Posts Tagged ‘online marketing’

B2B Marketing Tips for Reaching the Web-influenced Buyer

Wednesday, December 8th, 2010

My fiancé and I met with a travel planner this weekend to help us plan our honeymoon in May. She has been in the business for over 30 years, has traveled all over the world, and makes travel arrangements for many corporate clients as well as individuals. We spent over an hour and half discussing our preferences and getting her recommendations on how to get the most out of our trip. After we’d left the meeting and were walking back to the car, my fiancé turns to me and says, “She had some good suggestions, but I’m going to do some more research before making any decisions.” I promptly agreed with him that we should do our own research – using the Internet as our only search mechanism, which was so implied it didn’t need to be stated.

The experience got me thinking about how drastically buying behavior has changed. Granted, her personal experience was helpful to us in narrowing down destinations, but when it came to booking, neither of us were comfortable using her as our sole information source – we needed the validation of online sources. In fact, I can’t even remember the last time I made a major (over $1000) purchase without first researching it online – and I’m not alone. Forrester estimates that $917 billion worth of retail sales last year were “Web-influenced.” It also estimates that online and Web-influenced offline sales combined accounted for 42 percent of total retail sales and that percentage will grow to 53 percent by 2014, when the Web will be influencing $1.4 billion worth of in-store sales.

While these are statistics and scenarios refer to b2c buying behavior, the b2b buying process has gone through similar changes in the last 5 years. Modern B2B buyers are using online sources to conduct independent research before ever speaking to a sales rep, and turning to the Internet to confirm or verify information throughout the buying process. The result – your online presence and interaction has become increasingly important. So how should Marketing and Sales adjust to reach the modern b2b buyer?

In The Left Brain Model: The Right Demand Generation Model for the Brave New World of B2B Marketing, Demand Gen expert Malcolm Friedberg sums it nicely when he states, “The evolution to a buyer-centric buying process represents a paradigm shift that requires Sales and Marketing to redefine established roles. In this environment, Sales is increasingly focused on the final, downstream decision-making process, while Marketing is playing an expanded role managing upstream buyer education and lead qualification.” A few things to think about when addressing the modern buyer:

1. The sales cycle is a joint effort between Marketing and Sales: Gone are the days of Marketing filling the top of the funnel with leads and dumping them into Sale's lap. Since modern buyers are turning to online sources for information throughout their entire buying process, your online content and lead nurturing should add the right value at the right stage of the buying process.

2. Your website is the first sales-call: Your website should help guide prospects through their buying cycles and present a clear problem-to-solution content path. When prospects gets on the phone with a sales rep, they’ve most likely already gone through their website thoroughly. A sales rep should be able to add value beyond what’s on the website.

3. Buyers Respond to Noise: With b2b buyers researching options on the Internet long before contacting a sales reps and continuing to reference online sources throughout their buying cycle, the louder your organization is online, the better. Search engines are posting results from social media sources - such as blogs, community forums, user reviews or twitter feeds, mentions or links on other websites, published articles, etc. When a modern buyer turns to a search engine and types in a phrase, they are looking for someone to respond. Whoever responds the loudest (produces the most results) with the most relevant, valuable content wins their attention.

Buyer behavior is constantly evolving, and to be effective marketers, we need to be refining the way we communicate to evolve with it. Nothing can replace human interaction, but your organization's online presence is a powerful player in the b2b sales cycle and most likely your prospects' first and last impression of you. Similar to my fiance and I needing online sources to validate our travel agents recommendations, today's b2b buyer wants independent research to confirm their sales rep has given them the facts and that they're making an informed decision. Where are they going to turn to get that validation? The Internet.

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Jeff Erramouspe

Marketing Automation is Much More than a Glorified Email System

Tuesday, April 6th, 2010

In a recent webinar we held with Tony Jaros, of Sirius Decisions, he said that marketers focus too intently on the top of the marketing funnel. He equated the historical disconnect between marketing and sales alignment to focus:

  • Marketing measures activities (quantity)
  • Sales measures revenues (quality)

Quantity is not a direct path to quality. One of the reasons marketers can get stuck in the quantity mindset is due to their email marketing and advertising backgrounds. They’re used to gauging effectiveness based on direct response to individual campaigns or sends. Examples include measuring opens, clicks, impressions and conversions as stand-alone metrics.

