When and Why to Start a Win/Loss Program

I’m Ryan Sorley, Founder of DoubleCheck Research. I recently had the opportunity to sit down with venture capital firm OpenView, and one of their portfolio companies SmashFlyto discuss how they use Win/Loss Analysis to improve their decision making.

Competitive Intelligence

It’s fair to say most organizations have an anecdotal, or very cursory, understanding of what their competitors do for the most part. Public information through press releases, social media, or general marketing efforts is readily available. However, determining how to position your business against competitors can be pretty difficult, and very generic.

#WinLoss research starts with the hope that there’s something that you can walk away with, even if it’s painful to hear. When Josh Zywein, Vice President of Marketing started at SmashFly he knew they really needed to gain a deeper understanding of the business, and started by asking the question, “Do we track wins and losses right now? How do we track #CompetitiveIntelligence?”

The answer was “yes” from sales, but the reality was that most of that was done through self reporting by the sales reps, which can be very light on detail. A deal may be marked as a closed loss to a competitor, but there wasn’t much context surrounding why the deal was lost.

Some reps may dig a little deeper. Some reps may have good relationships with prospects, and aren’t afraid to ask why the deal was lost, or even what the business driver was for the selection.  “The reality was that even when that happened, we found that prospects would tell the rep what they wanted to hear, or would withhold detail that they might share with someone that’s a little bit more objective.”

Recognizing The Problem

Ricky Pelletier, Partner at OpenView, added, “Win/loss research can be eye opening. Seeing that juxtaposition is interesting, because you might start investing down one path of differentiation, when in reality the customer is buying you for a completely different reason. Understanding your value prop through the lens of the customer is incredibly valuable. Hearing it through the lens of a salesperson, or through marketing, is good, but it’s nowhere near as insightful as hearing it through the customer.”

From win/loss analysis you can expect competitive intelligence, understanding who you go up against, why you win, why you lose, and what resonates with a prospect in a particular deal against a particular competitor. When done correctly, and with purpose, a win/loss program can help align your sales and marketing strategies with your prospective buyers.

Zywein adds, “A company that is just crushing it from a sales perspective may not be worried about doing win/loss analysis. It’s not that they shouldn’t do it, but they probably have fewer problems than companies that are willing to make this investment. First is recognizing that there’s a problem somewhere, or something isn’t working quite as well as you expected it to.”

Perception may be part of the problem. A lot of companies have the belief that they understand their customers really well, especially when the leadership team has been involved in the selling process. As they move from being the ones selling to having more of a broad-based sales team and getting less direct intelligence, there is sometimes a disconnect between what they know, and what they think they know. They’re just not sure how much new information they’re going to learn from win/loss research, because they perceive that they have a really close relationship with the customer.

Access To Insights To Make The Right Decisions

Most of the win/loss data and programs that OpenView has run have been done by their internal team. They don’t push their portfolio companies towards win/loss research because it’s good for them as the investor. Their goal is to show their portfolio company the data so that they can make the right decision to benefit the company, which is ultimately good for everyone involved.

OpenView is a minority investor, and as Ricky Pelletier said, “There are reasons why we have a lot of faith and excitement about a company. Whenever we do loss reviews, and identify painful information, the mindset is not to attack the company, or talk about all the things they’re doing wrong. We’re still really bullish about the prospects, and there’s a reason why we made a bet on that company.” When any areas of improvement are found, it is tempered with the fact that OpenView has made a commitment and is excited about the investment.

With close relationships between OpenView and their portfolio companies, there couldn’t be better alignment behind getting the right answer.

When OpenView Offers Win/Loss Analysis

OpenView operates something like an outsource agency, or a consultancy, for win/loss analysis. It’s offered when value is recognized by both OpenView and the portfolio company.

Kyle Poyar, Senior Director of Market Strategy at OpenView shares, “Generally, there’s a certain trigger behind the research. For instance, if a new competitor just raised a lot of funding, they’re coming out, taking some market share, winning some deals that you thought would be natural for you to win or if you’re launching a new product line. There are certain triggers where we say it really makes sense for you to start collecting some of this information from your buyers.

Closing Thoughts

Give win/loss priority. Delegate resources to ensure success. Act on the input. Recognize that success doesn’t happen overnight. Your customers and your prospects are some of the most valuable data sources that you have. You want to be very careful with how you use that, and how you treat those relationships.

To learn more, please visit: https://www.linkedin.com/pulse/when-why-start-winloss-program-ryan-sorley/

Unleashing the Power of the Sales Playbook

By: 

I’ve seen many variations of sales playbooks in my career. From the simplistic and overly-general to the content-dense with loads of long lists, hyperlinks, and prose. Playbooks are typically too long, too complicated for the user, and out dated immediately after publishing.

“It’s a boat anchor, weighing down our 
sales teams rather than empowering them”

All too often a document that is intended to help a sales rep quickly prep for a call or meeting turns into a compendium of everything that is known about a product, its features and differentiators, the marketplace, the target audience and the competition. It’s easy for this sales tool to turn into sales overload. It’s a boat anchor, weighing down our sales teams rather than empowering them.

Instead of wasting time and money creating a document that the sales team won’t use, let’s focus on what the sales playbook is intended be. A valuable sales playbook—one that will actually be used—will satisfy three goals:
• It will provide relevant information at the right moment in the sales cycle
• It will be quick and easy to access
• It will be kept up-to-date

Here are three tactics to ensure your sales playbook reaches all three goals and becomes a tool that sales people will love. (Don’t forget, while pulling together the information that will go into the playbook, to follow the advice of the best chefs and fashion designers: edit, edit, edit!)

Tactic 1: Make it relevant
In today’s world, buyers are self-educated. They are often quite far down the buying path before they ever engage with Sales. Rather than assuming the interaction starts at the beginning of the sales cycle, focus the playbook on how to deal with prospects who are already halfway to a decision. In concrete terms, this means equipping the sales team to uncover specific needs, position the solution, clearly articulate the value proposition, and help the buyer build a business case.
Keep information focused: this means avoiding the tendency to include too many personas or spend time coming up with cutesy names. Rather, it means providing a clear explanation of the problems, attitudes and concerns of the most likely buyers. Create two or three personas with the clearest fit, and make explicit assumptions about where they are in the buying process. Discuss what criteria are most important to them, what value propositions are most relevant, and what influences them. Make sure to include a least one key decision-maker in the mix. Validate by mining your current database, then following up on clues by using questionnaires, surveys and interviews to find the most relevant answers for these key issues. As the sales team works through opportunities, they will be able to gather new information that can be used to keep personas and value props updated.

