going beyond the empowered buyer: the next five mega marketing challenges
TRANSCRIPT
Metrics
M A R K E T E R S S H O U L D K N O W T O S H O W T R U E O B J E C T I V E V A L U E
ROI – Cl icks – Emai l Open Rates – At tr i bu t i on - Downloads
Social Sales Alignment Marketing 5
Mega Trends
Shaping the future of marketing
Metrics
M A R K E T E R S S H O U L D K N O W T O S H O W T R U E O B J E C T I V E V A L U E
ROI – Cl icks – Emai l Open Rates – At tr i bu t i on - Downloads
Social Sales Alignment Marketing This presentation was created to help be a
guide to the biggest changes we are likely to see in buyers in 2016, and the trends you need to keep up. My goal is not to give you all the answers in this presentation, but rather help you see the major trends you need to be aware of and inspire you to take action. Feel free to reach out to me on Twitter @msweezey to continue the conversation. Mathew Sweezey, Principal of Marketing Insights Salesforce This presentation is compliments of.
New MediaEnvironment
Media
Environment
Businesses
Consumers
MediaMedia is the embryotic fluid supporting the
connections between businesses and consumers. It dictates what type of
connections can exist, and what is possible. When the media environment shifts if has massive effects to the relationship between
buyers and sellers.
5 Media Channels In1960therewereonly5marke4ngchannelswemust
master.Theyareallanalog,andmass.Allofourmarke4ngfounda4onsarecreatedduringthis4me.
Over 200 Channels now Increasingthenumberofchannelsintoinfinity
becauseitwillbethebiggestbudget,soitwillgetthemosttools.
Limitless Media Onaveragethereare1,500postswai4ngforyouonFacebook,andonaverageyoucheckFacebook174mes
perday(Ages35-49).Youalsohave7.4socialchannelsonaverage.
Limitless Distribution More people in the world have access to a
mobile phone than have access to clean drinking water or electricity.
Limitless Consumption Thisisover12hoursperday,acrossmul4ple
screens.Tanglingupworklife,personallife,andeverythingelsetogether.
This Is the biggest shift in media in the history of the world.
By 2020 there will be: 7 times as many connected devices as there are people on the planet. Each devices
must be connected to deliver the experience the
consumers want.
-CNN Report 2014 7
W e e n t e r e d a n e w e r a
o f m e d i a i n 2 0 0 7 .
C o n s u m e r s o v e r t o o k
b u s i n e s s e s a s t h e
l a r g e s t c r e a t o r s o f
M e d i a . .
All People Are affected
Grandparents are the fastest growing demographic on
Facebook.
-Facebook Statistics
55-years-and-olderconsumersegmentisactuallythefastestgrowingfac4onofmobileusers,increasingitscombinedmul4-plaNormandmobile-onlyshareofaudiencefrom60percentto74percentinthepastyear. - Comcore Research 2015
Even the old ones
New Buyer Behaviors
heu· ris· tic: Enabling a person to discover or learn something for
themselves. Digital experiences are heuristic.
A consumer can determine if there is value in a web experience with in 1/20 of a second. If it is not valuable then they leave. On average a person only stays on 1.7 pages of a website Nobody taught consumers how to search, how to use email, or use Facebook. They learned on their own. - Cliff Seal 2015
LET’s Test You Letsseejusthowmuchyouhavechangedbasedonthe
environmentaroundyoutomakethispointevenclearer.
“A” or “b” How do you manage your email
in box?
We Disqualify before we Qualify
The massive amount of data coming to us via email has trained us to first delete what is not relevant so we can have an easier time managing what we really need to be working on. This is a Heuristic behavior, because nobody taught you how to do this. You just learned on your own.
“A” or “b” How do you download content?
We batch research
Based on how easy it is to find and consume content we now naturally do it in large batches. Once again this is a learned behavior and something which is a new buyer behavior. If we can understand this we can now start to optimize for greater content conversions when someone is on our site.
Dailycontentconsump4on.UsuallyisLearn,andEscape.Happensacrossallmediachannels.HowweengagewithResearchcontent.
Batch Research Defined
Branding?
Industrial Revolution
Taught us marketing was a by product of production, and the businesses had complete control of information about products, and the buying process. There were only 5 media channels.
1960: There were only 5 forms of media in our “Golden Age” 5
BRANDING Display the values of the brand through
the interactions we controlled. This
created the “Golden Era” of marketing
from 1959-1972.
18% of US consumers use ad blocking software. It is also estimated this number will double in 2016. There are 185 million global users of ad blocking technology.
