Shared posts

16 Feb 18:35

Marc Bennetts: How Putin is priming Russia for nuclear stand-off with the West

by Marc Bennetts, The Telegraph

Earlier this month, as fighting raged in eastern Ukraine between pro-Russian rebels and forces loyal to the Western-backed government in Kyiv, Dmitry Kiselyov, the pugnacious, middle-aged journalist who heads Russia’s main state news agency, gazed defiantly into a TV studio camera. “What is Russia preparing for?” he asked. As if in reply, the director cut to an ominous backdrop image of an intercontinental ballistic missile emerging from an underground launch silo.

National Post Graphics
National Post GraphicsCLICK TO ENLARGE: This graphic attempts to look at the number of immediately available nuclear weapons in the world; weapons that could at a very short notice — because that is the point — be used in a war.

“During the era of political romanticism, the Soviet Union pledged never to use nuclear weapons first,” Kiselyov told the audience of Vesti Nedeli, his current affairs show, one of the country’s most widely watched programs. “But Russia’s current military doctrine does not.” He paused briefly for effect. “No more illusions.”

There was nothing out of the ordinary about this reminder that Russia reserves the right to use nuclear weapons in response to a “threat” to its statehood. Since the start of the crisis in Ukraine, which has massive geostrategic importance for Russia, state-controlled TV has engineered an upsurge in aggressive anti-Western sentiment, with Kiselyov as the Kremlin’s top attack dog.

Last spring, as Washington warned of sanctions over Russia’s seizure of the Ukrainian peninsula of Crimea, Kiselyov boasted about his country’s fearsome nuclear arsenal. “Russia is the only country in the world realistically capable of turning the U.S. into radioactive ash,” he declared.

VASILY MAXIMOV/AFP/Getty Images
VASILY MAXIMOV/AFP/Getty ImagesA pro-Russian separatist walks down a road near the eastern Ukrainian city of Uglegorsk on Sunday.

Kiselyov’s blood-curdling comments will have had the Kremlin’s implicit backing, analysts say. “This threat of nuclear war should be taken seriously,” said Sergey Markov, a political strategist. “In Russia, we believe that Ukraine has been occupied by the U.S. And that this occupation is not about democracy, or even money, but that it is the first step in a war against Russia. The U.S. is seeking to undermine our sovereignty, neutralize our nuclear potential, and steal our oil and gas. Under these circumstances, the danger of nuclear confrontation is very real.”

Some 5,500 lives have been lost in the almost year-long conflict in Ukraine, where pro-Russian rebels in the east have carved out two self-declared “people’s republics.” The crisis was sparked by the February 2014 overthrow of Ukraine’s pro-Russian president, Viktor Yanukovych, in what Kremlin officials say was a coup orchestrated by the U.S. In addition, President Vladimir Putin has spoken of what he called a “NATO legion” fighting alongside the Ukrainian army.

While there is no proof that NATO forces are in action in Ukraine, U.S. officials have suggested that Washington could supply weapons to Kyiv to assist its battered army. The proposal sparked a furious response: Viktor Zavarzin, of Russia’s defence committee, warned of the “irrevocable consequences” of such a move.

In turn, the West has accused Russia of providing both troops and weaponry to the rebels, a charge Putin has consistently denied.

A ceasefire thrashed out by the leaders of Russia, Ukraine, France and Germany – the second attempt to bring peace to the devastated region – was set to come into effect Sunday at one minute past midnight.

Amid these tensions, Kiselyov is not the only one pushing the possibility of nuclear confrontation with the West. Russia’s Zvezda TV channel, owned by the defence ministry, has also been preparing its audience for the worst. “Russia and the U.S. are on the verge of nuclear war,” read a headline on its website last week. The article cited an analyst from the Moscow-based Politika think tank, Vyacheslav Nikonov, which said a nuclear exchange between the two former Cold War-era foes was increasingly likely because the U.S. wanted Russia to “disappear” as an independent country. “This is not in our plans,” he said.

AP Photo/Petr David Josek
AP Photo/Petr David JosekUkrainian government soldier walks atop of his armored vehicle on the road between the towns of Dabeltseve and Artemivsk, Ukraine, Sunday.

Russia has the world’s largest stockpile of nuclear weapons, with 8,400 warheads compared with a U.S. total of 7,500. A day after last week’s peace talks in Belarus, Russia’s nuclear forces staged large-scale exercises, soon after navy nuclear combat drills in the Arctic. All of which causes concern in the West. Michael Fallon, the U.K. Defence Secretary, said earlier this month that he was worried Russia had “lowered its threshold” for the use of nuclear weapons, while “integrating nuclear with conventional forces in a rather threatening way.”

The prospect of nuclear war is also being talked up by pro-Kremlin movements. In a clip posted online last month, a Kalashnikov-wielding member of the Moscow-based, pro-Kremlin National Liberation Movement (NOD) vows global nuclear devastation in the event of the defeat of Russia’s interests in Ukraine. “If we lose, we will destroy the whole world,” intones a young NOD activist named Maria Katasonova. She sweeps a circle with her arm, and the screen is filled with a virtual image of an explosion as the planet is consumed in an atomic inferno.

“Russians will not sit by and watch as their country’s sovereignty is threatened by the U.S.,” Katasonova told The Sunday Telegraph last week. “If our country is in genuine danger, we really will use nuclear weapons.”

AP Photo/Petr David Josek
AP Photo/Petr David JosekMen are seen outside of an apartment building that was damaged in recent shelling between Russian-backed separatists and Ukrainian government forces in the town of Svitlodarsk, Ukraine, Sunday.

Katasonova is a follower of Alexander Dugin, a hardline nationalist thinker who has called for the destruction of the U.S. Dugin – described as “Putin’s brain” by the respected U.S.-based Foreign Affairs journal – is something of a fanatic. He combines political activities with occultism, and often speaks of his belief that the world must be “brought to an end.”

Wikipedia
WikipediaRussian nationalis Aleksandr Dugin.

So what’s going on? Is Moscow really preparing its people for the unthinkable – nuclear confrontation? Or is all this simply North Korean-style bluff and bluster? How many minutes are left until the Kremlin’s doomsday clock strikes midnight?

“It is, of course, a disgrace and an embarrassment to my country that such things are being said on national television,” said Lev Ponomaryov, a veteran human rights activist and Soviet-era dissident. “But statements about nuclear war are mainly for domestic consumption. In particular, they are directed at the more radical, nationalist members of society – those who have been fighting as volunteers in Ukraine, or support the rebels there.”

While Putin denies that regular Russian troops are fighting in Ukraine, he has hailed the hundreds, if not thousands, of apparent volunteers who have travelled to what the rebels call “Novorossiya” – “New Russia.” A number of these fighters have become folk heroes back home; in particular, Igor Strelkov, the ultra-conservative enthusiast who spent much of last year commanding rebel forces in Ukraine’s Donbass region.

“I think these people frighten the Kremlin even more than they scare me,” said Ponomaryov. “The authorities are afraid that they could one day turn their weapons against them, and the government will do anything to keep them on side.”

State television’s war rhetoric is not confined to the nuclear. In recent days, one Kremlin-run channel has discussed how long it would take for Russian tanks to “reach Berlin,” while in east Ukraine, bloody and bruised government soldiers were abused by a notorious rebel commander in front of Russian television cameras.

BULENT KILIC/AFP/Getty Images
BULENT KILIC/AFP/Getty Images Igor Strelkov.

But state-run media’s fever-pitch, anti-Western TV programming is not only pandering to the radicals, it is also creating them. “Nationally televized broadcasts, such as those presented by Dmitry Kiselyov, have scared people, and led to increased hostility in society,” said Lev Gudkov, who heads the independent, Moscow-based Levada-Center polling agency. “We have seen a drastic change in the collective consciousness of the Russian people over the last year or so.”

The figures are startling. The number of Russians who believe their country and the U.S. are now mutual enemies has increased tenfold in a year to 42 per cent, according to an opinion poll. The total professing a negative attitude to the U.S. has almost doubled.

The statistics are backed by everyday incidents, from the racist image of a banana-munching President Barack Obama laser-beamed on to the wall of the U.S. embassy in Moscow, to the T-shirts with slogans hailing Russia’s nuclear missiles, on sale across the country.

“Of course I don’t want an atomic war with the West,” said Yegor Denisov, a twenty-something computer programmer. “But we have to defend ourselves from our enemies. And this,” he said, gesturing at the ballistic missile on his newly bought T-shirt, “will help us do that.”

AP Photo/Petr David Josek
AP Photo/Petr David JosekUkrainian government soldiers take a rest on the road between the towns of Dabeltseve and Artemivsk, Ukraine, Sunday.

Although state media broadcasts have clearly had a pernicious influence on society, putting the country on a war footing and boosting Putin’s approval ratings, Peter Pomerantsev, a U.K. journalist who worked in Russian TV in the 2000s, believes they are mainly intended for a Western audience.

MIKHAIL KLIMENTYEV/AFP/Getty Images
MIKHAIL KLIMENTYEV/AFP/Getty ImagesRussian television journalist Dmitry Kiselyov.

“I wouldn’t take these statements about nuclear war literally,” said Pomerantsev, whose book, Nothing is True and Everything is Possible, dissects the Kremlin’s media manipulation tactics. Talk of impending nuclear conflict is “one of Putin’s mind-benders,” part of what he called an attempt to convince the West that the former KGB officer is this “crazy, unpredictable” leader whom it would be advisable not to push too far.

But the lines between fantasy and reality can all too often get blurred.

“There is always the danger that games somehow slip into reality – you start off playing with these narratives, and you end up stumbling into a real conflict,” said Pomerantsev.

The Kremlin’s masters of reality have uncorked the atomic genie. It is to be hoped they show the same aptitude when it comes to putting it back in the bottle.

VASILY MAXIMOV/AFP/Getty Images
VASILY MAXIMOV/AFP/Getty ImagesPro-Russian separatists ride an Armoured Personnel Carrier (APC) near the eastern Ukrainian city of Uglegorsk on Sunday.
16 Feb 18:08

Are There Any Social Media “Musts” For B2B Companies?

by Taylor Freitas

Social media is transforming the world. Professionals are connected to colleagues, extended networks and brands through a constant flow of communication, making their voices heard through channels that have never before existed. And marketers have taken notice.

Today, advertisements frequently encourage audiences to connect and engage with a company on Twitter or Facebook. There are entire marketing campaigns built around hashtags (see: Coca-Cola’s #MakeItHappy Super Bowl ad). Even webinars are going social!

But brands still struggle to measure the impact of social media marketing. To learn more about the current state of B2B social media, we spoke with Natascha Thomson, a Silicon Valley marketing veteran and social media expert who runs her own social media consulting company. (She’s also created some great content on BrightTALK.)

This is the first part in a two-part interview series. Stay tuned for the second post.

What do you do with MarketingXLerator?
I help companies who want to optimize what they’re doing in social media or develop a completely new social media strategy. I also work with small startups trying to figure out how to use social media and individuals (usually executives) who want to build their own social media presence.

Are there any social “musts” for B2B companies?
In general, there are few “musts” in social media. In fact, for some companies, it’s better not to be on social at all. If you don’t have the resources, it’s better not to do anything than to do it badly. It’s worse to have a Facebook page where the last post is three months old than to not have a page at all.

But brands must be social listeners. It’s crucial know and understand what’s being said about your brand on social media so you can, if necessary, put out any fires and minimize poor brand perception. There are social platforms and technologies to make managing your social presence easier, like Google Alerts, Social Mention or keywords on Hootsuite. If you have a dedicated social budget, a tool like Radian6 or Hootsuite Enterprise might be a worthy investment.

You must know who your audience is and where they are. If you’re trying to talk to CEOs of large companies, they’re usually not the kind of people who are all over social media. They don’t have the time. They also don’t engage with Jane Doe, whom they don’t know. In a complex B2B sale, there typically are a number of buyers involved with any purchase decision. Make sure that the content on your brand social feeds speaks to all of the audiences you want to engage with.

What are some of the brands doing B2B social media really well right now?
Here are some of my favorite brands on social media:

SAP. They’re doing a fantastic job with the SAP Community Network, bringing people together online and offline. Their social channels connect people and answer questions, which saves money for tech support and creates a lot of loyalty.

HubSpot. They’re using their own technology to promote themselves. Their newsletter is great — if there’s an article that interests you, you read it and it offers more that you might like.

BlackBerry. A lot of people aren’t really paying attention to them anymore, but a huge number of people follow them from the past. They create amazing content and have expert bloggers.

GE. They’re really everywhere. Everyone is talking about them. Their Instagram is educational and entertaining.

Intel. They’re doing a lot around tech in a fun way that interests you even though normally you might not care about that topic. Their blog merges tech-oriented subjects with relatable topics.

Do you have any tips for businesses looking to increase employee advocacy through social media?In general, it’s a great idea to train your employees on social media so they can use it effectively to help promote your services or products.

But employee advocacy today can often look like spam. Some advocacy strategies use CMS to compose a tweet that everybody can publish, without editing. The result is 10,000 people in a company tweeting the same thing. Brands should train employees on brand social values so they can offer their own social commentary in a responsible and insightful way.

If you educate your workforce, they’ll do a good job. They’ll share what’s interesting or go to one of your corporate channels and not just share it, but add insights to make it a little different.

How do you measure success in B2B social media?
It all comes back to being really, really clear on what the objectives are for being on social media in the first place. Are you trying to create awareness? Convert leads to deals? Generate leads? Everything has to be constantly measured, improved, fine tuned. People can’t be afraid to say, “Maybe this isn’t working.”

But be very careful with metrics. Sometimes when people look at what they measure, they get led in the wrong direction. For example, if you have a blog targeted at CFOs, you’ll find you get a lot of views but almost no comments. You might think the blog is a failure if it’s getting no engagement. But in reality, CFOs are notorious for not sharing — that’s just what they do.

Overall, you need to keep the big picture in mind; it’s not just about counting views and retweets. If you have bunch of followers and retweets go up, great. If your retweets stay at 50 and the industry average is 2,000, be aware of that too. Try something else.

16 Feb 18:08

B2B Marketing Number of the Week: 52%

by Jesse Noyes

52%25 of B2B professionals think lead nurturing is the most valuable part of marketing automation

Marketing automation has moved from early adoption to mainstay among B2B marketing organizations. (A recent study found that as much as 10% of B2B revenue came through marketing automation solutions.) So as the tech goes mainstream, it’s interesting to see which features are most valued by customers.

That most valued feature is lead nurturing at 52%, according to a new survey of primarily B2B professionals conducted by Ascend2.

lead nurturing and marketing automation statistic

That really shouldn’t surprise anyone. Lead nurturing, when done right, is an effective and efficient way to build trust with prospects, engage them, inform them, and ultimately sell to them. Most companies without a real nurturing program in place need to jump from behind the 8-ball as quickly as possible.

But the popularity of lead nurturing comes with issues as well. Marketers struggle to produce the content needed to truly put a cohesive and compelling lead nurturing program in place. Often B2B marketers invest in marketing automation before understanding or planning for how they’ll create the content necessary to fuel it. (We think of it as analogous to buying a car without wheels or starting a lemonade stand without lemonade.)

The Sales Benchmark Index says the number 1 reason marketing automation implementations fail is because of a lack of content. (Ascend2’s own study found that 36% of respondents considered a lack of quality content their biggest marketing automation challenge.)

