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As we wrote on Monday, The Old Marketing Value Chain is constrained by its reliance on “rules and tools.” The Old Chain had no ability to change with shifting marketing conditions. It also failed to account for dynamic marketing tools. A business using the Old Marketing Value Chain could find their competitors passing them by through the application of new insights and strategies.
The New Marketing Value Chain is an approach that works for marketers at companies of every size. This new strategy can be defined in three main points.
1. Data as A Disruptor
Shifts in technology and customer behavior have produced an almost infinite amount of data –– a digital record of every action a customer takes online. It is the accessibility of this data that will allow for a new marketing value chain predicated on insight. Mastery of insight will enable companies to predict marketing performance as never before.
2. A Not Two, But Three-Pronged Approach
In the New Marketing Value Chain, insight, strategy and application are the links in the chain. Insights come from data, but strong strategy and follow-through are required for an effective and efficient campaign. No one link can succeed without the others.
3. Constant Reinvention is Required
Data-driven insights are only useful if they are acted upon in a timely fashion. Today that means marketers must be agile, constantly adapting and reinventing their strategies. No marketer can flip a switch and walk away, assuming that the same strategy will keep working and working.
It’s time to stop focusing on the “how” of marketing and figure out the “why.” The New Marketing Value Chain is a guide for understanding that “why.” Data shows what approaches are effective so that successes can be replicated.
Throughout the rest of September, we’ll be exploring these three aspects of the New Marketing Value Chain in more depth. Read our blog every Monday, Wednesday and Friday to learn more.
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This month, we’re focusing largely on research from a company’s point of view, but data has also impacted the B2B sales cycle from the customer’s point of view. Demand Gen Report recently released a study, “The 2014 B2B Buyer Landscape,” that confirms the increasingly complex nature of the B2B buying cycle. In fact, they report that 58 percent of B2B buyers spent more time researching purchases this year than last.
That statistic serves as a call for companies–and their marketing teams–to stay one step ahead of their prospects. They must find ways to engage customers who consult online peers and don’t want to waste time with sales representatives discussing questions they believe they can answer themselves. Today’s prospects think they know what they want, and they don’t always want input from a member of your sales team. The challenge is finding a way to give it to them anyway.
Here are three ways to communicate with customers in today’s complex buying cycle:
1. Modernize Your Website
Out-of-date websites–especially if they aren’t optimized for mobile–are the easiest way to lose prospects. Your website should be developed with content that drives leads down the funnel, and it should be as modern and engaging as possible. If you’re wondering what content will resonate, take a look at your customer data to find out. While case studies and client testimonials have a place on your site, be sure to leave the customer wanting more. When a few questions remain, the chances of getting leads on a phone call or in a face-to-face meeting grow stronger.
2. Understand Where Sales Reps Meet Social Media
Many B2B companies who are thriving in the digital age have embraced a social business model. Employees and sales representatives are empowered to be brand advocates on social media, and the result is increased sales and a stronger community. When a team takes this approach, a lead doesn’t have to look far at all to find someone to answer their questions. In fact, the sheer strength in social brand numbers often convinces prospects of your product’s worth, providing an impressive level of intangible support to your marketing initiatives.
3. Capitalize on Strong Social Communities
If you’ve built a strong social community for your brand, it’s important to capitalize on it. Use social channels to urge your prospects down the funnel and closer to sale. Wondering how to do it? Engage in two-way conversations, ask questions and be human. Ask your sales representatives to do the same. Create a community that potential customers are excited to join, and make it obvious that they should be your next member by engaging in everyday, helpful conversations.
How are you communicating with customers in today’s buyer landscape?
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If you’ve spent any time working in B2B marketing, chances are you’re familiar with buyer personas. They’re an old tool, but just because they’ve been around for a while doesn’t mean they’re out of date. In fact, buyer personas today are more relevant and powerful than ever, because increased access to customer data allows us to develop ever clearer images of our customers’ wants and needs.
