leadmd benchmarking buyer journeys
DESCRIPTION
Understanding Buyer Behavior Mapping Behavior to Revenue Models Benchmarking Your Results Buyer Persona Specific Models Avoiding Lip ServiceTRANSCRIPT
Benchmarking the Buyer’s JourneyAligning buying behavior to your revenue model
John Muehling | Director, Solution ConsultingSeptember 4, 2014
April 10, 20232
Speaker Intro
Benchmarking the Buyer’s Journey
LeadMD
@myleadmd
/company/leadmd-inc.
leadmd.com/blog
John MuehlingDirector, Solution Consulting LeadMD
@johnmuehling
/in/johnmuehling
April 10, 20233
Outline for Today
Benchmarking the Buyer’s Journey
Understanding Buyer Behavior Mapping Behavior to Revenue Models Benchmarking Your Results Buyer Persona Specific Models Avoiding Lip Service
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UNDERSTANDING BUYERSHow we build trust
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Traditional Buying Concept
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Look Familiar?
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How we really buy
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MAPPING BEHAVIORBuyer Journeys & Marketing’s Effect on the Journey
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Perception vs. Reality
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A.I.D.A.
Awareness – the customer is aware of the existence of a product or service
Interest – actively expressing an interest in a product group
Desire – aspiring to a particular brand or product
Action – taking the next step towards purchasing the chosen product
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A.I.D.A. Evolution
A.I.D.C.A.S. – added elements of Confident & Satisfaction
C.A.B. – refined version focusing more on cognitive thinking, feeling & emotion
T.I.R.E.A. – breaks down components further & begins to define as a progressive journey more aligned with today’s buyer’s journey
R.E.A.N. – Reach, Engage, Activate, Nurture
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Combining the Two Models
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Traditional Terms Have Value
Identify & Research– (MAL): Marketing Accepted Leads – MQL: Marketing Qualified Leads
Evaluation & Formal RFP– SAL: Sales Accepted Leads– SQL: Sales Qualified Leads
Opportunity Pipeline Stages
Use & Loyalty– Customers– Lost Opportunities
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BENCHMARK
Benchmarking the Buyer’s Journey
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PERSONA REVENUE PATHSAll buying journeys are not equal
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Research Models
Company vs. Consumer– Company Driven
Initial Awareness
– Consumer Driven Active Evaluation
– Social Interaction– Online Data Gathering– Word of Mouth
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Breaking Down the Conversation
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Marketing Meets The Buyer
Content
Research
Mark
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ess
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AVOIDING LIP SERVICEShifting Away from a Fundamental Approach
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Barriers to Success
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Murder by Numbers
Only 22% of marketers use analytics to manage campaigns (beagle)
Only 38% of marketers have a single view of interaction with content across digital touch points (forrester)
82% of Marketers report being incented on lead volume (leadmd)
Only 27% of B2B leads are sales-ready when first generated (marketing sherpa)
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The Final Blow
90% of business buyers say when they’re ready to buy, they’ll find you
(DemandGen Report)
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Final Thoughts
We need to evaluate the model We have to change our thinking We need seek out the conversation We need to focus on nurture
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QUESTIONS?
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LeadMD combines the resources of a digital marketing agency with revenue-focused sales and marketing alignment strategy, all through the use of on-demand cloud technology. Creating, managing and converting quality leads in higher numbers is how we enable our clients to out-perform their competitors and out-market their peers.
The most effective way to engage more prospects and convert better leads is through Conversational Marketing. At LeadMD, we will help your team leverage email and online channels to build buyer trust and engagement through cutting-edge technology such as Marketing Automation. When your focus is on building a demand generation process that truly drives revenue, it’s time to engage LeadMD and fix your funnel.
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Benchmarking the Buyer’s Journey