Monu Kalsi On The 5 Proven Strategies for Increasing Lead Generation
An Interview with Phil Gray, Editor of RevOpsTeam
To succeed in lead generation, staying current with these trends and adapting strategies to match the preferences and behaviors of your target audience is essential. Regular research and vigilance, along with an eye on industry-specific developments and emerging technologies, will help businesses maintain a competitive edge in lead generation.
Generating quality leads is crucial for businesses in today’s competitive landscape, and finding innovative and effective ways to attract potential customers has become a top priority. In this interview series, we are talking with marketing experts, industry professionals, and thought leaders who can share insights and stories from their experience about the best strategies for effective lead generation. As a part of this series, we had the pleasure of interviewing Monu Kalsi.
Monu Kalsi is a senior business executive and seasoned marketing professional with more than 25 years of industry expertise. With an educational background in engineering and an early adoption of digital and technology-focused marketing strategies, Monu possesses extensive knowledge across various industry sectors and functional domains. Monu has successfully held top marketing leadership positions within renowned Fortune companies, as well as prestigious global consulting and advertising agencies, showcasing exceptional strategic acumen in driving marketing initiatives.
Thank you for doing this with us! Before we begin, our readers would like to learn a bit more about you. Can you tell us the “backstory” about what brought you to this career path?
I come from a family of entrepreneurs and have always seen myself as an entrepreneur within various companies. My background is in engineering, and I started my career in the technology industry, where I was involved in hands-on coding and web design for early-stage e-commerce and business websites in the late 1990s. This experience in technology gave me a deep understanding and appreciation for application development, systems integration, and the challenges and opportunities they present.
After working in the agency world with WPP group, where I gained valuable experience in CRM and database marketing, I decided to expand my business skills and put my MBA from Ross School of Business to use in Accenture’s strategy consulting practice. My time at Accenture was like a fast-track boot camp in thinking, operating, and leading as a senior business executive.
Transitioning to the corporate side provided me with a new platform to not only build and grow businesses but also to create strong, sustainable teams capable of achieving any business objective. As Zurich’s first digital leader, I played a key role in establishing Zurich’s digital presence in North America and guiding their digital transformation over several years.
I then took on the position of head of marketing at Stericycle, where I successfully shaped and expanded the marketing team threefold within two years. In my current role as VP of Marketing at CNO Financial Group, I have had the opportunity to build several new functions within the marketing department and once again significantly grow the team and deliver sustainable business growth within a span of three years.
These experiences have provided me with valuable insights and strategies to build, scale, and monetize demand and lead generation programs for multiple businesses across various verticals.
Can you share with our readers the most interesting or amusing story that has occurred to you in your career so far? Can you share the lesson or takeaway you took from that story?
Perhaps the most fascinating narrative from my career involves my entry into CNO Financial Group in June 2020, a time when the pandemic was at its peak. As one of their initial hires during this challenging period, I faced the unique task of quickly adapting to my new role and assembling a team entirely in a virtual setting.
Over the next 12–18 months, I operated exclusively in the virtual realm, tackling a wide range of responsibilities, including devising strategies, recruiting new team members, fostering team spirit and motivation, and achieving our business objectives — all conducted via Microsoft Teams.
This experience underscored a significant lesson: the significance of face-to-face interactions in the corporate world. While we managed to meet our objectives virtually and adapted to this new way of working, I sorely missed the rich, interpersonal exchanges with my colleagues and team members that occur through both formal and informal interactions within and beyond the office. Such interactions are crucial for building genuine relationships, establishing trust, and creating a vibrant workplace atmosphere. I sincerely hope we never have to revert to that mode of operation again!
Are you working on any exciting new projects now? How do you think that will help people?
These days, I’ve been dedicating more of my time to sharing my insights and experiences on platforms such as LinkedIn and through prominent industry outlets like TheCMO, Forbes, Inc, and others. My goal is to impart the real-life lessons I’ve learned over the past few decades to fellow CMOs and marketing professionals, in the hopes that they can learn from my experiences, avoid similar mistakes, and streamline their decision-making process.
For the benefit of our readers, can you tell us a bit about your experience with Lead Generation? Can you share an anecdote or two that illustrates your experience in this area?
Throughout my career, I’ve been actively engaged in lead generation, starting back in my early days. During my tenure at J Walter Thompson from 2001 to 2007, I spearheaded a team that played a pivotal role in assisting Ford Motor Company. Our mission was to stimulate demand for their vehicles and generate high-quality leads, which in turn directed traffic to their local dealerships.
My dedication to driving growth through lead generation has persisted in most of my subsequent roles. While the marketing technology landscape has undergone significant changes over the past decade or so, the core principles have remained constant.