Ad Blocking
- Pagefair and Adobe, 2015
Ship My Pants
Na4onalretailerspendsover$10milliononacampaigntogetpeopletoshopintheirstores.Thecampaignwasbasedoffofanawardwinningtagline“ShipMyPants”
Infinite Media Hurts
UponaGooglesearchtofindthelocalstoretheaveragereviewis2.9outof5.Crea4ngabadimpressiondirectlyfollowingtheposi4veimpressionofthe“ShipMyPants”campaign.
Net Positive Experience
Upongoingtothewebsitetothenpurchasethewebsitewasbroken.Thisnowhascreateda“NETNEGATIVE”effectandtheonlywaytowinthisconsumerbackistospendmoremoney.Thisisnotsustainable.
1.5 Forrester Research estimates for every 100 leads a B2B company generates, best in class only convert 1.5 into revenue. Average companies only convert .7 into revenue.
Corporate Mindset
We must be able to build bridges between all departments to ensure a holist corporate mindset. Mindset is the only proactive way to protect your brand, and provide customers with the best experience.
In companies like AT&T this role also is being given a new name: Customer Experience Executive.
Lifecycle Management
The lifecycle begins with the very first touch, and never stops. However, with in each lifecycle there are many sub cycles. It is the CMO’s role to ensure they all fit together seamlessly to optimize the relationship. The sub cycles may be managed by different tools, people, or organizations, but should be orchestrated by the CMO.
Highperformershaveexecu4veteamsthataredeeplycommibedtotheirsuccess.Infact,highperformersare2.6xmorelikelythanunderperformerstosaytheirexecu4veteamiscompletelycommibedtosuppor4ngtheoverallmarke4ngstrategy.
#1 Executive
Sponsorship
Leaders Vs Laggards Companies who excel at customer experience out performance the S&P index by 30%, and customer experience laggards by 65%. It must be looked at as a product you produce. -Watermark Consulting
SocialLiteracy
Founda4on#2SocialLiteracy
Nobody says “I want content”
They decide engage with content to solve goals, they engage with it because
it aligns with their purpose
@msweezey
71% Have been Disappointed by content
25% Will never re-engage If disappointed once
The content
we create sucks
Path To
Purpose
There is no longer a path to purchase, but a Path to Purpose. Buyers paths are constant strings of moments intertwined together equaling an experience, fulfilling a buyers purpose. What are your buyers purpose for engaging with you? - Google Think, Path to Purpose
Purpose is Contextual The role of the new middle is to have contextual engagements with people. These engagements are a combination of human and automated interactions designed to build rapport, overcome simple objections, and create a strong and lasting relationship with the brand.
PEW research found:
CEO’s pick up their mobile device 51% of the time because they are BORED
@msweezey
Escape !People wanting to escape will lean on self discover and
social channels. They are looking to escape their work, life, job, and take a short break. No barring on sales readiness. However the escape must be an honest, escape. It can not
be contrived by a business, but must be found by the person.
Read this article for more on creating humor in your content: http://www.clickz.com/clickz/column/2389218/create-better-content-via-humor
Kronos Case Study Kronos, a workforce
management software company, uses a weekly
comic to engage with their audience. Their comics are
consistently shared on LinkedIn two to 10x more
than their corporate blog posts.
Discover!Discovery is one of the greatest gifts of the internet. We
have both passive and active discovery modes.
Active Discovery: Direct searches on the internet Passive Discovery: When you scroll down in Facebook
Self Discovery Is the highest form of value the internet provides. Mass publication is the lowest form of value it provides. - David Weinberger
Active Discovery
Discovery is extremely powerful for marketers to understand
because it allows us to fulfill a desired purpose of the consumer.
Consider how much we like to discover. The top 7 websites in
the world are all places for consumers to actively discovery
things.
-Alexa research 2015
Top 7 Site are: 1. Google 2. Facebook 3. Youtube 4. Baidu 5. Yahoo 6. Amazon 7. Wikipedia
ActiveDiscovery
Anytime you do a search you are engaging in “Active Discovery” This is when you are looking, seeking, or wanting to find a specific item. “Amazon.com strives to be the e-commerce destination where consumers can find and discover anything they want to buy online.” – Jeff Bezos
Passive Discovery Passive discovery is the secondary action of search. It is the reason we “Surf ” in the first place. We are passively seeking an experience, and trust the things we find on our own. Discovering something new is our purpose.
PassiveDiscovery There is value in helping people discover
things. Amazon hires 473 “Data Scientists” to study their conversions, and it’s effect on the customer relationship. If they do something look at why.
Self Discovery = Trusted Content The modern consumers build trust in a new way. They have found the value of the instant access of the internet and placed a high value on self discovery. They even block your ads! Learn how to help aid in their discovery and you will gain their trust.
