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What’s Not Working In B2B Marketing: 5 Things To Learn From The Fyre Festival Fail


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"Account-Based Marketing (ABM) is outperforming traditional B2B marketing on just about every level: from prospecting, through engagement, conversion, retention, cross-selling and beyond. That means it’s not just the next big thing: it’s here and it’s transforming marketing from the ground up. But how do you really scale ABM and make your efforts count when faced with rising quarterly goals and expectations from sales?

In this webinar we will discuss how to:
• Identify accounts that are in market for solutions like yours
• Save budget and engage only your target buying committee
• Measure the performance of your programs against ABM KPIs
• Stay ahead of the competition with an ABM strategy that your prospects (and boss!) will thank you for"

Published in: Marketing
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What’s Not Working In B2B Marketing: 5 Things To Learn From The Fyre Festival Fail

  1. 1. #COSeries Welcome – We’ll Be Starting at 11:00 AM (ET) • Audio will stream through your computer or mobile device speakers. No dial-in is available or required. Please ensure that your speakers are turned on. • Should slides or video appear to freeze during the webcast, please try refreshing your browser • For other technical issues, please access the Help widget (?) at the bottom of the screen • This webcast will be recorded, and you will receive a link to the on-demand version via email • Stay tuned for Q&A at the end. Please use the Q&A widget to ask your questions at any time • Please download today’s available resources by clicking on each item in the Resource List Thank You for Joining Us
  2. 2. #COSeries What’s Not Working In B2B Marketing: 5 Things To Learn From The Fyre Festival Fail SPONSORED BY:
  3. 3. #COSeries Follow This Webinar on LinkedIn & Twitter #COSeriesDemand Gen Report: @DG_Report Andrew Gaffney: @Agaffney Klaudia Tirico: @Klaudiatirico Brian Anderson: @BranderSays Alicia Esposito: @Alicia_FioEspo Elise Schoening: @Elise_Schoening
  4. 4. #COSeries #COSeries Prize Pack: Register & Attend to Win Sign Up For & Attend All #COSeries Webinars For Your Best Chance To Win! • $5 Starbucks Gift Cards – 1 Winner Per Session • Free Pass to #B2BSMX 2019 or #B2BMX20 – 1 Winner Per Day • Apple AirPods – 1 Winner Per Series Earn 1 automatic entry when you register and a second entry when you attend each webcast live.
  5. 5. #COSeries Questions, Tweets & Resources Submit your questions here Download today’s resources Join the conversation #COSeries
  6. 6. #COSeries Panelists MODERATOR: Andrew Gaffney Editorial Director @Agaffney Klaudia Tirico Features Editor @KlaudiaTirico Brian Anderson News Editor @BranderSays Alicia Esposito Sr. Content Strategist @Alicia_FioEspo Elise Schoening Assistant Editor @Elise_Schoening
  7. 7. #COSeries
  8. 8. #COSeries Process & Planning Sometimes "thinking big" can be a big problem.
  9. 9. #COSeries Billy McFarland had big dreams.
  10. 10. #COSeries In 2016 and 2017, McFarland secured $26.4 million from more than 100 investors. And people bought in to his vision.
  11. 11. #COSeries But did he have the plan and processes in place to make his vision a reality?
  12. 12. #COSeries Not so much.
  13. 13. #COSeries What made Fyre Fest go off the rails? • • • • •
  14. 14. #COSeries This is not a plan! The key to success? Having a tactical plan that all team members are bought in to...and can execute.
  15. 15. #COSeries Strategic alignment, from beginning to end CAMPAIGN STRATEGY SALES PRODUCT DEMAND GEN CONTENT MARKETING OPERATIONS
  17. 17. #COSeries Don't have a Fyre Fail. Follow these tips. 1. Bring in all stakeholders – Get early buy-in and do frequent check-ins. 2. Develop an overarching campaign strategy based on goals for the year. 3. Drill down into content creation needs, promotion/amplification tactics, sales alignment and involvement. 4. Craft your timeline, working backwards from goal launch dates or other key milestones. 5. Support each other every step of the way. 6. Measure against objectives. 7. Learn and improve.
  18. 18. #COSeries Employee Advocacy & Support
  19. 19. #COSeries Fyre Festival failed its employees.
  20. 20. #COSeries Don't underestimate the power of your employees. • 65% of buyers rely on peer recommendations & 54% use social media to research vendors & solutions Source: 2018 B2B Buyers Survey • Employee advocacy programs can increase visibility (79%), boost inbound web traffic (45%) and improve brand loyalty (34%) Source: Hinge Research Institute
  21. 21. #COSeries — Donna Peeples, Pypestream “If you’re going to think about the customer first, think employees always.”
  22. 22. #COSeries 10X Increase in shared posts 70% Increase in organic reach 360% ROI from employee advocacy Employee advocacy done right. • Fujitsu rolled out a formal employee advocacy program using Oktopost • The program made it easier for employees to find and share content with their networks • Within 6 months, the company started to see results Source: Demand Gen Report
