How to Navigate Changing Buyer Intentions
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As the lines of B2B and B2C buyer intentions begin to blur, marketers need to change their engagement tactics to get noticed. And it doesn’t end with marketing – it extends to sales and even customer support. Check out the slides from our guest Steve Casey, analyst at Forrester, and Hally Pinaud, Head of Content at Marketo, to learn: - What 2018 holds for our customers and their expectations - What sales, marketing, and support engagement looks like today - How to listen, learn, engage in the Engagement Economy
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How to Navigate Changing Buyer Intentions
- 1. How to Navigate Changing Buyer Intentions Steve Casey, Analyst, Forrester Hally Pinaud, Director, Content & Strategy, Marketo
- 2. Housekeeping • We are recording this webinar and will send the slides / recording to you afterwards • Questions? Type them in the chat box for the live Q&A • Posting to social? Use #mktgnation or @marketo
- 3. Agenda • What 2018 holds for our customers and their expectations • What sales / marketing / support engagement looks like today • How to listen, learn, engage in the Engagement Economy Steve Casey, Analyst, Forrester Hally Pinaud, Director, Content & Strategy, Marketo
- 4. 4© 2018 Forrester Research, Inc. Reproduction Prohibited Source: Forrester 2011: Age of the Customer Source
- 5. 5© 2016 Forrester Research, Inc. Reproduction Prohibited 2018 Research for seven-figure RFP
- 6. 6© 2016 Forrester Research, Inc. Reproduction Prohibited 2018 Designed and purchased online
- 7. 7© 2018 Forrester Research, Inc. Reproduction Prohibited B2B buyers act like consumers
- 8. 8© 2018 Forrester Research, Inc. Reproduction Prohibited B2B Known Rational Interdependent Considered Loyal Source: Forrester
- 9. 9© 2018 Forrester Research, Inc. Reproduction Prohibited B2C Anonymous Emotional Independent Transactional Fickle Source: Forrester
- 10. 10© 2018 Forrester Research, Inc. Reproduction Prohibited B2B consumer Anonymous Emotional Interdependent Considered Fickle Source: Forrester
- 11. 11© 2018 Forrester Research, Inc. Reproduction Prohibited Brand experience Sales engagement Purchase influence Post-sale presence
- 12. 12© 2018 Forrester Research, Inc. Reproduction Prohibited Brand experience Sales engagement Purchase influence Post-sale presence
- 13. 13© 2018 Forrester Research, Inc. Reproduction Prohibited Disintermediation of sellers accelerates Base: 224 US B2B buyers and sellers *Base: 162 US B2B buyers Source: Forrester/Internet Retailer Q1 2015 US B2B Buyer Channel Preferences Online Survey *Source: Forrester/Internet Retailer Q1 2017 Global B2B Buy-Side Online Survey 21% 53% 16% 68% I prefer gathering information online on my own I find interacting with a sales rep superior to gathering information on my own 2015 2017*
- 14. 14© 2016 Forrester Research, Inc. Reproduction Prohibited Involved in more of the lifecycle
- 15. 15© 2016 Forrester Research, Inc. Reproduction Prohibited Conversation not capture
- 16. 16© 2018 FORRESTER. REPRODUCTION PROHIBITED. Traditional › A series of individual, disconnected conversations across the customer journey › Hard hand-offs at each stage Marketing Sales Support Owned
- 17. 17© 2018 FORRESTER. REPRODUCTION PROHIBITED. Modern › Create coordinated, personalized conversations throughout the entire customer lifecycle Involved Marketing Sales CS
- 18. 18© 2018 FORRESTER. REPRODUCTION PROHIBITED. Orchestration model › Responsibility matrix for project management › RASI › Responsible › Accountable › Supporting › Informed Responsible Supporting Marketing Sales CS
- 19. 19© 2017 FORRESTER. REPRODUCTION PROHIBITED. Listen actively to learn from every conversation
- 20. 20© 2017 FORRESTER. REPRODUCTION PROHIBITED. And create truly personalized experiences
- 21. 21© 2018 Forrester Research, Inc. Reproduction Prohibited Get comfortable with anonymity
- 22. 22© 2016 Forrester Research, Inc. Reproduction Prohibited B2B Consumers expect to get what they want
- 23. 23© 2016 Forrester Research, Inc. Reproduction Prohibited in context and moment of need
- 25. LISTEN MARKETING WHAT ELSE? ServicesProduct Use Content Consumption TrainingSatisfactionFulfillment Account Managers BillingAdvocacySalesWebEmail3rd PartyMobileEvents Direct Mail SocialSEO/SEMAds
- 26. Email Web Social Ads Ticket Buying DataCollects behavioral data across channels and lifecycle. Using data has led to 30% more ticket sales. Favorite Players Season Ticket Status Personal Detail