Tactic 2: Make it accessible
We are all slaves to our devices. Who doesn’t live in email all day long, respond to every ping of the smart phone or check social media at all hours of the day or night? If this is the reality, why do we give our sales teams paper printouts, lengthy presentations and cumbersome documents where it’s difficult to find needed information quickly?
A good playbook is one that is used frequently, both in preparing for the call and while conversing during the call. That means a playbook that is easily accessible, and that is easy to navigate. While the basic work of assembling the information for the playbook will not change, our method of providing that information to the sales team can take a dramatic turn for the better if we use tools to bring the playbook to life online. Today there are a number of tools that let you produce highly interactive sales playbooks, so your reps can find exactly the information needed with just a few clicks. Whether it’s market-specific customer references, online demonstrations of functionality, ROI calculators or competitive knock-offs, an online sales playbook can be a wealth of information when the sales person needs it: now!
One bonus of a well-constructed online sales playbook: the reps can enter feedback while they are online, the fodder for the final tactic – making it a living document.

Tactic 3: Make it evergreen
As sales learns more about who buys (and doesn’t) and why, the sales playbook can and must change to incorporate new learnings. Similarly, as product features and functionality evolve, as new products are introduced to the market, as new competitors come onto the playing field, the sales playbook needs to be a living document that can accommodate the changing reality.
Plan for this. Budget for it. The sales playbook needs to be updated consistently with the latest messaging, positioning, competitive analysis, market trends, personas and products, and value propositions as they become more finely tuned. Don’t forget to advertise any significant changes to the sales playbook to your direct and channel sales teams. Give them a reason to keep coming back for more. And don’t forget to credit the team members who contributed to revisions through their insights and observations – that can’t help but build team spirit and a sense of ownership of the playbook.

To learn more, please visit: https://aventigroup.com/single-post/2018/10/11/unleashing-the-power-of-the-sales-playbook/

CSM & Product’ Is the New ‘Sales & Marketing’

By: Nick Mehta, CEO, Gainsight

If you take a look at my LinkedIn page (and scroll way, way down), you’ll see exactly where my career took a left turn. (No, not Chipshot.com—you scrolled too far!)

I started my professional career as a product manager.  Well, I tried to start my career by doing a Master’s in Computer Science in college, which taught me I wasn’t smart enough to be a developer, but maybe I could hang with them. Over the years, I moved up from Product Manager to “Manager of Product Management” (still a bizarre title to me!) and so on.

That was my career trajectory, and I couldn’t have been happier. It checked all the boxes for me—strategic thinking, working collaboratively, creativity, working with sales, and above all a total focus on giving the customer a great experience. Not to mention lots of PowerPoint!

When I left the world of product management to become a CEO, Customer Success was barely a gleam in my colleague Dan Steinman’s eye! But when I look back on it, I can see how it was preparing me for this crazy world of CS, and how the skills I honed in PM are so complementary to my job today.

For the last six years, we’ve been on a mission here at Gainsight to spread the word about Customer Success as the only way to drive sustainable growth in subscription businesses. Obviously, you can’t have a business without a product (and therefore a Product Management Team), and likewise, you can’t maintain a customer base without Customer Success.

The Customer Success Movement in 3 Acts

In the first act of our story, we tried to shine a light on the Customer Success Management (CSM) organization. We evangelized the value of a CSM team, we educated tens of thousands of people in the tricks of the trade, and built a worldwide network to help plug the right leaders into the right roles—all of which has led to CSM being recognized by LinkedIn as one of the top emerging professions in the U.S.

However, pretty soon it became clear: a lot of companies were building out a small, siloed CSM team to “own” Customer Success, but weren’t able to scale. We knew Customer Success needed to be bigger than any one team (as we say at Gainsight, CS > CSM). It’s a priority that needs to be woven into the fabric of the entire company—every department, every team. And the reason why is simple: to the customer, you’re all one company. The client doesn’t need to understand the differences between Sales and Support and Service and CSM and Marketing. Therefore your customer interactions need to be just as seamless. And so the second act of the Gainsight story was taking Customer Success out of that siloed CSM role and taking it across the company.

But as I spoke to people in the Customer Success community—as well as the CEOs of thousands of subscription businesses—I heard time and time again that one organization was missing from the conversation: Product. That resonated, because, as an ex-Product Manager, I saw how organically the two disciplines fit together. And in the “Age of the Customer” more than ever, most customers’ primary interaction with their vendors aren’t necessarily through their people, but rather through their products.

That’s why for our third act—simpatico to the third act of the Customer Success movement, we’re so fired up to announce that Gainsight has entered into a definitive agreement to acquire Aptrinsic, the first product-led growth platform. You can read more about the acquisition here.

Nick Mehta and Mickey AlonNick Mehta and Aptrinsic CEO Mickey Alon

The New Sales and Marketing

Here’s some conventional wisdom that’s at least as old as the mercantile system: if you want to achieve growth, invest in Sales and Marketing; acquire new customers. And in today’s economy, according to Gartner, 57 percent of the purchase decision is complete before a customer even calls a supplier. With that being the case, it was inevitable that Sales and Marketing platforms (think Salesforce and ExactTarget, Oracle and Eloqua, and so on) would come together to optimize growth through new customer acquisition.

It made a ton of sense. Sales teams wanted to understand prospect behavior, scale their engagements via marketing nurture, and influence marketing priorities. Marketing was interested in driving lead volume, learning from prospects, and iterating on campaigns quickly.

But in the Age of the Customer, CS teams have joined the ranks of Sales and Marketing in driving business growth by focusing on customer retention—more specifically, impact to net retention as a function of growth. However, for all of us who are building digital products and services, so many invaluable customer insights and personalized engagements are happening within the product itself. The analogy of Sales and Marketing alignment extends now to Customer Success and Product teams, who together are on the hook to deliver experiences and outcomes to both keep and grow customers.

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The same consolidation of Sales and Marketing platforms has yet to happen with Customer Success and Product technology—until now. We’re convinced that by partnering with Aptrinsic, we can usher in a new era of growth for subscription businesses with Customer Success and Product teams at its heart.

Gainsight’s New Capabilities

So what can you do with Gainsight and Aptrinsic? Our goal was to enable Customer Success and Product teams to work more closely together, as well as rally the rest of the company around the mission of driving Customer Success. In tandem, these two toolsets will give you the ability to fully leverage the product channel to generate even more powerful customer insights and actions. Here are just a few examples I would have loved back in my PM days:

  • Analyze the behavior of users in your product in terms of feature adoption, navigation, and retention.
  • Guide users to onboard and use new features through in-app engagements.
  • Solicit feedback from users in the product.

