Mapping Mind & Method: The Buyer's Journey in the Age of Inbound Commerce
 

Mapping Mind & Method: The Buyer's Journey in the Age of Inbound Commerce

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As merchants we are often too focused on engaging customers at the moment of purchase. This leads us to overly rely on expensive outbound acquisition activities that are often ineffective. Join Danny ...

As merchants we are often too focused on engaging customers at the moment of purchase. This leads us to overly rely on expensive outbound acquisition activities that are often ineffective. Join Danny Essner, Head of Merchant and Partner Marketing at Magento, and Sam Mallikarjunan, Head of eCommerce Marketing, to learn how to map customer buying journeys and leverage Inbound Commerce to engage and win customers before they’re ready to buy. In this webinar we’ll show you how to build long-term customer relationships that optimize for customer lifetime value.

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  • Danny
  • Danny
  • Danny: Our friends at Forrester Research have an visualization that I really love, but it’s missing some key concepts.
  • Danny
  • Danny
  • There’s no reason to think that our jobs are going to continue to be this easy. Some of the greatest minds of our time are working on creating an online user experience that people love and converting that into units of value.
  • Danny
  • There’s no reason to think that our jobs are going to continue to be this easy. Some of the greatest minds of our time are working on creating an online user experience that people love and converting that into units of value.
  • There’s no reason to think that our jobs are going to continue to be this easy. Some of the greatest minds of our time are working on creating an online user experience that people love and converting that into units of value.
  • There’s no reason to think that our jobs are going to continue to be this easy. Some of the greatest minds of our time are working on creating an online user experience that people love and converting that into units of value.
  • There’s no reason to think that our jobs are going to continue to be this easy. Some of the greatest minds of our time are working on creating an online user experience that people love and converting that into units of value.
  • Danny
  • Danny
  • Danny:Keep in mind that each macro-persona is essentially an entirely different business – you can and should track the entire lifecycle of your business’s unit economics by persona so that you know what kinds of customers you’re attracting with what types of content, how valuable they are, and adjust your inbound marketing accordingly.
  • Danny
  • Danny
  • Don't focus on the transaction focus on the relationship
  • Danny
  • Danny
  • Danny
  • Danny
  • Danny
  • DannyWhat Corey wants here is for Charlie’s pain points to align with something her product solves for. He may not know or have yet defined exactly what his pain points are.She needs to educate Charlie so he can define & articulate his desires, as well as make sure Charlie can find her and identify her as a potential solution.We hear a lot that “my TV sucks” or “my phone sucks” – we need to help consumers articulate why they feel it sucks and what they really want. They don’t know what they don’t know – if Fakasonics LT30 has an awesome feature that separates our product from another company using tiny elves inside the TV that render the picture with precise color matching using Elf-o-vision, but Charlie can’t articulate that it’s his colors that look weird, he’s not going to consider Elf-o-vision to be a competitive advantage and it’s not going to influence his buying process.
  • Danny
  • Danny
  • DannyI’ll give you a HubSpot - Magento example here. We stay at the cutting edge of marketing theory and teach people what kind of marketing methodologies are effective in an ever-changing world through webinars like this. Because we’re at the cutting edge of theory, we build our software around what we think is going to make people effective. It’s a self-perpetuating cycle of finding out what’s going to help your customers, building your product to be the best solution, then educating your customers on those pains even if they didn’t know they had them yet. Google Glass is another great example of this. Most consumers aren’t really familiar with the concept of wearable computers except in the science fiction context nor are they familiar with how integrated information systems can help them solve actual real-world problems – like where’s the closest place to buy beer. Google has had to invent a market for that and educate consumers about it. The iPhone is another great example – coming around in an era with phones were literally just phones with a few additives such as simple games like Snake, the iPhone identified a need for an integrated consumer electronics platform and educated people about why they needed it by promoting their use cases.
  • DannyTalk about how powerful an influence reciprocity has on building trust.
  • DannyWhat should you accomplish while providing a relevant user experience to Charlie during his Awareness Phase? Building credibility. Think about people that have had credibility with you in the past – odds are it’s because they taught you something. School teachers, business mentors, even really great bosses – they’ve all been able to influence and persuade you because they’ve been able to teach you something.It’s a legitimate function of marketing to work on building the reputation of the marketing engine – whether it’s branded or personified – so that recipients are more receptive to persuasive messages.