In my most recent position, I took charge of marketing-driven lead generation for our DTC (Direct-to-Consumer) business at Colonial Penn. Marketing was responsible for fueling our inbound sales pipeline, achieving an impressive weekly average of 30,000 to 40,000 leads. We accomplished this through a multifaceted approach, employing both digital and traditional tactics.
Additionally, I’ve successfully led similar campaigns in the B2B sector, contributing to 30–40% of Annual Recurring Revenue (ARR) for global service brands such as Stericycle and Shred-it. This was achieved by harnessing the power of paid and owned media campaigns.
How do you determine which channels to invest in for lead generation, and which ones have been most successful for you?
Creating a cheat sheet for determining the ideal mix of lead generation channels is not straightforward. It varies across industries and relies on factors like a company’s industry presence, brand recognition, product reputation, service quality, and other elements that influence the ease or difficulty of generating leads. Consequently, the choice of channels to include in the mix is highly context-dependent.
However, there are established and proven channels, such as Search Engine Marketing (SEM), which typically find a place in most company’s advertising strategies. Additionally, channels like Email Marketing play a vital role in lead nurturing and driving conversions.
Deciding which channels to retain or discard from the mix should involve ongoing experimentation. Marketers must continually measure a channel’s effectiveness and efficiency in generating qualified leads for their specific business. It’s crucial to strike a balance between lead quantity and quality, as overwhelming sales teams with unqualified leads can harm the relationship between marketing and sales.
Moreover, marketers need to focus on cost efficiency, being prudent financial stewards by managing the Cost Per Lead (CPL). For many organizations, CPL constitutes a significant portion of the total Customer Acquisition Cost (CAC). Understanding the acceptable CAC/CPL can further guide the optimization of the channel mix, helping identify and eliminate channels that are financially unsustainable.
How do you balance lead quantity with lead quality? What metrics do you use to measure the quality of your leads, and how do you ensure sales and marketing are aligned?
Balancing the quantity of leads with their quality is a crucial aspect of sophisticated marketing. It involves a blend of art and effective communication with your sales team. To achieve this balance, marketers should actively participate in the annual planning process and gain a deep understanding of the company’s revenue and customer growth objectives. Subsequently, they should collaborate closely with the sales team to translate these goals into a sales pipeline and, ultimately, into marketing leads, considering historical conversion rates and other relevant data. This process establishes a volume benchmark for marketing.
Additionally, this exercise sets clear expectations for lead conversion rates necessary to meet sales targets. Falling below these benchmarks would require both sales and marketing teams to intensify their efforts, not only in generating more leads but also in converting them to achieve revenue goals.
At this stage, marketing should play a proactive role, not just passively following orders. They should take the lead in discussions and be positioned to recommend the optimal channel investment mix based on data and analytics, striking a balance between lead volume and conversion rates. For instance, prioritizing channels that yield high-intent leads capable of meeting revenue targets, even if they generate fewer leads, can be more efficient than relying on cheaper media that produces thousands of leads but with lower conversion rates.
The alignment between sales and marketing should occur during the initial stages of annual planning and quarterly forecasting (if applicable), rather than as an afterthought once campaign investments are made. This proactive approach ensures a more effective and coordinated marketing strategy.
What are the biggest challenges you see companies facing when it comes to lead generation, and how do you suggest they overcome them?
I consistently encounter these challenges in the realm of lead generation. I’ve provided some recommendations on how marketers can address or alleviate these issues:
1. Discrepancies between sales and marketing in terms of revenue goals and sales targets — Establish regular and close communication between these teams. Participate in revenue and pipeline discussions to gain insight into challenges and expectations.
2. Underestimating the significance of branding and content marketing — While performance marketing is crucial for lead generation, it’s essential to recognize the impact of organic branding efforts, content marketing, community outreach, and other tactics initiated by the company and its employees. Measure and consider these elements.
3. Difficulty in attributing leads to specific channels — The challenge of not knowing which portion of your marketing investment is effective and how various channels contribute to overall growth persists. Invest in the creation of an attribution model or make use of existing attribution tools available in the market.
What role do marketing automation and CRM systems play in your lead generation strategy, and how do you use technology or AI to streamline the process?
Marketing automation and CRM systems are pivotal in modern lead generation strategies. They automate routine tasks, segment leads, and enable personalized communication to nurture potential customers effectively. AI plays a crucial role in this process by scoring leads, predicting conversions, and automating tasks like chatbots for instant engagement. This synergy between technology and strategy streamlines the lead generation process, making it more efficient and productive.
Incorporating these tools enables businesses to prioritize high-potential leads, provide tailored content, and manage customer data effectively. It also facilitates data enrichment, lead routing, and in-depth analytics to fine-tune strategies continually. By harnessing the power of marketing automation, CRM systems, and AI, organizations can optimize their lead generation efforts, driving better results and growth.
