Advocamp: Bob Peterson
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The New Demand Imperative: Customer-Created Content with Bob Peterson, Research Director at SiriusDecisions Visit www.advocamp.com for everything you need to know about Advocamp - the biggest customer experience, engagement and advocacy event of the year.
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Advocamp: Bob Peterson
- 2. The New Demand Imperative: Customer-Created Content Advocamp 2016 3/8/16 2
- 3. © 2015 SiriusDecisions. All Rights Reserved 3 Key Trends Driving Advocacy’s Impact on Demand 1 2 3 4 Customer experience is the largest driver of buying decisions but its impact is often ignored by demand marketers Demonstrating advocacy’s impact on demand performance justifies future investments Marketers need to know when to ask for advocacy participation at what stage of the customer lifecycle More strategic deployment of advocacy supports both the buyer’s journey and customer lifecycle
- 4. © 2015 SiriusDecisions. All Rights Reserved 4 Customer Experience Is The Key Driver of B-to-B Decisions + B-to-B Buying Decision Drivers From 2015 SiriusDecisions Study of 1,005 Decision Makers Question: What was most significant driver of decision to select vendor of choice? Direct 34% Previous experience with the company 8% Implementation of customer support services were the best 7% Relationship with salesperson 10% Influence of references sourced independently 8% Influence of references provided by vendor 4% Perception of brand with no previous experience Indirect 71% of b-to-b decision drivers are based on direct or indirect customer experience vs. 18% of decision based on promise of offering to meet needs vs. 9% of decision based on the price was the best =
- 5. Key Trends That Tie Customer Advocacy to Demand Percent of CXOs say their perception of a vendor’s brand moderately to significantly influences their short-list creation Percent of a CXO’s final decision is based on their own or others’ experience with your company Percent of a CXO’s research is done via personal interactions and viral communication networks 89 80 75
- 6. Demand Impact Supported By Customer Advocacy 6 Help sales close more deals e.g. Increased probability of conversion through pipeline, more deals in key categories Move deals faster through the pipeline e.g. Shorter time to qualify, fewer days to close overall, fewer days in stage Drive larger deals Find the right deals e.g. Incremental revenue, wider product/solution breadth in deals, Find deals in preferred areas
- 7. © 2015 SiriusDecisions. All Rights Reserved 7 Build Dashboards to Reflect Advocacy’s Contributions Quantity Impact Leads Retention Loyalty Account Management 58% on Quantity of Case Studies 53% on Quantity of References 47% on Impact on Wins 36% on Impact on Sales Productivity 22% on Leads Generated 16% on Customer Retention 13% on Customer Loyalty/NPS 1 2 3 Source: SiriusDecisions 2015 Customer Advocacy and Engagement Study
- 8. Holding Us Back: We Don’t Know Enough About Buyers © 2013 SiriusDecisions. All Rights Reserved 8 Only 18 percent said they know their buyers journey extremely well, map it and know the roles involved
- 9. 9 Opportunity: Advocacy That Supports All Stages of Buying © 2013 SiriusDecisions. All Rights Reserved 33 percent said they believe customers frequently rely on advocacy/references in the education (early) phase vs. 55 percent in solution (mid) and 76 percent in selection (late) phases 23 percent don’t focus at all on advocacy support for education (early) phase.
- 10. Customer Advocacy Content: Buyer’s Journey 10 • Logo reference (online, presentation, print) • Advertising reference (print, online, other) • Quote reference (online, audio, presentation, print, social media) • Success story (online, audio, video, live presentation, newsletter, print) • Press release quote • Customer co-marketing • Social community participation • Webcast with client co-presenter • Analyst rating participation • “Why we chose ABC Co.” story • Switching vendors case study • White paper or other long-form case study based on client success • Press/influencer interview • Reference audio/video • Speaking engagement (panel) • Speaking engagement (joint or solo content) • Event presentation • Social participation • ROI case study • Early-stage customer experience story • Joint press release • Partner reference (call, video, visit, presentation, online, print) • Reference call access • Reference visit access • Analyst reference/interviews • Customer event participation • Social participation • Event/hospitality access EDUCATION SOLUTION SELECTION Loosening of the status quo Committing to change Exploring possible solutions Committing to a solution Justifying the decision Committing to the selection AdvocacyOptions ContentInteractions Buyer’s Journey
- 11. Customer Advocacy Content: Customer Lifecycle 11 FAQs, Tips and Tricks Early deployment stories Quick win stories Partner recommendations Customer community User Groups Customer website areas Answers to FAQs from successful customers Later-stage customer stories Customer survey Customer events Community introductions Longer-term ROI Case Study Challenge/solution Stories Analyst coverage Executive briefings Customer events Executive advisory groups Other advisory groups DELIVER DEVELOP RETAIN Fulfill on Purchase/Use What was Bought Ensure Adoption, Ongoing Use/ Engage Where Possible Maintain Business/Show Value Build Business/Become promoter AdvocacyOptions ContentInteractions Lifecycle Stage Innovation case studies Award case study ROI case study Speaking engagement Event/hospitality access Community leadership roles External community participation/leadership GROW
- 12. © 2015 SiriusDecisions. All Rights Reserved 12 How to Get More From Your Advocacy Program Understand your buyers journey and where advocacy can help Understand your customer lifecycle and when it’s ok to ask for advocacy support Understand your customer lifecycle and define where advocacy should be providing support Define a measurement strategy that clearly shows how important customer advocacy and engagement are to business results Make a great case for the resources you need to make an even bigger impact
- 13. © 2015 SiriusDecisions. All Rights Reserved 13
Editor's Notes
- Megan
- What is customer advocacy and what role does it play in b-to-b marketing? Customer advocacy is defined as the combination of activities that allow customers to share their experiences with a brand, both formally and informally. Advocacy can include such tactics as references, customer videos, case studies, media/analyst discussions, speaking engagements, or any of a host of social media possibilities. The rise of advocacy as a key growth strategy can be tied to the increasing desire for transparency in the b-to-b prospect – customer relationship. Much of this can be tied to how we, as consumers, have grown to expect similar peer validation before making a purchasing decision. Prospective and current customers are demanding increased access to other customers in order to validate purchasing decisions or maintain existing relationships. The days of access controlled by the company are long gone as customers are leveraging new tools and methods to gain this desired transparency. Today’s b-to-b buyers rely on new sources of trusted insights including: Peers and colleagues. Turning to trusted network resources is a popular source of insights for all levels of buyers but particularly important for C-level representatives. SiriusDecisions research indicates 75% of CXOs’ research is done via personal interactions and viral communication networks. Social media. The rapid growth of social assets provides today’s b-to-b buyers with rapid access to purchasing validation. This can can include information available via social networking sites LinkedIn, Facebook and others. Communities. Customer communities, both online (company-hosted and independent) and in-person, are an increasingly important source of information for buyers. Prospective customers are often given gated access to these communities during the buying cycle. Independent research via Internet. Our research suggests an increasing amount of the buyers journey is occurring online, meaning that b-to-b companies are encountering a much more educated buyer, earlier in the sales cycle. Industry analysts. External viewpoints continue to play an important role in validating purchasing decisions. Ensuring that these influential third-party voices are well aware of company products, services and key differentiators is an important part of the b-to-b marketing mix.
- MEGAN