How advocate marketing boosts lead to-revenue management

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Despite advances in lead to revenue management practices, many B2B marketers struggle to improve conversion rates at each stage of the buying process. They have dozens of digital tools and tactics to try at each of these stages, yet many B2B marketers fail to leverage their single biggest asset for igniting revenue growth - the passion of their customers, fans and evangelists.
Join Forrester Analyst Lori Wizdo and Influitive CEO Mark Organ for their discussion on how mobilizing advocates can boost performance at every stage of the lead-to-revenue process: attract, capture, nurture, convert and expand.

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  • So what is advocate marketing and why are we talking about it’s impact on Lead to revenue management? I’ll give you the definition, but as you know, a picture is worth a thousand words. And this picture, submitted to us by our customer Ektron, really shows it off. You can see that there are four gentlemen here proudly posing for a picture under their hand-carved sign which says “The Ektronauts” They are clearly power users of Ektrons web content management system. They love the product. But more than that, they are proudly declaring it to the world with a hand carved sign. Now as crazy as that may sound – every company has Ektronauts, people that believe passionately in their vendor’s mission, vision and products. They just need to be found and given a platform. Advocate marketing captures this enthusiasm of fans, evangelists and promoters – increasingly grouped together as "advocates" - and turns it into a powerful force for igniting business.  For the B2B companies that we focus on at Influitive, advocate marketing not only generates more leads directly through referrals, but accelerates revenue generation through every other marketing and sales channel.  It's this force-multiplier effect that makes advocate marketing so exciting, being embraced by forward-thinking marketing leaders.  And now over to Lori Wizdo from Forrester, who is one of those forward-thinking marketing leaders, to provide her insights on Advocate Marketing.
  • Source: Microsoft Clip Art
  • Source: Google Study, “The evolving path of today’s tech B2B customer” Sept. 2012 Getting customers to talk about their positive experiences with your product isn't a nice to have - it's a key component of any demand gen plan. For b2b marketers, every day brings new opportunities to get customers talking about products in forums where they will be heard. We track a list of more than 2 dozen such sites right now – but that’s the tip of the iceberg. Every marketer on this webinar should know who their target audience is, and where they ‘hang out’ on the web to learn about your products and services. And then you need to drive your advocates there. Because it works.
  • Here's how to mobilize advocates around the Attract stage: Xactly, a fast growing provider of sales compensation management software relies extensively on end user reviews to attract new buyers. That's why they have focused so much attention on advocate marketing over the last year. In fact, their sophisticated program called "FOX, friends of Xactly" that encourages happy customers to spread the word was the key reason for Xactly getting some prestigious industry awards. In 2012, after amassing more than 262 reviews, follows, and shares, LinkedIn names Xactly one of the top 12 business business profiles of 2012. AND Xactly was selected by salesforce.com customers for the Salesforce AppExchange Customer Choice Awards. Salesforce.com customers rely on testimonials and feedback from their peers to determine the most important solutions to power their businesses.
  • Source: SatMetrix. B2B marketers focused on capturing high quality leads continue to leave a huge hole in their demand plans by ignoring the power of advocate marketing to drive referral business. In company after company we talk to, referrals are a forgotten tactic or a poorly used one at best. Yes everyone agrees that referred deals are higher quality, move faster through the buying process and make better customers. So why aren't there more (and better) referral programs.
  • Here's how advocate marketing drives referrals. One customer example- one SaaS customer of ours, does it right (this is Act-On but cannot USE their name). They have perfected their referral programs, relying on it as a huge source of business. This client sells to SMB with a capital S and they have raving fans. So they introduced their referral program in Q1, and were astounded with the results. More than 36 qualified leads converted and an unbelievable 25% rate within 3 months of launch.But here’s how they did it. They were clever with their campaign. Instead of hitting up customers with a “do you know anyone” email out of the blue, they invited customers to join an exclusive community that offered perks and privileges for supporting the company through advocacy. And only after advocates contributed through meaningful online support were they asked for a possible referral. A few tactics that helped – 1 making the referral program competitive. Contributors could see how their suggestions elevated their rank within the program2. Suggesting potential names through Linked in – this is the same as prefilling a form – it makes it so much easier for the referrer. 3. Thanking the advocate and providing regular updates on the progress of their referred leads4. Immediately alerting the referred lead with the name of their referral
  • Source:Optify study “B2B Content Marketing Trends – 2012 Survey Results”This really shouldn’t be that surprising. In 2011, Google introduced a term the “Zero Moment of Truth.” Coined by Google in their 2011 eBook “ZMOT”, the term refers to the moment in the purchase cycle between the stimulus (what alerts you of a product, like an ad) and first moment of truth (a term used by Proctor & Gamble to refer to the decision to purchase). The zero moment of truth (ZMOT) refers to the point in the buying cycle when the consumer researches a product, often before the seller even knows that they exist. The number of consumers researching a product online prior to purchase has been on the rise in recent years as the internet and mobile continue to advance. In 2011, the average shopper used 10.4 sources of information before making a purchase decision, compared to half as many sources in 2010 (ZMOT, 2011).While Google primarily used B2C references, the ZMOT has enormous implications for B2B. Lead nurturing exists primarily because B2B buyers haven’t reached the SMOT just yet. And when they do, they are going to want authentic customer opinions and reviews of products and services. And so, case studies driving the effectiveness of lead nurturing.