“Marketing automation platforms are killer email machines…they’re geared around email and trying to drive conversion…but content is siloed in nurture campaigns,” says Steve Barnard, senior marketing manager at Lenovo, a Kapost customer.

A key reason for this is that—while you may have plenty of content—all of it is disorganized, divorced from key themes, unaligned to buyer personas, and separated from the stage of the sales cycle it’s intended to reach. In other words, the equation lead nurturing requires to prove useful (topic + timeliness + persona = relevance) depends on marketing content not only being produced, but targeted. And the tools most marketers use for this today—spreadsheets, email, docs, etc.—simply don’t map to these capabilities.

Marketing automation is obviously valuable for implementing lead nurture programs that move buyers forward. Less obvious is its dependency on organized, targeted content—and just how few marketers are equipped to deliver that content.

16 Feb 18:07

2 Reason To Always Leave Voice Mail – and Get Called Back – Sales eXecution 285

by Tibor Shanto

By Tibor Shanto - tibor.shanto@sellbetter.ca 

Voicemail word cloud

Given that we are sitting in sub-zero temps in the north east, -25 C in Toronto, any call you’re going to make today is going to be a cold call. But if you’re a complete B2B sales professional, you’re probably making cold calls even if it is nice warm and sunny, cause that’s what pros do, not like those cheap plastic replicas that are afraid of picking up the phone and talking to a buyer. And if you are picking up the phone, you’re hitting voice mail, no two ways about it; and if you hit voice mail, you need to leave a message, again no debate about that either. Here are three reasons why.

1.   Pursuit Cadence – It takes a lot more effort to get the attention of buyers these days. Seems one of the side effects of the efficiencies achieved through reduced sales forces, is those who are left have a lot more to do, imagine that. Our buyer are struggling to pack 16 or more hours in to a 10 hour day, and taking bad calls from bad sales people is not on the list. As a result it takes that many more touch point, of different sorts to get not only the attention of buyers, but to get them to act or respond. As a result voice mail becomes one of many opportunities to touch the buyer, and cultivate a response, a response you can capitalize on to secure an appointment (live or virtual).

There is a bookend element at work here, which is first man in – and – last man standing. There are studies out there that show that the first man (or woman) in is that much more likely to get the deal. All the more reason to cold call and get ahead of the curve, and not be one of the saps who waits for the buyer to find their seller. So if you leave a voice mail while others don’t, you mail well end up being that first man in just by virtue of leaving a message.

At the other end is the fact that if you pursue the right opportunities further than others are willing, and let’s face it there are many who give up the chase too soon, you will increase you odds of winning the deal. I have had more than one executive tell me that this is a fact. Add to that many ignore the first few calls just to separate the strong. How hard you work at getting the sale is a clear indicator as to how hard you will work to satisfy them as clients.

2.   Getting Call Backs – Done right, you do get calls back, notice I said done right. The technique I use, and was taught years ago gets me up to 50% of call returned in 72 hours, this not only reduces stress, but builds pipeline. You can learn the technique by watching these two videos.  Make sure to watch part I first, eh?

The reality is that once you are getting calls back, you don’t need any other reasons to leave voice mail.

Tibor Shanto

Banner 2
16 Feb 18:07

How To Build a Thriving Email List Using Facebook

by Jawad Khan

When you’re planning to build a new blog or an online business, creating a sizeable subscriber base should be one of the first things on your mind. With people on your mailing list, you can work on building relationships and converting subscribers into buyers. Some marketers believe that email lists are not as important as they were a few years ago because of Facebook.

But the stats suggest otherwise.

  • In the last year, 66% of all US consumers below 15 years of age made a purchase because of an email.
  • 91% of consumers check their email at least once a day.
  • 64% of decision makers read their emails via mobile.
  • Over 70% of mobile purchasing decisions are influenced by email.

This clearly suggests that email marketing is not only alive, but more relevant than ever before. Facebook, on the other hand, is the world’s largest social network. For many users around the world, it is more important than emails.

Every month there are

  • 4 billion visitors on Facebook
  • 700 million visitors on Facebook groups
  • more than 700 billion minutes spent on Facebook globally

Every day there are

  • more than 890 million people on Facebook
  • 1+ billion searches on Facebook
  • More than 3 billion video views on Facebook
  • More than 7 billion post likes on Facebook

These are mind boggling stats.

But what if we combine the exposure of Facebook with the power of email marketing? It’ll be any marketers dream.

Why You Should Route Facebook Users To Your Email List

Although Facebook offers you extraordinary exposure and reach, relying on it for your long term business strategy is risky. No matter how many Facebook page likes you have, they’re still not your property and can be taken away from you by just one algorithm change. Facebook is also tightening the screw on page owners, and does not give you the same free exposure that it once offered.

Email subscribers, on the other hand, are your real online assets. You have complete control over your email lists and can use them for creating long term strategies. So instead of relying completely on Facebook, the intelligent approach is to use Facebook for building your email lists

Here’s how you can do it.

Identify Your Audience

When you’re building an email list, it’s not just the number of subscribers that matters. The quality and relevance of your subscribers is equally important. Your objective for list building is to convert subscribers into buyers. So you need people who are seriously interested in what you have to offer.

For this, you need to create the right buyer personas. Buyer persona is a sample profile of your ideal buyer, or someone who is genuinely interested in your offer.

For example, if you’re selling a weight loss product, your ideal buyer could be a 35 to 40 year old man, living in a major US city, earning at least $100,000 per year, and genuinely concerned about his increasing weight.

Until recently, buyer personas were used primarily by content marketers. But innovative social media companies like 99DollarSocial and Buffer have used them intelligently in creating more targeted social campaigns.

Create the Right Freebie

Marketers use different kinds of incentives to lure people to their email lists. In most cases, it’s a freebie like an eBook, a free course or a discount coupon. But to attract the right subscribers, you need to create a freebie that is in line with your paid offer.

This is important because you don’t want to attract subscribers who’re just looking for freebies. You want to attract people who’re prepared to pay you for your services in the long run.

For example, if you offer SEO and digital marketing services, your freebie can be a free website SEO audit or an SEO checklist.

Just make sure your freebie has some immediate value for your target users so that they subscriber to your list immediately.

For example, this is the freebie that Neil Patel offer on his blog QuickSprout.

Core Services

You can see that it’s directly complementing the core services that Neil offers (SEO consultancy, traffic generation, conversion optimization etc.)

Create a Landing Page and Auto-responder Series

Once your freebie is ready, you need to create a clutter free and high conversion landing page. Conversion optimization is a broad subject and a lot can be written about it. But in summary, all the components of your landing page, including copy, images and your freebie, should point in only one direction – your opt-in form.

Here’s a great example from Noah Kagan’s blog.

Email

Note: Here’s a detailed post on improving conversion rates on your website and landing pages

You also need to have an intelligent auto-responder sequence set up for your new subscribers. Just like your freebie, it needs to be aligned with your paid product/services.

I typically use a five email auto-responder sequence in which the first three emails deliver direct value in the form of actionable advice and resources. The last two emails are about my paid offer which my subscribers can get at a discounted rate.

There are several auto-responder and email marketing tools on the web, but I prefer GetResponse for my managing my campaigns (Neil Patel recommended it to me). Apart from email marketing, you can use it to create your landing pages as well.

Creating the landing page and auto-responder is important because you need to give immediate value to your subscribers so that they start trusting you and refer more people to your list.

Note: Here’s a list of WordPress list building plugins that you can use in combination with your auto-responder

Create a Facebook Ad Campaign

Once you’ve completed the ground work, you can now turn to Facebook advertisements to send you highly targeted visitors. While creating your ad, you need to keep your buyer persona in mind.

Facebook ads have a very precise targeting system. You can use it to zoom in to your target audience and attract the most relevant visitors to your landing page.

While creating your ad, keep the following points in mind.

  • Use at least 4 to 5 high quality images for your ad.
  • Test different headlines and content for your ad.
  • Make sure your ad copy has a clear call to action.
  • Start with a small budget for each ad and do test runs to find out the combination.
  • Be as precise as possible in your audience criteria.

Once you start your ad campaign, monitor the results closely. If your Facebook ads are getting a lot of clicks and sending traffic to your landing, but the visitor to subscriber conversion rate is low then try making changes to your landing page content and structure. In my experience, Facebook ads have the highest CTR among all other paid advertisement tools.

Note: Here’s a detailed post on configuring effective Facebook ads

Wrapping it Up

As I said at the start, Facebook has millions of active members from all across the globe. By using the strength and exposure of this platform, you can attract highly relevant subscribers to your mailing list and convert them into an online asset. However, in order to benefit from Facebook ads, you need to build a solid foundation with your freebie, landing page and auto-responder sequence. If you get it right, you can build a thriving email list in just a few days.

16 Feb 18:07

Prospects Want What They Can't Have: 6 Breakup Emails to Make Response Rates Soar [Free Templates]

by esnider@hubspot.com (Emma Snider)

broken_heart

It's a plot rehashed in romantic comedies time and again. What's the best way to capture your paramour's attention? Giving them the cold shoulder, of course. As soon as the object of affection feels the drop in attention, they start scrambling to become the apple of your eye once more. 

This tactic doesn't just work in matters of the heart -- it also applies to business. Salespeople are often regarded as over-eager beaus whose excessive interest is unappealing to prospects. But what happens when the phone stops ringing? Oh, the sting of a lover spurned.

Valentine's Day is over -- now it's time for the breakup. If you've been trying and trying (and trying) to reconnect with a prospect for months on end to no avail, it might just be time for you to break it off. You'll be surprised how the (gentle) threat of a breakup prompts buyers to take to their keyboards. According to Katharine Derum, senior sales manager at HubSpot, breakup emails generate a 33% response rate for her team. 

This SlideShare from Sidekick contains six breakup email templates guaranteed to maximize response rates. Just make sure your buyers know it's not them, it's you ... 

sign up for the free hubspot crm
16 Feb 18:05

Why Did Salespeople Spend Only One-Third of Their Time Selling Last Year?

by Dave Orecchio

Diagnosing the 4 problems with sales productivity

At Bristol Strategy, we understand the importance of applying our Sales and Marketing experience to helping our clients fine tune their marketing to improve sales. It is as simple as that. So you could understand that when we came across the recent research report stating sales teams spend only one-third of their time selling, we were compelled to share our point of view.

It is no wonder that with such low sales productivity that 79% of companies (according to the report) top priority is to improve the productivity of existing sales representatives in order to achieve sales targets. Sales productivity is a pretty broad objective. Let’s drill in, to break the problem apart, as identified by this research and identify possible solutions.

Problem #1: Half of organizations do not measure productivity.

Surprisingly, nearly half (49%) of organizations have the means or ability to measure productivity. From a sales point of view, it is easy to figure out if a sales representative has met his or her sales plan. The difficult part is understanding exactly where in the marketing and sales funnel, the process is breaking down. The best approach is to adopt Key Performance Indicators (KPIs) throughout the marketing and sales funnel to understand which phase of the process is breaking down and implement initiatives to address this gap.

Solution: Most businesses have adopted sales force automation to track leads, opportunities and sales. Not enough of them have adopted marketing automation to enable KPIs to track Visitors to Leads, Leads to Marketing Qualified Leads (MQL), Marketing Qualified Leads to Sales Qualified Leads (SQL), and ultimately SQL to Opportunities. This is low hanging fruit and by combining marketing automation tools with the proper content strategy, these KPIs can lead your organization to focus marketing investment in just the right places.

Problem #2: What is Marketing’s role in sales productivity?

It is significant. By understanding the solution to problem #1 above, you can see that armed with marketing automation that helps businesses economically execute lead generation campaigns, marketing automation also provides detailed analytics at each stage of the marketing funnel. For this reason, if the tools make the work more effective and provide KPIs to measure, what is Marketing’s role?

Solution: Marketing should understand the highest priority target customers (otherwise known as a buyer persona) and develop content for each stage of the buyer’s journey for information (Awareness, Consideration, Decision). With that understanding, the marketing team must create campaigns that attract the buyer using the on-line and off-line channels where the buyer seeks information. They should measure the success of each campaign by the number of visitors that convert into leads and then progress through the marketing pipeline until they are sales qualified leads. The goal of Marketing should be to improve sales productivity. When this approach is correctly performed, then the types of Sales Qualified Leads that the sales team starts with are highly qualified, ensuring their time investment is with the best prospects.

Buyer

Problem #3: Sales reps spend 31% of their time searching for or creating content.

Sales representatives think differently than marketing people. They optimize their sales process at each stage and attempt to manage the perception of the buyer so that the only right answer is your product or service. To implement this sales approach, they spend 31% of their time searching for or creating content.

Solution: The key to addressing the content needs for sales starts with the marketing team creating a content strategy that anticipates and models the sales process of the company’s best sales rep. A strategy should include:

1) Content for each stage of the buyer’s journey for information

2) At the awareness stage, create content that addresses your best prospect research about the problems and goals they are most likely to spend money to address.

3) Use marketing automation tools to enable sales to send personalized emails to prospects that answer their awareness stage (educational) questions. Create an email nurturing campaign that automatically sends these emails once the prospect downloads any awareness stage whitepapers.

4) At the consideration stage, create content (whitepaper or other high-value materials) that transitions the prospect from problems to solutions while introducing your company’s products and services.

5) Use the marketing automation tools to create a nurturing email campaign that addresses the typical objection handling questions at the consideration stage of the buyer’s journey. These emails should be sent automatically when a buyer downloads any consideration stage content or initiated by a sales representative once he or she determines that the prospect is in the consideration stage of the nurturing cycle.

6) Format and deliver the content and emails listed above so that each provides offers that represent the next stage in the buyer’s journey. As the prospect selects additional content, your business builds thought leadership and a strong reputation with them.

Once prospects select decision stage content, they are ready for sales engagement (Sales Qualified Leads SQL). These types of opportunities are delivering solutions to solve their problems, a much more productive sales engagement. This content strategy and delivery methodology would gain back most of the 31% of sales reps’ time searching for or creating content because the sales representatives could also use this content with their manual opportunity nurturing process. Automating the top of the sales funnel reduces the time spent (20% according to this report) on reporting, administrative, and CRM-related tasks because the marketing automation is integrated directly into the sales automation tool. Lastly, fifty-seven percent of survey respondents cited high-quality content as a top driver of sales.

Problem #4: Access and utilization of content.

Access and utilization of content, mobility are key disconnects between what sales reps need and what is being done. Modern cloud-based automation tools provide mobile access to most aspects of data and tools. Marketing and sales automation tools enables sales reps to find and use content anytime, anywhere.

Solution: Implement the three recommendations above but ensure the tools you have provided enable fluid access to the information for the sales representatives both from their computer and their mobile devices.

The Bottom Line:

You may believe some or all of the statistics from this research. What matters is if your business has identified the need to improve sales productivity and you are not sure where the productivity leakage is emanating from. This should trigger your need to get more granular when measuring your marketing and sales process and use tools that provide facts that your business can act upon.

Bristol Strategy Can Revitalize your Marketing Plan

16 Feb 18:04

3 Simple Email Tests You Should Be Using In Your Marketing

by Dan Romanski

Testing Your Emails

We all want the same thing when it come to email marketing—a high engagement with our subscribers and to eventually turn this engagement into better leads and sales opportunities. But the question is, how can we perfect our emails to increase our engagement?

One major way to increase engagement is through email content. Making your email content fun, engaging, and relative will certainly increase subscriber engagement. But what about some of the more technical and strategic aspects of emails?