From both a CS and a PM perspective, we want you to be able to drive great outcomes and experiences whether inside or outside the product, whether delivered through automated digital outreach or human interactions (or a mix of both). And now, Gainsight is the only solution that enables companies to take full advantage of the shift to both digital and subscription, by providing Customer Success and Product teams everything they need to drive growth.

Where Can You Learn More?

To fill you in on all the details, I filmed a video with Aptrinsic CEO Mickey Alon and our very own Chief Operating Officer, Allison Pickens.

You can also learn more by checking out the following:

 

To learn more, visit: https://www.gainsight.com/blog/csm-product-is-the-new-sales-marketing/

Improve your Technology Marketing by Focusing on Business Outcome Messaging

By: Michelle Buckley

Developing messaging for professional services or software platforms often creates the “paradox of choice” for product marketers – the technical team or consultants explain they can “deliver anything the client wants” and with pride they list just short of about 5 million capabilities of skills and technology they have interacted with.  The paradox?  There are so many options, product marketers are not sure what choice to make.

The truth is that comprehensively describing in depth all possible product and service capabilities is the weakest way to generate interest from new prospects, and it’s not just because of “information overload.”  The reality is that technology buyer behavior has been changing dramatically over the last two years.  Business buyers drive the majority of IT purchases, even if funded out of IT.  As digital business becomes mainstream, CIOs are prioritizing business outcomes over technical service delivery.  As shown in the Gartner 2018 CIO Agenda research, CIO  priorities for 2018 focus on business metrics, from controlling costs and streamlining processes to driving revenue growth by exploiting data.

Furthermore, enterprise technology buyers tell us that the top reason technology provider campaigns inspired them to consider a solution (when they were not planning a purchase) was marketing messages that were “relevant to business issues, or triggered new thinking around them.”

For these and many other reasons, we are advising technology and service providers to lead their customer acquisition efforts with messaging focused on the business outcomes and value your offerings enable instead of the long list features, functions or capabilities available in your offerings.  Don’t worry, there will always be time later in the sales cycle to get technical.  But first, you need to inspire an opportunity with a hint of the business results that your offerings can deliver.

How can you refocus your technical messaging on business outcomes?  Start by researching the business outcomes of your own reference customers to capture insight. This can be done simply by interviewing reference customers, salespeople, or frontline customer service employees to learn what resonates with your ideal customers.  Sure they wanted new functionality, but what is the real reason they paid money for your solution (in one sentence or less)?  How did they justify the investment to their CFO?  This is the key to the customer insight that will inspire future projects and engagement in new logo customers.

To learn more, please visit: https://blogs.gartner.com/michele-buckley/2018/10/05/improve-your-technology-marketing-by-focusing-on-business-outcome-messaging/

How SaaS Broke Your Buyer Journey Map and How to Fix it

By Dennis Chepurnov

Most marketing and sales professionals are familiar with the concept of the buyer’s journey map. It’s a visual tool that helps align your organization’s marketing and sales tactics to the needs of your target buyers as they go through the process of selecting and purchasing a service or product.

Most buyer journey maps include the following six stages: identify need, determine solution, explore options, select vendor, justify internally and make purchase.

This model has worked adequately for many decades, but lately I find it lacking. This buying model has failed to keep up with changes in the market; specifically, the advent of software as a service (SaaS). Intended to transform how organizations deploy and pay for software, SaaS also has profoundly affected how customers go through the buying process.

SaaS Rocks

Buying enterprise software used to be an onerous undertaking that involved six to 10 months of requirements gathering, business case development, discovery, vendor evaluations and demos. It also entailed negotiations with IT and procurement and budgeting for the capital expenditures needed to acquire hundreds of thousands of dollars’ worth of required hardware and licenses. Several more months of deployment, customization, testing and training followed. During much of this process, customers had to commit key stakeholders to the buying process and deal with the resulting business disruption. Vendors also had to contribute considerable time and efforts from their account teams, professional services and training staff.

This still happens with large enterprise software deployments, but much of today’s business software buying has transitioned to SaaS and other subscription licensing models. This shift impacts both customers and vendors.

  • SaaS pricing and delivery make it easier for customers to invest in and—unfortunately for software vendors—divest from new software solutions.
  • The SaaS deployment model reduces the post-sale touch points with the vendor, for better or for worse.
  • SaaS has altered customer behaviors and expectations, even with non-SaaS products.

Although SaaS often costs more in the long run, buyers like it because it simplifies their lives. Vendors like SaaS because revenue is more predictable and often requires less involvement of professional services, which can be hard to estimate and staff.

The Vendor Trade-Off

It sounds great to have this perpetual subscription revenue, but there is a flip side: The buying process is never really over. With every subscription payment, customers have an opportunity to reflect on the value the software provides, then compare it to the cost they are paying.
The perpetual pricing model places the burden of ROI on the customer after the purchase; SaaS pricing effectively shifts it to the vendor.

This is a fundamental shift in the dynamics of value generation. With perpetual licensing, buyers staked their professional reputations—and sometimes their jobs—on significant investments of time and budget to acquire a technology solution. After the purchase, customers were responsible for ensuring the investment paid off.

With SaaS, a customer’s up-front investment is considerably lighter. Given the lower up-front investment of time and budget, the incentive to stick with a product is also lower. If a customer fails to see rapid value from your product, they are likely to move on to one of your competitors.

It’s often easier for customers to try a new product than to work with an existing vendor to ensure that the product works the way they need it to. I have witnessed many organizations sign on with a SaaS vendor only to drop them several months later and try another.

From the customer’s perspective, signing a SaaS contract doesn’t necessarily mean the end of the buying process. In fact (and this is where the floor drops away), while your sales team is ringing the gong and marketing celebrates another pipeline goal attainment, your customer may still be in an extended stage 3: exploring their options.

“It’s often easier for customers to try a new product than to work with an existing vendor to ensure that the product works the way they need it to.”

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What This Means

Most marketing teams disengage from the customer’s journey at the point of purchase, just as the customer embarks on the most important stage of the whole experience: building business value from the product we sold them.

Buyers are our champions inside their organization. As a marketer, it feels somewhat disingenuous to abandon them just as they sign the contract. True, they may now be in the hands of other departments like account management, professional services and training, but those teams engage in tactical endeavors, and they often interact with different
customer stakeholders. But what about the decision makers we’ve catered to throughout the buying process? What happened to the strategic visions we painted for them? The industry insights we shared? Why should the story end here?

