Customer Advocacy & Account-Based Strategies
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SPEAKER: Laura Ramos of Forrester http://b2bmarketing.exchange
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Customer Advocacy & Account-Based Strategies
- 1. © 2017 FORRESTER. REPRODUCTION PROHIBITED. Customer Advocacy and Account- Based Strategies Laura Ramos, Vice President & Principal Analyst February 22, 2017
- 2. 2© 2017 FORRESTER. REPRODUCTION PROHIBITED. Pop quiz… Source: Wikicommons
- 3. 3© 2017 FORRESTER. REPRODUCTION PROHIBITED. Customer “testimonial” is powerful B2B marketing tool
- 4. 4© 2017 FORRESTER. REPRODUCTION PROHIBITED. Answers you’ll get from listening: › What is “customer advocacy” and why does it matter in B2B? › Why does customer advocacy enhance ABM strategy? › How do I marry ABM and advocacy to create revenue- bearing, lifelong customer relationships?
- 5. 50%Of B2B buyers use mobile devices to research work purchases Source: Q2 2014 Forrester/Internet Retailer B2B Buy-Side Survey Today’s customers are digitally empowered i 74%B2B buyers research work purchases online 62%Prefer to go online than interact with a sales rep when making work purchases 43%Of B2B buyers would switch suppliers for a lower price 56%Of B2B buyers expect to make the majority of their work purchases online by 2017
- 6. 6© 2017 FORRESTER. REPRODUCTION PROHIBITED. Customer advocate marketing is… The use of marketing strategy, budget, and resources to encourage customers to act on behalf of your company with or without the expectation of mutual benefit. Source: August 2015, “Advocate Marketing Creates B2B Customer Relationships That Last A Lifetime” report.
- 7. 7© 2017 FORRESTER. REPRODUCTION PROHIBITED. Advocacy taps into the empowered buyer experience Why is advocacy more important in B2B marketing today? Base: 26 B2B marketing professionals or technology providers (Qualitative research, open-ended responses, top 5 shown)
- 8. 8© 2017 FORRESTER. REPRODUCTION PROHIBITED.
- 9. © 2016 Forrester Research, Inc. Reproduction Prohibited 9
- 10. © 2015 Jive Software, Inc. All rights reserved | Jive Confidential Page 10Source: Bloomberg and The Telegraph
- 12. 12© 2017 FORRESTER. REPRODUCTION PROHIBITED. Customer advocacy drives deeper relationships
- 13. 13© 2017 FORRESTER. REPRODUCTION PROHIBITED. Give customers a hand up – not a hand out.
- 14. 14© 2017 FORRESTER. REPRODUCTION PROHIBITED. Challenge: making advocacy more strategic
- 15. 15© 2017 FORRESTER. REPRODUCTION PROHIBITED. Where does “account-based” fit in?
- 16. 16© 2017 FORRESTER. REPRODUCTION PROHIBITED. Pop Quiz #2 Hunt big deals and prize fish Break into new markets Find lookalikes ready to buy Deepen customer relationships
- 17. 17© 2017 FORRESTER. REPRODUCTION PROHIBITED. Answer is: “All of the above” Source: Wikipedia
- 18. 18© 2017 FORRESTER. REPRODUCTION PROHIBITED. “Account-based” is everywhere, everything, and totally awesome.
- 19. 19© 2017 FORRESTER. REPRODUCTION PROHIBITED. 64% are beginning, haven’t started, or have no plans for ABM programs 45% do not have marketing resources dedicated to ABM Source: Forrester’s Q1 2017 International B2B Marketing Panel Survey, Base = 78 B2B marketing executives and professionals
- 20. 20© 2017 Forrester Research, Inc. Reproduction Prohibited Only 1 in 5 say it increases sales and marketing effectiveness.
- 21. 21© 2017 FORRESTER. REPRODUCTION PROHIBITED. Where to start? With you current customers Source: Forrester’s Q1 2017 International B2B Marketing Panel Survey, Base = 70 B2B marketing executives and professionals (top 6 responses shown) Only 15% Have used ABM to increase references and other forms of advocacy
- 22. 22© 2017 FORRESTER. REPRODUCTION PROHIBITED. How are advocacy and account-based strategies mutually reinforcing?