  • Sam (for the personal story)The guide is particularly useful to me because I’m allergic to most metals except stainless steel – no idea why – but I didn’t know that they white gold for wedding rings was an option so she could match my silver color.
  • Sam
  • Sam
  • Funny enough, when I was buying a new HDTV I couldn’t really find any retailers with great content – only review websites. The retailers were letting the review websites control the entire conversation. As you can see, this result is more than 8 months old – and age impacts rankings - with a few hundred social interactions – and social shares also strongly impact rankings. It’s impressive, but not insurmountable.
  • Funny enough, when I was buying a new HDTV I couldn’t really find any retailers with great content – only review websites. The retailers were letting the review websites control the entire conversation. As you can see, this result is more than 8 months old – and age impacts rankings - with a few hundred social interactions – and social shares also strongly impact rankings. It’s impressive, but not insurmountable.
  • As often as coupons are used, this is really the only phase where they belong. They’re not useful for attracting new contacts, because you’ll attract the wrong kinds of one-night-stand customers. It’s also not useful for blasting your past customer base with, because you can take people who weren’t highly price sensitive before and make them that way by framing the conversation entirely from the perspective of price. Coupons should be used only to accelerate the path through and prevent drop off from the intent phase.
  • What should you accomplish while providing a relevant user experience to Charlie during his Awareness Phase? Building credibility. Think about people that have had credibility with you in the past – odds are it’s because they taught you something. School teachers, business mentors, even really great bosses – they’ve all been able to influence and persuade you because they’ve been able to teach you something.It’s a legitimate function of marketing to work on building the reputation of the marketing engine – whether it’s branded or personified – so that recipients are more receptive to persuasive messages.
  • People aren’t going to buy from you until you’ve addressed these three appeals. If they don’t trust what you’re saying or trust you know what you’re talking about, they won’t buy from you. If they aren’t convinced that pricing or features & functionality don’t make sense for them, they won’t buy from you. And if buying from you doesn’t make them feel positive emotions that reinforce their decision, they’re not going to buy from you.
  • Many marketers call it a day here and put a victory on the board.
  • DannyWe have to start considering customers acquired as a unit of economic investment
  • DannyWe have to start considering customers acquired as a unit of economic investment
  • Danny
  • Danny
  • Danny
  • Danny
  • Danny
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  • Danny
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  • Sam
  • Sam
  • Danny

Mapping Mind & Method: The Buyer's Journey in the Age of Inbound Commerce Mapping Mind & Method: The Buyer's Journey in the Age of Inbound Commerce Presentation Transcript

  • Mapping Mind & MethodThe Buyer’s Journey in the Age ofInbound Commerce#InboundCommerce+
  • Sam@MallikarjunanHead of eCommerce atHubSpot
  • DannyEssnerMarketing atMagento
  • Ask questions at any time:Use hashtag#InboundCommerceUse theQuestions Panel
  • Price competition isn’tworking anymore –there’s alwayssomeone willing tomake less moneythan me. What can Ido?
  • The fundamentalnature of relationshipsbetween buyers andsellers has changed.Well, the buyers havechanged – we’re stillcatching up.
  • The Buyer’s Journey
  • So easy, pretty, and simple to understand, ain’t it?The Conventional LinearBuying Process
  • Getting FancyTying methods to the phases
  • Reality is more complicated:The inbound relationship lifecycle
  • Reality is more complicated:The inbound relationship lifecycle– Missing key phases ofthe buying cycle andmarketing process– Considers “Influencers”an end-state– Considers “Buyers” andend-state
  • It’s not an end-stateIt’s an infinite loop
  • This breaks the classiceCommerce Funnel
  • eCommercemarketers are late tothe game – alwaysfocused on the sale. Ifyou’re waiting until thecustomer is ready tobuy to engagethem, you’ve alreadylost them.
  • So we started converting peopleearlier
  • And we realized thatrepeat business is key
  • We even targetedour evangelists
  • Let’s notovercomplicate things– but let’s respect thatthe relationshipbetween buyer andseller is morecomplex. Give peoplemore credit.
  • What is Inbound Marketing?
  • Instead of interruptingexperiences people love…Inbound Marketing is…Inbound marketing focuseson creating them.