Below are three simple email tests to keep in mind before launching your next marketing campaign.

Determining The Perfect Time

There is a plethora of articles out there related to sending an email at the perfect time. Searching for “determining the best time for an email send” will kick back 40,000,100 results. Some posts even offer exact times you should send your next email based on industry and others offer out-dated information. There is one simple, yet sometimes overlooked, strategy to determining the best time to send an email to your database, though.

For one of our projects at Kuno, we were given the task of taking a seemingly cold list of customers and increasing participation in a simple survey. To accomplish this, we dug a little into basic email testing. We took the original list and broke it into groups of 50 to begin our testing. Originally we did every week day at five different times: 7 a.m., 10 a.m., 11 a.m., 2 p.m. and 3 p.m. After a week’s worth of testing, the clear winner was 2 p.m. The Open and Click Rates at this time were 22 percent and 4 percent respectively, which were significantly greater than the other four times.

Now that we had the best time, it was time to tackle the best day to send an email. Running the same style of testing, we sent the email to a small group every day at 2 p.m. Since this was a fewer amount of daily sends, we increased the list size and tested over two weeks. The results were staggering: Wednesday was clearly the best day almost doubling the open rate with 44 percent and a high open rate of 7 percent.

It was clear Wednesday at 2 p.m. was the best time and day for sending emails to this database. This may not be true for your database, though. It is important to test email sends for your target audience and industry to best determine the most opportune time and day for sending marketing emails. 

Finding The Correct Language

Even with a beautifully written email, the smallest change can potentially perfect the language of an email.

While we were obtaining stellar results with this Customer Survey email campaign, we wanted to see if we could do even better. We decided to test some of our wording and see the result.

One area we A/B tested was the send name. We wanted to see if we changed the sender name to an employee’s name as opposed to a the company’s would it increase open rate. We tested over the course of the week, and the results supported our hypothesis: even though it was marginal, using the employee’s name increased open rate by 3 percent.

Then, with our open rate and sender name taken care of, we wanted to concentrate on our call to action. We wanted to change the language to express the ease of taking the survey. Instead of ‘Take the Survey,’ we determined ‘Take the 15-Second Survey’ would express how easy the survey was and increase click rates. Over a week of testing, this proved to be the case — tripling our click rate.

This goes to show it’s all about the right language—adding something as simple as a familiar name or descriptive phrase can help boost your marketing efforts.

Testing Your Email’s Appearance

Just like content, the design incorporated into your email can enhance your stats, as well. A beautifully designed email can be the one thing that sets you apart from the hundreds of email people receive every day. But with so many different email platforms and devices, including mobile, how do you make sure it will display correctly in all of them?

Luckily, there are plenty of great display testing softwares out there, including Litmus and Email on Acid, that can do this for you in a matter of minutes. These services can help you identify display and development problems you might not have seen if you didn’t have access to a certain platform. By sending a test email or uploading your email’s code, you can see what your email looks like on iPhone or Android, Mac Mail or Outlook, and even Yahoo! Mail or Gmail in different browsers, giving you the peace of mind your email will look great no matter what platform your contacts use.

These tests may sound like a lot of work, but with the potential for healthy email marketing ROI, don’t you want to make sure you are delivering your contacts the best possible communications? Apply some of these tests to your next campaign, and share your results in the comments below!

16 Feb 18:00

Are You Using Social Media For Sales?

by CJ Gallopo

Social media can serve as a useful sales tool and a viable lead source, but only if used correctly.

Tech-savvy Millennials are fluent in the unspoken language of social media etiquette; growing up in the digital age means that one’s online persona needs to be on point to remain socially relevant.

The new generation of salespeople effectively extracts solid leads through social media channels. The key to sales success in social media is context. Certain social media channels are fine places to put out a few feelers for your brand or product, while others are not. While there are many options, let’s focus on the three most common.

The Business End Of Social

LinkedIn is designed to promote networking, and comes with the implicit understanding that people on the site are there to do business. Groups on LinkedIn offer forums for users to foster discussions and make new connections. It is not uncommon to ask for a warm introduction via a shared connection to a prospect outside of your network, and search tools allow you to find prospects that are best fits.

For a salesperson, LinkedIn is the primary social media platform in your sales strategy. Twitter can also be useful, but your audience and your character count are limited.

Facebook Face Off

The only other social media platform as ubiquitous in the business world as LinkedIn is Facebook, but I strongly discourage anyone from using Facebook as a sales tool. Perhaps there are a few industries in which Facebook might be a useful way of identifying and contacting prospects, but for the most part, the Social Network should remain just that – a “social” network.

B2B sales pitches are no more than a slight annoyance when they come up in the News Feed and are even worse when sent as personal messages.

Take, for example, a post that reads, “Is doing the payroll for your small business taking up too much of your time? I can help! Call me at Speedy’s Payroll (555) 555-5555 for a free consultation.

A post like this would be appropriate on LinkedIn, either in a relevant group (one for small business owners, perhaps) or as a status update for business connections to see. That same post as a status update on Facebook would be much less appropriate, and frankly falling on deaf ears.

B2B…Or Baby Monkey?

Sandwiched between personal updates like your cousin’s pictures from his housewarming party last weekend and a video shared by that girl who went to your high school of a baby monkey riding on a pig, a B2B sales pitch like this would be out of place and a shot in the dark at best in terms of an effective way to gain business.

One exception is Facebook Groups – like LinkedIn, Facebook offers groups where people can gather based on a mutual industry or interest. A post like the one above could be appropriate given the context, but some moderators don’t look kindly upon solicitation.

Social media can be an effective lead source, but only when used properly. LinkedIn is a great way to discover new prospects and gain referrals, and Twitter can serve as an effective way to reach new potential clients. If you choose to add Facebook to your sales strategy as well, be careful that you aren’t wasting your time and effort only to annoy your nieces and nephews when your pitch pops up on their newsfeeds.

Depending on your business type and audience, you may also find social outlets like Pinterest, Instagram, YouTube, and Google+ effective for sales communications, but as a rule, get familiar with the etiquette of each channel before jumping in.

16 Feb 18:00

Efficient Effectiveness: Sales Leadership

by Ken Thoreson

Sales Management Thought Leadership: Efficient Effectiveness

As an Eagle Scout I can discuss the topic of “Be Prepared” easily and based upon this past Sunday it even has more credibility. Boom’s Day” the largest fireworks display in the U.S occurs each Labor Day weekend in Knoxville, TN-so what does that mean? An estimated 400,000 people flock to the river front to watch the event; boats on the river, people lined up on the docks, roads and every home, parking lot and condo packed with friends and neighbors. As this was my first time to witness 45 minutes of noise, color and lots of Ooohs and Ahhhs I had to be prepared. Did I mention the potential of rain?

For two weeks, prior to Sunday, I asked everyone about the event; where to park, when to arrive, double checked my reservations for my dinner cruise, and thought of what to pack in my knap sack. The good news was I found a parking spot in the first ramp I drove into, arriving at 2:30 p.m. allowed my friends and I to casually walk through Market Square, stop for refreshments and sushi, and then walk the 10 blocks to the river walk and boat launch. When the rain came we had hats, ponchos, umbrellas, and at 9:30 p.m. when the show began, the rain stopped. On the walk back to the car, I took out my flashlight and the four of us made it home by 1 a.m. A great evening to remember.

What does this have to do with sales management? As a manager you must be prepared at all times for almost any event. The best plan is to have a plan and to consider what might go wrong or what could impact your ability to exceed your objectives. I have simply listed below a series of topics for your consideration and for you to double check against your plan or lack of plan.

Do you have a plan?

  • If you lose a salesperson
  • If your sales team needs sales training
  • To increase the sales culture of your team
  • To increase your networking/partnering function
  • That generates excitement for your products/services
  • To say thank you to your support team
  • That increases your level of professionalism/education
  • To create a sales contest that drives revenue
  • That adds net new customers to your base
  • That drives the necessary sales leads for each month
  • To say thank you to your existing customer base
  • To increase your public relations exposure within your community or market
  • That will increase/improve your vendor relations
  • To improve your CRM effectiveness
  • If your computer systems fail or are destroyed

That’s enough for now, but if I missed anything, comment below, let’s build a complete list for the future.
HINT: this is a great idea for your next management meeting, simply begin by asking each of the departmental managers about their problems or contingency issues that arise on a day to day basis or what might occur if a disaster of any kind happens-then ask them for their plan.

Why is this critically important today? In any kind of business environment, the organization that operates the most efficiently generally out performs their competition, in more challenging times a focus on efficient effectiveness must become the mantra for the day.

16 Feb 18:00

The 4 stages of the sales learning curve for young companies

by Greg Sands, Costanoa Venture Capital
evolution of sales
GUEST:

About once a week, I hear an entrepreneur during a financing presentation tell me that the product is almost ready for General Availability. They say, “Now all we need to do is hire a sales guy.”

It’s a little bit of an overstatement to say that the meeting ends at that point, but suffice it to say that I know I am dealing with someone who doesn’t have any idea what to do next – and as a result, we are very unlikely to invest.

Enterprise-focused software companies need to take a learning approach to build a capital efficient and scalable sales and marketing process. The next stage of a startup, the sales learning curve (SLC), can be thrilling and terrifying. And even though getting the first product to market is less expensive than ever, it can create or destroy value at a high speed because the “go-to market” (sales and marketing) can still be extremely expensive for SaaS and other enterprise-focused companies.

Below are the four key stages of my version of the Sales Learning Curve built for early stage companies just shipping their initial product. However, this process can be used for any new product as well. I use the analogy of industrial development because it employs clear and basic principles like process standardization and scalability.

1. The Craft Economy — Founder-led selling

Sales in early stage companies shipping 1.0 products is too important to be left to sales people. Founders have several key advantages critical for early selling. They are involved in creating the product, so they know the product and market it serves deeply. Their charisma, brilliance, and Reality Distortion Field can help overcome the disadvantages of having a new product of a new company. They carry CEO/founder business cards, which opens doors and looks impressive (if they bother to wear closed toe shoes and long pants). And they sell at the white board, sometimes making up new products or committing to new features in a meeting. In addition, this is an essential way to get early product feedback while the company is honing in on Product Market Fit. Feature requests and rejections from potential customers are the fuel for the next phase of innovation. I find that founders and CEOs are uniquely good at interpreting this early product feedback and synthesizing what needs to be done to be productive.

* Sometimes early product managers or CTOs can play this role as well

2. The Sales Apprentice — Business Development as Sales

When the founder/CEO has successfully found a pattern of successful sales, it is tempting to say, “Now it is time to hire a traditional coin-operated sales person to scale up this process,” but that rarely works. I’ve seen companies hire a salesperson from a competitor or incumbent and not sell anything. Even worse, I’ve had the experience (as a board member) of hiring “exactly the right” VP of Sales (she worked previously in an adjacent company for a former colleague so I could reference closely), and she hired a team to scale up the process. It was a very expensive mistake, but it wasn’t the fault of the VP of Sales. The company had very few things a mature company has — like sales materials, a real price list, and leads. By contrast, the highly charismatic CEO could “sell ice cream to eskimos” and the handful of early (and big) sales was not an indication that a mere mortal could do the same.

In contrast, the most successful example I’ve seen was at Merced Systems, where I was fortunate to be the only venture investor. Founder and president Mark Selcow sold the first half dozen deals himself and then hired a young, smart and hungry sales apprentice. The apprentice learns from the founder but doesn’t assume he can simply replicate the process. He doesn’t have Malcolm Gladwell’s proverbial “10,000 hours” in the domain, the stature, or oftentimes the natural charisma. His job is to run experiments and see how he can map the founder’s successes onto his own pitch, skills, and process. The sales apprentice has to be smart and humble enough to learn from all this experimentation to find a process that can be scaled up successfully. Oftentimes, this person is a mid-level business development hire rather than a traditional coin-operated sales rep. Business development in more mature companies still involves investigation with potential partners, typically deeper product knowledge, and tends to attract people who want to create a new process rather than follow an existing one.  In the modern parlance, this might be a “sales ninja” (see Bloomreach CEO, Raj De Datta’s piece on this subject), but a sales ninja doesn’t tell you what to do before or next.

3. Light Manufacturing

At this stage, the company is ready to TRY to standardize the process with a few traditional sales people.  I emphasize “try” because even if the company has been through the first two stages, there is no guarantee of success and the focus is the learning curve.

Ideally, the first true sales people come from adjacent companies or segments. I differentiate “true sales people” from business development because they’ve been on quota all their life, and once they figure how to make a sale, they want to go as fast as they can. The first hires are often people who want to be early in a company’s life and have honed the skills to do so. The sales rep from Oracle who has been selling with that brand and machinery behind him is unlikely to be successful at this stage. Early stage sales people like learning a bit more about product and are comfortable iterating their own positioning, presentation, and scripts (for inside sales). They’re high energy and will make a lot of calls into different customer types and with different pitches. While the apprentice is focused on making the product (in this case, the sale) themselves, the first sales team is like the engineering team building the first factory. They are employing the method developed in stage two, beginning to standardize it, and continually tweaking, improving, and optimizing the process. Building from the first rep to the first team of reps (5-10 people) who are closing business and hitting their quotas is where you start to see the unit economics of sales and marketing. Once you have them dialed in, you are ready for the final stage, heavy manufacturing.

4. Heavy Manufacturing

Once the company is consistently hitting sales goals and understands the unit economics of the sales/marketing and what levers are available to influence them, they are ready to “step on the gas.” In fact, the company is ready for the bigger equity round that gives you the resources to do so.

This final stage is where the company moves into the process of optimization and scaling at an even higher velocity — developing a hiring profile and a training and onboarding program and standardizing the sales process to carefully track deals by milestones for forecasting accuracy. This is where the team is increasingly fed leads by marketing and the sales development team, which qualifies inbound leads and does outbound prospecting. This final stage also requires significant development of all the adjacent functions. Sales operations becomes a real job. Arguably the first job of marketing is sales enablement and getting the sales team “selling on PDF” where the sales materials are completely standardized so the company can deliver consistently and efficiently.

A learning approach is like building a solid foundation before you build the house — it’s safer and more capital efficient. Do it right, and the entrepreneur can build a very big company — and one that the founding team owns much more of than they would if they took the “go big or go home” approach. Even if “go big” is the orientation, knowing where a company is on the sales learning curve will help an entrepreneur make better decisions and grow more efficiently. And I assure you, venture capitalists will highly value a company’s knowledge of and approach to building the sales machinery. Growth equity investors, who typically pay higher prices than early stage investors, love nothing more than a “just add water” company where the go-to-market process has good unit economics and is well defined. After, investing capital can lead to faster growth with high confidence. This is the way to increase the value of your next round.

Mark Leslie’s Sales Learning Curve in the Harvard Business Review uses a different nomenclature and is a much more detailed article based on his experience building Veritas Software and as a Silicon Valley board member. I highly recommend it for further reading.


Greg Sands is founder and managing partner at Costanoa Venture Capital, an early stage investor in cloud-based services leveraging data and analytics to serve real problems for businesses and consumers. Prior to starting Costanoa Venture Capital, Sands was a successful investor at Sutter Hills for 13 years, where he was an early investor in such companies as Merced Systems, QuinStreet, Feedburner, AllBusiness, Return Path, and Youku. Sands was the first Product Manager at Netscape Communications, where he coined the name Netscape and wrote the initial business plan.


