Myth Busting 101: Insights Into The B2B Buyer Journey

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The folklore of B2B marketing is loaded with fables, myths, and urban legends about today’s B2B buyer. Sure, meta trends represent dramatic changes in the averages, but it’s irresponsible to build …

The folklore of B2B marketing is loaded with fables, myths, and urban legends about today’s B2B buyer. Sure, meta trends represent dramatic changes in the averages, but it’s irresponsible to build your customer engagement strategy on aggregate trends.

In this session, guest speaker Lori Wizdo and Giles House revealed a strategic framework you can use to drive buyer engagement, including:
- What mix of traditional, social, and digital channels attract your target buyer.
- How the sales/marketing handoff changes for different buyer archetypes.
- How you can right-size your content strategy to accelerate your buyer’s journey

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  • 1. Myth-Busting 101: Insights Into The B2B Buyer Journey June 26, 2014
  • 2. Today’s Featured Speakers Giles House Chief Marketing Officer CallidusCloud Lori Wizdo, Guest Speaker Principal Analyst Forrester Research Inc.
  • 3. Agenda Myth-busting 101: 1: The B2B Funnel 2: Marketing to the decision maker 3: Sales Enablement Recap and Questions
  • 4. #caldc3 Pace of change • 25% of goods and services shipped and sold in the last 10yrs Pace of Change Products & Services
  • 5. © 2014 Forrester Research, Inc. Reproduction Prohibited 5 Myth No. 1: The funnel is dead
  • 6. © 2014 Forrester Research, Inc. Reproduction Prohibited 6 Myth No. 1 - False The funnel is dead
  • 7. © 2014 Forrester Research, Inc. Reproduction Prohibited 7 Great lead! Can I get 2,000 more just like that?
  • 8. © 2014 Forrester Research, Inc. Reproduction Prohibited 8 It’s not a numbers game anymore. The B2B funnel needs a tune-up.
  • 9. © 2014 Forrester Research, Inc. Reproduction Prohibited 9 Attract Capture Nurture Convert Expand It’s not about . . . . . . moving hundreds of “leads” through a process of serial attrition until dozens of deals emerge.
  • 10. © 2014 Forrester Research, Inc. Reproduction Prohibited 10 . . . take a single lead through an optimized process . . . . . . and then repeat that process hundreds or thousands of times. Our new goal is to . . . Source: November 16, 2012, “Pinpoint The Actions And Outcomes That Elevate Leads To Revenue” Forrester report
  • 11. © 2014 Forrester Research, Inc. Reproduction Prohibited 11 Myth No. 1 - False The funnel is dead
  • 12. © 2014 Forrester Research, Inc. Reproduction Prohibited 12 Myth No. 2 We’ve got to focus our marketing on the decision-maker
  • 13. © 2014 Forrester Research, Inc. Reproduction Prohibited 13 Myth No. 2 - False We’ve got to focus our marketing on the decision-maker
  • 14. © 2014 Forrester Research, Inc. Reproduction Prohibited 14 Fact: Buying team dynamics vary greatly Base: Buyers of virtualization and systems management software, US, companies of 500+ employees; buyers of apps and infrastructure, US, companies of 1,000+ employees Source: Forrester’s Business Technographics® Customer Journey Survey, Q1 2013 CXO 36% 11% 7% 9% 7% 9% 9% 7% 31% 7% 12% 9% CIO 30% 42% 32% 31% 24% 37% 15% 23% 51% 28% 35% 34% LOB 9% 11% 13% 6% 6% 10% 6% 7% 6% 7% 12% 9% IT manager 20% 23% 22% 19% 23% 21% 30% 26% 16% 32% 14% 18% IT specialist 29% 29% 34% 39% 24% 29% 50% 37% 5% 41% 22% 33% Channel 2% 4% 7% 5% 8% 13% 8% 8% 2% 8% 4% 7% Procurement 3% 9% 13% 23% 25% 10% 11% 18% 15% 2% 12% 7% Internal end user 6% 4% 4% 4% 3% 4% 9% 6% 2% 8% 9% 5% Someone else 2% 1% 2% 2% 2% 1% 1% 4% 7% 2% 3% 6% CXO 16% 6% 3% 6% 4% 6% 3% 3% 22% 3% 8% 5% CIO 20% 29% 15% 20% 13% 21% 11% 14% 37% 15% 23% 24% LOB 12% 11% 12% 8% 9% 12% 7% 7% 9% 7% 12% 13% IT manager 23% 28% 26% 26% 30% 23% 27% 28% 16% 30% 26% 28% Internal IT dept specialist 35% 36% 41% 32% 29% 35% 55% 36% 14% 52% 30% 38% Channel 3% 4% 7% 7% 8% 12% 10% 11% 4% 9% 7% 5% Procurement 4% 9% 17% 24% 31% 14% 7% 26% 20% 6% 11% 6% Internal end user 16% 8% 8% 5% 6% 10% 18% 12% 7% 13% 10% 8% Someone else 6% 4% 5% 3% 6% 3% 4% 4% 6% 6% 5% 5% 18% to 29.99% high 30%+ extremely high 10% to 17% medium <10% low Influence level
  • 15. © 2014 Forrester Research, Inc. Reproduction Prohibited 15 Myth No. 2 - False We’ve got to focus our marketing on the decision-maker
  • 16. © 2014 Forrester Research, Inc. Reproduction Prohibited 16 That’s why you need buyer journey maps Who? When? Where: channel What: questions What: content Discover Explore Evaluate Why? Buy
  • 17. © 2014 Forrester Research, Inc. Reproduction Prohibited 17 This is great! But how does this scale? Awareness Consideration Purchase Purchase influencers: CIO CIO CIO LOB owner Internal IT specialist IT manager Top vehicles: Analysts Vendor events Vendor sales Peers and colleagues www.vendor.com Peers and colleagues www.vendor Vendor sales Industry conference Most impactful content Market/industry trends Business benefits Examples How-to/integration Competitive comparisons Technical benefits ROI information Service/support Packaging Web content and infographics Whitepaper and web content Excel tools and PDFs
  • 18. © 2014 Forrester Research, Inc. Reproduction Prohibited 18 B2B marketers need a scalable approach for buyer-centric, go-to- marketing strategy and execution