The customer’s journey does not end with the purchase, and we have SaaS to thank for making this painfully obvious. Marketers must extend the journey map beyond the purchase, continuing to support buyers as they derive business value from your product.

To that end, updated buyer journey maps should include a seventh stage: derive value.

Any organization that wants customers to succeed (and remain customers) needs to reassess the effort and focus they dedicate to this seventh stage. While many technology vendors promise to be their customers’ partner for success, few have actual programs to back it up, and fewer still engage product marketing—the authority on buyers and technology solutions— to help drive this effort.

Here are four thoughts to consider:

  1. Customer retention is not the refunds department. Sales and marketing professionals are acutely aware that it costs more to acquire a new customer than to keep an existing one, yet many organizations still view retention as a reactive measure used to salvage unhappy customers. Instead, customer retention should be a strategic marketing function to match demand-gen. Customer retention should work closely with product marketing, campaigns, sales and services groups to develop programs and touch points that actively help customers reach their business objectives and move forward.
  2. Don’t stop being strategic after your prospect becomes a customer. Many organizations shift to end-user marketing after the purchase (“here is our feature-of-the-week email campaign”). Facilitating end-user adoption is important, but not at the cost of ignoring decision-makers. After the go- live, your target buyers are still there, evaluating your product for success. Are you confident they will still believe they picked the right vendor when they pay your next invoice? It’s important to stay engaged in their efforts and continue to add value and inspire them. For example, developing and sharing a maturity model can help position your products alongside their long-term strategic business objectives and establish a framework for partnership going forward.
  3. Think of it as a buying cycle within the buying cycle. Many organizations “buy to try” SaaS solutions and look for rapid proof of value as an indicator of success. Think of it as an early proof of concept at stage 3. If your organization can proactively take on some of that burden of proof, you stand a better chance of turning stage 3 into stage 7.
  4. Celebrate the contract. It’s a big deal to sign a paying customer, and a lot of people work hard to make it happen. But for customers, the purchase is just the beginning, and your team should view it as a milestone for your marketing strategy, not the end goal.

We live in an era of seemingly endless options. Consider how many times you have downloaded a new app on your phone, tried it for a few minutes and then promptly uninstalled it when you realized it did not meet your needs. Today’s B2B buyers have a similar mindset. If you fail to help buyers actualize the value of your product after purchase, it won’t take them long to start looking at the next vendor.

To learn more, visit: https://pragmaticmarketing.com/resources/articles/how-saas-broke-your-buyer-journey-map-and-how-to-fix-it?utm_source=PMC+1809+&utm_medium=Newsletter&utm_content=Article&utm_campaign=Partner+influencers

How well aligned is your content to your sales funnel?

How well aligned is your content to your sales funnel?

by Victoria Greene

Sales funnels are all about the buying journey your customer takes; from becoming aware of your brand and products, to signing the order form.

The problem is that this marketing model was developed in 1898 (by American advertising expert Elias St. Elmo Lewis) and an awful lot has changed since then. With that in mind, ask yourself this, just how well aligned is my content to my sales funnel?

Don’t worry about finding the answer, because, over the course of this article, it will become clear. And not only that, I’m also going to help you bring the content in your sales funnel kicking and screaming into this millennium…

Relearn what you know about sales funnels

Lewis’ AIDA funnel was built upon 4 key elements:

  • AwarenessYour customer knows about a product or service.
  • Interest: Your customer is actively interested in a product group.
  • Desire: Your customer wants a specific brand or product.
  • Action: Your customer makes a purchase.

The Purchase Funnel

(Source: Wikimedia)

For a 21st Century business, these stages are reduced to 3. Marcela De Vivo explains these as being:

The 3 stages: Awareness, Consideration, and Purchase

(Source: Search Engine Watch)

The problem with each of these models is that their sales funnels are linear, with a beginning middle, and end. While this isn’t an unrealistic model, it’s not one your business should buy into dogmatically. Why? Because when your customer ends their journey they’re gone.

Whether it’s through a subscription model, or by convincing your customers to keep coming back to your business, your sales funnel needs to consider repeat customers. If it’s not, then it’s unrealistic and, in order to for it to become realistic, you need to…

Be aware of the continuous engagement model

Thinking solely linear is so 1898. Today’s powerhouse businesses know that, to be successful, their customer buying cycle has to keep spinning, with the wheel turned each time their customers make a purchase.

In order to keep this wheel spinning you need to be aware of the continuous engagement model when reviewing the content in your sales funnel.

As you’ll see below, in the example of Accenture’s Nonstop Customer Experience Model, a continuous engagement model looks altogether different to Lewis’ vision of your customer buying journey:

Accenture's non-stop-customer experience model

(Source: Accenture)

While the names have changed, some of the terms are not so different from Lewis’:

  • Discover: Your customer finds out about a product or service.
  • Consider: Your customer reviews the different product or service groups.
  • Evaluate: Your customer makes a decision on which brand to select.
  • Purchase: Your customer buys your product.

But you also have new segments to consider:

  • Use: Your customer tests out your product.
  • Promise: You make a commitment to how your product will perform.
  • Delivery: What you deliver to your customer. It’s essential that your delivery matches with your promise. If it doesn’t then you’ve lost their repeat business. But if it does…
  • Consider: Your customer will consider buying from you again and the cycle restarts from this point.

Your customer can join the buying cycle at various stages, seek information from different sources, and may adopt a staccato approach to their buying decisions – they might get to the penultimate stage of the buying cycle, abandon their purchase, then come back and buy it at a later date, from a different sales channel.

Accenture's non-linear customer pathways

(Source: Accenture)

This changes how you need to create and disseminate the content you use in your sales funnel; for your sales funnel to be realistic, you need a smart content marketing funnel to function in an omnichannel world.

Creating smart and realistic content for an omnichannel world

Lewis’ model might be outdated, but adopting the continuous engagement model full-scale makes it difficult and expensive to quantify conversion rates throughout your funnel. The realistic and smart way for you to design the content driving your sales funnel is to incorporate both.

What does this hybrid look like?

Content marketing funnel (TOFU, MOFU, BOFU)(Source: Shopify)

TOFU isn’t just for eating…

In order for your business to have a realistic sales funnel you need a three segment approach, and there are specific types of content you need at each stage.

TOFU (Top Of The Funnel)

At this stage your customer is becoming aware of a problem which they need to resolve. Your goal is to hone in on your audience’s pain points and increase their awareness of the need to find a solution to them.

