a standaloneeffort by mimicking the old archaic approach of randomcold calling to a list, it barely produces results anymore.
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Here is a brief summary of where appointment setting may work effectively and where it is bound to fail. 1. Understanding What Appointment Setting Is - Success is a function of expectation, so before success can be achieved with an appointment setting campaign, it is important to understand what appointment setting is and what it can do for lead