  • #InboundCommerce is about creating an end-to-enduser experience that people love.#Smarketing is aligning sales (e.g. @Magento) withmarketing (e.g. @HubSpot) so you can make decisionsbased on the whole picture.Lazy Tweets
  • It All StartsWithBuyer Personas
  • Know YourCustomer
  • Narrative Buyer PersonasUses psychographicdimensions to predictbehavioral responsesComputerized Buyer ProfilesUses automated numericcorrelations to predictbehavioral responsesCustomer Cohort Analysis Methods
  • How many personas should a company have?Multiple Persona Disorder
  • How many personas should a company have?Short answer: As many as needed andas few as possible.Multiple Persona Disorder
  • Buyer Personas tell us whoour customer is: What makes anexperience they’ll love What influences theirbehaviors
  • Customer ExampleCould you write ablog article afterlooking at this?Could you craft apersuasive emailwith this info?Could you define aqualifying question toidentify Samamongst the crowd?
  • meetcharlie.
  • • Age: 25• Gender: Male• Income: $77,000• Sites he visits: BostInno, NYTimes, Gizmodo• Social Accounts:Twitter, LinkedIn, Facebook• Likes: Marketing, Star Wars, tech,gadgets, etc.Computerized Buyer Profile
  • Narrative Buyer PersonaNarrativeBackstory:Choosy Charlie is a 29 year oldmarketing manager for a softwarecompany in Cambridge Mass.Charlie has an MBA from Sloanat MIT. His favorite hangout isCourtside Karaoke bar. Charlie isan Android guy – Googlebasically owns his life. He’ll befirst in line to buy Glass. He wasraised from birth to be a GreenBay Packers fan. He’s technicallysavvy as a user but doesn’t knowthe jargon (though he won’t admitit).PsychographicDimensions:• What he’s looking for:• HDTV (product)• Better experience (emotion)• Pain Points:• Uninformed about specs• Short on time• Communication Preferences:• E-mail (short, no graphics)• Twitter @replies• Decision influencers:• Friends, “expert” advice• Responsiveness to humor:• Very receptive• Responsiveness to urgency:• Not receptive
  • Anonymous, generic transactionsIn gray we’ll talk about what themarketer’s engagement withCharlie looks like in each Phase.We’ll includetools, tactics, channels, metrics, and more.In white we’ll narrate Charlie’sJourney on his way to purchasinghis HDTV.We’ll talk about what factors of thebuyer persona affect each phase.
  • This is the bigweakness forsellers focusing onmarketplaces – therelationship you’rebuilding is with themarketplace – notyour company.
  • A lasting, valuable relationshipHi! I’m Charlie! I havethings I love and hate. Ihave vague personalgoals.Hi! I’m Corey, head ofHDTV Product Marketingfor Fakasonic. I haveclear business goals.
  • You’ve already lostthe battle for theone-night-standcustomer todiscount and long-tail inventory sites.But they wouldn’thave been loyal toyou anyways. Youdeserve to beloved.
  • At this point, Corey knows Corey prettywell: Primary marketing goal: Audiencebuilding Content types: Blogs, share-bait Key Metrics: Reach, Net-New ContactsCorey only know Charlie as a friend of afriend: General Interests “Talking About”Relevance PhaseThe largest bucket, the RelevancePhase includes anyone who could beinterested in or affected by yourproduct.
  • Corey’s job is to create content that willattract Charlie, either through organicsearch results social referrals. General topic blog articles Visual content Social interaction/monitoring Leveraging promotersRelevance PhaseI likesports!The largest bucket, the RelevancePhase includes anyone who could beinterested in or affected by yourproduct.
  • Corey’s job is to create content that willattract Charlie, either through organicsearch results social referrals. General topic blog articles Visual content Social interaction/monitoring Leveraging promotersRelevance PhaseI likesports!The largest bucket, the RelevancePhase includes anyone who could beinterested in or affected by yourproduct.
  • Moving between phasesTo move Charlie from the Relevance Phase to the Awareness Phase, Corey needs tocreate and share an aspirational content experience that helps Charlie realize what hislife as a sports enthusiast could be like.I likesports!I wish I couldsee the gamebetter.
  • Moving between phasesTo move Charlie from the Relevance Phase to the Awareness Phase, Corey needs tocreate and share an aspirational content experience that helps Charlie realize what hislife as a sports enthusiast could be like.I likesports!I wish I couldsee the gamebetter.
