PIA Leadership Summit 2014
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Both buying and selling have changed radically over the last few years. Companies without a true differentiation in the market place are finding themselves in more price driven situations dramatically impacting their profitability. Find out how your sales force can differentiate you while you work on defining a business strategy that will tell customers why they should do business with you.
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PIA Leadership Summit 2014
- 1. 1 © 2014 InfoTrends www.infotrends.com © 2014 InfoTrends Crea%ng Client Value 2014 Print Leadership Summit Kate Dunn Director June 3, 2014
- 2. 2 © 2014 InfoTrends www.infotrends.com Objec%ves • Why the Value Discussion is Important • Defini%ons of Value • Calcula%ng the Value • Next Steps
- 3. 3 © 2014 InfoTrends www.infotrends.com $0 $40 $80 $120 $160 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 Analog Print Digital Adver%sing and Promo%on Digital Print U.S. Print and Online Adver%sing Revenues ($B) Disrup%on and Transforma%on Segments: U.S. Department of Commerce, IAB, InfoTrends Graphic Communica%ons: A Market in Transi%on
- 4. 4 © 2014 InfoTrends www.infotrends.com 0 100 200 300 400 500 600 2011 2012 2013 2014 2015 2016 AnnualImpressions(B) Process Color B&W Source: InfoTrends’ U.S. Print On Demand 2012–2017 Market Forecast Overall 1.1% CAGR 582 B 550 B Annual Impressions: Produc%on Copying and Digital Prin%ng -‐5.6% CAGR 14.2% CAGR
- 5. 5 © 2014 InfoTrends www.infotrends.com 8.0 5.7 29.2 33.1 0 10 20 30 40 50 2012 2017 $Billions Process Color B&W $37.2 Billion $39.8 Billion Print on Demand Market Retail Value of Print: 2012-‐2017 Source: InfoTrends’ U.S. Print On Demand 2012–2017 Market Forecast Overall 0.8% CAGR -‐6.8% CAGR 2.5% CAGR
- 6. 6 © 2014 InfoTrends www.infotrends.com 26.6% 22.4% 6% 6% 12.6% 12.5% 31.7% 32.7% 9.7% 10.8% 13.3% 15.6% 0% 20% 40% 60% 80% 100% 2011 2013 Value-Added Services Wide-Format Digital Printing Digital Printing Finishing Other Conventional Printing Offset Printing N = 687 Focus on the Growth Opportunity PSP Revenue by Service
- 7. 7 © 2014 InfoTrends www.infotrends.com Not Important at All 10.4% Somewhat Unimportant 12.1% Neither Important nor Unimportant 32.7% Somewhat Important 32.3% Extremely Important 12.6% Enterprises Want their PSPs to Offer Integrated Marke%ng Services How important is it for a print services vendor to offer mulX-‐channel integrated markeXng? N = 896 Source: Understanding Ver-cal Markets: Enterprise Communica-on Requirements; InfoTrends 2012 Nearly 45% of respondents think it’s important for a print services vendor to offer mul%-‐channel integrated marke%ng.
- 8. 8 © 2014 InfoTrends www.infotrends.com One to One Gulfcoast: Helping Non-‐Profits
- 9. 9 © 2014 InfoTrends www.infotrends.com • Business will double this year • Since the company’s incep%on in 2003, it will have generated more than $100 million in new funds for clients by year end It’s About Results!
- 10. 10 © 2014 InfoTrends www.infotrends.com External Vendor Focus For every $1 spent with external produc%on vendors, the organiza%on spends $6-‐ $14 on internal processes. Source: Point Balance, Four Reasons to Use a Marke-ng Asset Management Solu-on
- 11. 11 © 2014 InfoTrends www.infotrends.com InnerWorkings: Managing the Supply Chain
- 12. 12 © 2014 InfoTrends www.infotrends.com A Focused, Well-‐ Defined Approach “InnerWorkings is a global print management provider. We use technology to drive cost savings throughout our customers' markeXng and print supply chain.” Record Results in Our Industry • $201.4 million in revenues • 29% YOY increase • 19% organic revenue growth Record Results
- 13. 13 © 2014 InfoTrends www.infotrends.com N = 166 Source: U.S. Produc-on So@ware Investment Outlook, InfoTrends 2013 Which of the following are your most profitable markeXng services? 20.5% 6.6% 7.2% 7.2% 8.4% 9.0% 9.0% 12.0% 18.1% 40.4% 55.4% 0% 20% 40% 60% We don’t offer marketing services Other Personalized URLs Marketing campaign tracking Social media advertising Personalized e-‐mail marketing services Data cleansing/management Social media marketing Custom Web/Storefront development Personalized, 1:1 print communications Print related marketing Most Profitable Marke%ng Services Three Responses Permifed
- 14. 14 © 2014 InfoTrends www.infotrends.com Has the Transi%on to MSP Worked?