  • 19. © 2014 Forrester Research, Inc. Reproduction Prohibited 19 Mature market Simple fast buy Mature market Highly complex buying process New market Simple fast buy New market Highly complex buying process Complexity of buyer’s decision process Marketmaturity Changing shipping provider (FedEx to UPS) Desktop/laptop sourcing Buying MRO supplies Desktop productivity tools Deploying private cloud for test/deployment Digital presence technologies Enterprise mobility solutions Business process outsourcing of noncore functions and processes New supply chain partner (FedEx to UPS) Migrating on- premises email to Gmail Compliance reporting solutions Security software after recent attack Security software without recent incidents B2B marketing automation in 2013 B2B marketing automation in 2009 B2B marketing automation in 2003 For Example.
  • 20. © 2014 Forrester Research, Inc. Reproduction Prohibited 20 The Procurer The Improver The TransformerThe Reactor Revealing Four Unique Buyer Profiles … … with predictable context
  • 21. © 2014 Forrester Research, Inc. Reproduction Prohibited 21 Predictable buyer context in each zone Procurer Improver Transformer Reactor Adoption Knowledge Sources Stakeholders Budget Driver Process change Source of ROI Widespread In segments Rare Emerging Codified With SMEs Thought Leaders Analysts Small Practitioner Large Managers Larger Executives Small Executives Existing line item Planned for next cycle Created Reallocated Improve P&L Ongoing improvement Strategic business need Business imperative None High, incremental Disruptive Limited Product features Enabled process change Innovation Use of product
  • 22. © 2014 Forrester Research, Inc. Reproduction Prohibited 22 Procurer Generating BANT qualified — with an active buying project — for late-stage sales engagement Improver Generating highly qualified — with an active buying project — for late-stage sales engagement Transformer Attract and capture persona-targeted leads — for early sales engagement — with thought-leading nurturing. Reactor Attract and capture targeted leads — to a contextually detailed persona — for early sales engagement. Complexity of buyer’s decision process Marketmaturity L2RM strategy profiles give sales and marketing a unified framework to work together
  • 23. © 2014 Forrester Research, Inc. Reproduction Prohibited 23 Turning strategy into action
  • 24. © 2014 Forrester Research, Inc. Reproduction Prohibited 24 The way deals start today Source: December 10, 2012 “Introduction To The Value Equation Framework” Forrester report
  • 25. © 2014 Forrester Research, Inc. Reproduction Prohibited 25 How deals start today: known need
  • 26. © 2014 Forrester Research, Inc. Reproduction Prohibited 26 How deals start today: unknown need
  • 27. © 2014 Forrester Research, Inc. Reproduction Prohibited 27 The right mix drives people to your site
  • 28. © 2014 Forrester Research, Inc. Reproduction Prohibited 28 The right mix can be hard to figure out Source: Forrester B2B Technographics® Buyer Sources Of Influence: Awareness All Technologies/All Countries 0% 5% 10% 15% 20% 25% Texting/short codes QR codes Signage Podcasts/webcasts/webinars Vendor-affiliated community Vendor sponsored community Blogs Apps/apps store Procurement/GSA SI/consultant Email (news/sub) Social networking sites Direct email VAR/retailer Whitepapers Direct mail Vendor print Sponsored seminar TV/radio Vendor events IT forums/message boards Industry conference Industry association Industry print (nontechnology) Vendor sales tele/email Tech analysts www.busprint/news www.generalInterest Business print/news Catalogs Trade shows Tech print www.techinfo www.techprint Vendor sales in person www.searchengines www.vendor
  • 29. © 2014 Forrester Research, Inc. Reproduction Prohibited 29 Tactics to attract . . . L2RM strategy profiles illuminate different strategies for the buyer’s discovery phase. Procurer Improver Reactor Transformer SEO/SEM keywords PR focus Content marketing Influencer marketing Outbound Offers Product Business outcome Solution Business problem Product showcasing Outcomes Thought leadership Business problem Product use cases Tactics and techniques Business outcomes Business problem Practitioner sites/forums Topic communities Influencers Analysts Drip campaigns Content marketing campaigns Events Events Late funnel: trials/demos/ downloads Content marketing offers Thought leadership offers Midfunnel: evaluations and assessments
  • 30. © 2014 Forrester Research, Inc. Reproduction Prohibited 30 Tactics to nurture . . . L2RM strategy profiles illuminate different strategies for the buyer’s evaluation phase. Procurer Improver Reactor Transformer Time frame Content strategy Very short Long Long Short Product benefits Removing barriers to action Closing CTAs Tips and techniques Solution- focused Consensus building Planning tools Business- outcome- oriented Thought leadership showcase Removing barriers to action
  • 31. © 2014 Forrester Research, Inc. Reproduction Prohibited 31 The fine art of being relevant › Design your site to speak to buyers . . . › . . . and to buyer needs. › Use on-site behavioral targeting. › Increase site “stickiness” with targeted content. › Provide content based on visitor behavior.