Presence!Is the content which consumers create about themselves to
validate the mediated self they are projecting. Simply engaging with this is fulfilling their purpose, and is
helpful, and does not require you to create more content.
Mediated Persons On average a person has 7.4 social channels, and will be very hard to reach on those channels due to increased competition from their friends, digital ad budgets, and ad blocking software. Mediated relationships require “Frequent and phatic gestures” to build and maintain mediated relationships and so our marketing must evolve as well.
Larry D. Rosen (editor), The Wiley Handbook of Psychology, Technology and Society
Values of Presence 1) Self Validation (posting) 2) Societal Validation (being liked) 3) Belonging (groups) 4) Reciprocity (the golden rule)
Social Capital is the key to understanding the “Micro Action”. With out it you will not be able to fulfill the persons purpose. By understanding these 4 simple rules you will easily understand what someone purpose is, and how to build stronger relationships.
“Whenyouseepeoplevo.ngupyouransweroraddingtheirownrepliesinreal.meitmakesyourealizethere’sagoodgroupofpeoplereadingyourstuff.Idon’tgetthatimmediaterushonmyblog”
-Robert Scoble, Futurist and Social Media icon
“ “
ObjectiveValue
Holistic Value The switching economy is estimated at $1.7 Trillion dollars. Making it the 10th largest economy in the world, and making churn a major issue we must face. Marketers need to show objective value on holistic marketing efforts and their impact to the happiness of the consumer. This is not best represented by “Share of Wallet” because this puts the impatience on increasing customer spend. CSTAT scores rather place the focus on customer happiness. • B2C: CSAT score • B2B: NPS metric
a must read
Leaders Vs Laggards Companies who excel at customer experience out performance the S&P index by 30%, and customer experience laggards by 65%. It must be looked at as a product you produce. -Watermark Consulting
Philips executives, knowing from this kind of analysis what loyalty improvements are worth, have set a goal to have 50 percent of the company’s businesses in NPS leadership positions by 2015.
Relationships are hard to substitute! Having everyone in your company with the same mindset is the only sustainable way for you to proactively protect your brand from the infinite amount of content which will be published about you in the future. This is why companies like AT&T give CX a seat at the Executive Table.
A new Position: Experience Executive
Weighted pipeline allows you to show a metric which is valued by the business, because it is in dollars expected to come in. It can predict future outcomes, is comparable, and highly accurate. It is a metric which shows objective value!
Objective Value
Weighted Pipeline = Volume x Efficiency x Velocity
How many people don’t make it to the next stage?
Volume is the total measure of people in a specific stage of the marketing funnel. Such as how many potential leads does marketing currently have in a specific stage.
Volume
To track volume: This is just the total size of the stage of marketing. There are on average 2-3 stages in marketing's control before the leads go to sales.
Velocity allows you to track the speed of a prospect/buyer thought the stages of the buyers journey. This allows for a holistic measure of the impact on a buyer of all marketing activities, and is a metric which is valued by businesses executives because it helps predict the future outcomes of revenue.
Velocity
To track velocity: Track the entry date, and exit date of people into a stage of your marketing funnel. The average will tell you the velocity of that stage.
Efficiency Efficiency is the measure of how many prospects/buyers make it from one stage to the next. This allows you to measure and optimize the holistic experience of a buyer in their journey. It is valued by business leads because when combined with velocity it accurately predicts future revenues from marketing activities.
To track Efficiency: Measure the number of people who come in divided into the number of people who make it out. This is the ratio of in/out.
Now take your average size deal and do the math:
(lets assume your average deal is 10k)
Stage Volume Velocity Efficiency WeightedValue
1 100 5days 70% (100x.7)x10,000
2 90 9days 77% (90x.77)x10,000
3 80 10days 88% (80x.88)x10,000
Sales 70 Total$2,097,000
Weighted Pipeline shows:
Predictability: Every 24 Days you produce: 70 leads
Holistic View: All marketing activities even those of Good Will are account for in the measurement. Now if our marketing can increase each stage by 1% we have a 28% lift on the total value of the pipeline.
Objective Value: It puts our marketing in terms of revenue dollars which our business finds on objective value. The increase in any aspect of the pipeline is now translated into revenue.
Business Metrics: These are numbers your board can understand and valuations which help them make better decisions about how to run their business.
AgileEfforts
Of marketers say it takes 2-5 weeks to create a piece
of content.
42%Of marketers say it takes more than 7 weeks to create a piece of content.
