Over the past year, the B2B software company that I currently work at has gone from offering 1 product, to 2 products, to now offering 5 different products. When we transitioned from 1 product to 2 products, we simply created an entirely separate mirrored marketing funnel with separate multi-touch attribution models, stage stamps, lead scoring, etc. However, we are realizing that this approach is not scalable to do for 5 separate products (with potential to add more products in the future). I am curious to hear from the community about successful approaches and scalable structures that you have seen implemented for marketing teams that work in a multi-product model. Specifically, regarding lead scoring, marketing funnel stage stamping, and associating every touchpoint with one or multiple products.
Some other information that might be useful to understand:
All 5 products are not mutually exclusive. They can be purchased by themselves, all together at once, or successively added on at different times. So that means a lead can be interested and engaging with marketing content associated with different products simultaneously. Our sales cycles are long and therefore the amount of touchpoints and depth of reporting associated with every closed-won opportunity is extensive.
Need to understand your business and sales process a bit more...
When we transitioned from 1 product to 2 products, we simply created an entirely separate mirrored marketing funnel with separate multi-touch attribution models, stage stamps, lead scoring, etc.
What was the reason you decided to this?
Is your RCM different for all your products? e.g. product A has a sales demo stage, while product B has a free trial stage?
Aren't you possibly combining existing customers with prospects in the same funnel?
I'm at a B2B telecommunications company and we sell different products with an average 3 to 6 month sales cycle across various products but can get up to 18 months depending the deal size and if it's government. A customer can purchase fibre, unified comms, cloud solutions or data centre stuff from us. Our funnel is simply tracking net new leads from Known to Closed Won, regardless of the product. We're planning to implement segment scoring (including various products) to identify product interests and provide those insights to sales. Currently sales have "on-demand" product nurtures they can add leads to, but with product scoring we can begin personalised automated nurtures to prospects or existing customers.
If you're using a funnel per product, I don't think it makes sense to combine up-sells and cross-sells to existing customers in the same funnel as prospects. Though for us, we have account managers that are KPI'd on retention and up-sell/cross-sell targets.
So basically I'm asking - do you need a funnel model per product?
Thanks for the reply! While I understand your point, unfortunately, our business needs require us to be able to track each product line funnel individually and separately. We have marketing funnel metric KPI's set for each product line and therefore need a scalable way to track all of them separately, even though the same prospect/customer can be in the multiple funnels at the same time. This is both for reporting purposes, as well as lead routing and sales strategy.