- 15. 15 © 2014 InfoTrends www.infotrends.com This?
- 16. 16 © 2014 InfoTrends www.infotrends.com Or This?
- 17. 17 © 2014 InfoTrends www.infotrends.com True Differen%a%on
- 18. 18 © 2014 InfoTrends www.infotrends.com Product Leadership Opera%onal Excellence Price-‐ vs. Product-‐Based Differen%a%on
- 19. 19 © 2014 InfoTrends www.infotrends.com Customer In%macy
- 20. 20 © 2014 InfoTrends www.infotrends.com So What’s The Problem? Crea%ng customer in%macy the right way requires: • A focus (horizontal or ver%cal) • In%mate knowledge of the niche: Your customer’s business, its markets, and its compe%tors • A different sales approach, calling on different decision-‐ makers and using a different sales methodology • Universal commitment to the niche by the company − The enXre company must understand what you do, who you do it for, and why it’s important
- 21. 21 © 2014 InfoTrends www.infotrends.com What Are You Striving For?
- 22. 22 © 2014 InfoTrends www.infotrends.com Crea%ng Value
- 23. 23 © 2014 InfoTrends www.infotrends.com We Surveyed… 2,010 Small and Medium-‐Sized Businesses (26 Different Types) 1,026 Enterprises across 8 VerXcal Markets
- 24. 24 © 2014 InfoTrends www.infotrends.com 1% 15% 17% 18% 18% 18% 19% 22% 33% 37% 74% 0% 20% 40% 60% 80% Other Generate leads/demand Increase brand awareness Introduce new products or services Improve business productivity Enter new markets or geographies Strengthen relationships with customers/increase renewals Reduce and control operational costs Retain existing customers Expand existing customer relationships Gain new customers Customers are the Top Three Business Priori%es Three Responses Permifed What are your top business markeXng prioriXes for the next 12 months? N = 2,010 Small & Medium-‐Sized Businesses Source: Capturing the SMB Marke-ng Automa-on Opportunity, InfoTrends
- 25. 25 © 2014 InfoTrends www.infotrends.com Most Companies Manage Marke%ng Internally Yes, we have dedicated employee(s) 53.6% No, we use an outside service for all marketing activities 7.4% Yes, multiple employees share the responsibilities 39.0% Does your business have employees responsible for managing markeXng acXviXes? N = 2,010 Small & Medium-‐Sized Businesses Source: Capturing the SMB Marke-ng Automa-on Opportunity, InfoTrends
- 26. 26 © 2014 InfoTrends www.infotrends.com Top Media Channels Used to Promote Business 4% 4% 5% 6% 7% 9% 10% 12% 17% 17% 19% 43% 10% 9% 15% 16% 39% 14% 19% 30% 36% 14% 33% 31% 4% 12% 9% 8% 4% 12% 13% 14% 8% 7% 10% 13% 12% 13% 20% 9% 10% 6% 4% 5% 0% 20% 40% 60% 80% 100% Billboard Television Radio Catalog Print directory (e.g., Yellow Pages) Telemarketing Magazine ads Newspaper ads or ad inserts Printed direct mail (e.g., postcard) Wireless/Mobile (e.g., SMS) Signage/Point of sale advertising e-‐Mail Yes, and use will increase Yes, and use will stay constant Yes, but use will decrease No, but considering use Do you currently use the following mass media or direct markeXng channels to promote your business? MulXple Responses Permifed N = 2,010 Small & Medium-‐Sized Businesses Source: Capturing the SMB Marke-ng Automa-on Opportunity, InfoTrends
- 27. 27 © 2014 InfoTrends www.infotrends.com 8.7% 8.2% 7.6% 7.6% 6.0% 0% 2% 4% 6% 8% 10% Print, e-‐mail, web landing pages, and mobile marketing Print, e-‐mail, and web landing pages Print and web landing pages Print and e-‐mail Print only What is the average RESPONSE rate of campaigns that use the following combinaXons of media channels? (Means) N = Varies; Base: All respondents Source: Capturing the SMB Marke-ng Automa-on Opportunity, InfoTrends More Campaign Channels Mean a Beker Response!
