The 8 Essentials of B2B Marketing
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Presentation with my POV on the critical elements necessary for successful B2B marketing. 1. Know your customer journey 2. Always be helping 3. Create marketing so good people would pay for it 4. Promote the power trio 5. Simmer your leads 6. Get in bed with Sales 7. Cultivate continuous improvement culture 8. Build products that sell themselves
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The 8 Essentials of B2B Marketing
- 1. Eight is Enough The Essentials of B2B Marketing @ToddEbert CMO, MultiView
- 2. The 8 Essentials of B2B Marketing Know your customer journey Always be helping Create marketing so good people would pay for it Promote the power trio 1 2 3 4 5 6 7 8 Simmer your leads Get in bed with Sales Cultivate continuous improvement culture Build products that sell themselves
- 3. 1. Know Your Customer Journey customer journey map icon by Yu luck from the Noun Project
- 4. If you don’t know where you want to go then any road will take you there. — Cheshire Cat to Alice in Wonderland
- 5. How do YOU buy today? Search Do you use your mobile phone to instantly research products and services? Surf Do you see ads and form impressions of businesses and products? Socialize Do you share your buying experiences with hundreds, even thousands, of others?
- 6. Now think about your ideal buyer. Who are they? And how do they buy your types of products? If you don’t know where they go how will you reach them?
- 7. We now self-educate online and complete 70% of the buying journey before contacting vendors!
- 8. You Must Be Present To WinBuying Journey NowThen Marketing Sales Marketing Sales Exploring [Interest] Researching [Consideration] Evaluating [Intent] Validating Unaware [Passive] Purchasing You Must Be Present To Win – If You’re Not There Your Competitors Are
- 9. THEN Rep Guided • Customers have tons of information at their fingertips online and complete 70% of the buying journey before engaging vendors to get proposals • Businesses must have robust digital marketing to educate/pre-sell the customer during their research. If they aren’t present they can’t win the battle for consideration. • Customers have little information so they engage several vendor sales people early in the journey to learn about their product • Businesses must have lots of sales people in order to entertain / educate / sell customers Explore & Research Many Potential Vendors Online Solicit Few Proposals Consider Vendors NOW Self Guided $ $ Meet With Lots of Vendor Sales People Over 70% complete!
- 10. 28% @ 6%24% Online 7.6 Hours Daily Media Consumption 1% Search Email / IM Surf Content Surf Social Medi Shop Online 19% Surf Video Offline 7.0 Hours @ 49% of digital media consumption is now on mobile devices The Journey Occurs Online! 23%
- 11. You Need To Reach Buyers Digitally at EVERY Stage! Do I have a problem? Who can solve it? Who should solve it? Do I want to solve it? How? Buyers do their own research online. On average, they are 70% through the journey before even contacting a sales rep. Should I buy again? Unaware Explore Research Evaluate Validate Purchase Renew Advocate 70% BUY
- 12. A detailed breakdown of how digital media influences each step of the B2B buying journey and how to accelerate your prospects’ path to purchase. GET THE EBOOK
- 13. 2. Always Be Helping
- 14. If people like you they'll listen to you, but if they trust you they'll do business with you. — Zig Ziglar
- 15. Change Your Mindset! Wanted Educates Provides unique insights Solves their problems Always Be Helping Unwanted Interrupts, irritates Kills trust Hurts brand Always Be Closing
- 16. There’s Only One Way to Win … Give Value. Get Value. To
- 17. 3. Create Marketing So Good They’d Pay For It
- 18. Content – education / insight on a key issue Tools / Apps - tools that help identify and solve issues Expertise – evaluation / assessment with detailed recommendations Products – trials that enable customers to experience the value More Valuable Less Valuable Lower Commitment Higher Commitment You need to create stuff that is so good that your prospects: • Are impressed enough to engage • Give you their contact info • See you as an expert • Look forward to your emails Give Value to Get Value
- 19. Level 1 – Educational & Helpful Content
- 20. Level 2 – Free Tools / Apps • Provide a useful service • Identify real issues • Recommend improvements • Capture contact for nurturing
- 21. Level 3 – Free Expert Assessment • Provide a useful service • Identify real issues • Recommend improvements • Capture contact for nurturing
- 22. Level 4 – Freemium Products • Eliminate barriers to trial • Prove the value of your product • Market higher tiers of your product
- 23. 4. Promote via the Power Trio
- 24. If businesses are not visible online when people are doing their homework, believe me, they’ll find others who are. — Jim Lecinski, Managing Director, Google
- 25. You MUST Be Present To Win Ensure that people know and consider your brand… Before They Need Your Solutions During Their Research Through Their Evaluation Process After They Become a Customer
- 26. OWNED MEDIA Website Blog Social Pages Email EARNED MEDIA PR Stories Social Shares Reviews PAID MEDIA Display Ads Search Ads Social Ads Retargeting Ads The Trio Works Together To Maximize Reach & Impact You need digital advertising! It’s the best way get your message in front of prospects at every step of their journey. If you’re not present you can’t win. You need a great website! It creates the critical first impression that wins or loses their business so you must impress them enough to contact you. You need subscribers and social followers! They turn into future leads, customers and advocates. They create your “word-of-mouth”.