Types of content needed for TOFU

You must consider how well your brand is set up to disseminate the content that you require in order to have a realistic sales funnel. As social media is a huge part of TOFU, your brand’s website must work in harmony with your social media channels.

Conduct research into your target audience and establish what their preferred social media channels are and then align this with the platforms your business uses.

You also need to think about social media automation tools. This is crucial because you need to reach your audience at the right time and also use the time that you have at your disposal wisely.

MOFU (Middle Of The Funnel)

The midpoint of your funnel is about making your customers buy into your brand and your vision of problem resolution. Your goal is to put the building blocks in place to establish a long-term relationship with your customers.

Types of content needed for MOFU

  • Discount codes
  • Webinars
  • Informational resources
  • Surveys

It’s at this stage that you can collect your customers’ email addresses. The value of doing this is that you can re-target your converted customers and return to those who have begun but failed to complete the buying process.

Your website must be built using a CMS that’s compatible with email marketing software in order to do this, but the value to your business of doing this is enormous – email marketing returns an average of $38 for every $1 that you spend.

BOFU (Bottom Of The Funnel)

You’ve got your customers attention and sold them the value of your products. Your goal now is to sell your products

Types of content needed for BOFU

  • Tripwires
  • Sales decks
  • Customer testimonials
  • Trials for your products
  • Spec sheets for your products

Your goal here is simple: convert your audience into customers, ones who will buy your products now and ones who will come back to your business again and again.

The value of customer testimonials at this stage of your sales funnel simply cannot be overstated:

  • 92% of your customers read online reviews
  • 88% of your customers trust customer reviews as much as personal recommendations
  • 63% of your customers are more likely to buy your business if you use customer reviews

Sales funnels have been a feature of business for over 100 years. They are a hugely valuable way of maximizing the buying journey you take your audience on, so that you can convert them from users looking to resolve a problem to long-term customers for your brand.

In order to turn your audience into customers, you need to have content supporting your sales funnel in a way that’s realistic. So, when you review your sales content sales, remember that TOFU isn’t just for eating.

About the author

Victoria Greene is a branding consultant and freelance writer. On her blog, VictoriaEcommerce, she shares tips on how brands can use the power of content to drive up revenue for their business.

Visit www.docsend.com to learn more.

The Myth of the Impersonal Buyer

The Myth of the Impersonal Buyer

By Rod Griffith

“Get out of the water! Now!” The cry came from a concerned father sitting on a blanket not far behind me on a Cape Cod beach. The sheer volume of his voice alarmed all of us nearby. There had been recent shark sightings along the Cape shores, so sharks were first and foremost on our minds when we heard him yell.

His two kids—a boy and a girl of perhaps 9 and 12—were in the water, barely up to their waists. When they didn’t respond, he jumped to his feet and yelled again. “I said get out of the water, now!”
I immediately thought of Chief Brody from the movie Jaws.

The kids turned and broke into a high-step run out of the shallows and up the beach to their father.

“How many times have I told you to wait 30 minutes after you eat before going back into the water?” he asked them. “You can get stomach cramps and drown. It happens every year.”

But he was wrong. It doesn’t happen every year. It actually never happens. Studies published in 2007 and 2008 by Rachel C. Vreeman and Aaron E. Carroll from the Indiana University School of Medicine debunked this myth about drownings caused by swimming too soon after eating. According to Vreeman and Carroll, there are no documented cases of drowning or near-drowning due to eating.

They couldn’t find one case. Zero. Zilch. Yet how many millions of us were given the same stern warning back when we were kids?

Every so often, science reveals myths that have long been taken as fact. We can’t remember the days when the world was thought flat, or when bloodletting was believed to cure illness. But most of us today will remember when coffee was bad for you and when Pluto was a planet, or when swimming after eating could lead to drowning.

The business realm is not immune to these myths.

“”It ain’t what you don’t know that gets you into trouble–it’s what you know for sure that just ain’t so.” –Josh Billings”

“It’s not personal. It’s business.”

I wish I had a dime for every time that was uttered. This commonly used statement expresses the archetype of the ultimate business decision-maker: focused, unflinching and objective to the core.

We laud business leaders for their ability to keep calm and cool under pressure, and to maintain a laser-like focus on strategy and business objectives, where lesser people would be swayed by their emotions. In heroes like Steve Jobs, or in villains like Gordon Gekko of the Wall Street movies, we see steadfast steeliness, determination and objectivity—qualities, we believe, of the quintessential business decision-maker. And someone vastly different from the typical personal consumer.

We assume that while individual consumers regularly base purchase decisions on emotions, whim and personal desire, savvy business decision-makers base their procurement decisions on research, analysis, data, ROI calculations and strategic business goals. Personal needs and emotions, we believe, don’t play a major role in business decisions—especially for significant purchase decisions such as technology solutions.

Like the danger of swimming after you eat, this notion of the impersonal business buyer is being proven by researchers to be a myth. Research indicates that the personal value that buyers perceive in a B2B product has far greater impact on the decision process than most marketers thought.

A study conducted by CEB, now Gartner, in conjunction with Google (“From Promotion to Emotion”, 2013) found that the perceived personal value in a product had almost twice as much impact on the purchase outcome as the perceived business value. According to the study, the personal value perceived by the decision-maker includes professional benefits, social benefits, emotional benefits or self-image benefits.

On the consumer marketing side, most purchases are relatively low-dollar. The downside of a wrong purchase for basic consumer goods is some moderate frustration and annoyance, if that. Don’t like the new book you bought? Donate it. Don’t like that new desk lamp? Regift it.

In contrast, business purchases—especially technology products and solutions—can have serious consequences. The stakes are high, so the accompanying emotions surrounding the buying journey may also be high. Rapidly changing technology choices add further stress. People’s careers can be made or broken based on a purchase decision. But, because of this “myth of the impersonal buyer,” B2B marketers often completely overlook the emotional side of the purchase.

The Personal Value Messaging Gap

The same study (which surveyed 3,000 business purchasers) found that buyers who see personal value in a product indicate a significantly greater likelihood of purchasing—three times greater—than buyers who do not see personal value. Those buyers who see personal value are also seven times more likely to pay a premium for a product.

But there’s a dilemma here: Buyers tend to believe in the personal value of a product only after purchase and use. The study found that, while 77 percent of customers believe in the personal value of the products they’ve purchased, only 31 percent of buyers believe in the personal value of products they do not own.

