One of the most complex sides of working in the manufacturing industry is lead and opportunity management. All too often there is no clear process set up for channel partners to generate, log and manage their leads from first conversion through to sales closure. The processes out there that do exist are commonly a confusing mix of ad-hoc technology and in-house spreadsheets which lead to inaccurate data and reporting.
Companies that pay attention, especially in the early planning stages, and devote the right resources and budget to lead and opportunity management tend to perform better than their competition. Building a killer process leads to sustained growth and profitability.
But how do you incentivize channel partners to co-operate and excel at every stage?
There are a few fundamental ways that Channel Engagement programs like Fielo can help manufacturers with lead and opportunity management.
Storing content for lead nurturing
A partner platform enables you to store brand compliant content and tools for lead attraction and nurturing. You can help generate leads by creating content, promotions, blog posts, social media posts and storing them on a centralised platform for your channel partners to use at their will.
You can also add personalized content for lead nurturing. For this, it’s really important to ensure you have seamless CRM integration to ensure a bi-directional transfer of lead data, KPIs and communication.
Incentivizing channel partner behaviors
Intelligent rules engines enable manufacturing vendors to incentivize lead and opportunity registration from their channel partners, leading to incremental increases in sales and ROI
On Fielo, you can establish key criteria for lead segmentation and scoring, including a list of buyer personas and journeys. Once you’ve categorised leads you can segment them into lists so they can be nurtured by your channel partners via relevant and personalized communications and targeted campaigns.
Every channel partner should understand how to use the CRM to register and monitor their leads and opportunities and have the resources at their disposal to nurture those leads through to closed sale. They need to update the CRM following every single communication to keep lead status up-to-date so vendors and stakeholders can see what’s going on and, vitally, analyze and report on every aspect of the process.
Reporting and Analyzing
Using Fielo, vendors have the tools at their disposal to analyze and report on deal registration so that they can optimize the process and make strategic decisions to improve results.
Fielo provides points and rewards as information is logged, opportunities are qualified and revenue thresholds are reached. Incremental reward functions create incentives along deal processes from first interest, when a new lead is created, through to qualified lead, when an opportunity is created, and finally to sales order processing. Opportunities can be divided into several stages to suit the unique deal registration trajectory at each company.
Tiered rule systems, gamification mechanisms and rewards work in synchrony to drive channel partners towards important steps in handling and qualifying leads. This, in turn, will increase overall number of logged opportunities and conversion rates, reduce the sales cycle, and boost your revenue.
Case study of Fielo in action
James Hardie is a company that manufactures and develops fiber-cement building products for new home constructions and remodelling, in the USA, New Zealand and Canada.
Fielo diagnosed that James Hardie's difficulties lay in lead generation and nurturing i.e. contractors weren't following lead and opportunity protocol or logging information effectively.
The program we delivered incentivizes contractors to create and nurture leads, both new and assigned, whilst also incentivizing activities around training and e-learning.
Various achievements and revenue-generating actions elevate the contractor across 5 membership levels and badge systems, improving their status on what is known as the "contractor locator". This, in turn, opens up more business opportunities for them.
As a result of the powerful program delivered by Fielo, James Hardie's customer base has risen by 254% since launch. There has also been an impressive 20% increase in customer engagement over existing marketing efforts. Those numbers are pretty remarkable.