- 27. 19962016 = Calls Paid: Brand Marketing + Social Marketing + Intent Marketing = Leads + + Plumbing Experts + +
- 28. Paid: Capture Attention at Every Step of Their Journey EXPLORING RESEARCHING EVALUATING VALIDATING PURCHASING
- 29. Owned & Earned: Build a Resource Hub, Fill It with Great Stuff, Share Socially Content Type Monthly Blog Posts 12 Ebooks 2 Infographics 1 Social Posts 200+ Testimonial Videos 2 Case Studies 2 Expert Videos 2 Bylined Articles 2 Memes 2 Explainer Videos 1 How To Guides 1
- 30. Everything Influences Every Step! Exploring [Interest] Researching [Consideration] Evaluating [Intent] Validating Unaware [Passive] Purchasing
- 31. 5. Simmer Your Leads
- 32. We live in a Match.com world; many buyers and sellers “meet” for the first time online. In fact the entire purchase process may start and end without a single face-to-face interaction.
- 33. Companies that excel at lead nurturing generate 50% more sales ready leads at 33% lower cost (a) Nurtured leads produce a 20% increase in sales opportunities versus non- nurtured leads (b) Nurtured leads make 47% larger purchases than non-nurtured leads (c) Prospects Complete the Majority of Their Buying Journey Online Then Contact a Few Vendors for Proposals $ 70% Most Leads are Not Ready to Talk to You Yet…So Nurture Them Sources: a. Forrester, b. Gleanster, c. Annuitas
- 34. Simple Nurture: Warm Them Up With Flow of Useful Content Again, give value to get value. Only send emails with helpful content.
- 35. Awareness Campaign Consideration Campaign Buyer Campaign Advanced Nurture: Complex Series Triggered by Prospect Actions
- 36. Nurture: Feed Your Sales Team Steady Stream of Warm Leads • Provide reps daily prioritized list of “Best Bets” • Give insights on content they consumed • Enable reps to have the right conversations at the right time
- 37. 6. Get in Bed with Sales
- 38. Create a Dedicated “Smarketing” Team* One charter One set of SLAs One set of KPIs One feedback loop One dashboard Jointly accountable & rewarded *Smarketing = integrated demand generation team
- 39. Have Integrated Conversations with the Customer Lead Pipeline
- 40. Follow-up with Website Lurkers Who Might Be Leads • Identify companies visiting your site who leave without converting [like Caller ID for your site] • Give names of highly engaged companies to Sales for proactive outreach • Capitalize on leads you otherwise wouldn’t have known about
- 41. Build Great Content for Customers & Sales [“Always Be Helping”]
- 42. 7. Cultivate Continuous Improvement Culture
- 43. Great Marketing is Simple... Right Mix of Paid & Earned Media that Reaches Targets Compelling Content, Tools & Offers that Drive Conversions Modern Website & Blog that Impress All Visitors Great Nurturing that Warms Up Leads Until Ready to Buy …but requires a ton of tweaks and changes
- 44. Lead Lifecycle Reporting/Tracking [with estimated conversion rates] Inquiry Contact Us + Converted CTA: Ebooks, Webinars, etc. (Not Sales Ready) Engagement # of Inquries By Source By Channel MCL Meets You Defined Criteria (Not Sales Ready) Score # of MCLs By Type By Source By Channel MQL MCL Score exceeds MQL threshold (Sales Ready) Score # of MQLs By Source By Type By Channel SAL Sales engaged with MQL and accepts lead (Sales Engaged) # of SALs By Source By Type By Channel 48% 97% SQO Met BANT criteria converted to opportunity (Sales Opportunity) # of SQOs By Source By Type By Channel 40%35% Closed (Opportunity Closed) # Closed Won # Closed Lost By Source By Type By Channel # 22% Track and Optimize Your Leads Pipeline To Improve Conversion at Each Stage You Can’t Improve What You Don’t Measure
- 45. Test & Optimize Everything – The Devil is in the Details • PPC keywords/ads • SEO keywords • Retargeting ads • Website • Lading pages • Blog/Resource Ctr. • Social pages • Mobile optimization • Reputation SEO • Reviews • Live Chat • Data sourcing • Data quality • Data appending • List compiling • Lead scoring • Directed calls/plays • Call methodology • Insights tools • Employee sharing • Tradeshows • Seminar series • Intake coverage • Intake response time • Nurture campaigns • Videos - Testimonials • Sales response time • Sales response time • Reference clients • Solution presentation • Presentation tool • Proposal tool • Product bundles • Promotional pricing • Specific offers • Videos - product • Sales comp/spiffs • Freemium products • Free apps/utilities • Email marketing • Webinars • Social campaigns • Display campaigns • Traditional ads • Ad creative • Content types • A/B Testing • PR / Media Stories • QA process/updates • Sales methodology • Sales email templates • Appointment setters • Lead nurturing campaigns • Live demos • Demo tool • Collateral • Reference clients • Onboarding • Nurturing campaigns • Proactive account recommendations • Special promos • Upsell emails • Product insights delivered AttractConvertClose