If buyers don’t see personal value, one likely reason is that B2B marketers aren’t effectively communicating the personal value of their products. Because of the myth of the impersonal buyer, we tend to overlook and neglect our personal value messaging, focusing most of our sales messaging on the business value of our products or solutions.

A typical messaging hierarchy focuses on desired business outcomes, strategic value, differentiating features and benefits, and supporting proof points. Inevitably, messaging is filled with common terms such as “intuitive,” “easy to use,” “robust” and “powerful.” Competing products of similar design or technology will often use similar descriptors. This can result in sales messaging that lacks differentiation.

Just visit a few of your competitors’ websites and you’ll see this. Most competing products of a similar nature and design (including technology) claim to offer many of the same business values. A good portion of the messaging for competing products is often virtually interchangeable. So, unless you have a clear and significant advantage over your competition (a rare situation in today’s global economy), the business value that your product offers is probably very similar to the business value that your competitors offer. Consequently, companies that build personal value messages into their messaging hierarchies can gain an edge over competitors who have yet to expand their messaging beyond the typical business value focus.

Identify Your Personal Value Messaging

To identify the right personal value messages for your products or solutions, start by talking with your customers—which is something many B2B marketers don’t do often enough. Use the following questions to structure the conversation and help identify the personal value your customers believe your products or solutions provide.

Has our product helped to accelerate your career in any way?
Perhaps your product has helped customers gain experience and skills in a hot new technology area, bolstering their résuméor helping them win a promotion.

Has our product helped you gain professional recognition?
Anecdotal evidence about how your product has helped customers gain recognition or awards can be extremely helpful in differentiating your sales messaging. Where possible, use real customer success stories and testimonial quotes to support personal value messages.

Has our product boosted your visibility in the company by impacting company success?
The purchase and implementation of your product may have required your customer to foster support and collaboration from teams across the organization. This can often boost their visibility and reputation within their company (and among important C-level management)—especially when the effort has resulted in recognized improvements in the company’s productivity, efficiency or quality.

Has our product improved your reputation as a leader or out-of-the-box thinker?
The selection of your product may have required your customer to champion your product or service within their organization. In the process, your customer may have had to battle those who were skeptical, preferred the status quo, or wanted to go with a safe big-name vendor. Showcasing how your product can help a customer boost their reputation as a leader can add powerful personal value to your overall messaging.

Of course, there are some aspects of personal value that you may not want to ask your customers about directly, because you’ll risk, among other things, offending them. You don’t want to imply, for example, that they lack confidence or are in fear of losing their job. So the following questions are likely best answered indirectly through casual conversation, listening and observation (versus posing them directly to your customers):

Has our product helped the customer build personal confidence or pride?
Your customer may have had to overcome doubt and taken some professional risks to champion your product or service through their decision process and implementation. After all, failure could have meant a major career setback, if not a professional catastrophe. Success, on the other hand, can be a serious boost to the customer’s confidence and create a sense of personal pride.

Has our product helped the customer build or strengthen relationships with staff, peers or executives?
A decision team leader who successfully gains the buy-in, adoption and implementation of your solution may have had to reach out and forge new relationships, or strengthen current relationships, with their staff, peers or key executives. This may have resulted in improved respect and appreciation, fostered new friendships or acquaintanceships, strengthened interpersonal communications – or perhaps helped to reverse a previously negative relationship.

Has our product helped the customer spend more time working on the areas they prefer to focus on?
If your product or service helps reduce the amount of time spent on business challenges or issues—or otherwise improves your customer’s productivity or efficiency—it may allow your customers to shift more of their focus to the work that satisfies them more, professionally and personally.

Has our product given our customer peace of mind?
Your customers may find that the decision to purchase and implement your product or service has helped them strengthen their value to the organization, elevated their reputation within the company or boosted confidence in the security of their job. The emotional result is greater peace of mind, which can improve both work and overall life satisfaction.

Put Emotion into Motion

Once you’ve defined the personal value messages for your product or solution, the next step is to infuse your messaging—value propositions, elevator pitches, sales stories, etc.—with your personal value and emotion. This will enhance your customer appeal and both strengthen and differentiate your overall sales messaging.

The more personal the personal value message, the more challenging it is to build into general sales messaging. You may find some of the personal value messages are more suitable for specific sales plays to known, targeted decision-makers. And you will almost certainly want to communicate the personal values more subtly, perhaps through customer anecdotes and testimonials.

Back to the Beach

I was tempted to speak to that father on the beach who chastised his kids for going into the water after they ate. I would have liked to have told him about the researchers who couldn’t find a single known instance of someone drowning because they ate before they swam. But I didn’t want to correct him in front of his family. Short of depriving his kids of a little water time, he probably wasn’t doing much harm anyway. Some myths are relatively harmless.

But the myth of the impersonal buyer isn’t one of them. The customers’ emotions and personal interests can play a strong role in the decision-making process. Make sure you’re leveraging the power of personal value messaging to improve your differentiation and customer impact—and avoid becoming a victim of the myth of the impersonal buyer.

Rod Griffith

Rod Griffith

Rod Griffith is president and co-founder of MarketReach (www.mreach.com), a B2B technology marketing services firm based in Nashua, NH. He can be reached at rgriffith@mreach.com.

7 Best Practices for Hiring Quality Copywriters

7 Best Practices for Hiring Quality Copywriters

Copywriting is now more critical than ever for your organization to communicate with your audience. Good copywriting is needed, for not only a company’s website, but also for blogs, brochures, white papers, videos, presentations, case studies, advertising campaigns, emails, newsletters, and more.

However, not all copywriters are the same.

Different types of copywriters include sales copywriters, content copywriters, individuals who specialize in business to consumer communications, others who focus on B2B content, and other specialized types of copywriters depending on field.