  • 32. © 2014 Forrester Research, Inc. Reproduction Prohibited 32 Myth No. 3 Nearly 60% of a typical purchasing decision is completed before customers even have a conversation with a supplier.
  • 33. © 2014 Forrester Research, Inc. Reproduction Prohibited 33 Myth No. 3 - False Nearly 60% of a typical purchasing decision is completed before customers even have a conversation with a supplier.
  • 34. © 2014 Forrester Research, Inc. Reproduction Prohibited 34 DISCOVER EXPLORE PurchaseConsiderationAwareness
  • 35. © 2014 Forrester Research, Inc. Reproduction Prohibited 35 Fact: Sales reps remain a source of influence Awareness www.vendor.com Search engines Vendor sales in person www.techprint www.techinfo Consideration www.vendor.com Vendor sales in person www.techprint www.techinfo Search engines Purchase Vendor sales in person www.vendor.com www.techprint www.techinfo Search engines “What vehicles do you rely on for information about vendors and solutions across all phases of your buying process?” Base: companies of all sizes, representing all software purchasing; Source: Forrester’s Business Technographics® Customer Journey Survey, Q1 2013
  • 36. © 2014 Forrester Research, Inc. Reproduction Prohibited 36 You’ve got to give your sales reps the right leads!
  • 37. © 2014 Forrester Research, Inc. Reproduction Prohibited 37 L2RM strategy profiles reveal different lead scoring models Procurer Improver Reactor Transformer Marketing qualified leads (MQLs) Sales qualified leads (SQLs) Demographics Firmographics Demographics Firmographics Persona Demographics Firmographics Persona Demographics Firmographics Persona BANT MQL plus late- stage buying behavior MQL plus early-stage buying behavior MQL plus contextual signals
  • 38. © 2014 Forrester Research, Inc. Reproduction Prohibited 38 You’ve got to give your sales reps the right tools!
  • 39. © 2014 Forrester Research, Inc. Reproduction Prohibited 39 Buyers Are your salespeople really prepared? Source: November 22, 2013, “The Failing School System For B2B Sellers” Forrester report
  • 40. Or are you losing opportunities? Base: 418 global IT and business decision-makers; Source: Q4 2011 Global Executive Buyer Expectations Of Sales Interactions Online Survey
  • 41. Or are you losing opportunities?
  • 42. © 2014 Forrester Research, Inc. Reproduction Prohibited 42 L2RM strategy profiles illuminate different strategies to enable sales to help the buyer make a decision. L2RM strategy profiles reveal different sales enablement strategies Procurer Improver Reactor Transformer Content Delivery Address specific product questions. Competitive comparisons Remove barriers to action. Discovery guides Solution positioning Best practice advisory Tools and training to inspire and create a shared vision Discovery guides Tools and training to deliver problem space advisory Content and events Content and events Events and content Content
  • 43. The big pivot… From one sized fits all sales and marketing To engagement based on buyer specific needs The Procurer The Improver The Transformer The Reactor
  • 44. © 2014 Forrester Research, Inc. Reproduction Prohibited 44 Myth No. 3 - False Nearly 60% of a typical purchasing decision is completed before customers even have a conversation with a supplier.
  • 45. For Review Myth-busting 101: 1: The B2B Funnel 2: Marketing to the decision maker 3: Sales Enablement Recap and Questions
  • 46. Thank you Giles House Chief Marketing Officer CallidusCloud ghouse@calliduscloud.com Lori Wizdo, Guest Speaker Principal Analyst Forrester Research Inc. lwizdo@forrester.com