demand generation best practice and the role of nurturing. 12.05.11
DESCRIPTION
An overview of the challenges of demand generation, the changing B2B buyer, their trust issues and the need to build emotional content into campaigns. The background as to why lead nurturing has to become a fundamental backbone of modern marketing.TRANSCRIPT
© Copyright Fox Parrack Singapour 2011. All rights reserved.
Demand generation best practice. Engaging the few,
or nurturing the many?
Inside Knowledge Seminar Series12th May 2011
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Introduction
David Fox, Chairman, Fox Parrack Singapour
From Demand Generation to Customer Engagement. The need for change.
Presentation 2Pete Jakob, Brand Manager, Marketing & Communications, IBM UK&I
Bringing Science to the Art of Marketing.
Coffee break
Presentation 3Debbie Williams, Chair of the IDM B2B Marketing Council, Demand Generation Consultant for Vodafone Global Enterprise.
Is your demand generation marketing aligned to the buyer's journey?
Agenda
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
• Europe’s longest established tech-marketing agency• Worked with many of the industry’s biggest brands, such as BT,
Blackberry, Cisco, Microsoft, Nortel, Novell, Oracle, Symantec, Vodafone, Xerox
• Deliver programmes covering: - Demand Generation and Lead Nurturing- Channel Marketing- Brand and Product Communications
• Integrated approach: blending digital with traditional techniques• FPS is an Eloqua agency partner• Founder member of n42, pan-European network of tech-focused
marketing agencies• Our aim: to help technology companies derive greater value from
the marketing function
About Fox Parrack Singapour
© 2011 Fox Parrack Singapour. All rights reserved.
© Copyright Fox Parrack Singapour 2011. All rights reserved.
From Demand Generation to Customer Engagement. The need for change.David Fox, Chairman, Fox Parrack Singapour
INTRODUCTION
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Lead Generation; 52%
Market Definition; 20%
Marketing Comms, 12%
Sales Process; 10%
Hiring; 4% Product Marketing; 2%
B2B marketers’ greatest challenges
SiriusDecisions
© Copyright Fox Parrack Singapour 2011. All rights reserved.
Why is demand gen so tough?
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Barriers to lead generation
12%leads sales ready
95%
not ready to buy
7-12touches needed to gain attention
87/100
‘deals’ initially left behind by sales
Chartered Institute of Marketing, Marketing Sherpa, Sirius Decisions21Involved in purchase decision
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
But these are the real barriers...
“Business buyers are people, not faceless companies.
Rational decisions get clouded by emotions, motivations and desires.”
Forrester
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
There’s another barrier too...
“B2B marketers must stop pushing out communications and start listening to what buyers need.”Forrester Blog, “Will B2B marketing become obsolete?”
“We found that, in many cases, marketers are more likely to use email tactics that are fast and easy to
implement than those that are most effective.”Marketing Sherpa, 2011 Email Marketing Benchmark Reports
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
“Customer research, segmentation, understanding the buying process and creating relevant
information that engages prospects in conversations, and ultimately long-lasting relationships,
all require marketers to understand their customers deeply.”
Forrester Blog, “Will B2B marketing become obsolete?”
It comes down to customer insight...
© Copyright Fox Parrack Singapour 2011. All rights reserved.
The changing B2B buyer...It’s a question of empowerment!
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
The empowered consumer...
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
“The hunter has become the hunted”
“Buyers are more informed and seek information independent of sales.
How sales people want to sell has little impact on how buyers are choosing to buy.”
Roles reversed?
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
• The buying process is not a simple logical, rational and linear process where a prospect moves neatly from one stage to the next
• Rather, prospects move chaotically forward, backward through the process as they balance rational decision making with the emotional impacts of fear and risk...
• ...fear and risk!
The buying process
© Copyright Fox Parrack Singapour 2011. All rights reserved.
How much do we trust?
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
The Edelman Trust Barometer 2011
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The Trust Barometer in retrospect
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Trust protects reputation
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UK one of lowest trust levels of Business
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Media - UK most cynical globally
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
And for the good news...
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Although the UK...
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
The Transformation of Trust
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Forrester definition (2007): "the level of involvement, interaction, intimacy, and influence an individual has with a brand over time.”
“Revisiting The Meaning Of "Engagement”Posted by Sean Corcoran, Forrester Research, April 12, 2011
‘Marketing Engagement’: 47 million search entries!
Metric: Marketing Engagement
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Involvement
Interaction
Intimacy
Influence
Marketing Engagement
REACH
TARGETING
ENGAGEMENT
SOCIAL
TRANSACTIONS
© Copyright Fox Parrack Singapour 2011. All rights reserved.