VentureBeat is studying social media marketing. Chime in, and we’ll share the data with you.







16 Feb 17:59

Lead Generation: How an insurance company reduced acquisition costs in purchased leads

by bcarroll@startwithalead.com (Brian Carroll, MECLABS)

Generating leads organically can ease the qualifying process, throwing “bad” leads out that are simply not worth pursuing. Growing a list organically also allows marketers to know more about a prospect right from the get-go, passing more qualified leads on to Sales.

However, when you start supplementing organic leads with purchased leads from a third party, how can you be sure you are getting the most bang for your buck?

According to the Salesforce 2015 State of Marketing report, lead quality is the No. 2 most pressing business challenge for marketers today.

Plymouth Rock, one of the largest insurance groups offering car and homeowner’s insurance in New Jersey, faced the challenge of ensuring lead quality.

“There are a lot of expenses associated with purchasing hundreds of thousands of leads annually, so we are constantly working to maximize acquisition economics,” explained George Hurley, Director of Marketing Analytics, Plymouth Rock Management Company of New Jersey.

The team at Plymouth Rock needed a way to ensure that the purchased leads were going to be viable with the ultimate goal of lowering acquisition expenses.

Lead Generation

 

Identify “risky” or “bad” leads

With so many leads being purchased by Plymouth Rock, the team determined it would be cost effective to bring on a tool that would help identify bad leads instead of doing it manually.

George and the Plymouth Rock marketing team categorize bad leads, or leads that do not sell, in terms of how that lead was generated.

For example, if that purchased lead was generated in less than five seconds, that would be a lead Plymouth Rock would not want to pursue.

With form fields containing multiple questions and often multiple webpages, George explained that oftentimes, it is impossible for a person to fill one out in less than five seconds.

Concurrently, the fraud detection product can also tell the team if thousands of leads were generated from the same IP address located in a foreign country. If that’s the case, it’s highly unlikely they would be looking into insurance in New Jersey.

 

Change the way leads are purchased

With the knowledge of how a purchased lead was generated, the Plymouth Rock marketing team now prefers to buy leads from aggregators and generators that are also using the tool to identify bad leads.

Using the tool for lead audit and fraud prevention is now a best practice for the marketing team, which has lowered expenses at Plymouth Rock.

“We hope that others in the industry will follow this practice, driving down expenses,” George explained.

The marketing team couples the data now known on how that lead was generated with another tool that provides insights into a particular lead’s authenticity. An example is a lead for “Mickey Mouse” at “123 Main Street” with a phone number of “867-5309,” which is clearly false information.

“There are very different purposes in the two technologies, but both work to eliminate leads that we believe to be bad leads,” he said.

 

Communicate successes across the organization

By better understanding how purchased leads were generated, the marketing team has been able to improve the relationships with the sales team because they are providing better-quality leads.

Results are communicated via monthly meetings with stakeholders, including multiple leadership departments, and the marketing analytics group pulls daily reports to demonstrate how leads are performing on any given day.

“We’re very heavily focused on the acquisition costs, so that’s a conversation piece we’re always having, but with the help of the advanced analytics team … we are also looking into lifetime value metrics,” George said.

Since using the lead audit and fraud detection tool, Plymouth Rock saw a 68.8% decrease in cost per acquisition and identified 528% more fraud.

The team also noted that almost zero percent of medium- and high-risk leads converted, confirming the success of carefully analyzing how purchased leads were generated.

 

You can follow Erin Hogg, Reporter, MECLABS Institute, on Twitter at @HoggErin.

 

Source: LeadiD

 

You might also like

Best B2B Lead Posts in 2014: Lead generation, lead nurturing and content marketing [More from the blogs]

How the Halo Effect Drives Lead Generation [More from the blogs]

Lead Generation via Influencers and Experts in 4 Steps [More from the blogs]

Building Your Strategic Lead Generation Portfolio [More from the blogs]

16 Feb 17:55

Take This 30-Second Test to Find Out How Many Sales or Conversions Your Website Is Losing Each Month

by Jon Kreps

Does your website have a good, bad, or average conversion rate?  Well, if you are like most website owners, you “hope” that you have a good conversion rate but honestly don’t know.  Your competitor’s aren’t going to advertise their conversion rate and no software platform that doesn’t involve hacking can accurately assess another site’s rate.  So, do you just hope for the best?

Determine if Your Website Has a Good, Bad, or Average Conversion Rate in 30 Seconds or Less

Brutal honesty:  The best you can do is ball park this because there is no resource that fully tracks the average conversion rate for all niches.  That means, we need a benchmark and love ‘em or hate them, Google is handy for a benchmark.

Specifically, knowing the average conversion rate for all Google PPC ads in your niche at least gives you a baseline figure that is reliable.  True, sites have more diverse traffic sources (hopefully!) than PPC and the conversion rates will vary accordingly, but the average for your niche on Google Adwords is a solid benchmark to use.  Ok, now you need two things to run this test:

1.  Know Your Current Conversion Rate

Ok, now this includes both paid and non-paid conversions.  So if your site had 10,000 visitors last month and sold 100 products and had 100 sign-ups for your newsletter or lead gen product, than your conversion rate is 2%.

100 purchases/10000 visitors = 1% paid conversion rate

100 sign-ups/10000 visitors    = 1% non-paid conversion rate

Total Conversion Rate:  2%

Ideally, you’ll want the average conversion rate for the past 30 days and a minimum sample size of at least 5,000 visitors.

2.  Know the PPC Conversion Rate for Your Niche or Industry

To find the average conversion rate on Google PPC ads for your niche, use Adwords Performance Grader or just refer to our chart below:

Infographic of PPC Conversion Rates for Google Adwords

See the average conversion rate for Google PPC Adwords for the primary niches on the Internet.

So How Many Sales Are You Losing Each Month?

Let’s say you’re selling apps at a monetized conversion rate of 2% and a 1% sign-up rate for some lead gen product for a total average conversion rate of 3%.  Well, apps would be part of the Telecom/Internet niche meaning with an average PPC conversion rate of 6.3%.  That means your average conversion rate is less than 1/2 of the PPC conversion rate for your niche.

To put that another way:  See your sales revenues for last month?  Now imagine doubling them without spending one additional penny on SEO, PPC, Content Marketing, or Social Media.  Yeah, that’s actually quite common because most websites never optimize for conversions.  Instead, once sales start rolling in, websites invest in PPC, SEO, and other traffic generating services while never realizing how much money they were leaving on the table from day one!

So Why is the Website Losing So Many Sales and Have Such a Low Conversion Rate?

To be perfectly honest, there are a lot of factors that can cumulatively lower the conversion rate on a website, including:

  • Weak Direct Response Copywriting on Primary Conversion Content (sales pages, product descriptions, etc.)
  • Poor Site Design and Layout of Website Components
  • Weak or Non-Existent Sales Funnel(s)
  • Shopping Cart/CMS Configuration Problems
  • Slow Load Times and Other Programming Problems
  • Poor Keyword Research Resulting in Untargeted Traffic Sources

How Do You Figure Out What Issues Are Affecting Your Conversions and Actually Fix Them?

For that, you need conversion rate optimization, or CRO.  In a nutshell, conversion rate optimization experts use website traffic analysis to isolate conversion problems and estimate their impact on the site.  Next, the issues are prioritized and then fixed.  In some cases, an entire team of website experts must collaborate and work together to complete a CRO project, including:

  • Website Analysts
  • Heat Mapping Experts
  • Copywriters
  • Web Developers
  • Web Programmers
  • CMS/Shopping Cart/Order Processing Experts
  • SEO, SMM, and PPC Experts to Optimize Traffic Streams
  • Market Analysts

For a complete overview of the typical processes involved in completing a conversion rate optimization project, please refer to infographic below:

infographic of conversion rate optimization processes

Conversion rate optimization is a very specialized process of distinct steps that must be completed correctly to maximize results.

Is Conversion Rate Optimization Expensive?

That probably isn’t the right question.  However, with a team of highly skilled of website experts collaborating together to fix the problems on a site and with many projects lasting several weeks, the pricing of conversion rate optimization is similar to what you would pay for a modest SEO or Social Media Marketing campaign.  But again, that isn’t the right question.  The right question is:

Will CRO Services Generate More Sales and Higher ROI than SEO, PPC, and Competing Investment Options?

At the end of the day, website owners want more conversions so they can make more money.  That means that they can invest in SEO, PPC, SMM, Content Marketing or even Conversion Rate Optimization but the question is:  Which one is going to make you the most money today and in the long run?

Without question, CRO is your best investment option for 3 simple reasons:

1.  CRO Boosts Online Sales Long After Investment is Over

CRO permanently fixes the issues that were suppressing your conversions so the increased sales/leads generated from optimization services keep rolling in for potentially years after the work is complete.  With PPC, SEO, SMM, and other options, your sales would fall off within weeks or even days of ending your investment.

2.  CRO Doesn’t Increase and May Actually Reduce Marketing Costs

If you want more sales with SEO, PPC, etc, then you have to increase your marketing budget.  But with conversion rate optimization, your conversions increase with zero investment in marketing.  And in some cases, CRO experts will optimize paid traffic sources and actually reduce your marketing costs!

3.  Increases Conversions and ROI for Other Investments Like SEO, SMM, and PPC

By permanently fixing your conversion problems, CRO then makes all your future investments in traffic generating services more profitable.  This is why it’s always a good idea to optimize your site for conversions first, then invest in more traffic!

conversion rate optimization vs. SEO

The ROI from CRO services far exceeds that generated from a similar investment in SEO when all factors are considered.

Concluding Thoughts

If you took the 30-second test and your conversion rate is 20% or more below the industry standard for your niche, then you may want to seriously look into investing in CRO services.  At the very least, you should think about speaking with a CRO expert to get a more accurate estimate of how much money your site is losing each month due to a low conversion rate.

So how does your site compare?  Take our 30-second test and tell us whether you think it’s an accurate indicator for your niche or not by leaving a comment!

14 Feb 19:08

12 Tactics for Handling Challenging Speaking Situations

by Maurice DeCastro

angry-woman

10 years ago I spent 12 months exhaustively travelling around every City in the UK presenting a vision and a strategy to thousands of small business owners with the sole objective of trying to save and revive an ailing global brand.

Not only was this the most difficult and challenging time of my corporate career it was also the most important. The business was haemorrhaging sales as well as its reputation and thousands of people’s livelihoods were at stake and it was my job to save it.

Thankfully I wasn’t on my own at the time, supported by a small executive team and a visionary CEO our job was to persuade thousands of people to do what we knew they didn’t want to do but we also knew they had no choice but to.

We were 100% certain that if they wouldn’t grant us permission to restructure the entire business it would die.

These were without doubt the most challenging presentation environments I have personally encountered, largely because most of our audience were vehemently opposed to the radical but critical changes we were proposing.

Many of the presentations were greeted with considerable animosity although I’m pleased to report that the net result of our extensive efforts was that we were successful in achieving the majority vote we needed at a forthcoming AGM to incorporate the 80 year old business and restore it to its former glory.

This article sets out some of the key learnings I took from that demanding venture to achieve a level of success that former executives had previously tried and failed miserably to achieve. It wasn’t about me or the rest of the executive team it was about our mindset, approach and the process we followed.

We share these very same principles with our delegates at Mindful Presenter when they need to know how to deal with challenging presentations and speaking situations.

Most speaking situations are unlikely to be so confrontational but here I set out some of the reasons for such volatility and dissent and more importantly the solutions for the speaker.

What could go wrong?

  •  They hate your idea or proposal because they fear it’s not in their best interests
  •  They don’t understand and are therefore sceptical
  •  They are emotionally attached to the status quo or another idea
  •  They don’t believe you are in position to educate them, they know better
  •  They are neutral and  therefore disengaged
  •  They can’t see the big picture, there is no clear vision
  •  All they can see is potential pain rather than benefit

This isn’t a definitive list of course as human beings are complex.

The end result of audiences entering a presentation with one of these mind-sets is that at worst it can lead to hostility and at best resistance and disengagement.

The good news is that there is plenty you can do as we demonstrated and here at Mindful Presenter we share with our clients today.

1.  Get perspective

When you are facing a demanding audience where you are likely to have your message and assertions challenged you must have an in-depth knowledge of the issue from their perspective. It doesn’t matter what your message is, how passionately you believe in it or how eloquently you can deliver it, the pre-requisite is to put yourself in their shoes, know them and understand their perspective. What if you were them listening to you?

Only then can you begin to prepare to speak to them.

2.  Plug the ‘holes’

That means preparing for the worst in terms of understanding the ‘holes’ in your message and presenting them in advance together with the appropriate and effective mitigation. The dissenters will respect the fact that you have thought it through even though they may still not agree.

In addition to your topic and message it’s important to understand your own personal weaknesses and things your audience may say or do that could antagonize you and lead you to lose control.

3. Identify the ‘Snipers’

In other words, make it your business to know and understand the ‘trouble makers’ in advance; the snipers who are sitting at the back waiting to shoot down your message because that’s why they came. Better still if you know who they are and can get to make a personal human connection with them before you have them in the room you could help yourself considerably.

Don’t shoot back at the ‘sniper’, stay calm and focused, welcome their comments, support your point and then move on. Retuning fire never pays, they are ready and waiting for the gunfight so don’t give it to them.

4. It’s not personal

It’s quite rare that any difficult challenge, awkward question or any level of hostility towards a presenter is personal. It’s vital that you remember that and remove any judgments or assumptions that they don’t like you and are out to get you. It’s highly likely that whoever is presenting the message would receive the same reaction so detach and depersonalize yourself from any adverse emotional reaction.

Remember the old saying ‘don’t shoot the messenger’, well if shots are fired it’s not really about you and your job is to calmly and collectively stay focused on the message whilst respecting your listeners opinions.

5. Give them some ground rules

It’s your presentation so let them know who’s in charge at the outset.

That means asking them to turn off their mobile phones and let them know when you’ll be taking questions. Take ownership of everything, the platform, the time, the agenda, questions and even the flip chart.

6. Diffuse the emotional charge

Remember to smile and keep it light hearted by using a little humour where appropriate and don’t respond negatively or defensively.

Keep to the facts and stay grounded.

7. Unmet needs

One of the problems with us human beings is that we always want something. We have needs and you may be absolutely certain that your audience has them too. If our needs aren’t met then we can often get a little grumpy, sulky or argumentative. It’s your job to make sure that your audience’s needs are met.

Such needs could be:

–  The facts, detail, evidence, examples

–  Respect, acknowledgement and understanding

–  Involvement and interaction

–  An emotional connection

8. Create allies not opponents

There will sometimes be people in the room who simply know more than you on the topic. If that’s the case and they are being a little difficult it’s because they need you to recognize their expertise so make sure you do and involve the rest of the audience to elicit their thoughts.

9. They yawned, so what?

So a member of your audience just looked at their iPhone while you were speaking or they yawned, looked at their watch or whispered something to the person sitting next to them. This can sometimes cause instant paranoia in a presenter who immediately jumps to the conclusion that he has lost or bored his audience.

Human beings yawn, look at their phones and watches all the time that’s what we do so don’t make assumptions and judgments about how they feel or what they may be thinking because you really don’t know.

10. Be humble

You can be in control but still be polite, courteous and respectful. There really is nothing worse than an arrogant presenter who speaks as if ‘it’s my way or the highway’.

A little humility goes very long way.

