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A winning B2B strategy can earn you more business. But you can’t rely on mass emails and the same old tactics to earn new customers and drive revenue. You’ll need the right blend of data, customer analyses, and sales techniques to help shape your performance. And you’ll need employees equipped with knowledge and skills that can be honed in MBA programs. For today’s businesses, investing in education and adopting the modes of thought learned within graduate business programs can lay a stronger foundation for success.
Read on for a deep dive into how MBA programs can enhance B2B lead generation.
When you enroll in an MBA program, you’ll learn about the value of market segmentation. This strategy takes into account the fact that not all customers are alike, although many may share certain similarities. Essentially, you’ll divide your total market into smaller groups that may share similarities such as age, gender, or region. You’ll be able to refine your leads and develop an Ideal Customer Profile (ICP) by doing this.
The ICP defines those customers that will be most aligned with what your company is selling. In other words, these will be the customers you’ll want to target since you’ll stand the best chance of converting and retaining them. You’ll want a strong tech stack compatibility, for instance, to ensure that what you offer fills a void within your target customer’s tech needs. When you understand what a company is currently using, you’ll be better able to tout your own software offerings. Similarly, knowing a company’s pain points can help you market what you offer as a solution.
Further, you should determine the industries associated with an ICP to help build more targeted marketing outreach. And you’ll want to be clear on the buying committee complexity. Knowing who will have a seat at the table during your sales pitch can impact how you shape that pitch. You’ll learn how to develop comprehensive ICPs in an MBA program, among countless other skills. View program details here.
Conversion funnel analysis can be a helpful tool when you’re trying to unpack your customers’ journeys. By looking at each likely step, you’ll be able to pinpoint those moments where a customer may lose interest. In doing so, you’ll help make the transition from a marketing-qualified lead (MQL) to a sales-qualified lead (SQL).
An MQL is a possible customer who is interested in what you have to offer. Perhaps they’ve subscribed to a newsletter from an email or filled out a contact form on your website. For them to become an SQL, they’ll have demonstrated a strong need for what you’re offering. They may have even indicated an interest in making a purchase. You’ll need the right framework, however, to successfully enact this transition.
Consider tracking data connected to how many MQLs become SQLs. And then look at how many SQLs sign on the dotted line for a purchase of your product or service. You also should shine a light on points in the conversion funnel where the drop-off is high. That way, you can intervene and correct your outreach efforts.
The Customer Acquisition Cost (CAC) is another critical piece of the puzzle when you’re trying to grow and convert leads. The CAC is the total cost of your marketing efforts divided by the number of customers obtained. It’s a valuable metric for determining how much you’re spending on marketing. And it’s one that all MBA programs will cover.
Similarly, the Customer Lifetime Value (LTV) considers how big a contract a customer signs and whether they stick around as a customer. Ultimately, you want your CAC to be lower than your LTV. If that’s the case, you’re being smart with your marketing investment efforts. You’ll be able to map out a budget that accounts for marketing needs and prioritizes high-value customers. If the CAC is the higher number, however, you’ll need to retool your marketing plan and perhaps your business plan as a whole. You could be spending too much money on campaigns that don’t amount to conversions.
B2B marketers can’t get by with sloppy efforts and unfounded claims. Data-driven decisions and structured frameworks are vital to generate leads that can become customers. Individuals in an MBA program will be conditioned to see ongoing learning as a crucial part of their success, and you should, too.
Embracing the latest analytics tools, learning how to sync different software programs, and reviewing strategies are among the few items business marketers must prioritize. And, of course, learning how to lead cross-functional teams can build respect and innovative ideas that result in more revenue.
Building B2B lead generation is a team effort, and one that requires ongoing assessment. Teams must take a structured approach, evaluate data, and rely on sound leadership. These skills can be nurtured in MBA programs, but any motivated team member can tackle these concepts to help improve business outcomes. From defining ICPs to reviewing SQL conversion rates, B2B marketers must constantly review and refine strategies to enhance performance.
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