1/3
1hbp://www.techvalidate.com/blog/2013-content-marke4ng-research-4me-spent-crea4ng-content-2892
X
The Agile ProofI can write up all the stats in the world, but this simple math example will prove to you that the agile way is faster, better, and repeatable. Even a child can understand the power of agile with this simple proof.
Step 1: Place your pin on the blue dot. Your goal will be to close your eyes and then draw a straight line to the red dot. Stop when
you get there.
Your line probably looks like this.
Step 2: Now try again, but feel free to stop when ever you want. Leave your pen on the paper, and open your eyes. Recalibrate, close your eyes then continue to draw your line. Take as many
stops as you want.
Your second line probably looks like this. You reached your goal,
faster, and with less effort. You can stair at the red dot all you want, but agile is the only consistently way to get there.
Creativity is no longer a singular genius, but an
iterative process
“ “ - David Weinberger, Author and Fellow at Harvard University
Waterfall:
Agile projects succeed three times more often than projects following a waterfall processes
of execution. As well as spending much less time and at
a significantly lower cost1.
3x
12011CHAOSreportfromtheStandishGroup
The Facts on
Agile
Increased Accuracy
High
N1 N2 N3 N4 N5 N6Low
Translation: Each agile iteration will have a higher degree of accuracy than the previous iteration, yet you are likely to still have some failure in your next attempt. However the degree of failure will also decrease with each attempt.
Lower Risk Exposure
High
N1 N2 N3 N4 N5 N6Low
Translation: Each agile iteration of the content has a dramatically less likeliness for failure. Which means you are less likely to see consumers having bad experiences with your content.
X
The Agile ProcessThere are an infinitely growing number of marketing channels which require content. This brings about a new level of content we must produce. The only way to create enough content with a high enough success demands a new foundation on how we execute marketing campaigns. We must learn from other business departments who have faced similar issues.
User Stories
MVP
Review
Execute
UserStories
What responsibilities do they have? What issues do they face? What do they want to learn? Have they found things before they liked?
User Stories
MVP
Review
Execute
M.V.P. Minimum Viable Product: What is smallest way you can provide value to your core consumer. This is your minimum viable product. Create this, then learn how to improve it.
User Stories
MVP
Review
Execute
Review It is good to have comparable metrics, but asking consumers directly is the best feedback you can have on how to improve your experiences. • Was the content you engaged with helpful? • How can it be better? • What was the best thing you’ve found? ASK
Agile Math
What the math represents: FV = Future Value. This score you wish your content will reach in the future. On a scale from 1-10 if you want your score to be perfect this number would be 10, assuming 10 is the highest value.
CV = The current score your content is rated. X = Your x factor, or your ability to iterate on your previous version. i = The number of iterations it will take you to reach the goal
(FV-CV) - ((FV-CV)*X) = i
Iteration Table
I’ve done the math for you!
Your “X” factor
Th
e P
V o
f th
e co
nte
nt
10% 20% 30% 40% 50% 60% 70% 80% 90%
1 8 7 6 5 5 4 3 2 12 7 6 6 5 4 3 2 2 13 6 6 5 4 4 3 2 1 14 5 5 4 4 3 2 2 1 15 5 4 4 3 3 2 2 1 16 4 3 3 2 2 2 1 1 07 3 2 2 2 2 1 1 1 08 2 2 1 1 1 1 1 0 09 1 1 1 1 1 0 0 0 010 0 0 0 0 0 0 0 0 0
Multiple CopiesThe days of having only one advertisement to use is long gone. In the days of social and dynamic advertising you can buy multiple variations of the advertisement and split test them all in real time. The systems will automatically then serve up the best preforming content without you lifting a finger. So you can stop arguing on copy and creative and let your consumers pick for you.
John, I noticed an article on Content experience, and thought you might like to give it a look.
John, There is a video in our resource library on Lead nurturing best practices, here’s a link to it. It was recorded with Jay Baer.
John, I’m not sure if you follow this guy on social. But If you’re on Twitter you might want to check out @jaybaer. We’ve just shot a webinar..
Put it all together It doesn’t take 10 minutes to create this nurturing string. Test then make 3 more
A Telephone does it best DO NOT use forms, Surveys, or questionnaires to understand the impact of the content
on the consumer experience. They make the customer experience worse, and you will lose out on your ability to really dig into conversation. Be human, if not there is no way
your content or experiences can be.
Conclusion ( & p r e d i c t i o n )
The future of marketing is vastly different because buyers are different, and the ways we reach them are different. We must make strides to create scalable, sustainable, and valuable marketing systems. The future belongs to those who understand what is possible, why, and use modern media to build trusted relationships and valued experiences. Advertising alone will not get us there!