11. The ‘war room’

If you are really concerned about potential conflict and discord then well in advance of the presentation meet with a few trusted and knowledgeable colleagues and do two things:

–          Brainstorm and record every conceivable concern, contention and question you believe could possibly come your way and find the answers.

–          Role play each scenario dealing with those issues until you are as comfortable as you can be that you have everything covered.

12. Its not the question, its the response

This is often the part most presenters hate because they feel that if they can’t answer a question they will be exposed or ridiculed and lose the respect of their audience.

It’s not true

No single person is such an expert on their topic that they know the answer to every question imaginable and audiences understand and respect that. If someone asks you a question you either don’t know the answer to or are just struggling to answer here’s what to do and not to do:

– If you don’t know the answer, don’t pretend you do and bluff your way through it. It’s embarrassing and they won’t thank you for it. Don’t apologize either, simply step forward into the question (rather than be on the back foot as many do) and tell them that you don’t know the answer but will make it your business to find out.

Then make sure you do.

– Don’t just answer the person who asked you the question, answer the whole room and share eye contact. If you simply answer the question by maintaining direct eye contact with the questioner you will lose the rest of the audience who will be bored and switch off while you have a one to one dialogue.

Feel free to ask the rest of the room for their thoughts on a difficult question or observation and if there is one you can’t answer if you believe it’s possible someone else in the room may be able to then ask them.

– Listen to the whole question and make sure you understand it before you answer it. Many presenters are so relieved that the presentation is over they quickly then become so anxious about questions that they find themselves waiting to speak rather than really listening to the question. Give the questioner your undivided attention and if you didn’t hear or understand it properly don’t be afraid to ask them to repeat it.

– Never answer a question negatively, with a ‘yes but’ or suggest in anyway the person asking it is wrong.

– Never respond by saying ‘that’s a great question’. Most people do it; it’s very often not true and can sound patronizing. Also if you didn’t say the same to either the previous questioner or the next you’ll look stupid.

Training can help to give you the confidence you need.

If you give enough presentations it’s likely that one day you’re going to find yourself in one of the situations I’ve described. If you take on board these 12 points and remember that the key to handling any challenging presentation or audience is to retain control of yourself and the presentation by believing in yourself, your message and the value it will add to your audience you will be able to handle the most difficult audience with ease and grace.

I really hope you enjoyed this post.  If you did, please feel free to share it through your preferred social media channels below and subscribe to our mailing list so you won’t miss any future posts.

Image: Courtesy of flickr.com
I really hope you enjoyed this post.  If you did, please feel free to share it.

Original Post

14 Feb 19:08

How the EU Value-Added Tax Affects Online Sellers

by Jesse Ness

The new EU Value-Added Tax (VAT) changes, effective January 1, 2015, have a major influence on online merchants selling digital goods. It’s important for e-tailers to understand what these changes mean. Our team at Ecwid has put together the below to make it easy for merchants to accommodate the new policies.

The New EU VAT Rule — What is it about?

Before we dive into what’s new with EU VAT, let’s start with the basics.

VAT

The Value Added Tax, or VAT, in the European Union is a general, broadly based consumption tax assessed on the value added to goods and services. If your business is based in the EU or UK and you sell to other consumers within the EU, then you probably have a VAT ID and file your VAT return to the country where your business is registered. If your business is based anywhere outside of the EU or UK, then you may not have a VAT ID. If you fall into the latter category and sell digital goods (or plan to) to customers based in the EU, then the rule changes also apply to you (and we’ll get into mechanics of registering in the sections below).

The New EU VAT Rule

Now, a closer look at the new EU VAT rule on digital goods — according to the new rules, if consumers from EU countries purchase digital goods from your online store, they must pay the EU VAT rate based on the EU country where they are established regardless of from where you sell.

More Details

Please see this page for more information about the EU VAT changes: Key Facts About The New EU VAT Rules

How this Affects You

Conditions

Basically, you are affected by the new rules if the following are true:

  1. You sell downloadable digital goods or services including eBooks, hosting services,e-courses, recorded training videos, music or audio downloads etc. See also: What counts as an digital good?
  2. You sell to customers in EU countries (regardless of whether or not you sell from within an EU member state)

Requirements

Here are the requirements to comply with the new rules:

  • Identify the location of your customer
  • Calculate the correct VAT rates basing on the customer location
  • Save your customer’s location with two pieces of non-conflicting evidence such as a billing address and matching IP address — you’ll need to retain information for 10 years
  • Submit a quarterly VAT return to each EU state, or use a MOSS (Mini One-Stop Shop),which reports to each EU state on your behalf

As a small business owner, the new rules present you with some difficult challenges that we’re prepared to help you navigate and comply.

How to Comply With the New Rules

Change is always hard, but here’s what you’ll need to do in order to continue selling digitale-goods to your consumers in EU countries:

  • Register for MOSS and get VAT ID. As a merchant, to comply with the new rules, register for the Mini One-Stop Shop Scheme, or MOSS. If your business is based in an EU country, then you may already have a VAT ID and can easily register for MOSS. If you don’t have a VAT ID and operate your business from outside the EU, then you can choose any EU country to be your Member State of identification. Note, for UK merchants with a UK VAT ID, you can register for MOSS through the HMRC.
  • Report quarterly. Each quarter, a merchant is required to submit, by electronic means, a MOSS VAT return, whether or not you have actually supplied e-goods. Where no supplies in the EU have been carried out for that quarter, a “nil return” is submitted. The MOSS VAT return (and accompanying payment) is required to be submitted within 20 days of the end of the period covered by the return. This document describes the matter in more details: Guide to the VAT mini One Stop Shop

E-tailers need to have the right tools in place to operate their store successfully and comply with laws around the world, like the EU VAT.

You can find additional information on the new EU VAT rules here.

14 Feb 19:08

You Don’t Bring Me Flowers: The Truth About Commoditisation

by Cindy Barnes

In many industries, commoditisation is something to be feared. It turns propositions that were once unique and valued into generic, low-margin products and services. Yet in sectors that seem commoditised, some companies (think Dyson, or Southwest Airlines) can either charge huge premiums or thrive happily. How? It’s because when customers say: “Just give me more, for less”, they could in fact want something else.

Commoditisation has featured throughout the history of commerce. It’s the process that happens when your product becomes (or is perceived to become) undifferentiated from everyone else’s, leaving price the only thing left to compete on. Today, dramatic technology changes are driving this trend faster than ever. No industry is immune: commoditisation affects everything from laptops to travel agencies to energy supply.

As a result, it’s one of the most common issues that clients call us with: “We think we sell a very specialised and valuable service, yet all our customers want is lower prices. How can we make them value what we do?”

Customers may not mean what they say
The answer, in our experience, is to listen differently. In many cases the plea for “cheaper, faster, better” may be masking a very different need. It’s because businesses don’t always take into account the emotional and psychological aspects of their customer relationship.

Take the example of a well-known dynamic in human relationships, where in the context of a quarrel, one partner (a woman in this instance), says: “You don’t bring me flowers!” What she actually means is something more significant: “I want more attention!” What she gets, mostly, is the occasional wilted bunch of carnations from the service station. The result? Neither side gets what they want. One hasn’t asked for it in the right way and the other hasn’t listened properly.

Same service, different perceptions
One of our clients provides a very specialised service to their industry that has become a recognised global “gold standard”. They couldn’t understand why despite their reputation and first-class service, their customers were constantly driving for price cuts. When we looked at their service offering and talked to their customers in depth, it became apparent that there was a huge mismatch between our client’s self-image as a provider of a unique and indispensable service, and their customer’s perception, which was of a “body shop” hiring out specialist consultants who could probably also be found elsewhere.

Our client needed to articulate the value of their service, which could, for example, help their customers address big themes like resilience and reputation: things that are worth paying good money to protect. Like the carnation-wielding partner in the relationship, once our client understands what the customer is really asking for, they can put together a much more attractive value proposition.

We found a similar issue at an engineering services company. It fielded project engineers who carried out highly specialized and skilled tasks, like machine maintenance in an industrial facility or carrying out asset management for specialist equipment. But their customers pushed back on price, in this case asking the company to carry out the same tasks with fewer people. Again, this was a communication issue. Pitching themselves simply as a provider of technically skilled people, our client hadn’t articulated, for example, how it could help its customers optimise their operations or achieve a more cost-effective procurement strategy.

How to combat commoditisation
Dyson triumphed in a commoditised industry by using innovation to position itself differently; Southwest Airlines has become a leader in low-cost airlines by understanding that a no-frills offering needs to be accompanied by exceptional efficiency and friendly, personal service. In both cases, customers wanted much more than a cheaper appliance or a low-cost flight.

So the first step to combat commoditisation is to understand what customers are really asking for. This involves understanding what they mean and not necessarily what they say. Then you’re in a position to start mapping out what you are selling, who you are selling to and what it is that different groups of customers value. This is a hugely powerful exercise in low-cost innovation.

At Futurecurve, we use the Value PyramidTM model to help our clients do this in a structured way. You can learn more about this in our book but in the meantime, if you’re being affected by commoditisation, think of it as an opportunity to learn and innovate rather than a threat to your business.

And don’t send your customers flowers. (Unless of course that’s your core business). Start by asking yourself whether you’re really making clear the value of what you offer – or whether you are unwittingly commoditising yourself.

It could be the beginning of a beautiful relationship.

Is commoditisation affecting your business?
Think about the following questions and answer them honestly:

  • Are your close competitors achieving higher margins?
  • Do your customers ask for price cuts or demand that you do “more with less”?
  • Would your customers talk about the value you deliver in the same way that you talk about it?
  • Are you telling the full story about the value your business can create?

Please do leave a comment below on any of these issues raised.

14 Feb 19:08

Navigating Complex Sales With Digital Listening Tools

by Micheline Nijmeh

Finding all the relevant stakeholders in a complex sale can be like looking for a needle in a haystack. The process has been made even more difficult in today’s selling environment where:

  • 78% of sales organizations are finding more stakeholders involved in the purchase decision[i]
  • One of the biggest challenges in managing complex sales is reaching a larger ‘sphere of influence’[ii]
  • It now takes 61% more time to sales closure[iii]

Digital listening makes it easier to navigate complex sales

Leveraging powerful analytics, ‘digital listening’ tools can help by instantly alerting and showing you how prospects engage with your digital content. Armed with digital listening, sales organizations are starting to infiltrate even the most complex organizations. Digital listening tools make it easier to navigate these difficult deals by letting sales teams:

  • Identify decision-makers and influencers
  • Know customer interests and timing
  • Understand buying sequence in an organization

How digital listening tools let you identify decision makers

Because the purchasing process in large sales almost always involves multiple influencers, you need to know all of the stakeholders. Who are the budget owners? Which departments are reviewing the proposal? Who will get you the PO or check?

With digital listening tools, you can see the influencers in a complex deal and get their profile data. They show you when a prospect opens a proposal. They show you when a prospect forwards that same proposal – and give you profile data for the recipient. And – if that person re-shares the proposal – they show you the next recipient! This provides priceless knowledge for complex sales.

How digital listening tools let you understand customer interest

The best sales analytics tools show you where the interest level of the prospect is. It provides you page-by-page, minute-by-minute analytics, letting you know what interests the prospect most.

Armed with this knowledge, you can follow up faster and with more personalized messaging tailored to the account’s particular interest. Remember, you are qualifying the account, not the individual, so you need to see how all influencers are responding for the most value. Are they engaging frequently? Are they focusing on a particular page? How quickly are they re-sharing the proposal?

How digital listening tools let you understand the buying sequence

By seeing how your proposal is being shared, you also gain valuable knowledge about the account and their internal processes, so you can maneuver more deftly through complex sales. When you see that sales operations has sent your proposal to marketing operations, you’re gaining insight into a repeatable pattern of behavior that can be useful for this and future like accounts. Leveraging all of this information lets you respond faster to customer problems and helps you understand the types of questions they will likely have – before you even talk with them!

Get the insights that you need to successfully navigate complex selling. With advanced and real-time sales engagement tools, you can learn about all decision makers, understand the interest level even in big organizations, and respond faster to the customer problem.

To learn more, download this White Paper: “Why Sales VPs are Turning to Digital Listening to Accelerate Sales.”

[i] CEB Driving Sales Transformation 2014

[ii] (Lead Generation for the Complex Sale by Brian J. Carroll)

[iii] (MLC Customer Purchase Research Survey)

14 Feb 19:07

Is Facebook Marketing Still Worthwhile For Small Businesses?

by Business.com

Business owners and decision makers have a lot of responsibilities to juggle on any given day; so the question is, should they still leave room on their plates for Facebook marketing?

It’s not the no-brainer strategy that it was several years ago, when it was essentially a free way to promote and advertise your establishment and build a legion of online fans. With Facebook’s algorithm changes creating a significant drop in organic reach, it’s quite possible that your posts are going largely unseen. But with a few tweaks to your strategy, Facebook could still be a key ingredient to spice up your marketing efforts.

About that organic reach

While you really don’t have much control over how often you appear in the newsfeeds of your fans, you can improve the odds. On Facebook, engagement and activity is rewarded with higher relevance, meaning if you can find a way to get people talking on your page or posting and tagging your page on their own feeds, your updates will show up more often.

Related Article: How To Create Facebook Ads That Drive Sales

According to Facebook for Business page, you shouldn’t expect that a brilliant post will directly boost your revenue, but it can be effective for smaller goals. “Your business will see much greater value if you use Facebook to achieve specific business objectives, like driving in-store sales or boosting app downloads,” it says, adding that content updates that teach, entertain or add value are the most successful.

Some strategies to try:

  • Let your in-person clientele know about your Facebook page and encourage them to like it, check in and tag your establishment. In return, you’ll give them great content, keep them posted on events and offer exclusive discounts or promotions.
  • Post questions or ask for your followers’ opinions on something about your business to encourage responses. Maybe ask them to weigh in on a new menu item you’re considering, for instance; or spotlight some of your new inventory. Mobile POS system Instore allows you to post to your Facebook page directly from the application.
  • Use visuals like photos of your food, products or celebrations that take place in your establishment (with your patrons’ permission, of course). Photos tend to hold more weight than text-only posts.
  • Work with nearby local businesses to cross-promote each other’s offerings. The more you are tagged in others’ posts, the more you’ll begin showing up in the newsfeeds of prospective customers, and hopefully, your fan numbers will grow.
  • Give your thoughts on a trending topic or local issue, and share ways in which you’re serving your community; for instance, if you’re hosting a fundraiser. Give your customers a reason to want to like or share your content.

Related Article: Should You Be Blogging on LinkedIn?

However, while investing time in Facebook marketing may still be worthwhile, the drop in organic reach illustrates the clear importance of owning your marketing channels. Customized receipts that can be emailed or printed are an inexpensive way to connect with every customer you see.

Set up an independent website for your business, and offer a promotion or discount to visitors who sign up for your e-newsletter. That will let you stay in touch with your diners and fans as often as you want—without Facebook’s programmers getting between you and your customers.

14 Feb 19:07

The Future of Marketing is Community

by Bryan Kramer

Much has been said in recent years about communities: what they are, how marketers can benefit from them, and how they’ll change in the future. Today’s marketers already know that online communities are important, which is a big reason why 80% of SMB’s are using social media networks to drive growth (Go-Gulf, 2014).

It’s crucial to understand, however, that creating a community means much more than just posting funny animal pictures to social media followers or tweeting about how awesome you are.