- 28. 28 © 2014 InfoTrends www.infotrends.com Of the people who responded, what percentage purchased or were converted into new business? (Means) 19.0% 16.5% 15.3% 18.3% 16.2% 0% 5% 10% 15% 20% 25% Print, e-‐mail, web landing pages, and mobile marketing Print, e-‐mail, and web landing pages Print and web landing pages Print and e-‐mail Print only More Campaign Channels Mean Beker Business Results! N = Varies; Base: All respondents Source: Capturing the SMB Marke-ng Automa-on Opportunity, InfoTrends
- 29. 29 © 2014 InfoTrends www.infotrends.com 3.9% 9.2% 10.2% 11.3% 11.3% 13.6% 14.7% 17.8% 19.8% 38.9% 61.2% 3.2% 3.8% 10.8% 1.4% 8.4% 9.0% 11.1% 13.5% 12.5% 15.8% 18.5% 35.4% 54.5% 0% 20% 40% 60% 80% Do not know Other Signage/Point of sale advertising Magazine ads Online directory Print directory Search engine marketing Social network presence Newspaper ads or ad inserts Printed direct mail e-‐Mail Company Website Customer Acquisition Business Awareness Three Responses Permifed What are the top media channels responsible for business awareness or customer acquisiXon? No Clear Difference for Awareness vs. Acquisi%on N = 2,010 Small & Medium-‐Sized Businesses Source: Capturing the SMB Marke-ng Automa-on Opportunity, InfoTrends
- 30. 30 © 2014 InfoTrends www.infotrends.com Top Challenges When Marke%ng to Exis%ng Customers 0.6% 1.3% 10.7% 11.5% 14.6% 14.9% 15.6% 20.3% 21.9% 23.3% 29.6% 39.2% 41.4% 0% 10% 20% 30% 40% 50% No challenges Other Don't know where to begin Designing collateral Finding the right external provider Personalization of marketing collateral Lack of expertise Lack of customer or prospect data Not enough staff Measuring results or ROI Understanding and using new marketing channels Not enough time Campaign costs Three Responses Permifed What are your business’ top challenges when markeXng to exisXng customers and prospects? Exper%se Cost Time N = 2,010 Small & Medium-‐Sized Businesses Source: Capturing the SMB Marke-ng Automa-on Opportunity, InfoTrends
- 31. 31 © 2014 InfoTrends www.infotrends.com How is/will your company’s total spending (be) distributed by the following types of communicaXon? N = 1,026 Source: Understanding Ver-cal Markets: Enterprise Communica-on Requirements; InfoTrends 2012 Projected Annual Growth Rate 8.8% -‐2.1% 1.5% 4.9% -‐6.2% Key Findings • Mobile is the fastest-‐ growing channel, followed by online/web • Spending on print is the highest, but this is a declining channel • Print remains the largest channel even aqer 2 years, but by a small margin Communica%on Spending Distribu%on 34.1% 29.9% 25.3% 27.8% 16.2% 16.7% 11.7% 11.2% 10.2% 12.0% 0% 20% 40% 60% 80% 100% Last 12 Months Next 2 Years Print Online/Web Video Audio Mobile Other
- 32. 32 © 2014 InfoTrends www.infotrends.com Growth of Mobile Communica%ons Channel Spending • Among all communica%on channels, the mobile channel will experience the highest growth rate in terms of spending. • Online/web has the next highest growth rate. Spending Growth Rates by Channel Print Video Audio Online / Web Mobile Educa%on -‐7.3% 7.6% 3.5% 0.3% 9.3% Financial -‐8.8% 3.1% -‐1.3% 5.0% 17.5% Healthcare -‐4.6% 5.1% -‐2.1% 5.2% 0.0% Hospitality -‐8.7% 1.0% 1.4% 6.5% 6.4% Insurance -‐8.4% 1.4% -‐0.9% 7.0% 13.8% Manufacturing -‐5.2% 2.0% -‐3.0% 6.4% 4.7% Retail -‐5.4% -‐4.5% -‐9.3% 9.4% 17.6% U%li%es -‐1.9% 0.8% -‐2.5% -‐0.8% 8.4%
- 33. 33 © 2014 InfoTrends www.infotrends.com What percentage of your customer communicaXons or markeXng campaigns fit into the following categories? Segmented marketing (One-‐to-‐few) 33.4% Personalized marketing (One-‐to-‐one) 29.2% Mass marketing (One-‐to-‐many) 37.4% Audience Targe%ng Approaches N = 1,026 Source: Understanding Ver-cal Markets: Enterprise Communica-on Requirements; InfoTrends 2012