  • Awareness PhaseThe Awareness Phase of the buying cyclestarts when Charlie has identified –become aware – that he has a pain pointto begin with. In this case, Charlie hatesthat his old, tiny, yet somehow still bulkyTV “sucks”. Primary Marketing Goal: Attract problem-sensitive traffic, and/or build problemawareness Content Types: Blogs, visualcontent, early-stage downloadablecontent Key Metrics: Website Traffic, NetPromoter Score, Product/FeatureAwareness Surveys, Pre-TransactionalConversions
  • Moving between phasesTo help Charlie move from the Awareness Phase to the Research Phase of his buyingcycle, we need to help educate Charlie so he can articulate his desires and know whatfactors or features are relevant to them.I wish I couldsee the gamebetter.
  • Moving between phasesTo help Charlie move from the Awareness Phase to the Research Phase of his buyingcycle, we need to help educate Charlie so he can articulate his desires and know whatfactors or features are relevant to them.I wish I couldsee the gamebetter.I wish my TV had abetter contrast ratioand definition.
  • Research PhaseWe’ve been told since we were kids to“look before we leap”. Every product, nomatter how small or large, involves somelevel of research. Primary Marketing Goal: Position specificFakasonic HDTV’s as solutions Content Types: Blogs, visualcontent, buyer’s guides, featureguides, etc. Key Metrics: Website Traffic, NetPromoter Score, Product/FeatureAwareness Surveys, Pre-TransactionalConversions
  • Research PhaseThanks to the exposure I’ve had toFakasonic’s inbound marketing, I’mfamiliar with them. They’ve also given mesomething valuable without asking muchin return through their “Football Fan’sGuide To Find Fellow Fans”. Primary Marketing Goal: Position specificFakasonic HDTV’s as solutions Content Types: Blogs, visualcontent, buyer’s guides, featureguides, etc. Key Metrics: Website Traffic, NetPromoter Score, Product/FeatureAwareness Surveys, Pre-TransactionalConversions
  • Ethos: The Appealof classical rhetoricthat states that theauthority orcredibility of thespeaker has a directimpact on thewillingness of theaudience to beinfluenced by themessage.
  • Research PhaseCorey’s not just building her contactlist, she’s generating predictable futuresales revenue that she can analyze andoptimize:
  • Moving between phasesTo move Charlie from the Research Phase to the Comparison Phase, Corey needs tocreate content that helps Charlie define and articulate his wants and needs.I wish my TV had abetter contrast ratioand definition.
  • Moving between phasesTo move Charlie from the Research Phase to the Comparison Phase, Corey needs tocreate content that helps Charlie define and articulate his wants and needs.I’m trying to decidebetween aFakasonic VT30and a FonyBraavos TV…I wish my TV had abetter contrast ratioand definition.
  • Corey knows a fair bit about Charlie’sbehaviors on her site as well as the personasegmentation questions she asked when hedownloaded his eBook.She can send him content that helps himmake decisions.Comparison PhaseOnce Charlie has a fair grasp on the hiswants and needs, he can start to compareoptions. He might be comparing yourproduct to a competitor’s, or even justcomparing product options that you sell.
  • Comparison Phase“What is simple and obvious to you may be mindblowingly amazing to your customers.” – Tom Schwab(@TMSChwab)
  • This is typically the earliest that manyeCommerce marketers engagerelationships with blogs like “Why YouShould Buy a Fakasonic VT30” or biddingon competitor’s product keywords in PPCComparison Phase
  • Note that Buyer’s Guides and other late-stage content will have a different value ofpipeline revenue than earlier stage content.Analyze it separately to measure yourmarketing team’s effectiveness in thisphase.Comparison Phase
  • Moving between phasesTo move Charlie from the Comparison Phase to the Intent Phase, Corey has to help andempower Charlie to make decisions between his multiple options.I’m trying to decidebetween aFakasonic VT30and a FonyBraavos TV..
  • Moving between phasesTo move Charlie from the Comparison Phase to the Intent Phase, Corey has to help andempower Charlie to make decisions between his multiple options.I’m trying to decidebetween aFakasonic VT30and a FonyBraavos TV..I want to buy aFakasonicVT30
  • In the Comparison Phase, Coreycaptured information about what reallymatters to Charlie and when he’splanning to make a move. Now she canleverage that.Intent PhaseIn the intent phase, Charlie knows whathe wants to buy. Now he just has todecide when and from whom.