Let’s take a look at how the idea of a community has developed over time, how the best brands are building communities, and what marketers can do to make the new community concept work for them.

Communities Past & Present

In older times, the idea of a community was governed mostly by your location. Your community was the group of people who grew up around you, attended the same school, or went to work with you.

QuoteThe advent of digital communication has changed all that. Thanks to the Internet, people can establish communities with others who are across the street or across the globe. People can now join communities for almost any niche, interest, or goal, even if there’s no one around them with the same passions. Interested in Civil War reenactments? Join the Civil War Reenactment HQ and find an event nearby. Got a thing for cricket? Find a community to discuss strategies, match scores, and the latest player stories.

In a nutshell, this means that communities today are created more deliberately than they were in the past. As a result, communities have the potential to be much more engaging, because they are based on how people identify themselves, not who sits in the cubicle next to them. There are few things that people are more attached to than the fundamental ways they identify themselves: father, daughter, writer, marketer, baseball fan, and so on.

The Many Flavors of Online Communities

This change in the dynamic of communities can be observed in a microcosm on some of the more popular social networks. Take Facebook, for example. Like the real world, Facebook has a lot of people: 1.39 billion per month as of January 2015, to be exact (Search Engine Journal). Within that population, smaller communities exist: groups based on occupation, special interests, and etc. The same idea holds true for LinkedIn: the creation of industry groups, company pages, and discussion threads means that people can pick and choose which communities within a larger population that they want to be a part of.

This information is all great and interesting enough on its own, but what does it mean for marketers? Some of the most forward-thinking brands are already applying this new community concept in their marketing efforts.

How Marketers Should Leverage Communities

Savvy businesses understand that the old days of outbound, product-centric marketing messages are behind us. The focus now is on building relationships with customers and prospects by providing them with value.

The most effective marketers, however, are taking this idea one step further: they are making connections with customers and allowing their customers to create connections with one another.

mazeNike is one great example: in 2010, the sports giant created Digital Sport, an in-house marketing department designed to make sure that Nike could properly engage its community of customers and prospects. Today, Nike’s main Facebook page has nearly 23 million likes. They’ve also segmented their brand down into different units, creating communities for Nike retail stores, Nike Skateboarding, Nike Football, and so on. Outside of social media, companies like Microsoft and IBM have done an excellent job of establishing their own user communities, where customers can share insights and help each other solve problems.

We can even find examples of brands building customer communities outside of the digital world. Popular inbound marketing company HubSpot, for example, created HubSpot User Groups (HUGS) to promote real-world discussions of their marketing platform. Although HubSpot provides financial assistance and advice for these meetups, the scheduling, structure, and content of group meetings are all handled by group leaders, who are actual HubSpot customers, not company employees.

Key Takeaway: The best marketers don’t just add value for prospects and customers: they make them feel like they are a part of something. The future of marketing is not just providing valuable content to help people connect with your company, but establishing communities where people can come together to share their stories and connect with other people.

Get a FREE one page Cheat Sheet on
“Establishing Your Thought Leadership”

Discover the framework to build thought leadership for yourself.

14 Feb 19:07

The Importance of Thought Leaders on LinkedIn

by Michael Cohn

LinkedIn Mascot

When it comes to your interactions on LinkedIn, you may be wondering how you find thought leaders, interact with those thought leaders, and get to a point where you are considered a thought leader yourself.

Why is thought leadership so important?

There are many profound reasons why thought leadership and interacting (and being) with thought leaders is so critical to your professional success. First of all, it is an important way to build your credibility (or to establish it) and to boost your reputation and trustworthiness. The first reason to do that is to ensure that when your prospective clients and existing clients need what you are selling, you and your business come to mind for them before any other business does. Top of mind is an extremely important concept here. Just like anyone else in any other business (around the world), you need to prove your worthiness. There isn’t a person anywhere who will trust you right off the bat without your proving that you truly know what you say you know and that you can truly do what you say you can do.

It is also extremely important to understand that your being the most wonderful, talented, knowledgeable person in the universe will not help you with the other person if you are not able to do one critical thing. You need to be able to solve the other person’s problem(s). We call this concept “WIIFM” (What’s In It For Me?). If you can figure out a way to solve the other person’s problem(s), you will be golden in their eyes. Of all of the social media channels that you may choose for your particular business, when it comes to professional interactions (and all things related to the professional world in your particular niche or industry), LinkedIn is at the top of the list.

How do you create thought leaders on LinkedIn?

Well, one thing that is absolutely for sure is the fact that you have a tremendous amount of potential thought leaders from whom to choose. LinkedIn is a wonderful, rich, exciting breeding ground of thought leaders. You just have to know what you want and need and exactly where to look for them. You may be concerned about your approach (you may feel insecure about how to approach your potential thought leaders) but if you are down to earth and genuine, you won’t have any problem at all.

LinkedIn sees the value in people interacting with thought leaders and has made it as easy as possible for you to do so. It has many features that will help you to grow your relationships with thought leaders quite painlessly. The number of people who are connected to LinkedIn is huge and you need to understand the potential that you have in front of you and to take advantage of it as much as you can. Go ahead, start leveraging!

It is time to recognize the value in LinkedIn

If you are not using LinkedIn the way that you should (or how much you should be using it), it may be because you have managed to convince yourself that it is not a powerful tool for your business or that it doesn’t work as well as some of the “prettier” social media channels. Please don’t let that fool you. LinkedIn is an extremely powerful, effective, exciting, successful social media channel and it is critical to your business that you understand its worth.

There are several things that you can do to make that happen.

  • Leverage your LinkedIn presence: Your LinkedIn profile is extremely important to your presence on LinkedIn. It isn’t enough for you to have merely started to create a profile. It must be complete. That is the only way that other people can get to know you initially. The next step after that will be their interacting with you and starting to build a relationship with you.
  • Share updates with your LinkedIn connections as often as necessary: Updates are very important; however, it is also important to remember not to share updates too frequently. Too much of a good thing is too much of a good thing! Your updates must be top quality, relevant to your target audience, and you should share updates consistently. You want to cause the other person to feel that he or she can count on what you are sharing and look forward to it.
  • Share fresh content: It is acceptable to publish recycled content at times but make sure that you don’t do that instead of posting original, fresh content. Nothing can replace that. You will notice that people respond positively to your original content.
  • Learn to recognize who are the most appropriate thought leaders for your business: Of course, it goes without saying that not all thought leaders will be appropriate for your particular business. Choosing the best ones for you and your business will require thought (in some cases, a lot of thought). You need to ensure that everyone gets the most out of the relationships that you all share with those thought leaders and you as a thought leader, whenever that is relevant.
  • Many approaches to becoming a thought leader: There are several ways that you can positively influence the situation. You can use the advanced people search, create a LinkedIn group, set up a survey to become acquainted with what your relevant people think, optimize everyone’s LinkedIn profile, and marry your business to your LinkedIn group.

Conclusion

Interacting on LinkedIn and having thought leaders be a part of those interactions is very important and it will elevate your business to the next level in an effective and interesting manner. You need to recognize LinkedIn’s positive attributes and to take full advantage of them, which includes maintaining your relationships with thought leaders, whose interactions can be invaluable. The high volume of interactions on LinkedIn will enable you to develop solid relationships with your thought leaders and bind them to your other connections online.

14 Feb 19:07

How To Shorten The Sales Cycle Through Content Marketing

by Business.com

Over the past 5 years, the average sales cycle has increased by 22%. Well-informed buyers in the decision making process, coupled with slow economic growth, creates for the perfect storm for lengthy B2B and B2C sales cycles. Furthermore, survey data from Crain’s BtoB Magazine reported that 43% of respondents saw an overall slowing of the sales cycle over the past three years. The problem isn’t new, nor is it getting any better.

The longer it takes to move a consumer from prospect to purchaser, the more tangible and intangible resources are drained from your firm. The bottom line is that a shortened sales cycle benefits the business as a whole.

Content marketing is the solution to long sales cycles. A recent Corporate Executive Board study from the Harvard Business Review found that among B2B consumers, 60% of a purchasing decision occurs before ever having communication with a supplier. That’s more than half of the buying process that remains untouched by any human from the company in question.

Related Article: Content Marketing Without This Extra Step Is Useless

Give the People What They Want!

While the focus here is on the role content plays in shortening the sales cycle, it’s important to note this is not a win-lose situation in terms of your firm and your customers. In reality, content marketing creates a win-win.

According to Roper Public Affairs, 80% of business decision makers prefer to get company information through several articles rather than through an advertisement. While 60% of those business managers believed a company’s content helped them make better product decisions.

The Sales Cycle and the Buying Cycle

To understand how content marketing impacts all but one stage of the sales cycle, the cycle itself must be examined.

Stage One: Acknowledge Buyer

Stage Two: Identify Specific Needs

Stage Three: Provide Solutions

Stage Four: Complete Transaction

Stage Five: Affirm Satisfaction

Those who are familiar with the sales cycle are probably also aware of the importance of the customer’s journey. A firm’s sales processes find roots in the customer’s buying process. And in content marketing, a customer-centric approach is necessary for success.

Stage One: Awareness

Stage Two: Consideration

Stage Three: Preference/Intent

Stage Four: Purchase

Stage Five: Repurchase/Abandon

Illustrating the buying cycle also serves to better indicate the content consumed by the consumer at each stage of the corresponding sales cycle.

Related Article: If Content Marketing Actually Worked, It Would Look Like This

Creating Content for the Five Stages

To expedite the sales cycle, you must create content for each stage of the buying cycle. Content marketing as a whole makes a marked impact on consumers. 70% of consumers say that content marketing makes them feel closer to the sponsoring company.

In order to create the right piece of content, you need to think like your customer. What questions do they ask at each stage? Take a look at relevant search queries at each stage for ideas on what their answers their looking for at different points in the process.

Beyond looking at search output, talk to those on the front lines of the sales cycle. What questions are pre-purchase customers asking? Internal sources are the greatest assets for content topic generation.

Every firm will find unique content to best serve its specific customers. But generally speaking, certain content types are most valuable at each stage. We’ll look at each stage from the perspective of the buyer cycle.

Stage One: Awareness

Problem Identification – Fully flesh out every problem a consumer could have. Detailing a problem in its entirety aids consumers in their own problem recognition process and reinforces your brand as an objective and knowledgeable source.

Industry Education – Providing unique insights on the latest industry news serves a dual purpose. First, it communicates a sense of authority in the eyes of the customer. Second, it allows you to stay at the top of their minds.

Brand Storytelling – Previously, we mentioned a statistic regarding content marketing’s ability to bring consumers a feeling of closeness to the brand. Telling the story of your brand is the perfect way to foster that feeling of familiarity with your firm.

Stage Two: Consideration

Compare and Contrast – Describe, detail and highlight the differences between offerings in your industry. Be honest and show objectivity. Above all, show why your firm has the best product for the customer.

Specific Problem Solutions – You’ve already crafted content for identifying problems, now is the time to create the content to solve those problems. There’s really no such thing as too much detail in solution content.

Stage Three: Preference/Intent

Detailed Product/Service Descriptions – At this point, the potential buyer is serious about making a purchase. He or she will want full details on the product in question. Whether it’s accurate specifications of a piece of heavy machinery or 360-degree views of a piece of clothing, the consumer should feel as though she’s seen it with her own eyes.

Stage Four: Purchase

Discounts, Coupons, and Specials – You might not initially think that content can be tailored for the purchase stage, but it has a special place here. Create stories (i.e., blog posts) around every discount you run or specials that you offer. A single piece could be the catalyst in a customer purchase.

Stage 5: Repurchase/Abandon

Email Marketing Campaigns – Remaining on a consumer’s radar post purchase is essential. Through email campaigns, you can ask for feedback from recent purchasers, as well as provide continuing education on products. The main goal of content here should be to maximize post-purchase value.

Social Media Retargeting – Employing email retargeting, interest targeting and the like through the use of social media paid advertisements will effectively keep you visible to consumers inside of the environments in which they’re already interacting.

Everything Listed Above! – Regardless of how much we can hypothesize and predict, you’ll never be absolutely sure of what type of content will spark action in a consumer. So, keep creating quality content!

When you provide content for each stage of the buying cycle, you guide the customer through the process faster and easier. Ultimately, this results in shortened sales cycle durations. But it also creates satisfied, knowledgeable customers, who now view your firm as a trusted source of information.

14 Feb 19:06

Digital Buyer Personas: Why Prosumer and Produser Behaviors May Be The Most Important Yet To B2B Marketing

by Tony Zambito

digital buyerThe digital economy continues to expand and reach into every corner of the globe. Digital technology advances have shrunken the world and made it possible for businesses to connect and collaborate on a scale like never before. These advances have altered buying behaviors drastically where conventional thinking about the B2B buyer can no longer be relied upon. Whereby continued outdated focus on the B2B buyer may put an organization at peril.

Buying Behaviors Reshaped

For some time now, we have had predictions of forthcoming changes in how people will adopt entirely new buying behaviors. Alvin Toffler, the famed futurist, who first coined the phrase prosumer in 1980, made one such prediction. The term has been defined and redefined several times over by the likes of Phillip Kotler in 1986 and most recently by Donald Tapscott in 1995 in his book The Digital Economy. The term, as you can guess, refers to the blending of professional and consumer. For the purposes of this article, my use of the word is intended to point out the continued movement of the professional B2B buyer into extensive use of consumer-like behaviors. Referred in various publications as the consumerization of B2B.

Another prediction came from Australian media scholar Axel Bruns, when he coined the phrases produsage and produser. Bruns posited that the digital online world created producers out of users, who used content to produce further user-led content output. Thus, you have the phrase produser to articulate the behavior of people who produce user-led content.

Rather than get bogged down into theories and concepts, it is best to have an understanding of the basic premise for each and how it applies to the B2B world we now see in 2015. The two basic premises are these:

  1. Prosumer: B2B buyers seek the open sharing and exchange of information, including collaborating on design and production data, to create a product or service intended to be consumed
  2. Produser: B2B buyers seek openness to information and data, which are used to create derivative content or service oriented output to suit their purposes

Why Are These Behaviors Important Now?

A recent Frost and Sullivan study showed by the year 2020, nearly 30% of all B2B transactions will be conducted online with global online sales expected to grow to $6.7 trillion. In addition, we have a fast growing shift taking place whereby B2B organizations are moving from hosted or owned products and services to subscription-based usage models of services. These developments are creating entirely new B2B buying behaviors, which by the end of this decade will be a significant portion of how business-to-business transactions take place.

What we may see in just a few short years is the continued manifestation of prosumer and produser buying behaviors. Even in today’s B2B workforce, we are seeing virtual professionals, prosumers, who exhibit consumer-like behaviors in research and how they access as well as share content. On the other hand, we are seeing a rising segment of professionals, produsers, who access as well as subscribe to content services to produce something entirely new and useful – whether it be for internal use or be sold back out to the market as an entirely new form of output.

The Digital Buyer Persona

What both of these types of behaviors have in common is they call for people and businesses to work together in highly open and collaborative environments. What many are referring to as the collaborative economy. In my field of work in conducting qualitative buyer interviews, I continue to see an increase in networked collaborative environments taking shape. Drastically impacting how work gets done and how decisions are made.

When you consider these buying behaviors we label prosumer and produser, you have an emerging new digital buyer persona. One who will be vastly different than older conventional ideas we may have about a typical B2B buyer. Many B2B businesses today operate with traditional profiling of buyers. Whereby the traditional thought of a man or woman sitting at a desk or in a conference room with a team and making a purchase decisions is the present image. And, their B2B marketing campaigns and content are a reflection of this image.

