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Understanding the Science of B2B Marketing Presenter: Date: Andrew Haussegger March 2011 © 2010 Green Hat. All Rights Reserved. Why the Science of B2B Marketing? Slide 2 ADMA B2B Marketing University March 2011 Agenda A Short Intro to Green Hat Top Five Marketing Observations Snapshot of Recent B2B Marketing Research The B2B Go-to-Market Plan The Role of Nurture Marketing Six Key Ingredients for Nurture Marketing Take-Aways Slide 3 ADMA B2B Marketing University March 2011 A Short Intro to Green Hat Slide 4 ADMA B2B Marketing University March 2011 Top Five Marketing Observations Perhaps not as controversial as this guy, but consider this … Slide 6 ADMA B2B Marketing University March 2011 Observation #1: Balance of power has shifted between the B2B buyer and seller. Marketers have to find and follow the breadcrumbs left by the buyers who are trawling the web and social media – in the process of educating themselves. Today we market in a buyer-centric, buyer-driven world. Slide 7 ADMA B2B Marketing University March 2011 9 out of 10 buyers say that when they’re ready to buy, they’ll find you Source: DemandGen Report 2009 Slide 8 ADMA B2B Marketing University March 2011 What are visitors doing on your website? Up to 95 percent of qualified prospects on Web sites are there to research and not yet ready to talk with a sales rep As many as 70 percent of them will eventually buy a product from you — or your competitors. Source: Google/TechTarget Behavioral Research Project Phase 2: 2010 Slide 9 And, by 2015, 70% of all business leads will come from the Internet SiriusDecisions 2010 ADMA B2B Marketing University March 2011 Observation #2: The B2B marketer cannot effectively measure and manage prospect engagement in a vast online/offline environment without automation tools. Traditional campaign tactics Slide 10 (2) ADMA B2B Marketing University March 2011 The Real-time Marketing Enterprise. The seller needs to be listening and ready to respond at the buyer’s command. Source: JHV Blog (2010) Slide 11 ADMA B2B Marketing University March 2011 IDC survey on adoption of Marketing Automation “Of the 235 respondents in a November 2010 IDC survey, nearly 40% had not implemented a marketing automation solution (yet). Not implementing a marketing automation solution may be the ultimate career limiting move for today's marketers. Digital marketing has exploded in scope and complexity making it practically impossible to efficiency and effectively reach your target audience without a fully realized marketing automation infrastructure. If you haven't gotten started you are already way behind the ball.” IDC (USA) Nov 2010 Slide 12 ADMA B2B Marketing University March 2011 Observation #3: Content marketing is the secret sauce in the new paradigm – getting the right message to the right person at the right time. An over-supply of unfiltered content? Help the buyer cut through the clutter with valued information Seller needs to show that they are listening online Buyers value thought-leadership and solution information aligned to their buying process Win Trust Slide 13 (3) ADMA B2B Marketing University March 2011 Observation #4: Marketing and sales need a unified approach and must close the loop. Slide 14 ADMA B2B Marketing University March 2011 A checklist of sales/marketing collaborative Must-Have’s Define a common language Define the end-to-end pipeline process Define the definition of a lead and quantify the value of the lead in dollar terms Define the Ideal Customer Profile and profiling questions Set KPIs and metrics Meet regularly to review and optimise Align functional goals Slide 15 ADMA B2B Marketing University March 2011 Observation #5: The Personal Brand will become just as important as the Corporate Brand. Companies need to humanise/capitalise their Personal Brands. Slide 16 (2) ADMA B2B Marketing University March 2011 Snapshot of B2B Marketing Outlook research Key challenges for B2B marketers – 2010 Source: Green Hat B2B Marketing Outlook Report (Feb 2011) Slide 18 ADMA B2B Marketing University March 2011 B2B marketing budget allocation – 2011 For each $1 spent on lead generation (trad), 53c spent on nurturing & managing the lead Source: Green Hat B2B Marketing Outlook Report (Feb 2011) Slide 19 ADMA B2B Marketing University March 2011 B2B marketing key objectives - 2011 Source: Green Hat B2B Marketing Outlook Report (Feb 2011) Slide 20 (1) ADMA B2B Marketing University March 2011 What other insights did we get from the research? Budget: 40% say budgets have risen year-on-year. 1-in-7 by more than 20%. Content: Value-add content was the top campaign offer. #2 was workshops – also a form of information sharing. Social: Smaller companies spend more of their budget on digital/social marketing than larger companies. Email me for your copy: [email protected] Slide 21 ADMA B2B Marketing University March 2011 The B2B Go-to-Market Plan A best-practice marketing execution program will tightly integrate lead generation and lead nurturing Slide 23 ADMA B2B Marketing University March 2011 The Role of Nurture Marketing “Every response must be nurtured” VP Global Marketing – Global High-Tech Brand (2011) Slide 25 The stage of buyers in your lead universe A key to the B2B marketer’s value proposition Each time we go to market, we reach out to unaware prospects as well as hot prospects. We invest in branding and positioning touches with all those we communicate with. Marketers identify the hot prospects and pass them on for sales pursuit. But unfortunately prospects and suspects in the mid-outer circles are often forgotten. A systemised process can nurture them along their buying journey to position the vendor for the day the buyer becomes ‘in the market’. The Seller’s Lead Universe Slide 26 ADMA B2B Marketing University March 2011 Definition – Lead Nurturing The science of progressing buyers through the pipeline using relevant content and offers that match their buying stage – ultimately to develop profile-rich sales-ready leads. Slide 27 ADMA B2B Marketing University March 2011 Definition – Lead Nurturing The science of progressing buyers through the pipeline using relevant content and offers that match their buying stage – ultimately to develop profile-rich sales-ready leads. Slide 28 ADMA B2B Marketing University March 2011 What lead nurturing is not It is not … A couple of follow-up emails to a campaign A download offer of a case study followed by an immediate telemarketing call A mass email blast A generic e-newsletter A bi-monthly call to see if they are ready for that appointment Slide 29 ADMA B2B Marketing University March 2011 Six Key Ingredients for Nurture Marketing Lead Nurturing Ingredients #1 – Communications #2 – Content #3 – Contacts #4 – Automated Process #5 – Automation Technology #6 – Measurement A 3-tier framework for nurture communications Slide 32 (2) ADMA B2B Marketing University March 2011 How do the nurture streams interlock? Slide 33 (2) ADMA B2B Marketing University March 2011 Considerations in the nurture dialog Decide your nurture voice for your email, online and phone communications – Trusted advisor, thought leader – Not ‘I’m ready to sell, are you ready to buy!’ Humanise the nurture process (all communications for that matter) Align relevant offers with informationConsider the cadence for touches – Ask the buyer how often they want to hear from you? – Tele-nurture call is key and timing is critical Communications should not be restricted to email/ telemarketing Slide 34 ADMA B2B Marketing University March 2011 Lead Nurturing Ingredients #1 – Communications #2 – Content #3 – Contacts #4 – Automated Process #5 – Automation Technology #6 – Measurement Specific assets are more relevant than others at different stages in the buying process Source: Google/TechTarget Behavioral Research Project Phase 2: 2010 Slide 36 ADMA B2B Marketing University March 2011 The buyer has a ferocious appetite for information and solution content Average buyer consumes 20-50 content assets in 60 days (IT buyer) Source: Google/TechTarget Behavioral Research Project Phase 2: 2010 Slide 37 ADMA B2B Marketing University March 2011 Content mapping - example Role Category Assets that will grow buyer’s awareness of problem/opportunity Assets that will position seller’s solution Financial management (CFO, Financial Controller …) Strategic management (CEO, MD, Business Owner …) Technology management (CIO, IT Manager …) Line-of-Business management (HR, Marketing, Supply Chain …) Slide 38 ADMA B2B Marketing University March 2011 What is content layering? Slide 39 (3) ADMA B2B Marketing University March 2011 Content marketing for multiple sub-segments (client example) Finance Assessment Index Alliance workshops