Here are some best practices when hiring copywriters…

  1. Inquire about their areas of expertise.  It’s important to determine the writer’s specific domain knowledge. For example, security organizations should consider copywriters with a background in cyber security over individuals who lack industry knowledge.
  2. Confirm the skill level of the copywriter. Is the copywriter you are hiring — permanently or temporarily — a professional writer or somebody who does writing on the side? Does your project(s) require a copywriter with minimal experience or a seasoned pro?
  3. Determine if the copywriter knows your audience. Many businesses will have already determined targeted audience via customer profiles. Make sure the copywriter you hire understands your audience’s pain points/challenges and how your product or service benefits this audience.
  4. Ask for writing samples. Experienced copywriters are happy to share a sample of their work to show their skills and experience. Reviewing their portfolio can help you determine if they are the best person for your specific project.
  5. Learn what type of content the writer excels in. As covered, not all copywriters are the same. Some writers may specialize in writing web copy, others may have the expertise in writing white papers. While many copywriters have experience in various content types (case studies, blogging, white papers, solution briefs), they may have a content type they are truly passionate about and you can use that as an advantage to your marketing efforts.
  6. Request copywriters interview subject matter experts. Subject matter experts (SMEs) can provide an insider’s perspective of the particular topic, product, or service you’ve tasked the writer to cover. When copywriters interview and work with your organization’s SMEs, they will learn about your company’s positioning on the topic. Consider copywriters who have a background in journalism as they will have the experience of interviewing and valuing the time of experts.
  7. Consider scaling from one writer to a whole team. Hiring a copywriting team, which includes a chief editor, can help extend your content creation efforts. The chief editor can help manage the team, deliverables, and deadlines. While hiring one writer might be sufficient for your needs, what happens if your marketing organization requires multiple content deliverables under tight deadlines? Considering a copywriting that can extend your team’s efforts, manage expectations and help deliver relevant content to speak with your audience.

Sridhar Ramanathan is Managing Director and Co-founder of Aventi Group, a product marketing agency specializing in B2B tech firms. Based in San Francisco, Aventi Group boasts world-class clients who engage the firm for expertise, speed and flexibility when it comes to revenue growth initiatives.

 

Is Your Go-to-Market Plan Solving the Right Problem?

Is Your Go-to-Market Plan Solving the Right Problem?

Bruce La Fetra, Eastwood Strategy Advisors

Summary

The Three Pillars increase Go-to-Market ROI by putting your focus on improving the customer’s business, learning why customers select your offering, and understanding the science of decision-making so you can help your customers make better decisions.

The product marketers at the recent Boston Product Marketing Community conference created a list of their top challenges. They were:

  • Harnessing the trusted customer voice
  • Creating messaging that rises above the noise
  • Measuring product marketing ROI.

Product marketers can address all three challenges by re-framing the issue as: “How do you improve your customer’s business?”

Winning a customer requires more than solving a problem. To win a customer over the long term, you must help them improve their business. To most marketers, this represents a shift in how they think and market.

The Three Pillar approach helps makes this shift feel natural. The Three Pillars lock your focus on:

  • Positioning – Adopt an Outside-Looking-In point of view
  • Less Is More – Learn on why customers select your offering
  • Get Selected Faster and More Often – Accelerate the sales cycle by understanding how people make decisions.

Far from being difficult to implement, the Three Pillars create a virtuous cycle of marketing that improves execution with each iteration.

The Three Pillars are commonly overlooked because they don’t tie directly to your company’s tangible product or service. They are a foundational approach that improves any product or service. Because the Three Pillars integrate with traditional go-to-market strategy and planning activities, big gains don’t require new investments or technology.

Pillar 1 – Positioning: Adopt an Outside-Looking-In Point of View

Pick up a piece of marketing collateral and, with few exceptions, it will talk more about the vendor than the customer. This “inside-looking-out” point of view is natural but turns off customers who want to talk about their business, not yours.

Shifting your focus away from your product and how it is used creates the alternative “outside-looking-in” point of view. Instead, you ask, “How does working with my company improve the customer’s business?”

Start thinking this way, and your customers will notice and love you for it. Even if your product is unremarkable, simply speaking in terms of the success of their business rather than yours causes buyers to gravitate to your company.

A common point-of-view prepares you to identify the real reasons why your customers buy from your company.

 

Pillar 2 – Less Is More: Learn Why Customers Select Your Offering

Customers select your company for reasons that can be quite different from why you would select your company. Your customer’s buying decision depends less on the finer points of your offer than you think. You work hard to offer a quality product with lots of capabilities. So do your competitors. Customers expect quality, so quality is the cost of entry. Ditto for many features and capabilities. The downside of poor quality or missing a key feature is much larger than the upside from superior quality or a longer list of capabilities.

It’s not so easy to figure out what matters. Beyond hard sales data, most customer buying information is riddled with confirmation bias, wishful thinking, and guesswork. Uncertainty leads to “throwing mud at the wall” to see what sticks. The Three Pillars replace this kind of guesswork with confidence.

To figure out what drives selection, you must dig deeper. Be careful, surveys are ideal for validating hypotheses but are a poor choice when you don’t know what you don’t know. An open mind and an expert third-party will guide you toward insights you are unlikely to discover on your own.

Seeing your business the way your customers see it and knowing why they select your company prepares you for Pillar 3: shortening the sales cycle by understanding how your customers think and decide.

 

Pillar 3 – Get Selected Faster and More Often: Accelerate the Sales Cycle by Understanding How People Make Decisions

You don’t have to manipulate or even influence customers to gain a competitive advantage from aligning your marketing with how they make decisions. By understanding how your customer thinks, you can help them make better decisions. It’s counter-intuitive, but less information can drive faster, more confident decisions.

People are less rational and more emotion-driven than they believe. This includes complex purchase decisions. They strive to be logical, but processing gobs of often ambiguous or conflicting information from multiple vendors flies in the face of how humans make decisions.

People make an initial decision based on emotion, then cherry-pick facts to make their decision seem logical. A growing body of research shows that making an earlier emotional connection with the buyer gives you an advantage. Once they decide they like an option, the buyer’s thinking falls in line with their emotions (Raghunathan, University of Texas).

Take away the emotional component, and we struggle with decision making. That’s what researchers found working with people who lack emotions due to brain injuries (Damasio, USC). Good decisions balance emotion and logic; both are required.

The perception that a better logical argument wins the day undermines your marketing efforts. Nothing derails the buyer’s decision process like a long list of features—even benefits—when it causes them to reconsider their initial, emotional decision.

 

Connecting the Three Pillars

The Three Pillars infuse the entire go-to-market process, especially positioning & messaging, documenting the Buyer’s Journey, and sales enablement. Together these activities create clarity by re-casting critical marketing activities from the point of view of the customer.

When I teach the Three Pillars to marketers, they are surprised to find the Three Pillars work especially well with complex B2B offers involving multiple people. These types of buying processes are full of uncertainty, and the Three Pillars create clarity and focus. By clearly aligning with your customer’s business success, buyers and influencers find it easier and less risky to select your company. Internally, the phased approach allows for a virtuous cycle of marketing that reinforces and improves execution over time. The Three Pillars quickly collects additional adherents based on demonstrated results.