Buyer personas have always been a reflection of understanding goal-directed buying behaviors. Yet, many companies have signed-on to miscast buyer personas, which are a reflection of outdated profiling commonly used in product marketing and sales. Profiling a buyer’s initiatives, KPI’s, buying criteria, pain points, risk factors and the likes commonly used in sales but never really understanding actual buying behaviors. While these profiling factors remain helpful for sales, they do not guide the B2B marketer in understanding true buying behaviors needed to connect in a humanizing way with the new digital B2B buyer. To truly understand digital buyer personas, B2B organizations will have to understand new buying behaviors, such as prosumer and produser behaviors, resulting from the digital and the collaborative economy.

Implications For B2B Marketing

The implications for B2B marketing will be profound. New means of understanding the new digital B2B buyer and creating ways to support new buying behaviors will become more important than ever. B2B marketers must consider how content and services can work well in a networked collaborative environment where prosumers live and work. Their professional and consumer behaviors melded into one. Just as well, thought must be given to how content and data can be in a state of preparedness for the produser, who will create an entirely new form of output either in advocacy of a new direction or for other output purposes.

While what I share with you in this article may sound futuristic and perhaps even a bit science fiction, what can be surmised is this: after two years of conducting hundreds of qualitative buyer interviews – I am confident these buying behaviors will be and are becoming mainstream. It is only a matter of time now.

(Here is a short video by Eric Payne, Senior Content Strategist at Moxie. He touches upon the consumerization factor in a nice articulate way. Although intended for 2014, it is still very relevant. Enjoy.)

14 Feb 19:06

Demand Generation: Greater Than Sales And Marketing Combined

by Justin Phillips

“It’s one of the major failure points of most organizations,” says Carlos Hidalgo, CEO & Principal at ANNUITAS, “They look at DEMAND GENERATION as simply a marketing exercise, and they don’t take into account the full buying process.”

Hidalgo co-founded ANNUITAS nearly a decade ago and has worked in the fields of lead generation, marketing and DEMAND GENERATION for nearly a decade before that.

While the Inveniology Blog is full of resources on lead generation, outsourced sales and B2B marketing, we wanted to share some industry advice and insight from another DEMAND GENERATION expert. In this first of a three part series on the role of DEMAND GENERATION at enterprise companies, Hidalgo explains why your company’s DEMAND GENERATION approach should be greater than just your sales and marketing efforts combined.

Emma Vas: To start, tell us about what you do at ANNUITAS.

The Relationship Between Demand Generation, Sales And MarketingCarlos Hidalgo: “ANNUITAS is a DEMAND GENERATION strategy and change management firm. We help companies transform from a singular, campaign-based approach to a long-term, program-based approach to DEMAND GENERATION.”

Vas: Can you explain the relationship between sales, marketing and demand generation?

Hidalgo: “DEMAND GENERATION involves both sales and marketing. This is where a lot of organizations fail: They believe that DEMAND GENERATION is simply a marketing activity. We’ve done a survey that shows for the majority of firms, the marketing department develops a program or campaign but only informs their sales team as an afterthought.

However, when you take a buyer-centric view of how people purchase, it involves both marketing and sales. According to CEB, 57% of the buying journey is complete before a prospect engages with a sales person. The way buyers interact with your company is through multiple channels – it’s never just one email or a single event, it’s in a variety of ways.

DEMAND GENERATION is about having a one-to-one dialogue with the buyer. You’re providing an awful buyer experience if you engage the prospect with content marketing, but then they feel like they’re starting all over when they first talk to a sales person.

Strategic DEMAND GENERATION brings those two together. Sales and marketing have to be involved in the education and nurturing of the buyer. It’s not just marketing or sales; it’s the two teams working together around how their customers actually buy.

You shouldn’t just set up a campaign or program and then move onto the next one. You need to be constantly looking at your sales metrics and analytics and then optimizing your programs accordingly over the long term. This takes both marketing and sales to do effectively.

Marketing departments think just because a visitor downloads a content offer, the visitor’s information needs to be passed over to their sales team as a lead. But that’s not a lead, that’s a name.

At ANNUITAS, we map the end-to-end dialogue from marketing all the way through to sales to a specific buyer’s journey. We also map the entire customer lifecycle because DEMAND GENERATION should be about maximizing customer lifetime value.”

Vas: What role does marketing automation software play in the DEMAND GENERATION process?

Hidalgo: “Technology is an enabler, but we need to ask what value our marketing and sales teams are getting from these investments. In the ANNUITAS study, only 20% of enterprise companies that use marketing automation say they have been ‘highly effective’ using this level of technology. So overall we’re spending a lot of money with few results.

Technology is not the starting place. Technology, especially marketing automation, is really just an enabler to your strategy.

What we find with a lot of businesses we work with is that their starting point is the marketing automation software. They want to start by building a lead scoring model, setting up nurture tracks and sending off emails – but if you don’t know how your prospect buys, then you’re shooting in the dark.

Without knowing your ideal prospect intimately, you don’t know what their actions on your website actually mean. Is this the beginning of their buying cycle, or is it already in its latter stages?

Strategy should drive technology decisions, not the other way around.”

Look out for the second and third parts of Hidalgo’s interview in the coming weeks.

Need to reinforce weak links in your sales revenue chain? Click below to download a free guide from Invenio Solutions and discover how to strengthen your sales pipeline for a steady stream of customers and revenue.

Free Guide: Fixing the links in your sales and revenue chain - Repair your sales process

14 Feb 19:06

The 'connected car' is creating a massive new business opportunity for auto, tech, and telecom companies

by John Greenough

BII_ConnectedCar_InfographicSelf-driving cars generate a lot of headlines. But there's already a new kind of car on the road that's completely changing the vehicle market.

The connected car is equipped with internet connections and software that allow people to stream music, look up movie times, be alerted of traffic and weather conditions, and even power driving-assistance services such as self-parking.

By 2020, BI Intelligence estimates that 75% of cars shipped globally will be built with the necessary hardware to connect to the internet.  

In a new report from BI Intelligence, we take a deep dive into the connected-car market. We size the market for connected cars, determine the average selling price and how it will decline over time, and assess different manufacturers' approaches.

Access The Full Report By Signing Up For A Trial Of BI Intelligence »

Here are some of the key takeaways from the report:

The report contains charts and data that can be downloaded and put to use.  

In full, the report:

To access the full report from BI Intelligence, sign up for a 14-day trial here. Members also gain access to new in-depth reportshundreds of charts and datasets, as well as daily newsletters on the digital industry.

Join the conversation about this story »

14 Feb 19:02

Why Your Dream Client Wants a Lower Price

by S. Anthony Iannarino

It is easier to find a lower price than it is to make the changes that improve your performance. This is why so many of your prospective customers are laser-focused on price.

It’s easier to find someone to reduce the price you pay than to change what you believe. It’s easier to believe that your vendor, your supplier, your partner, or your whatever isn’t doing the job that they should be. This belief is reinforced continually by the salespeople who promise to deliver better, faster, and cheaper. Real change requires that you first believe that a lower price doesn’t deliver better results and the real issue is something else.

Finding a lower price is easier than investing more in the outcome you need. You don’t have to have the messy, complicated internal conversations. You don’t have to justify the greater expense. And you don’t have to deal with the risk, especially the personal and professional risk that you take by recommending dealing with the real obstacle to greater performance. Real change often means increasing the investment you make in the outcomes you need. Cheaper is easier.

It’s easier to find a lower price than it is to change the way you do business. It’s easier not to buck the status quo and not to change any of the processes that make up “the way we’ve always done it around here.” The fact that you’ve done something one for as long as you have is proof positive that what you’re doing isn’t broken. It’s easier to believe that someone or something else needs to change. A new vendor with a lower price isn’t change.

When you think about building consensus inside your dream client’s account, know that a lower price is always going to be easier than what you are asking for when you ask for a real commitment to change. This why you need the support from the CEO of the Problem, and you still need executive sponsorship. You need the help and support of the people who are willing to choose the harder road, the road that leads them better results.

A lower price is easy. Better outcomes are difficult. You are defined by which of these you choose to sell.

The post Why Your Dream Client Wants a Lower Price appeared first on The Sales Blog.

14 Feb 19:02

Small Medium Business Advantage: Marketing and Sales

by Dave Hubbard

Small Medium Business Advantage in Marketing and Sales

Competing for business against a much larger organization has always been challenging.

However, with the recent changes in buyer behavior, and increased adoption of automation technology, small and medium-sized businesses (SMB) have a unique window of opportunity; a potential competitive advantage in sales and marketing.

Executives in smaller companies tend to be more hands-on and demonstrate a deeper understanding of their operations.

This insight can be turned into a competitive advantage.

To better understand the competitive opportunity for SMB, let’s first take a look at the challenges that large companies are currently facing.

The New Buyer Journey

Compared to a few years ago, B2B buyers now have unprecedented online access to industry, company and product information via their smartphone or PC. They are actively consuming information from digital sources: from internet search, from various websites, from various social platforms, from advertised and promoted content, from blogs and articles, via their smartphone, via their desktop, whenever and wherever they want.

Buyer Purchasing Journey

What does that really mean for businesses? These self-educating buyers are completing up to 70% of their purchasing process without engaging a vendor Sales organization.

Before you even meet with a prospect, they are probably already predisposed toward a solution and small set of vendors that they, or members of their buyer team, have learned about online. They probably know more about your competitor’s solution than you know about your prospect’s business challenges!

The Challenge For Larger Companies

The large B2B companies invested in Marketing Automation and started to generate hundreds of online leads for their Sales organizations. Unfortunately, the majority of these leads are of poor quality and ignored by Sales.

To fix the issue of poor quality leads, companies started to talk about Marketing and Sales alignment, so much so that they’ve created their own book of 3 letter acronyms: MQL (Marketing Qualified Lead), SQL (Sales Qualified Leads), Sales Rejected Lead (SRL), Service Level Agreement (SLA), Sales Accepted Lead (SAL), ad nausea.

What does this have to do with the new buyer journey? Unfortunately, nothing.This alignment initiative is really in response to the needs of their Marketing Automation machine rather than the needs of the new self-educating buyer.

When you dig deeper, you quickly figure out the real root cause of the big company challenge: they can’t get their arms around their revenue process:

1/ Too Big To Make Operational Changes? Big companies have multiple large silos/functions, each with so much momentum that it’s extremely difficult for them to change direction quickly, particularly regarding cross-functional process.

Sales Process versus  Buyer Process

  • The Sales Process is still based upon in-person, internally-focused Sales actions like meet, present and negotiate. This worked well 10 years ago when customers initiated their purchasing journey by requesting a meeting with the local vendor. Sales controlled access to most of the information, so they controlled the journey. Today, most members of the B2B buyer teams are self-educating themselves online, so it’s no longer reliable to determine the buyer’s purchasing stage through the actions of the sales rep alone.

Marketing Process versus Buyer Process

  • The Marketing process is still based upon internal Marketing actions like attract, engage and nurture. Unfortunately, Marketing generated leads were never of high value for the Sales force, even during the heyday of huge tradeshows and T-shirt giveaways. The leads do not provide Sales with enough information to determine if the prospect is really a potential buyer of the company’s products and services. However, with Marketing Automation generating hundreds of these leads each month, it’s becoming a more important problem to solve.
  • The Marketing process and Sales processes are totally different, and neither one is sufficiently aligned to the company’s target buyer and their purchasing process.

2/ Too big to empower cross-silo/function teamwork? Big companies have a difficult time managing customer experience throughout the buyer journey. With multiple individuals and groups from multiple silos, the customer experience is fragmented.

  • Marketing creates a lead, Sales closes the lead, so alignment efforts have been focused internally to hand off a “lead” as fast as possible between functions, like a relay team, rather than focused externally to better align with the new buyer purchasing process.
  • The Marketing Process is focused on buyer engagement and branding, the Sales Process is focused on buyer interaction and sales closure, and neither are facilitating the buyer throughout their online/offline/ online purchasing journey.
  • Marketing has their Marketing Automation, Sales has their CRM System, but the company has no common revenue generation and management system. What is the ROI of Marketing? Is the cost of sales too high? Why is the company missing its growth goals?

Small and medium-sized businesses, because of their smaller size and availability of low-cost automation technologies, can solve these issues more quickly than larger companies.

The Revenue Growth Opportunity For SMBs

A smaller organization has the inherent ability to implement change much more quickly than a larger organization. They don’t have multiple Marketing groups, multiple sales organizations, myriad technologies, and all the politics and bureaucracy that go along with implementing change within a larger company.

Equally important, by taking action today, you’ll start to pull ahead of your peer competitors.

To take full advantage of this opportunity, the SMB has to accomplish these 4 steps.

  1. Align the company to your Buyer Purchasing Journey. Your Marketing and Sales groups need to update their internally-focused processes and focus on the needs of the Buyer throughout their online/offline/online purchasing journey. The company needs to have one, and only one, perspective of the buyer that all functions/groups (including Product Management, Customer Service and Finance) can embrace and deliver a consistent customer experience.
  2. Facilitate your Buyer Journey. Your Marketing and Sales groups need to embrace an integrated revenue process that is designed to directly help the buyer move through their purchasing journey expeditiously, with a predisposition for your company products and services. With Marketing contributing its expertise in one-to-many communication techniques, and Sales contributing its expertise in one-to-one communication techniques, together they can facilitate a cost effective, revenue generation team.
  3. Leverage proven Marketing and Sales Technologies. Leverage cost-effective technologies to create an integrated revenue system to generate, manage and close high quality leads at low cost. Implement a fully integrated Marketing Automation/CRM solution from Infusionsoft, Hubspot and others for as little as $199 per month. (Smaller organizations can implement simple email automation with auto-responders from Aweber, Constant Contact and others for as little as $15 per month).
  4. Empower cross-functional teamwork. Marketing and Sales specialists need to work more like members of a high-performance basketball team, adding value with each customer interaction throughout their journey, rather than a relay team focused on handing off leads internally. As part of their online purchasing journey, the buyer may benefit from a quick online chat with a product specialist before continuing their self-educating journey, or a quick online demo with a support specialist, or a quick online call with an inside sales specialist regarding price clarification.

Integrated Revenue Management System

The SMB Next Steps

The solution is not as complicated as it may first appear. Successful companies must always understand and facilitate their buyer’s purchasing process. They need to always leverage proven, cost-effective technologies to continually facilitate a lower cost of sales. They need to always empower teamwork.

It’s just that things are changing in the marketplace faster than most companies fully appreciate.

The buyer journey will continue to evolve, so you need a solution that can keep up. An experienced Marketing and Sales consultant can help you quickly align your operations to the current buyer journey, while setting the stage for implementation of a dynamic revenue process and real-time revenue management system to maintain alignment between your company functions and your buyer going forward. See Marketing and Sales: Alignment, Integration or Collaboration  for additional insight.

The sooner you start to better align with your customer, the sooner you will start benefiting from higher revenue growth rates and profit margins.

Let’s take the advantage. Please share this with your colleagues to continue the discussion.

14 Feb 18:59

What’s Your Pain: 5 Reasons To Share Your Business Technology Pain Points On Twitter

by Marie Alonso

Everyone in business has them at one time or another. Pain Points. When it comes to business technology, pain points can be vast. Usually, you realize you have a pain point when something is not working properly, or you have a process that is turning increasingly time consuming and costly. Pain points have a way of overtaking productive businesses – creating time delays, extra costs, employee issues and even customer service disasters. Pain points are universal in business – small businesses to large enterprises battle pain points every day in the push to be more competitive, productive and effective.