- 34. 34 © 2014 InfoTrends www.infotrends.com How many different media types does your company use for a typical customer communicaXon/markeXng campaign? Key Findings • Average number of media types used in a campaign: 3 • 47% of printed markeXng materials were linked to online digital channels in past 12 months N = 1,026 Source: Understanding Ver-cal Markets: Enterprise Communica-on Requirements; InfoTrends 2012 Number of Media Channels One 8.8% Two 30.2% Three 36.4% Four 13.4% Five or more 3.7% Don’t know 7.6%
- 35. 35 © 2014 InfoTrends www.infotrends.com 14.8% 15.6% 20.4% 21.2% 25.7% 26.2% 29.4% 31.5% 32.0% 33.9% 0% 10% 20% 30% 40% Create buzz Competitors are doing it Expand my brand beyond products featured in a printed piece Experimentation with emerging technology Add interactivity to traditional media Capture information Integrate social media Boost response rates Reach a target demographic Reach a broader audience What are your company’s top reasons for blending print and digital channels? N = 378 Respondents who are blending print and digital channels Source: Understanding Ver-cal Markets: Enterprise Communica-on Requirements; InfoTrends 2012 Three Responses Permifed Reasons for Blending Media Channels
- 36. 36 © 2014 InfoTrends www.infotrends.com How oqen do you use a print services vendor for mulX-‐channel integrated markeXng? N = 402 Respondents who see the importance of ancillary services Source: Understanding Ver-cal Markets: Enterprise Communica-on Requirements; InfoTrends 2012 Always 11.7% Omen 35.6% Some%mes 40.5% Never 12.2% Key Finding • Print service providers are commonly used for mulX-‐channel integrated markeXng campaigns. Using Printers for Integrated Marke%ng
- 37. 37 © 2014 InfoTrends www.infotrends.com Services Model Transforma%on PSP Model Agency Model MSP Model • Cunng-‐edge/Trendy • Services-‐focused (w/ produc%on partnerships) • Strategy/Idea generators • Resource/Rela%onship management • ProacXve • Full service • Cross-‐media • Value-‐driven • Customer/Program-‐focused • Reac%ve • Produc%on-‐oriented • Fulfillment • Contract/Job-‐focused
- 38. 38 © 2014 InfoTrends www.infotrends.com Crea%ng Value • Capturing an opportunity • Elimina%ng a pain
- 39. 39 © 2014 InfoTrends www.infotrends.com How Much Do Companies Spend on Marke%ng? Type of Company Marke%ng Spend Consumer Products 6% to 10% of revenues B2B Companies 2% to 6% of revenues Companies launching new products or brands or opening up new markets As much as 20% of revenues Source: 2010 Chief MarkeXng Officer (CMO) Council Report Many upscale, high-‐image consumer product brands also spend a significantly greater amount of their revenues on markeXng.
- 40. 40 © 2014 InfoTrends www.infotrends.com Dissec%ng Spending At least 50% of companies spend at least 20% of their markeXng budget on markeXng materials. Almost a third of companies devote at least 30% of their markeXng budgets to such materials.
- 41. 41 © 2014 InfoTrends www.infotrends.com The Real Story • 50% of the spending associated with markeXng materials oqen results from product obsolescence and acXviXes such as storage, fulfillment, shipping, and inventory management. • Only 25% of marketers have performed a comprehensive analysis of the costs and process efficiencies in their markeXng materials supply chain. • Only 11% of marketers have implemented new workflow systems to reduce costs and inefficiencies in their markeXng supply chains. • The companies that have studied their collateral supply chain found that at least 20% of their spend is lost to obsolescence. Source: CMO Council Research
- 42. 42 © 2014 InfoTrends www.infotrends.com Capturing the Costs Source: Four Reasons to Use a Marke-ng Asset Management Solu-on, G. David Dodd of Point Balance 2011
- 43. 43 © 2014 InfoTrends www.infotrends.com The Iceberg Source: Four Reasons to Use a Marke-ng Asset Management Solu-on, G. David Dodd of Point Balance 2011
- 44. 44 © 2014 InfoTrends www.infotrends.com Ques%on Answer How much do you typically spend on markeXng annually? 1,000,000 Then the approximate amount spent on collateral is: 200,000 Probable cost of obsolescence plus acXviXes such as storage, fulfillment, shipping, and inventory management: $100,000 Quick Qualifier: How Much Pain Might There Be?