So how should we drive demand?
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
• Email has long been established as one of the hardest working tools in the marketing toolbox
• Tactically, email appears to have unlimited potential especially when integrated with emerging marketing channels like social media
• But when multiple improvement tactics are combined, performance is accelerated MarketingSherpa 2011 Email Marketing Benchmark Report
The role of email
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Email Marketing Maturity
Twice as likely to believe that email
marketing is producing ROI
Marketing Sherpa, 2011 Email Marketing Benchmark Report
14% 49% 37%
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Perception of email ROI, by maturity phase
“These organisations are destined to get what they pay for.”
Marketing Sherpa, 2011 Email Marketing Benchmark Report
© Copyright Fox Parrack Singapour 2011. All rights reserved.
“Targeting recipients with highly relevant content
is the most significant challenge to marketing effectiveness”
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Top tactics for delivering relevant content
46%
57%
43%36%47%
© Copyright Fox Parrack Singapour 2011. All rights reserved.
Leads versus NurturingShort-term versus a longer-term approach
© Copyright Fox Parrack Singapour 2011. All rights reserved.
Nurturing is about having a consistent and meaningful
communication with viable customers regardless of their time to purchase
The key with nurturing is to influence people early, before the buying process begins, in order to create a preference,
based on your position in their mind as a ‘useful source’.
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
1. Put customers at the centre of your demand generation strategy, mapping out the buyer journeys, understanding emotional needs
2. Ensure messaging maps to their (emotional) pains and needs - avoid hype, avoid bland and avoid product pitches
3. Develop ‘content maps’ - sufficient amounts of useful information to help guide/educate during the buying process
4. Ensure continual measurement of prospect interaction, ideally with sensible scoring defining the high propensity contacts
5. Only have sales engage with those ‘sales-ready’ leads, armed with the insight gleaned from their online actions (TM profiling)
6. Think integrated & multi-channel - be where the prospect wants to be – participate in social media and don’t exclude search
7. Think long term and long tail - it takes time to grow a relationship
The principles of effective nurturing
© Copyright Fox Parrack Singapour 2011. All rights reserved.
Making it work harder
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
The integrated approach
Email Marketing
Video Site Participation/Channel
Search marketing
Display advertising
Influence cycle
Acquisitions through referrals
Leads
Search is at the heart, email is the engine, social is the accelerator.
Company Facebook pages
Company Twitter pages
Company Blogs
Email newsletter
Widgets
LinkedIn Groups
3rd Party Facebook pages
Social Bookmarking
3rd Party Twitter pages
3rd Party Blogs
LinkedIn Groups
Analysts
Publishers
Website,Blog
StandardAcquisition
Funnel
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Then there’s ‘Behavioural Economics’
Where science really meets art!
Loss Aversion
The Power of Now
Scarcity Value
Goal Dilution
Chunking
Price Perception
Choice Architecture The 8th IDM B2B Marketing Conference: Understanding and Engaging Customer 2.0
© Copyright Fox Parrack Singapour 2011. All rights reserved.
So where’s the proof that it works?
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Case Study: Integrated Demand Gen
1 integrated campaign
14 countries
75,000 contacts
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
18 months…
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
1 2 3 4 5 6 7 8 9 10 11 12$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
Total Pipeline
Inbound Pipeline
Outbound Pipeline
Weeks
$ m
illi
ons
Campaign Pipeline – 1st 12 weeks
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Campaign Pipeline in SFDC
$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0
$10.0$11.0$12.0$13.0$14.0$15.0$16.0$17.0$18.0
Total Pipeline
Inbound Pipeline
Outbound Pipeline
Weeks
15% conversion
10% conversion
12% conversion
11% conversion
+23% av.order value
+37% av.order value
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Campaign Closed Revenue in SFDC Total
$0.0
$0.2
$0.4$0.6
$0.8
$1.0$1.2
$1.4$1.6
$1.8
$2.0$2.2
$2.4
$2.6$2.8
$3.0$3.2
Closed Revenue
Weeks
$ m
illio
ns
£22m pipeline
£4.85m closed
1:90/1:20 ROI
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
The value of nurturing...
Eloqua. Study of ten B2B organisations using lead scoring systems
© Copyright Fox Parrack Singapour 2011. All rights reserved.
Thank youAny questions?
© Copyright Fox Parrack Singapour 2011. All rights reserved. Inside Knowledge Seminar Series 2011
Information in your pack...
© Copyright Fox Parrack Singapour 2011. All rights reserved.
Bringing Science to the Art of MarketingPete Jakob, IBM Brand Manager, UK & Ireland
(Marketing Scientist)
Presentation 2
Pete Jakob