WhatsYourPain.Business.WomanGood news: Pain points can also present great opportunities to operate your business better! Pain points should not be feared – or avoided. They should also not be given band-aid solutions. Pain points should be viewed as opportunities to grow your business, cut costs, improve employee morale and develop a more enriching relationship with clients, vendors and partners. Pain points are signs your business is ready to take on greater challenges – and bigger goals.

So, What’s Your Pain?

  • Your pain point could be your accounting software isn’t meeting the requirements of your current momentum.
  • Your point point could be your sales and marketing campaigns are not organized and are failing to incorporate email marketing and social media components.
  • Maybe your pain point is your lack of manufacturing capacity – and tighter organization of supplier scheduling, inventory control and production scheduling.
  • Perhaps your pain point is your inability to engage leads and clients effectively to power your sales pipelines.
  • WhatsYourPain.Business.LadyOne pain point you may have is your HR processes are not automated – and your company is growing.
  • Your pain could be your business needs better IT support and increased data security.
  • Your pain point could even be your desire to conduct business operations 24/7 and your frustration with limitations the 9 to 5 work day places on your sales team – and you.
  • Your pain point could be you realize you could be cutting tremendous costs with less IT infrastructure, but you don’t know how to address the issue.
  • Maybe your pain point is your fear of exploring new alternatives for your business – like the benefits of cloud computing – even though you realize your business needs the cloud.

Worst case scenario, you are feeling pinches from multiple pain points.

That’s why CompuData is launching a Twitter campaign to hear your business technology pain points – and provide expertise, solutions and ideas to eradicate them. The campaign is #WhatsYourPain!

TwitterEvery Friday, CompuData will tweet@CompuDataInc a pain point topic – feel free to share your concerns, questions, observations, viewpoints or even present a unique pain point you are experiencing.

#WhatsYourPain will take place from 2 p.m. to 3 p.m. EST every Friday – but don’t let that small weekly window keep you from tweeting CompuData directly @CompuDataInc with any #WhatsYourPain business technology pain points – anytime! We will share pain points – and the business technology solutions and best practices ideal for taking the pain away.

Why Share Your Pain Points?

  • Sharing your business technology pain points with #WhatsYourPain will give you an opportunity to learn solutions and best practices to address your pain points.
  • Sharing your pain points opens new doors for improving your business operations – and boosting productivity – with acquired knowledge, references and ideas.
  • Recognizing your pain points establishes an accountability – toward solving your pain points.
  • Sharing your pain points encourages an evaluation of your processes, with a focus on productivity issues.
  • Sharing your pain points helps you to create new goals for operational efficiency.

Tweet #WhatsYourPain to @CompuDataInc anytime and we will feature your pain points – and share solutions. Remember, every pain point you are experiencing in your business right now is shared by countless businesses across the United States – and in your own neighborhood. There are innovative, affordable technology solutions designed to address your pain points – all you have to do is recognize #WhatsYourPain and look for the solutions best designed for you!

whatsyourpaintwitter

14 Feb 18:59

Demand Gen: It’s More than Marketing Automation

by Scott Vaughan

automationChief Marketing Officers (CMOs), marketing leaders and media executives will invest $39B in media in 2015 and billions more on marketing technology to generate customer demand for their company’s products and services. This investment is driven by the huge mandate for marketers to create a continuous, predictable prospect pipeline that results in loyal customers.

In the marketing technology revolution, “demand gen” is often aligned (almost synonymously) with marketing automation (MA).  This is understandable as MA platforms improve a great number of demand gen processes. As far back as 2008, marketing tech authority David Raab labeled marketing automation as “Demand gen systems for the digital era,” and as MA platform capabilities have evolved, so too has the relationship between demand gen and these systems.  Marketing automation is undoubtedly an integral part of the customer acquisition equation, but its value shouldn’t blind demand gen pros to more recent tech-driven opportunities.

Demand gen efforts are becoming increasingly diverse

Funnel_-_MidAs marketing evolves with always-on, always-connected consumers and business pros, marketers are realizing that demand generation – and, specifically, prospect acquisition – requires much more than marketing automation systems that provide basic engagement tools and the email, nurturing and scoring solutions designed to refine prospect data into sales-ready leads.  Prospects are people who consume information on their terms, using a variety of sources and not just a company’s website, email or latest landing page offer. (Wouldn’t that be convenient if our target audience would just find their way to our marketing stuff?)

Marketing automation is a starting point, but not the finish line

Consequently, most demand gen marketers depend on prospect data generated by third-party media providers via content syndication sites, social, email newsletters, webinars, face-to-face events, offline media, and many other channels.  These top-funnel leads become the critical “fuel” that feed marketing and sales systems to deliver on the customer acquisition mandate.

Marketing automation is incredibly valuable for capturing inbound prospect data on owned websites and landing pages, as well as activities meant to refine this prospect data into “sales ready” leads or convert prospects into customers (via scoring models and nurturing tracks). Yet, today’s demand gen requirements are much broader than inbound lead capture and refinement.

Integration of multiple martech and adtech providers

Marketing automation vendors understand that marketers need supplementary capabilities, and they’re racing to both expand their platform functions and create ecosystems of other marketing, advertising and technology providers to offer a more holistic solution to demand generation teams.  But, stitching together multiple products to create a high-performing customer acquisition machine is a Herculean task.  Oracle, Salesforce, Adobe and Marketo – to name a few of the big dogs – are partnering, integrating and even acquiring other best-of-breed solutions to deliver a more connected, efficient platform. Examples of this effort are Oracle’s AppCloud and Marketo’s LaunchPoint (NOTE: my company, Integrate, provides supplementary demand gen automation for all MA platforms).  Marketers can now use these ecosystems to include critical components such as prospect acquisition sources, predictive analytics, and data governance to fully manage and measure the demand gen factory.

The state of play for most marketers’ demand generation initiatives

As both a marketing practitioner and working in the marketing tech world, here’s what I see as the current reality for most marketers.  You have invested in marketing automation software and connected your sales CRM system (database), websites, landing pages, content management system, etc.  Reporting is enabled with analytics tools and, for those further along, predictive analytics is being applied to improve your targeting and nurturing.  Your marketing tech investment is starting to shape up nicely and you’re more effectively generating demand and nurturing prospects.  Not all data is being utilized nor are all processes optimized, but you are on your way and improving results. So, what’s still missing?

Demand gen requires quality “Fuel” to create prospects

The above scenario works well if all your demand gen effort is executed 100% through your website and landing pages – that is, inbound marketing.  For most marketers, this isn’t the case.  More than half (56%) of companies outsource all or part of their lead generation tactics, according to recently published Ascend2 research. The reality is that most marketers must invest in third-party sources to drive inquiries and generate prospect data.  These demand gen investments are still woefully manual, time- and resource-draining, and completely disconnected from the marketing automation effort.

In demand gen, lead and data quality are critical and often a top objective. However, improving lead quality requires improving data accuracy which is low on the list of priorities. At Integrate, we find that 30 – 40% of lead data generated is invalid or missing important data.  This wreaks havoc on nurturing and follow-up, creating a horrible customer experience, draining sales and marketing productivity, wasting precious media budget, and impacting the performance of marketing automation and systems campaigns. Having data governance in place before data is imported into marketing and sales systems is a requirement for any marketing organization.  Governance tools assure media, system and sales ROI.

So what can you do to get control, automate and optimize your investment in demand gen?

1.  Identify all (ideally your best) data sources and providers used to generate prospects

Since only a portion of your leads are coming from your website-hosted forms, it’s critical to take a complete inventory of your demand gen efforts.  One of the most effective ways to identify gaps, chokepoints and opportunities for improvement is to develop a marketing tech blueprint. It’s a very straightforward process that starts by taking inventory of your current media partners and data sources (online, offline, third-party, etc.). Then lay out your marketing and sales systems and tools that are used (or should be used) in your customer acquisition effort. Next map out and overlay the flow of the demand gen processes to path the prospect data. Identify which workflow and data processes are manual, which are automated.

This simple exercise, whether on the white board, in PowerPoint or on the back of the napkin, will quickly identify the complete picture of demand gen operations, and where your opportunities for improvement lies.

2.  Streamline your demand gen processes by standardizing, automating and integrating all your data sources 

Now that you have a complete picture via the blueprint, you can now prioritize where to start to improve your demand gen effort.  Streamlining is often the first order of business.  In some cases, you will find redundant systems that can be eliminated by standardizing on tech platforms and their integrated ecosystems (see section“Demand Gen Requires Multiple MarTech and AdTech Providers” above). This also means making sure all processes and data flow are connected and the core systems and tools you are using are integrated. With the APIs and apps available today, this effort rarely requires IT intervention (let the IT stories fly!).  For example:

  • Are your media partners importing data directly into your marketing automation system?
  • Is data being standardized and formatted automatically as data and prospects engage with your content and assets?
  • Are data quality checks performed automatically before leads are injected into your systems for nurture and follow-up?

The next move is to look at where technology can be applied to automate processes and eliminate manual tasks wherever possible.  The mission is to rid or drastically reduce your teams’ use of manual spreadsheets, data formatting and data uploads into MA and sales systems.

3.  Use the resulting data to measure and optimize based on which providers/sources are delivering the most value

While reducing costs and wasted resources is a major benefit of streamlining demand gen processes, the real win is with connected data that can be used to both improve demand gen performance, generate revenue and deliver a better customer experience.  Data and the resulting analytics can also be used to demonstrate ROI, critical for every marketer and marketing department today.  One of the core areas in which successful marketers are seeing an immediate win is using the data to determine which lead sources, programs/campaigns and content is delivering the most conversions and customers.

Now is the perfect time to take inventory and gain a complete picture of your demand gen investment and effort.  While focusing on and building around marketing automation is a good start, this limited view can be costly, literally.  What’s your demand gen priorities and plans for the year ahead?  Let’s get started.

14 Feb 18:57

How Do You Track Contacts in Your Lead Lifecycle Model?

by Jeff Coveney

How to manage Salesforce Contacts within a Lead Lifecycle process is a never ending debate. In Salesforce, a Lead is someone who needs to be worked–a Contact is someone who is known and belongs to an Account. The issue is Salesforce treats these two differently which poses all kinds of tracking and lead flow process issues.

So how do you track Contacts in your Lead Lifecycle model within Marketo? There are two modes of thoughts (and probably more) on how to approach this dilemma. Which side of the tracks do you fall on?

The Challenge

SF treats Leads and Contacts separately. SF provides some great Lead queue views for reps to manage leads through the lifecycle. However, once that Lead converts to a Contact and isn’t attached to an Opportunity, it can become lost in the process because it is no longer a Lead.

In theory, the Contact has been validated and now belongs to Sales. In reality, many reps convert Leads to Contacts and those Contacts get lost within an Account.

Approach 1 – Focus on Leads-Treat Contacts as a Detour

Under this model, the focus is on the Lead. Once a Lead is converted to a Contact, it is assumed the Sales rep is now responsible for working the Contact. If the Contact is not part of an Opportunity, it drops into the Contact Prospect detour bucket awaiting an Opportunity.

Pros

  • Ideal for companies with strong Lead processes.
  • Focus on Leads as the priority

Cons

  • Contacts become a detour until added to an Opportunity
  • Limited visibility into Contacts progress
  • Less flexibility for tracking Contacts

ContactProspectStage

Approach 2 – Leverage Lifecycle Status Consistently (Lead or Contact is Irrelevant)

This approach uses a single Lead Lifecycle status field that works independently of the SF Type (Lead or Contact). For companies that work Leads and Contacts in parallel, this process gives more flexibility. Here, reps and marketing focus on the Lead Lifecycle field, ignoring whether or not the person is a Lead or Contact. Only Contacts can have a Won or Opportunity stage.

For example, if a Lead with a Lead Lifecycle status field value of “Sales Accepted” is converted to a Contact, it will still maintain its Lead Lifecycle status value. This will allows the reps to work that Contact just like a Lead. The big caveat is the Lead will no longer be a Lead in the rep’s standard Lead queue meaning the rep needs to manage the Contact using a different process (Like a report).

Pros

  • Complete visibility of a Lead and a Contact within a lead lifecycle
  • More control over what happens to a person (Recycle, etc)
  • People don’t get stuck in the Contact graveyard.

Cons

  • Companies and reps must develop strong processes for both Lead AND Contact management. Otherwise, this approach may fail.

LeadifecycleStageApproach

The Verdict

There is no right or wrong answer here and there are many shades of grey.

Which approach works best for your organization? If your organization is meticulous about only converting Leads into Opportunities, approach 1 may receive more consideration. If your reps like to work Contacts from an Account perspective, approach 2 should be considered. Keep in mind that if you go with approach 2, you must setup a clear process for working Contacts.

What do you think?

14 Feb 18:56

Should You Be Blogging on LinkedIn?

by Business.com

In 2012, LinkedIn started Influencers, a blog with posts by people who are influential in their fields. This includes famous people like Richard Branson, Jack Welch, Bill Gates and Arianna Huffington — even President Barack Obama contributed. Some 300 industry leaders currently post to LinkedIn and thousands (and thousands) more follow what they have to say.

You too, can blog on LinkedIn. Even if you aren’t a branded “Influencer,” you and your business can still reach a substantial audience. Mark Stevens isn’t an Influencer, but he’s got 21,657 followers. That could be a lot more than he gets by posting on his own website because these days, anyone who is looking for a job or a business connection (which is just about everybody) is on LinkedIn.

Is It Worth Giving Away?

There is an argument, however, that you are providing free content to LinkedIn. Why would you want to give away your opinions, your expertise and your time to provide content to LinkedIn? The site is, after all, the leading professional connections social network. If LinkedIn wants your thoughts, shouldn’t it pay for them?

Do you think Richard Branson is getting paid? Do you think he needs to get paid?

Daniel Roth, LinkedIn’s executive editor, explains that Influencers aren’t like professional writers. Payment or other forms of recognition don’t motivate them. They are motivated by the number of followers they have overall, as well as the number of views they get for each post. This particularly becomes a competition in that that they get more followers and viewers than their peers. Because these people are type-A personalities; that’s why they are influencers.

It’s a Great Platform to Advertise On

Of course you’re not looking to compete with Richard Branson, but like any business, you’re looking to develop an audience that could be interested in what you have to sell. Think of the time spent developing a blog post that you aren’t getting paid for as an advertising expense.

If you already write a blog, it’s easy enough to set up blog posts to appear in your LinkedIn account. Almost all blog programs come with a simple plugin that provides a direct feed to LinkedIn.

What if you don’t blog? If you don’t consider yourself a writer or don’t think you have anything to say, you may need to hire a professional writer to cover news of importance in your industry. Of course this means you are paying someone to produce content that you are giving away for free. Again, consider it an advertising expense.

Is “advertising” on LinkedIn worth such an expense? According to Hubspot’s annual State of Inbound Marketing Report, the more you blog, the greater chance you have of getting new sales leads.

Given that LinkedIn is the preeminent, business-oriented social networking platform which is bound to contain a significant audience for you and your company, the question isn’t whether you should blog on LinkedIn, but why you haven’t yet already.

After all, if Mark Stevens can get over 20,000 followers, why shouldn’t you?