- 27. • Direct Mail • Program Interest • Webinars • Event Attendance • Video Consumption • Social Advertising • Admissions Touches • Enrollment Status • SMS • Search Analytics • Website Activity SINGLE SOURCE OF TRUTH ALL ENROLLMENT INTERACTIONS LEARN
- 28. • Direct Mail • Program Interest • Webinars • Event Attendance • Video Consumption • Social Advertising • Admissions Touches • Enrollment Status • SMS • Search Analytics • Website Activity SINGLE SOURCE OF TRUTH ALL ENROLLMENT INTERACTIONS LEARN INSIGHT Created a single- source of truth Discovered a need for high-value touch ACTION Found just the right way to deploy SMS
- 29. @ Scale Learned the best time to engage is when owners get a new puppy Created a campaign for new owners corresponding to their puppy’s development Timed to send each week with a new developmental milestone Great stories are: PERSONAL RELEVANT TIMELY ENGAGE
- 30. Empower Your Organization Everyone that touches the customer can be part of your campaigns SALES SERVICES PARTNERSSUPPORT Uses a multi-channel digital engagement strategy to engage Sales, Resellers, Consultants and Technicians. In turn, expanding the reach of campaigns by 5x.
- 31. ENGAGE To deliver value, you must: LEARN LISTEN 360o Customer View All activities for every individual customer in a single hub Personalized Experiences Create dialogs at scale with automation that predicts, triggers, and responds Actionable Insights Analytics engine to turn customer data into accessible insights
- 33. 33© 2018 FORRESTER. REPRODUCTION PROHIBITED. Appendix
- 34. 34© 2018 Forrester Research, Inc. Reproduction Prohibited “84% of B2B marketers said that the accuracy of customer data was one of their top-five marketing weaknesses.” Source: Forrester's Q1 2017 International B2B Marketing Panel Online Survey.
- 35. 35© 2018 FORRESTER. REPRODUCTION PROHIBITED. Poor data quality has many causes, impacts insights 56% 56% 57% 58% 59% 60% 61% 61% 62% 63% 63% 63% 71% 20% 19% 22% 23% 20% 20% 18% 19% 19% 19% 20% 18% 18% 20% 20% 16% 14% 16% 16% 17% 16% 14% 14% 14% 14% 7% I don't have the right set of customer and marketing analytics tools to help me produce and execute insights I don't have the right type of analytics skills or resources to produce insights The insights the customer insights team delivers are not actionable Organizational silos negatively impact the quality of our customer insights We are concerned about our ability to comply with new global privacy laws (e.g., the GDPR) Our current technology doesn't meet our needs for real-time data access and insights Lack of an enterprise view of master customer data is a problem We don't use all available information in making customer decisions Customer and marketing data comes from too many sources to easily make sense of it The customer insights team takes too long to deliver the insights I need We have ethical concerns about using customer data Takes too long to come up with strategies based on insights Protecting our customers' personal information and privacy is a priority Indicate your level of agreement with the following statement about customer analytics. Agree Middle Disagree Base: 669 global B2B Marketing decision-makers (respondents asked to rate statements on a scale of 1 [strongly disagree] to 5 [strongly agree]; not all responses shown; percentages do not total 100 because of rounding) Source: Forrester Data Business Technographics Marketing Survey, 2017
Hinweis der Redaktion
- But in all of this – we can’t forget – at our core – to be marketers Still need a great story; A story that’s RELEVANT, PERSONAL, Well-TIMED Example: AKC – Learned the most relevant time to tell their story is when their customer gets a new puppy Anyone w/ a whiny puppy will do anything to stop it Tied to puppy’s milestones - And in the end, their audience knew the AKC story But – a more tear jerking example to drive the point home of what a great story can do.
- But in all of this – we can’t forget – at our core – to be marketers Still need a great story; A story that’s RELEVANT, PERSONAL, Well-TIMED Example: AKC – Learned the most relevant time to tell their story is when their customer gets a new puppy Anyone w/ a whiny puppy will do anything to stop it Tied to puppy’s milestones - And in the end, their audience knew the AKC story But – a more tear jerking example to drive the point home of what a great story can do.