While many companies include buyer personas in their initial strategy development, not many “put the person back in the persona” and factor their personas into their everyday decision-making. This is a substantial oversight. As Ardath Albee points out, buyer personas are only useful if they’re full of powerful data. Keeping your buyer personas fresh with the data you glean from your day-to-day activities will help you be keenly aware of your customers’ needs, and ensure your marketing is precisely targeted.
Here are four ways you can ensure your buyer personas are up-to-date and relevant:
1. Conduct a survey of current and past customers
When you first put together your buyer personas, you probably spent time talking to customers to determine their needs. Do it again! Schedule periodic interviews with your clients to check in on their needs, whether every three, six or 12 months. These don’t need to be exhaustive interviews, but rather surveys that give you enough to determine how their needs are evolving. This will ensure you’re not making inaccurate assumptions about your customers’ needs.
2. Consult your customer service team for insights
Your customer service team undoubtedly has a well-developed sense of your customers’ needs, pain points and expectations. Keep an open dialogue going with them, as they can be your listening post. They’re likely to be the first to know when something substantial changes with your customers, and will be able to clue you in to new opportunities.
3. Take note of what content or pages they’re visiting
A big part of the reason we’ve made data an essential component of our work here at Movéo is that it affords numerous ways to gain insight into our customers. We parse our data to determine where we’re getting the most engagement, which in part means seeing what pieces of our content are getting viewed and shared. What your customers are clicking on is almost certainly what they need to know more about, serving as a good indicator of where your efforts should be focused.
4. Gather information on your competitor’s customers
Wherever possible, look to see what you can glean from your competitors, directly or indirectly. You can try to survey their customers, similarly to how you’ve done with your own customers, and you can look at what your competitor is offering. Assume that, like you, they are looking at their data and bulking up their content offering in response to their customers’ needs. That’s can be a signal to your company of a latent need.
The most important thing is to begin looking at your buyer personas as living, breathing documents. The trove of data you can gain from surveys and analytics will keep your efforts up to date, relevant and on target, and ensure you’re putting your resources where they will generate results.
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As we’ve said before, the digital age has transformed the B2B sales funnel to a point that some consider to be barely recognizable. Today’s customers research products thoroughly before even speaking to a member of the sales team, leading themselves through a process of questioning and discovery that often falls outside the seller’s realm of influence. Thanks to the internet, the three-stage sales funnel of the past has become a twisting path that leaves marketers unsure of when prospects need the most attention.
The new sales cycle no longer feels safe or predictable. In fact, marketers seem to be at the mercy of the self-informed buyer. When prospects have access to endless amounts of information and aren’t afraid to use it in decision-making, how can they be coaxed to the end of the funnel? Sure, it’s a complex question, but we have the answer. Put simply, it’s critical that marketers employ advanced data-driven insight to reach out to leads with the right information at the right time.
Here are a few ways to use data analysis to do just that:
1. Your CRM Saves the Day
Customer Relationship Management Software has never been more important than it is today. It’s critical for your company to find a robust tool that integrates social media, email and web behavior data with your contact list. By taking a look at what gets prospects to engage with your company, you can develop marketing campaigns to combat even the most complicated sales cycles.
2. Get Smart With Content Marketing
Content marketing has been receiving wide acclaim for its ability to attract and convert. While it certainly has that potential, it can’t do either for your company without data-driven insights to guide the strategy. Approach content marketing with knowledge of your customers’ biggest pain points, and develop solutions to their problems that add value to their everyday lives. After doing so, your company will be top of mind when it’s time to make a purchase.
3. Measure and Drive Engagement
Last week, we discussed engagement on the blog. While it’s important to increase engagement among leads and customers, it’s impossible to do so without a dedicated measurement system. Use an advanced CRM tool, Google Analytics or the sophisticated web analysis system of your choice to constantly monitor what gets your customers’ attention and why. Use that information to guide every decision you make and shape marketing campaigns to be effective in the modern sales cycle.
How has your company’s sales cycle evolved?
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Access to massive amounts of data is something that’s relatively new to the marketing landscape, and it’s left some marketers panicking. It’s easy to get caught up in the conversation about data optimization and overlook the action needed to truly push your company toward using analytics to their greatest advantage.