  23. 23. #COSeries 1. Customers are critical, but your company will go nowhere without a strong team to identify, nurture and support them. 2. Create long-term, positive relationships with your employees, just as B2B brands aim to do with their customers and influencers. 3. Make sure your employees are aware of major happenings in the company & aligned across departments. 4. Encourage your employees to share content on social media and equip them with the tools to do so. Don't have a Fyre Fail. Follow these tips.
  24. 24. #COSeries FYRE Starters Fyre Festival gets in with the in crowd.
  25. 25. #COSeries FYRE starters THE PROBLEM? None of the influencers properly disclosed that they were compensated for the post. • Fyre Festival influencer campaign launched on Dec. 12 • It kicked off with 63 influencers who posted a vague orange colored graphic to social media with the hashtag #FyreFest • The campaign was said to reach more than 300mm people in 24 hours
  26. 26. #COSeries FYRE starters Kendall Jenner was paid $250K for this post! (Yes, just this one.)
  27. 27. #COSeries The campaign was a huge success, driving much hype for the event...But the influencers were scammed too. • Influencers were promised luxury accommodations if they were even invited to attend at all. • Some ended up having to stay on a ship and were later kicked off. • Major influencers were not even at the event, including Kendall Jenner, Bella Hadid, etc. • They didn't have the resources to notify the influencers on the ship about what was happening on the island.
  28. 28. #COSeries When done right, influencer marketing can benefit B2B businesses. • 69% say that their influencer engagement strategy was effective or got results. • 59% of marketers are planning to increase their influencer marketing budgets over the next 12 months. • 78% of buyers are dedicating more time to researching solutions and are increasingly turning to peers and thought leaders for relevant insights. • 65% rely on peer recommendations and review sites when making purchase decisions. • Influencer marketing has been shown to deliver 11X higher ROI than traditional digital marketing tactics.
  29. 29. #COSeries B2B influencer program done right. • Oracle worked with 5 internal influencers and 7 external influencers to tell a cohesive story that subtly connected to Oracle’s engineered systems products. • Results: – 4,321 combined blog views – 134,228 social impressions – 2,096 social engagements.
  30. 30. #COSeries Don't have a Fyre Fail. Follow these tips. • Have a clear influencer strategy in place and communicate it with the influencer consistently. • Develop an influencer strategy with long-term relationships in mind. Not just one-off posts that eat up budgets. • Don't just focus on influencers with extremely large followings, micro-influencers can be just as effective. • Make sure your influencer campaign aligns with both parties' philosophy to maintain authenticity.
  31. 31. #COSeries Social Media FOMO or Uh-Oh?
  32. 32. #COSeries Social media can generate buzz. Big time. • The average B2B company is on 6 social media networks. — Content Marketing Institute • 78% of companies now say they have dedicated social media teams. — Altimeter Group • Almost half (47%) use social media to browse existing discussions to learn more about their topics of interest — Demand Gen Report
  33. 33. #COSeries FOMO only goes so far. • Generating FOMO only works when there is a clear value proposition. • While an exclusive VIP festival seems tempting, it can only go so far. • Unclear offerings can lead to unwanted social media attention.
  34. 34. #COSeries The double-edged sword.
  35. 35. #COSeries B2B example: Juniper Networks • One of this year’s Shorty Awards finalists in the B2B social media category. • Eight influencers were invited to participate in a challenge to build the best data center design out of Legos. The winners of the challenge would be rewarded with a donation to the charity of their choice. • The winner was announced via social media with accompanying imagery and content from the influencers. Goal was to fuel conversation via Facebook, Twitter and LinkedIn. • Engagements with the brand’s unique content increased 75.27% during the month of the contest as compared to the month prior.
  36. 36. #COSeries 1. Follow the three Cs: CLEAR, CONCISE, COMPELLING. 2. Don't silence your audience! 3. Listen & Learn! Don't have a Fyre Fail. Follow these tips.
  37. 37. #COSeries Don't Over Promise Be in the business of exceeding expectations.
  38. 38. #COSeries Managing expectations. • It's critical to set realistic expectations for both internal and external stakeholders. • In both cases, being overly ambitious could be dangerous!
  39. 39. #COSeries Don't over promise. This is what gourmet food wound up looking like at Fyre. Remember letting your audience down could have boomerang effect.
  40. 40. #COSeries Deliver on the metrics that matter. • Focus on quality over quantity • Think conversions, especially at later stages of funnel • Adjust for ABM
  41. 41. #COSeries Thank You! MODERATOR: Andrew Gaffney Editorial Director @Agaffney Klaudia Tirico Features Editor @KlaudiaTirico Brian Anderson News Editor @BranderSays Alicia Esposito Sr. Content Strategist @Alicia_FioEspo Elise Schoening Assistant Editor @Elise_Schoening
  42. 42. #COSeries Register for more sessions now thru April 26th Join Our Next Session: ABM And Modern B2B Advertising: Reaching The Buying Committee At Your Target Accounts April 22nd 12:00 PM Eastern