- 45. 45 © 2014 InfoTrends www.infotrends.com Administra%ve Costs: Requests for Marke%ng Materials Number of Dealers 100 Number of Requests Annually by Dealer 24 Total Annual Requests 2,400 Average Processing Time (Minutes) 25 Total Annual Processing (Hours) 1,000 Annual Base Salary $40,000 AddiXonal Cost Benefits, Taxes, etc. $8,000 Fully Loaded Labor $48,000 Hourly Rate $24.00 Total Annual Request Processing (Labor Only) $24,000 Quan%fying the Pain Source: Four Reasons to Use a Marke-ng Asset Management Solu-on, G. David Dodd of Point Balance 2011
- 46. 46 © 2014 InfoTrends www.infotrends.com Miami University Campus visits increased by 32%; Incoming class enrollment exceeded goal by 31% Source: PODi
- 47. 47 © 2014 InfoTrends www.infotrends.com Current Enrollment Your Ins%tu%on Percentage Using Miami Univ. Best Prac%ces Percentage Increase Inquiries 21,027 Applicants 1,854 8.8% Admits 889 47.9% Visits 670 75.3% 884 32% Enrollees 311 46.4 407 31% University Recrui%ng
- 48. 48 © 2014 InfoTrends www.infotrends.com Current Enrollment Typical Ins%tu%on Percentage Using Miami Univ. Best Prac%ces Percentage Increase Inquiries 21,027 21,027 Applicants 1,854 8.8% Admits 889 47.9% Visits 670 75.3% 884 30% Enrollees 311 46.4 407 31% Business Case (1) Tui%on Avg Discount Rate Revenue Per Student Total Revenue 311 $42,000 35% 27,300 33,961,720 407 $42,000 35% 27,300 44,444,400 Revenue Increase 10,482,720 $10,478,720
- 49. 49 © 2014 InfoTrends www.infotrends.com Current Enrollment Typical Ins%tu%on Percentage Using Miami Univ. Best Prac%ces Percentage Increase Inquiries 21,027 Applicants 1,854 8.8% Admits 889 47.9% Visits 670 75.3% 871 30% Enrollees 311 46.4 407 30% Business Case (2) What’s possible here using the same best prac%ces?
- 50. 50 © 2014 InfoTrends www.infotrends.com • Research gives you an idea of the value − TransacXon amount − LifeXme value of a customer − Cycle Xme/personnel involved • Conversa%on uncovers… − Lead conversion rate − Length of the sales cycle − Leakage points − Current goals Rep calculates value of moving the needle The Results
- 51. 51 © 2014 InfoTrends www.infotrends.com • Early in the sales cycle, it’s about genng the prospect excited about the possibili%es. − Use case studies to calculate a possible return. • Later in the sales cycle, it’s about what is realis%c. − Limit projecXons once you can show a reasonable return. What’s Good?
- 52. 52 © 2014 InfoTrends www.infotrends.com ConversaXon with Target ExecuXves Share Insight Start a two-‐way conversaXon Confirm that insight Is intriguing Suggest the process to vet the opportunity Confirm that you have a mobilizer Qualifying the Suspect: Part 1
- 53. 53 © 2014 InfoTrends www.infotrends.com Mobilize the Team QuanXfy the value or pain Develop a business case that projects a realisXc return Understand what happens if they don’t buy or don’t buy from you Confirm your credibility Qualifying the Suspect: Part 2
- 54. 54 © 2014 InfoTrends www.infotrends.com Keys to Success • Figure out your differen%a%on strategy − Value you provide, who you provide it for, why they should choose you • Research your account and deliver insight designed to introduce an opportunity to the prospect. • The needs analysis will enable you to confirm your assump%ons or collect account-‐specific informa%on. • You are not promising anything; you are genng the prospect excited about a poten%al opportunity. You have the rest of the sales cycle to vet the opportunity and develop the actual business case. • Consider both the transac%on and life%me value for your customer when developing your insight.
- 55. 55 © 2014 InfoTrends www.infotrends.com Thank You! Kate.Dunn@infotrends.com