- 23. 23© 2017 FORRESTER. REPRODUCTION PROHIBITED. Both drive the shift to customer-centric engagement ENGAGE ASK USE BUY EXPLORE DISCOVER
- 24. 24© 2017 FORRESTER. REPRODUCTION PROHIBITED. Both help to keep – and grow – your customers What is most effective at increasing retention, cross-sell, upsell, or expansion? Base: 94 B2B senior marketers (top 6 responses shown) Source: Forrester’s Q2 2016 International B2B Marketing Online Survey
- 25. 25© 2017 FORRESTER. REPRODUCTION PROHIBITED. Both create lifetime relationships “Now I know what business books he's reading and we chat about those. The program helps our influencers work with every account in this way.” – Holly Zoba, SVP of sales, Signature Worldwide
- 26. 26© 2017 FORRESTER. REPRODUCTION PROHIBITED. How do you enhance your account-based strategies with advocacy?
- 27. 27© 2017 FORRESTER. REPRODUCTION PROHIBITED. Four ways advocacy delivers account-based wins 1. Gathering internal intelligence. 2. Helping sales land prize fish. 3. Onboarding and sharing best practices. 4. Getting a friend involved.
- 28. 28© 2017 FORRESTER. REPRODUCTION PROHIBITED. Advocates help you navigate their accounts
- 29. 29© 2017 FORRESTER. REPRODUCTION PROHIBITED. Top challenge: Gathering account intelligence Source: Forrester’s Q1 2017 International B2B Marketing Panel Survey, Base = 58 B2B marketing executives and professionals (top 6 responses shown) What are your biggest challenges with ABM?
- 30. 30© 2017 FORRESTER. REPRODUCTION PROHIBITED. Deltek challenges customers to share insights Source: Deltek Step 1: Take survey. Step 2: Invite a peer. (80%+ from same-firm) Results: Increased survey responses, and leads developed via campaigns featuring report results.
- 31. 31© 2017 Forrester Research, Inc. Reproduction Prohibited Advocates help your salespeople land prize fish.
- 32. 32© 2017 FORRESTER. REPRODUCTION PROHIBITED. Alteryx testimonials deliver an account-specific touch Source: Alteryx Personal stories target “look- alike” buyers with solutions to specific business problems.
- 33. 33© 2017 FORRESTER. REPRODUCTION PROHIBITED. Spiceworks uses advocates to penetrate key accounts › Custom landing page details Cisco/Spiceworks relationship. › Traditional campaigns and advocate “challenges” › Invite to onsite event called “Unplugged” Source: Spiceworks
- 34. 34© 2017 FORRESTER. REPRODUCTION PROHIBITED. Account-specific engagement will give marketing more ownership over post-sale customer experience. Initiate a new-customer communications program as part of your ABM strategy.
- 35. 35© 2017 FORRESTER. REPRODUCTION PROHIBITED. InsideView combines customer success management with advocates to expedite onboarding Source: InsideView Account profile People interests Interactions
- 36. 36© 2017 FORRESTER. REPRODUCTION PROHIBITED. Advocates get others involved with you
- 37. 37© 2017 FORRESTER. REPRODUCTION PROHIBITED. LexisNexis uses customer advisors to deepen relationships and build business › Advocates present case studies. › Invite peers from IT/business. › Shorten sales cycles from 9 to 4 mo. › Closed more deals than prior 2 qtrs. Source: LexisNexis, Geehan Group
- 38. 38© 2017 FORRESTER. REPRODUCTION PROHIBITED. Recommendations
- 39. 39© 2017 FORRESTER. REPRODUCTION PROHIBITED. Advocate marketing will figure prominently in 1/3 of ABM programs launched in 2017. Use advocate personalities to profile your raving fans.
- 40. 40© 2017 FORRESTER. REPRODUCTION PROHIBITED. Align advocate personalities with account-specific engagement plays and tactics
- 41. 41© 2017 FORRESTER. REPRODUCTION PROHIBITED. Successful programs focus on customers What’s in it for them What’s in it for us Keep the focus here
- 42. 42© 2017 FORRESTER. REPRODUCTION PROHIBITED. Make advocacy, not wallet share, your key account- based goal Source: Wikicommons
- 43. FORRESTER.COM Thank you © 2017 FORRESTER. REPRODUCTION PROHIBITED. Laura Ramos lramos@forrester.com @lauraramos
- 44. © 2017 FORRESTER. REPRODUCTION PROHIBITED.