- But in all of this – we can’t forget – at our core – to be marketers Still need a great story; A story that’s RELEVANT, PERSONAL, Well-TIMED Example: AKC – Learned the most relevant time to tell their story is when their customer gets a new puppy Anyone w/ a whiny puppy will do anything to stop it Tied to puppy’s milestones - And in the end, their audience knew the AKC story But – a more tear jerking example to drive the point home of what a great story can do.
- The second thing become more relevant to your buyers Speak to their issues - Not just hawking product. And the way that you do that is through personalization. Here’s one example from Reltio, a MDM supplier who helps companies manage customer data
- Step 1: Rethink your marketing paradigm Stop thinking about the next message, campaign, channel…. And start with listening, then learning, and then engaging Let’s dig into each of these briefly to see what it looks like and who is doing it well.
- So the FIRST THING – Audit what you are listening to Covering all the core marketing channels? Most companies we talk to are in varying degrees of this – bringing together insights about a single person across all channels But to truly listen and understand each customer, we need to go beyond marketing Think of all the other TOUCHPOINTS One company we work with, Trend Micro, did this Went from “we covert X%” to “this will get Jim to convert”
- A great example of pulling this all together Palace sports; lots of products WANT TO CRAFT THE PERFECT INVITATION to an event So they started listening: First, CHANNELS Next, BEHAVIORS (sales, services, ticket purchases, etc) Identified critical data –like a FAN’S FAVORITE PLAYER; Which events/games they’ve come to Use data like that to keep fans engaged, provide valuable content and offers 30% YoY increase in ticket sales
- So where do we start. I think Gartner says it well… But I’d rather share an example – Laureate education; Trying to get students who were accepted to attend Knew what drove overall admission, but not for specific students And imagine all of the touchpoints a prospective student would go through? Laureate realized that to learn anything about their student’s expectations, they needed a single source of truth Gain crystal clear insights into each student
- So where do we start. I think Gartner says it well… But I’d rather share an example – Laureate education; Trying to get students who were accepted to attend Knew what drove overall admission, but not for specific students And imagine all of the touchpoints a prospective student would go through? Laureate realized that to learn anything about their student’s expectations, they needed a single source of truth Gain crystal clear insights into each student
- But in all of this – we can’t forget – at our core – to be marketers Still need a great story; A story that’s RELEVANT, PERSONAL, Well-TIMED Example: AKC – Learned the most relevant time to tell their story is when their customer gets a new puppy Anyone w/ a whiny puppy will do anything to stop it Tied to puppy’s milestones - And in the end, their audience knew the AKC story But – a more tear jerking example to drive the point home of what a great story can do.
- That often means empowering your entire organization Everyone in your organization should have a hand in telling personal stories Lennox, a heating and cooling equipment manufacturer, empowers business owners, sales, consultants, and technicians who support and sell their products Do this through a digital portal, LennoxPROs, coupled with a multichannel engagement strategy that reaches people in each role with relevant information Expanding the effective reach of new product launches by five times.
- How do you deliver value? We think the answer for marketing boils down to three simple rules: Listen, Learn and Engage. To win, you need to change your paradigm: Start listening to each individual customer across every touchpoint, Your marketing channels: web, mobile, ads, social email, SMS, events, etc. All your organizational touchpoints: Sales touches, Services touches, Operations like billing or fulfillment, how people are actually using your products Business technologies across your organization that provide insights about your customers Imagine what it would be like to have all of that data in a single hub – where you could have a 360 degree view of your customer. 2. Learn what they want, and When you look at all your customer information, what picture does it paint about your customers? What topics do they care about? What channels do they use? How often do they want to hear from you? 3. Engage them wherever they are, whenever they are ready, with the perfect message for that moment. This is relatively easy to do with 10 customers. But to scale the formula to thousands or even millions, across individual touchpoints and over each customer’s lifetime… you have to have technology. Luckily, technology has evolved to help you keep up with expectations. You have to transform your processes and even your culture to start with the individual customer in mind. And while transformation is a not always easy, you can minimize the complexity with a platform approach to customer engagement that seamlessly brings together the right customer data and touchpoints and content.
- But in all of this – we can’t forget – at our core – to be marketers Still need a great story; A story that’s RELEVANT, PERSONAL, Well-TIMED Example: AKC – Learned the most relevant time to tell their story is when their customer gets a new puppy Anyone w/ a whiny puppy will do anything to stop it Tied to puppy’s milestones - And in the end, their audience knew the AKC story But – a more tear jerking example to drive the point home of what a great story can do.