  • Moving between phasesFor Charlie to take that final leap from the Intent Phase to the Purchase Phase, Coreyhas to make sure that trust, logical, and emotional considerations have all beenaddressed.I want to buy aFakasonicVT30
  • Moving between phasesFor Charlie to take that final leap from the Intent Phase to the Purchase Phase, Coreyhas to make sure that trust, logical, and emotional considerations have all beenaddressed.Awesome! Iown aFakasonicVT30!I want to buy aFakasonicVT30
  • Logos: The appealof rhetoric thataddresses logicalconcerns, such asfunctionality andprice.
  • Logos: The appealof rhetoric thataddresses logicalconcerns, such asfunctionality andprice.Ah, but what ofPathos – thoseemotional concernsthat guide ouractions so strongly.
  • A sale is not the resultof a magical closingmarketing tactic, it’sthe inevitable result ofa well-designed andproperly executedbuyer educationprocess.
  • The purchase process contains within it allthe normal concerns that eCommerce hasfocused on – trust seals, easy checkoutprocess, shipping costs, fulfillment, etc.Purchase PhaseThat magical moment when Charlie goesfrom being a Pre-Transactional Contact tobeing a customer.
  • The transaction is justthe first kiss – it’s thestart of the long andsometimes rocky roadthat lasting relationshipsare built on.
  • All of Corey’s activities and tools to this pointadd up to the Cost Of Customer Acquisition
  • Now her focus shifts to increasing Charlie’sLife Time Value
  • eCommercemarketers are goingto have to stopthinking in terms ofCOCA:ASP and startthinking like SaaScompanies –COCA:LTV. Thatsecond half being themost important.-Matt Lauzon, former CEO @Gemvara
  • The Fundamentals ofeCommerce eConomicsHave changed forever
  • Moving between phasesTo move Charlie from being a one-night-stand to having a long term relationship whereCharlie purchases again and again, Corey needs to build ongoing value by getting toknow him better and providing even more highly targeted content around more of hisdesires..Awesome! Iown aFakasonicVT30!
  • Moving between phasesTo move Charlie from being a one-night-stand to having a long term relationship whereCharlie purchases again and again, Corey needs to build ongoing value by getting toknow him better and providing even more highly targeted content around more of hisdesires.I wish I couldhear the gamebetter…Awesome! Iown aFakasonicVT30!
  • Re-Purchase PhaseIt’s an infinite loop - a never ending cycle. Starting arelationship is easy, growing and maintaining it is hard.
  • Moving between phasesFor Charlie to go from being a customer to being a promoter, he has to be delighted.Proactive customer service, solving problems proactively, and creating content that’suseful to Charlie and makes his life easier will encourage him to recommend you.I’ve purchasedfrom Fakasoniconce or twice.
  • Moving between phasesFor Charlie to go from being a customer to being a promoter, he has to be delighted.Proactive customer service, solving problems proactively, and creating content that’suseful to Charlie and makes his life easier will encourage him to recommend you.I’ve purchasedfrom Fakasoniconce or twice.I actively recommendFakasonic when Ican.
  • Corey needs to help Charlie has apersonified relationship with Fakasonic andactively remain engaged in his life as abrand.Promotion PhaseCharlie “loves” you – and he’s willing tohelp you grow as a business.
  • “But I get my business throughword-of-mouth…”…there’s a math for that!On a scale of 1 to 10 (one being very unlikely and 10 being verylikely), how likely are you to recommend the Fakasonic VT30 to a friendlooking to purchase a new TV?
  • Average NPS
  • Im convinced that in price-competitiveindustries, eCommercecompanies need to positionthemselves in their customersminds as the group of peoplewho can help them with theirneeds and questions (not justabout the companys productsbut about the industry as awhole – perhaps even helpingthem with competitorsproducts) and that ifsuccessful, sales will follow. ButI think Im in the minority at ourcompany in that conviction.<grin>
  • Key Takeaways
  • Define your buyer personas using a narrativeDefine what characteristics or data identifies yourcustomers in different phasesTarget the right content, engagement, and experience topeople in each phaseBe sure you’re tracking the right metrics in each phaseCalculate and track your LTV:COCA and segment bybuyer personaWhat can you do?
  • You can request a free eCommerce Marketing Assessment by going towww.HubSpot.com/eCommerceConfused? Excited? Ready to go?And don’t forget to download Magento’s Ebook:http://bit.ly/MagentoEbook
  • THANK YOU
  • QUESTIONS?