The evolution of marketing automation systems is designed to help marketers create and execute on processes that improve overall effectiveness based on quality more so than on quantity behaviors. But even beyond that, during the course of a B2B complex sale, marketing must engage leads much farther beyond the top of the marketing funnel.

This means that measuring activities as siloed behavior won’t help marketers create more sales-ready leads. At least not without a lot of manual intervention and more time than marketers have to tie behaviors from multiple email sends together to derive qualitative insights they can act upon to drive prospects through the pipeline.

Marketing automation is the strategic platform that enables marketing performance management.
Consider some differences between marketing automation and email systems:

  • Lead Scoring. Email systems don’t help you prioritize Leads based on a combination of fit and activity. One of the biggest challenges for your sales team is prioritizing leads to ensure that their time spent in pursuit is optimized for the best outcomes. Marketing Automation helps tune that process even during lengthening funnel syndrome.
  • Lead Disposition. Marketing automation systems help companies keep track of the status of all their Leads to ensure higher levels of relevancy based on buying stage and recency of behavior. Email systems don’t know much about your leads except whether or not they’ve opted out. Marketing automation helps companies build insight across the entirety of the lead lifecycle, helping to ensure reduced lead dormancy by closing the loop between marketing and sales.
  • Nurturing Campaigns. With marketing automation, companies can create smart engagement and response messaging in relation to a lead’s behavior over the course of a lead nurturing program. Email systems only help you create static triggers that don’t take into account the combination of activities your leads exhibit, potentially diminishing interest.

If you want to coordinate your marketing and sales efforts to ensure that the activities marketing focuses on actually contribute to the creation of revenues, marketing automation is the critical enabler of streamlined and coordinated processes that deliver impact to the top line…and the bottom.

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Jeff Erramouspe

B2B Buyers Looking a Lot Like B2C Consumers

Tuesday, March 9th, 2010

It wasn’t too long ago that marketers thought about B2B buyers solely in relation to the companies they worked for—almost as if they were part of the brick and mortar. The demographics of the company itself were considered the most important intelligence marketers could use to decide whom to market to as well as how to do so. Marketing was all about us finding qualified leads…or so we thought.

Roll the calendar forward a few years and we find ourselves confronting a very different reality. The ways in which our potential customers approach buying now looks an awful lot like how an online-savvy consumer buys.

Consider the following consumer purchasing behaviors and note how they’re being adopted with increasing frequency by B2B buyers:

Consulting Reviews: With the advent of user-generated content on product sites, consumers can now consult previous customers’ reactions to the products they’ve purchased with barely a click from the product page. Ratings and reviews influence many of us in our everyday purchasing decisions. We’re seeing evidence that B2B buyers are spending time online doing the same thing.

Asking Peers: If you’ve ever spent any time browsing the Answers on LinkedIn you can see a tremendous amount of questions and answers about solutions, products, processes and other interests that used to be offline conversations. Not that those conversations don’t happen anymore, but the point is that the sphere of influence encompasses a much broader scope than was ever possible before.

WOM Referrals: Word of mouth has always been considered influential, but now it’s happening with increasing frequency amidst our online networks. Have a question? Post a quick Tweet and you’ll have responses, links to resources and referrals within moments. Stop into an online forum and monitor a discussion thread on a topic of interest. Click through a Google Alert to a blog post and follow a suggested link for more information about a problem you’re trying to solve.

Interestingly, 80% of buyers will say they not only found your company, but contacted you on their own. This means that it’s even more important to monitor what’s being said about your company, where it’s happening and finding ways to help influence those conversations to guide more leads into your funnel.

Marketing automation technology provides a huge advantage for marketers involved in capturing the attention of today’s B2B buyers. Just culling short-term attention is not enough. With the ability to monitor a lead’s online behavior, marketers can assess origination sources, measure engagement levels and use that information to refine their programs on the fly--ensuring that once attention is caught, it’s kept.

With B2B buyers acting a lot more like consumers, marketers need to work even harder to address not only professional needs, but personal considerations as well. This is also one reason why storytelling can be extremely effective in persuading a B2B audience to proactively reach out to your company to learn more.

What other similarities between B2B and B2C would you add?

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Jeff Erramouspe