- 46. Live & Die By Your Dashboard Traffic, Leads, etc. are important, but your ultimate goal is to improve: • CAC – cost to acquire customer • LTV – lifetime value of customer • LTV/CAC • % revenue Marketing Sourced Leads • % revenue Marketing Influenced Leads According to SiriusDecisions, best-in-class companies generate >40% of revenue from marketing sourced leads. LTV $______ CAC $______ Ratio_______ To get a true picture of conversion rates requires a full year view so that the leads can make it through the sales cycle.
- 47. 8. Build Products That Sell Themselves
- 48. B2C Companies Build Marketing INTO Their Products Personalize recommendations based on customer behaviors. Increase cross-sell/upsell/retention with no sales cost.
- 49. B2B Companies Must Up Their Game • Your customers have been conditioned to expect a great experience • You can use milestones and insights to suggest other products • You can increase average revenue per customer without Sales cost
- 51. Focus on the Customer, Customer, Customer… Talk about what they need, not what you sell – ”always be helping” Map everything you do to their buying journey Give Value to Get Value Avoid “get rich quick” campaigns at all costs Create content customers actually want Get a ‘Two-fer’ From All That You Do Build everything for inbound marketing to pull in leads AND as a tool for outbound selling by your reps Integrate Everything Run holistic campaigns with multiple tactics ALL centered on a customer insight or pain point Drive prospects to the site, impress them enough to fill out your form and then nurture those precious leads
- 52. Unabashed Longhorn fan, annoyingly observant father, technology tethered raspberry Snapple drinker, 51% Philly direct / 49% Texas nice, self-proclaimed chips & salsa connoisseur, fluent in sarcasm, smoked meat aficionado and Paleo eating specialist, dogs vs. cats, underwhelming golfer who never met an IPA he didn’t like, getter of shit done. I believe the difference between winners and losers in today's hyper-competitive markets is great marketing, and that's something I know a bit about. I’ve spent twenty-five years with my sleeves rolled up leading marketing teams that drive growth and increase enterprise value. I'm a student of both the art and the science of marketing with lots of experience marrying the two for powerful results. About Me toddebert.com twitter.com/toddebert linkedin.com/in/toddebert Slideshare.net/toddebert Connect With Me
Editor's Notes
- Which leads me to the topic of my talk today --- the seven pillars of modern marketing….
- Unaware of problem and not seeking solutions Exploring the problem and learning about possible solutions Researching more deeply and adding/subtracting solutions from consideration set Narrowing down the consideration set and evaluating the few candidates to buy – checking all aspects and calling for quote Validating their choice/decision to others in the decision-making unit Buying
- First one because it sets the foundation – if you don’t get this one right then the rest of your marketing will suffer. If you’re like me you get 20 unsolicited emails andl phone calls a day from vendors and the typical one says “Todd, I’d like to get 10 minutes of your time to tell you about our product and what it can do for you.” Guess how many of those I respond to? None. And it’s because they interrupting me and not providing me any value or utility My simple principle for all that we do at ReachLocal is to Give Value in order to Get Value
- Another way to look at this is that you should focus on teaching better not selling better… Quote from leading marketing author Jay Baer says “If you sell something you make a customer today [maybe not], if you help someone you make a customer for life.” Encourage you to read his book called Youtility Which leads me to the next pillar…
- The bare minimum level of being useful to your target customers is useful content For example in our case we produce a series of ebooks that educate clients on how to not leak leads from their marketing, and we provide a regular series of useful insights from research surveys we do small business owners on The key is to make the content Educational, not salesy Search optimized Sharable Automatically feeds nurturing
- The third and highest level of marketing so useful people would pay for it is Freemium Products. This is where you get a free trial of the product in order to see how easy it is to use or how much value it has and then to get access to the full set of features you have to pay for a subscription. This example on the slide is a company called UberFlip. They are one of the rare few that made it through my inbox by providing an educational case study about how to increase lead conversion through content. I read their case and was sent an email to do a free trial which I completed in 3 minutes and saw the value of the software immediately and we are now about to sign a contract with them. It’s really cool software that you should check out – just make sure you tell them Todd sent you so I can ask for a discount on my contract for all the referrals.