Using the Three Pillars to understand and align with your customers’ business success builds a more effective Go-to-Market plan that accelerates the sales cycle. Your company becomes an easier choice for customers because you are authentically aligned with the customer voice. Outside-In messaging rises above the noise because it is both unexpected and better. Finally, linking your success with that of your customers is extremely attractive positioning to customers.

About Bruce La Fetra

Bruce La Fetra is a Partner with Eastwood Strategy Advisors. He positions companies and products for growth by aligning Go-to-Market plans with their customers’ success. Marketing leaders benefit from insights gained during his 20+ years in product management, product marketing, and hundreds of customer interviews for dozens of clients. Prior to consulting, Bruce held product management, product & service marketing, and business development roles for leading software, hardware, and financial services companies. Contact Bruce at Bruce@EastwoodStrategyAdvisors.com or connect with him on LinkedIn at http://LinkedIn.com/in/blafetra

HOW A ‘PRECISION PRESCRIPTION’ CAN PUT A FINER POINT ON THE QUESTION OF BUILD VS. BUY

by: Cate Zovod

Did you know that identical twins – born with the same DNA – grow genetically apart, and end up with wholly different genomes as they age? This phenomenon, called epigenetics, concerns how genes express themselves as they’re exposed to environmental factors, stress, diet, culture, etc. This discovery is spurring a new era in precision medicine, in which doctors can tailor treatments that target our highly individual genetic and epigenetic profiles.

IT organizations are like the human body: Both are complex interconnected systems. And just like the human body, no two enterprises are alike. Even IT organizations with similar DNA – say, predominantly “SAP shops” with the same core ERP systems, or banks whose operations have relied on CICS mainframes for decades – will evolve differently, resulting in divergent org structures and staffing, network configurations, cultures and business priorities.

So with all these differences, why do we marketers continue to treat customers with broad strokes, or by size and industry? It’s time to issue a more precise prescription: those of us who sell technology need to move beyond the old “build vs. buy” paradigm, and tailor our content and solution offerings to more effectively and efficiently solve customers’ greatest business challenges.

Technology May Be the Answer, But Only If They Ask the Right Question

As an industry, we don’t always do the best job helping to address these issues with actionable guidance that transcends piecemeal selling; it’s easier to recommend a pharmaceutical than it is to create and manage a holistic health and nutrition plan.

A better approach would be for marketers to ask the right question to begin with: Find out what your target customer’s “hedgehog” is (as popularized in the book Good to Great),– the thing at which they are uniquely best and their employees most passionate. From there, you can start to create a compelling case for buy over build. And here’s the news: Build vs. buy is a continuum, not a binary choice.

The ideal sales motion – the one that begins to look like precision medicine – is a combination of outside-in (what is the customer’s destination?) and inside-out (what do they have in place?). In other words, examine the nature of the problem they are trying to solve to understand the role of your productin relation to their businesses strategy.

Ask more questions: What talent do they have in house? What is their assessment of the problem you solve? What are their preconceptions of the technologies required to solve it? If they believe what you are selling is germane to the care and feeding of their hedgehog, they will prioritize their time, money and talent accordingly. If it is not, that is fine – you may be able to make a case that they can offload a commoditized but necessary process onto your technology and services.

And there’s another level of detail to consider: What are all the options available to your customer to solve the problem? Do not just consider direct competitors as they may be talking to consultants, services providers, job candidates, or examining open source options. And, what changes will they have to make in their business processes to make the most of an investment in your product? Do not downplay or obfuscate required organizational commitments – partner early with your customer – pre-sale! – to pave the way to a successful outcome.

For instance, the organization that fosters well-documented processes backed by strong rules engines may earn faster ROI on automation purchases. But if the decision-making culture puts a premium on individual judgment or is more art than science, with variance as the norm, workflow automation may only address a small percentage of cases. That organization might be best served starting with an audit of past decisions to identify commonalities that can be applied to a wider swath of cases, before technology even comes into play.

The Evolution of Build vs. Buy

The options have become more complex as our vendor landscape has matured. It’s not just SaaS vs. on-premise; it’s in-house management vs. BPaaS. It’s not custom dev vs. outsourced; it’s also open source vs. proprietary code libraries, monolith vs. microservices. Customers need help navigating the new terrain, and it is an opportunity for your company to become a trusted partner.

So what’s the right precision prescription?

Consider two axes of evaluation: from custom to one-size-fits-all, and from do-it-yourself to fully outsourced.  Where your customers land depends on their investment profile/budget, risk tolerance, skills pool and strategic priorities.

build buy matrix

Be a Helper and a Healer

Increasingly medicine is personalized to suit the profile of the patient. Enterprise technology should entertain the same metaphor, realizing that one organization’s game-changing software investment is another’s expensive shelfware, and some companies differentiate on product quality while others may need to preserve margins to win as a price leader.

While enterprises are being pushed, at an existential level, to modernize to compete, it isn’t easy to understand what to prioritize, the impact of investments and the true costs of doing so, and not just in terms of money. But in this complexity lies great flexibility and choice – and an opportunity for good sales and marketing partners to provide critical guidance.

The embarrassment of riches that is today’s IT vendor landscape is a boon to customers, but creates an extremely competitive environment for product marketers. For instance, there are over 1,000 fintechs and nearly  5,000 marketing technology providers.  You can stand out from the crowd by:

  • Partnering with customers in a genuine way to determine the best solution configuration for them – whether or not it maximizes short-term product license sales
  • Broadening your familiarity with approaches customers might consider to solve their problem, in order to position yours in light of their strengths, weaknesses and predilections
  • Be candid about the journey: share not only case studies with positive outcomes, but lessons learned, potential “gotchas” and helpful supplemental investment options around your product. In this way you will move from vendor to trusted partner.

Steps for Product Marketers

  1. Think beyond traditional market segmentation and adopt an Account-Based Marketing approach for your top target customers. Learn about their technology maturity, staffing model, skillsets, buying preferences, and their “hedgehog” – what sets them apart in their industry.
  2. Use what you have learned to develop custom – or tailored – content, beyond industry and company size. Partner with demand gen to leverage tools such as component-based email templates, tailored nurture streams and website personalization to tailor your outreach to new kinds of segments. Instead of an “email for large banks”, do an email for “banks who build in-house” or segment by the technology adoption lifecycle.
  3. Get familiar with your company’s own services offerings and their strengths – or those of your partners. As product marketers are often measured on license sales, services are downplayed. But they may be key to a customer’s success with your product, and in getting the customer successful faster, they may deliver competitive advantage both to them and to you.

To learn more, visit: https://digitally.cognizant.com/precision-medicine-approach-finer-point-build-vs-buy-codex3797/