At Movéo, we’ve taken steps to make room for data’s big impact. We’ve created a Data & Insights group that is staffed by talented data specialists, and we’ve shifted our approach to incorporate what we’ve learned.
Measure Engagement
We’ve found that one critical piece of the puzzle is to measure engagement. That word means various things depending on the setting or the company, but for us it means using data to develop a clear picture of what elicits customer response.
Data is a powerful way to glean new insights about what customers want and why they do what they do. It helps us inform marketing campaigns and business decisions with a depth of knowledge that was previously inaccessible. The challenge is that customer preferences, the things that get them down the funnel, aren’t easily understood from a survey or phone call.
Proof in Numbers
The viral content producer Upworthy famously writes 25 headlines for each post and tests selected headlines against each other. Often, the headlines that draw the most clicks aren’t the writer’s initial favorites. This proves that data has the power to uncover customer preferences that are often unexpected.
Customer engagement has the power to directly impact your bottom line. What content marketing pieces get your prospects’ attention? What social posts elicit their response? Take a look at in-the-moment analytics to find the answer, and let that knowledge influence every strategic decision you make.
What is your company doing to measure and increase engagement?
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Increased access to data has caused mammoth shifts in the past several years, and one key change relates to customer relationship management (CRM). Today, data rules CRM with the power to impact every touchpoint. Relationships managed without an eye on hard numbers and analytics lack the relevance and effectiveness that a data-driven approach provides.
Data analysis empowers organizations to improve customer retention and long-term loyalty by helping companies to better tailor their offering and marketing approach to their customers’ specific needs and behaviors. Smart companies use data to inform every decision they make, from serving ads to targeting. By better understanding the needs and pain points of their communities, B2B companies can use data to create mutually beneficial business experiences.
Here are four ways customer relationships can be optimized through data analysis:
1) Nurturing Leads
Use your CRM tools to manage leads as well as current customers. Optimize delivery times for sales emails and use segmentation techniques to catch the eye of your next customer in a way that feels highly tailored and personal.The data will reveal what engages your leads, so pay attention.
2) Make the Most of Customer Habits
Combine the power of aggregate data with more specific information about individual customers to shape your ongoing interactions with each contact.
3) Integrate Your Strategies
Use your CRM to track customer touchpoints and improve your service. From operations to billing, track requests and completed tasks to keep communications organized and on schedule. Disperse client projects across your own workforce strategically to create a smooth and consistent experience for the customer.
4) Manage Future Needs
Track past projects relationships and results, and tailor future solutions or products directly to customer needs. Note upcoming opportunities and schedule reminders for your own workforce to reach out with relevant tools and offers. Use your CRM tool to gather information about customer preferences and successful campaigns, and develop future approaches to address the needs you discover.
How does data analysis influence your company’s relationships?
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Have you ever wondered if all the buzz about data and big data is necessary? You’re not alone. We’ve noticed that “big data” has appeared on more than one list of overused marketing buzzwords lately.
Our answer? Yes, increased access to data, big or not, offers endless opportunity to marketers, but it’s time to stop talking circles around it and start adopting strategies for optimization. In the end, it’s not the data that makes the impact It’s what your company does with it.
What it means to optimize information varies from company to company, but these three tips will help you leverage data at your own organization:
1. Utilize Google Analytics
For many small companies, Google Analytics is the entryway to data utilization. There are more sophisticated, powerful tools available for large enterprises, but Google Analytics is a robust way to find quick, easy insights. Use it to track your customers’ behavior on your website, learning what kind of content or social media channels they clicked through to reach your site; where they spend time, be it your blog or case studies and white papers; and whether they regularly return to any specific part of your site.
With this information, you can get to know your customers’ behaviors and optimize accordingly. The Goals tool allows you to further investigate which activities generate and contribute to leads, which provides a tremendous boost for your marketing ROI. Google Analytics goals can be tailored to your needs and marketing objectives.