Trade Missions DRW Print Global update Subscription Country Profiles (web) Country alerts International Business Index Identify Need Tier 1 Australian updates subscriptions Nurture Assets 1 MTV Nurture Assets 2 Briefings/Events Deal workshops Customers Chart Pack (web) Sales qualification Finance tool workshops Tier 2 On going profiling based on information layering and trigger events Other ATL Tier 3 Self Assessment Tool Ally / sponsor events Tier 4 Welcome – self signup process Awareness Awareness (finance sol’ns) Awareness (GFC issues) Key Tips for best-practice Content Marketing (from the trenches) Recycle and re-purpose Setup an editorial calendar & plan your content a quarter ahead Content-on-the-fly ! Use third party content in the problem awareness stage where possible – Industry analyst abstracts, independent researchers – Link to media articles of interest – Content can be simple such a point-of-view email on a current topic Build content for smart-phone consumption Build profiles of your thought-leaders Slide 41 (R) ADMA B2B Marketing University March 2011 Lead Nurturing Ingredients #1 – Communications #2 – Content #3 – Contacts #4 – Automated Process #5 – Automation Technology #6 – Measurement Designing your database pyramid dimensions. Quality over quantity. Slide 43 ADMA B2B Marketing University March 2011 Database considerations in lead nurturing Assess your database position – – – – What is your Ideal Customer Profile? Conduct a gap analysis against your addressable target audience Conduct an internal audit Implement a strategy to fill the gap Setup a progressive profiling approach – – – – Align with sales Self-select V Auto-select options Automate the collection of profile data Use pre-determined Behavioural /Explicit Profiling rules to define when to request profile information Devise strategies for gaining email opt-in rights Slide 45 ADMA B2B Marketing University March 2011 Lead Nurturing Ingredients #1 – Communications #2 – Content #3 – Contacts #4 – Automated Process #5 – Automation Technology #6 – Measurement Getting the automated ‘measure & manage’ process (and rules) right is paramount? Profiled ICP Targets** Lead Generation Lead Nurture Engaged ** ICP = Ideal Customer Profile MQL = Marketing Qualified Lead SAL = Sales Accepted Lead Slide 47 Opp’ty Development MQL** Marketing-managed Lifetime Value SAL** Opp’ty Closure Retention & Loyalty Order Sales-managed ADMA B2B Marketing University March 2011 Shared Lead Nurturing Ingredients #1 – Communications #2 – Content #3 – Contacts #4 – Automated Process #5 – Automation Technology #6 – Measurement Lead Nurturing Ingredients #1 – Communications #2 – Content #3 – Contacts #4 – Automated Process #5 – Automation Technology #6 – Measurement Most analysts are up-beat about the potential ROI attributable to lead nurturing Companies that automate lead management processes can increase revenue by at least 10% within 6-9 months. Gartner 2009 An estimated 70-90% of leads generated by marketing are never followed up by sales. Marketing Sherpa Research Report Slide 50 Companies who excel at lead nurturing generate 50% more sales-ready leads at 33% lower cost. Forrester 2009 Four out of five unworked leads ultimately buy something. SiriusDecisions ADMA B2B Marketing University March 2011 Tracking performance of lead nurturing requires attention to additional metrics (client scenario) Other Lead Nurture metrics: Response by nurture stream Time lag in streams (no progression) Self-subscribe/auto-subscribe to streams Landing page drop-out Unsubscribes Slide 52 Consider the Nurtured-Generated Lead vs the Nurture-Assisted Lead. What was the source of the lead? ADMA B2B Marketing University March 2011 Take-Aways Take-Aways 1. 2. 3. 4. 5. 6. Slide 54 Game-changer: balance of power has shifted to the buyer This is driving the shift to the Science of Marketing – data, processes, automation, content and analytics Don’t ignore the power of social media, but don’t bet the b2b house on it An engaging and pervasive online presence for the seller is mandatory Marketing must team up with Sales – like never before Sell the vision, objectives and imperatives internally to the C-suite and Sales – their support is crucial ADMA B2B Marketing University March 2011 Thanks … Andrew Haussegger Green Hat w: 03 9290 9777 m: 0419 569 122 [email protected] www.green-hat.com.au Slide 55