- 45. #B2BMX
Notas do Editor
- The post-digital age raises the importance of tapping into customer goodwill. Account-based strategies focus program budgets -- and marketing and sales activity -- on your most valuable accounts, especially after the first deal closes. When the two forces combine, B2B marketers who include customer advocate marketing in their account-based strategies win big. This session will give attendees new insights into how time-honored programs -- like reference management, customer advisory boards, and user meetings -- can boost account-based success when married with new digital approaches that focus on creating lifetime customer value, not simply generating demand, accelerating deals, or creating marketing assets.
- Information: B2B: 74% of B2B buyers research half or more of work purchases online (Q2 2014 Forrester/Internet Retailer B2B Buy-Side Survey) 62% of B2B buyers “find gathering information online on my own superior to interacting with a sales representative prior to making a purchase for work.” (Q2 2014 Forrester/Internet Retailer B2B Buy-Side Survey) Location: B2B: -56% of b2b buyers expect to make half or more of their work purchases online by 2017 (Source: Q2 2014 Forrester/Internet Retailer B2B Buy-Side Survey) -50% of B2B buyers use tablets or smartphones to research work purchases (Source: Q2 2014 Forrester/Internet Retailer B2B Buy-Side Survey Base: 126 B2B buyers) -43% of B2B buyers would switch “if another site sold the same products at a lower price I would purchase those products from the less expensive site, despite my loyalty to my current supplier” (Q2 2014 Forrester/Internet Retailer B2B Buy-Side Survey)
- Canadian country western musician Dave Carroll and his band, Sons of Maxwell. It chronicles a real-life experience of how his guitar was broken during a trip on United Airlines in 2008, and the subsequent reaction from the airline. The song became an immediate YouTube and iTunes hit upon its release in July 2009 – 150K views in one day and more than 15M views to date -- and a public relations embarrassment for the airline. Within 4 days of the video being posted online, United Airlines' stock price fell 10%, costing stockholders about $180 million in value
- Every B2B marketer dreams of having advocates like these! The good news is that you don’t have to be Apple. Regardless of what product or service you sell, you have loyal customers who are your future advocates. You are missing a significant opportunity to reach future buyers if you don’t convert your customers into advocates. These are the “diamonds” who will willingly share their positive experiences about your brand.
- A customer-obsessed enterprise focuses its strategy, its energy, and its budget on processes that enhance knowledge of and engagement with customers and prioritizes these over maintaining traditional competitive barriers
- Pop Quiz: Blind men and elephant. Why ABM? Starts with strategy, ends with life cycle. Data = focused on post sales more than net new acquisition Much to learn about ABM – data And advocacy – data. Why do the two work together? How do you enhance your account based strategies – revenue generation – with advocacy? Activate a dormant channel that buyers find credible. Awareness and content. Referral inside organization. (Data shows insight is the hardest thing) Onboarding and best practices. Recommend a friend (Deltek and their study). – for education and value. Talk about us credibly.
- Look at ABM today – POTENTIAL looks similar to Kilowatt Q2 Strategies and Tactics – only 20% said ABM READ THE STAT.
- https://commons.wikimedia.org/wiki/File:Garrison_Keillor_at_Wilshire_Theatre.jpg
- This coordinated approach seeks to engage all the key stakeholders and influencers in a few, specific accounts and crafts highly-personalized messages and content to start a dialogue between marketing and sales and key decision makers, even when those buyers may not be in the purchase mode. Microsoft Grad Conn, Central Marketing Organization Lead for Microsoft USA. Critical set of systems that multiple people are making decisions on. Marketing plan that is targeting an account, and all people in the account, and targeting them at the same time. We nurture them together, close them as a group.
- Cisco, use Marketo realtime personalization to detect your IP address – or advocate challenge -- and take you to a customer landing when land on site and tells about Cisco and Spiceworks relationship. Net new person at Cisco, they see this is not just a company, but there is an established relationship. ABM see a dedicated drip campaign that is different from traditional – introduce team a little bit. Event at Cisco, did one onsite even called “Unplugged.” IT pros are a panel. Marketers ask them how they use media to make decisions about the types of equipment Cisco sells. Room of 500 marketers and telecast it and our CEO hosted it. Unplugged, we get a list of who attended on the Cisco side. Put in salesforce and put in program and look at 90 day attribution. Influence vs. sourced.
- https://en.wikipedia.org/wiki/Pit_orchestra