- The next level up in value from educational content is useful apps or web utilities. This example is an app created by a large medical center in the US. Their target customers are young families with children so they made this free safety app for coaches and parents about safety conditions for outdoor sports with real-time alerts on lightning strikes nearby, the heat index and useful information on hydration and injuries like concussions. It was so useful that parents downloaded and started using for outdoor stuff – hiking, fishing, football matches, etc. So by giving away this free app the medical center has branded brand itself as both being cutting edge in technology but also caring about young families --- exactly the people who will be healthcare consumers for a long time.
- EXPLAIN ATTRIBUTION
- Don’t leak leads The site features a variety of useful content, like videos with real consumers, a marketing math calculator to show lifetime value and number of customers, and ebooks about how to fix the holes in their marketing and get more customers Note that this site features only helpful content with only a very light reference to our products.
- Marketing automation software is the key to scaling your direct marketing to more prospects. You create a series of email campaigns that automatically get sent by the system depending upon the users interaction with the content. In our example we created a campaign with 65 emails and 50 downloadable pieces of content. We start with an awareness campaign featuring best practices in search engine optimization, website design and advertising. Then depending on what the prospect interacts with we send the next series of emails with more detailed content on that area. The built in workflows send the right content at the right time without your staff having to lift a finger – other than to create the original content.
- But marketing automation isn’t just about educating the prospect, it’s also about educating your sales force. We use a lead scoring algorithm to provide the sales people insight on the content that prospects are consuming so that they can followup at the right stage of the prospects interest. Too soon and you’ll scare them away and too late and they’ve already picked a provider. At ReachLocal we learned this lesson the hard way when sales people called prospects after they saw them open an email – it’s like asking a girl to marry you on the first date. Now our sales people know to trust the system and engage the lead after it is fully baked They mine the data to get unique insights about their interests –and then can be smart in their followup calls.
- Used to be totally separate groups tossing things over the fence to each other. Instead we should maximize the power of doing both together leveraging technology to automate, measure and enhance the process.
- Once you have your team you need to map a series of touches to the customer over the course of a period of time. In our case we try 9 touches in 30 days consisting of emails, direct engagement on Twitter or LinkedIn on an area of interest, more emails and then strategically placed phone calls based on insights from the marketing automation system. If they haven’t engaged or turned into a solid lead after the 30 days then we put them back into the database and continue the lead nurture campaign but stop the calls for a period of time so we don’t completely annoy them.
- This is an early draft of the funnel score card that we use to track our results. We’ve improved it a quite a bit since then but you can see that we are measuring all aspects of our sales and marketing funnel - from conversion rates all the way down to the lifetime value of a new customer compared to the cost to acquire that customer. Our goal is to get a 3X return on LTV to Cost to Acquire. We’re not quite there yet and are in process of optimizing key elements down the funnel. I’ve listed over 50 here and the trick is to optimize the ones with the greatest impact on your results. That will vary for each of us here in this room but one thing is for sure – optimization is the key to getting ROI since hardly anyone gets everything right the first time. It takes lots of cycles of measuring and optiimizing each aspect. For example….
- This is an early draft of the funnel score card that we use to track our results. We’ve improved it a quite a bit since then but you can see that we are measuring all aspects of our sales and marketing funnel - from conversion rates all the way down to the lifetime value of a new customer compared to the cost to acquire that customer. Our goal is to get a 3X return on LTV to Cost to Acquire. We’re not quite there yet and are in process of optimizing key elements down the funnel. I’ve listed over 50 here and the trick is to optimize the ones with the greatest impact on your results. That will vary for each of us here in this room but one thing is for sure – optimization is the key to getting ROI since hardly anyone gets everything right the first time. It takes lots of cycles of measuring and optiimizing each aspect. For example….
- The final pillar is about having your products do the marketing for you. Product and user experience design today is all about leveraging the data and insights to provide helpful recommendations and potentially additional products to buy. All without any help from the marketing staff. For example, as pictured here, my 12 year old daughter had a school project for social studies class where she had to build an online store and sell something. Her teacher had them use a SaaS site builder from Weebly and I noticed that every week or so we would get an email from their system tailored to her activity and recommending things she should do to improve performance – either free advice of things she could do or additional products/modules she could buy.