Can you share an example of a successful lead generation campaign you’ve led? What made it so effective?
An illustrative recent example I can share involves our lead generation initiative for DTC Collonial Penn business. The marketing team was responsible for driving leads to the direct fulfillment website, and our inbound telesales team managed our flagship final expense life insurance product with an annual recurring revenue (ARR) exceeding $100 million.
This lead generation program encompassed both digital channels (such as SEM, social media, display ads, and retargeting) and non-digital channels like DRTV, direct mail, and audio marketing. Email played a crucial role in lead nurturing and managing abandoned leads. By harnessing this integrated and meticulously orchestrated multi-channel strategy, our marketing efforts resulted in the generation of over 30,000 leads per week across online and telesales platforms, contributing to a steady and impressive Compound Annual Growth Rate (CAGR) for the business.
Several factors contributed to the success of this program:
a) Continuous experimentation within existing channels and the adoption of new ones, with a focus on achieving consistent but substantial improvements in conversion rates, Cost Per Lead (CPL), and lead volume.
b) Strong alignment between the sales and marketing teams regarding goals and approach, alongside ongoing open communication.
c) The utilization of data science and analytics to comprehend consumer behavior and create models for targeted and customized messaging and offers.
Here is the main question of our interview. What are your 5 proven strategies for increasing lead generation? If you can, please share a story or example for each.
1. Content Marketing: Create valuable and relevant content such as blog posts, ebooks, webinars, and videos to attract and engage your target audience. Use SEO techniques to optimize content for search engines. Focus your messaging on the value you are providing or problem you are solving — not your product!
2. Social Media Marketing: Utilize social media platforms to promote your content, engage with your audience, and run targeted advertising campaigns to capture leads. Build instant trust through reviews, content, endorsements, and testimonials similar to the Amazon experience!
3. Landing Pages: Design high-converting landing pages with clear calls-to-action (CTAs) that encourage visitors to provide their contact information in exchange for valuable resources or offers. Focus on reducing friction — minimize steps users need to take to make the purchase and provide them multiple ways to connect.
4. Lead Magnet Offers: Create compelling lead magnets, such as free ebooks, templates, or webinars, to entice visitors to share their contact details and join your email list or sales funnel.
5. Leverage paid media to jump start lead generation and then focus on organic efforts. It is important to get the engine cranking before getting more complex.
Finally, always be testing! There is no silver bullet to lead generation and marketers need to focus on the singles — continued and evolutionary efforts to improve messaging, user experience, CTAs, etc. to drive up lead volume and quality.
What trends do you see emerging in this space that businesses should be paying attention to?
In the evolving landscape of lead generation, businesses should focus on several key trends to stay competitive.
Personalization remains paramount, with tailored content and offers that resonate with individual customer profiles.
AI-powered chatbots are becoming essential for real-time engagement, while video marketing, including live streaming and webinars, continues to gain prominence. Voice search optimization, interactive content such as quizzes and polls, and influencer marketing are also trends to watch.
Ensuring data privacy compliance is crucial to maintain trust, and leveraging customer reviews and testimonials can provide valuable social proof.
Implementing lead scoring models and nurturing campaigns helps businesses prioritize and convert leads effectively.
To succeed in lead generation, staying current with these trends and adapting strategies to match the preferences and behaviors of your target audience is essential. Regular research and vigilance, along with an eye on industry-specific developments and emerging technologies, will help businesses maintain a competitive edge in lead generation.
We are nearly done. You are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)
Prioritize your mental and physical health! Many individuals in the active workforce neglect to adequately address their well-being until it becomes a pressing issue. Following the transition to remote work in the post-pandemic era, the boundaries between personal and professional life have become blurred, leading to a tendency to allow work to dominate the time that was once reserved for personal activities. Dedicate 30 minutes each day to concentrate on engaging in a physical activity that takes you away from your work environment and promotes both physical and mental well-being. Remember to prioritize yourself!
How can our readers further follow your work online?
I am an active user of the LinkedIn platform and frequently share my thoughts on it or engage with other marketing leaders on topics of interest. That would be the best place online to follow my work.
Thank you for the interview. We wish you only continued success!
About The Interviewer: Phil Gray is the COO of Black and White Zebra, a digital publishing and tech company. He hails from rainy Glasgow, Scotland now living in the not-quite-as-rainy Vancouver, BC, Canada. With 10+ years of experience in leadership and operations across multiple industries, he applies a broad scope of experience in business that lets him see the big picture. His love for data and all things revenue operations landed him this role as resident big brain for the RevOpsTeam.