2. Don’t Discount Social Data
Each of your social channels offer a wealth of customer insights that can be leveraged for your company. Each of your prospects has a social footprint, and this data related to their preferences and behaviors can help you access an extra layer of customer insight. This can inform your social content and content marketing initiatives by showing what generates the most engagement, and, most importantly, which content leads people to your website.
3. Call In the Experts
As we’ve said, data offers endless opportunity, but that opportunity won’t necessarily be easy to manage. It takes time and a trained analyst to glean actionable insights from complex data sets. To solve this problem and save yourself the trouble, consider hiring a data specialist or an outside firm that is equipped and experienced in data analysis. At Movéo, our Data & Insights Group leverages the power of information for our clients. It is directed by our resident data specialist, Jiani Zhang, who is happy to answer any data-related questions you may have.
What steps have you taken to better leverage data for your company?
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Data and insights have become a regular theme of Get There blog posts, because analytics are changing the face of marketing. The blog focused on data in February, but this month, we’re revisiting the topic to discuss research and your customers.
The staggering breadth of customer insights now available to marketers requires everyone to take stock of what’s available and decide which new approaches are right for their company. Unfortunately, this can be quite a challenge. While it’s daunting to constantly analyze data to inform and tweak marketing strategy, it’s absolutely critical to reaching full business potential.
Are you utilizing data and insights in a way that informs business growth? This month, we’ll help you figure it out by exploring how research has the power to influence your customer relationships.
We’ll focus on these four themes:
1. How Access to Data Has Changed Market Research
Marketers are known for their ability to evolve with the landscape, but access to endless amounts of data has presented unprecedented challenges. This month, we’ll take a look at how market research has changed and what you can do about it.
2. Letting Data Inform Buyer Personas and the Buying Cycle
In B2B marketing, the internet has changed the buying cycle. We’ll share how new access to data informs marketing approaches and how important buyer personas really are.
3. Analyzing Web Behaviors
Web behavior analysis offers ways to get to know customers that were previously unexplored. Is your company using this information to its fullest advantage? Stay tuned to find out.
4. Using In-the-moment Campaign Data
To optimize marketing campaigns, you must keep a constant eye on related data and tweak strategy according to customer engagement. Only by analyzing what customers do and why can you tailor your content and products to their needs.
Join us next week to continue this discussion on data and your customers.
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The social media landscape has seen significant changes this year, and it’s challenging for marketing professionals to keep up. Luckily, the internet offers a wealth of marketing blogs to help all of us stay up-to-date on current trends and best practices.
Today, we’re sharing some of our 2014 favorites from around the web, with an emphasis on how social media impacts other facets of your marketing strategy.
Social Media and Content Marketing
Buffer is known for their research-driven approach to blog posts, and this one is no different. Take a look for helpful advice on pairing social media with your content marketing strategy.
Social Media and SEO
This post addresses the latest search algorithm changes and their impact on social media and content marketing. Use it to help your company’s content get better ranking in search results.
Social Media and Visual Branding
As every social channel demands increasingly visual content, marketers are forced to adapt. Check out this post for useful yet simple tips on achieving visual consistency across platforms.
Social Media and Professional Development
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The end of the month is approaching, and as usual, we’d like to share a few of our favorite posts from around the web. After spending this month discussing best practices in the current social media landscape–specifically for B2B–we want to highlight some companies who are doing an exceptional job with their social communities.
1. SAP
This nomination explains how SAP used social media to engage customers and change the public perception of their company. Because many considered them to be solely an ERP provider, their goal was to raise awareness about their wide assortment of innovative projects. Results of their campaign are impressive, and the approach proves that with measurement and targeted goals, social media has the power to ignite people behind products.
2. Dell
Dell is doing a fantastic job at turning social media insights into actionable business insights. At Movéo, we love data and analytics, so their work to develop a “Social Net Advocacy” metric is impressive.
3. Salesforce
Salesforce has a strong online community. We like the emphasis, as shown at this link, on event advertisement in their Facebook cover photo.
4. ADP
We admire ADP’s level of engagement with their followers on social media. They consistently provide their community with high-value content that solves everyday workplace problems.
What are your favorite B2B social media accounts?