  • So what do you do as a B2B marketer when you don’t have enough case studies. Here’s an idea.Ektron knows the value of customer-generated content. That's why they put such emphasis behind their annual Ektron site of the year awards at their annual conference. Awards are a great way to not only recognize a customer for having 'best in class' implementation of your product, but also to gather dozens of customer-generated testimonials and case studies - priceless content for nurturing programs and campaigns. Ektron systematically cultivated end user excitement for it's awards as part of its "inner circle" advocate marketing program - and generated a 500% increase in submissions in just one year!
  • Source: Google Compete Tech B2B customer study Sept 2012 - http://www.google.com/think/research-studies/evolving-path-of-todays-tech-b2b-customer.html At the end of any buying cycle comes a decision. In most cases, that decision is based on a range of factors and may involve choosing between competitive products. Whey your next buyer reaches this stage, what are they likely to do? Hint: it’s not to call your sales rep. They’re going to open google (or Bing if Microsoft’s latest campaign has any impact) and type in your name and a competitors name. And they will likely end up at a discussion forum where techie’s trade advice, feedback and warnings.
  • I’ve mentioned Ektron before – many of my examples of advocate marketing done right come from them because they are just so smart about it. Well, Ektron researched and understood this part of the buying process in depth. And they know that they are in a highly competitive market with a range of options to choose from. So they started typing in search terms to Google and thought about how advocates can help deliver the right search result high on the page. And what they came away with was really interesting. Rather than wait for customers to ask for reference calls, the smart marketers instead decided to force the discussion in a very public forum – on Quora. And they directed their advocates to that forum to have a very honest conversation about the strengths and weaknesses of web content management platforms. Ektron didn’t wait for their buyers to ask a sales engineer on the technical differences between Ektron and its competitors. They didn’t sponsor a white paper, or ask an analyst or consultant to weigh in. They asked their users to share their experiences in a very public way, and let Google index that discussion for the next buyer. That’s advocate marketing at its finest.
  • Here's how advocate marketing helps you expand customer accounts: I'd like to focus on the SMART case study for our customer example, and their Return on Advocacy figure. SMART essentially grows their customer footprint through the agressive use of existing customers in an account (school district). They are part of a highly competitive program the essentially provides consulting, research and training services PRO BONO for SMART. In fact, each delivers more than $130K in value back to SMART through these services.
  • That’s a great question, Lori,The most important thing a B2B marketer can do today to get started with advocate marketing is to recognize the fact that right now, your best customers are being bombarded with requests for help. In other words, isolated acts of advocacy are happening in a completely disconnected, uncordinated way. This not only minimizes the impact of advocacy, but overwhelms your most important asset – the advocates themselves. So my recommendation is first – to get started by auditing your organization to understand where this is happeningSecond, create the advocate marketing owner – this is a dedicated role, reporting directly to the head of marketing. It must live in marketing, though the right person for the job may come from other functions like customer services. Best in class organizations have created the role of advocate manager and centralized these asks in one department. Third, find your advocates. This is usually pretty easy to do. Talk to product teams about their beta programs and user groups. Ask customer service about their NPS programs and promoters. Canvas marketing for testimonials, presenters – even avid social promoters. These are all advocates in the making.
  • As far as technical integration goes, that’s a no brainer. We know that modern marketers have already started building communities, organizing their social networks, investing in marketing automation and relying on SFDC as a hub for all customer interactions. That’s why new advocate marketing platforms provide integration to each of these resources. For example, all of the customers we work with rely on CRM system to manage customer records. So we recommend that your advocate actions are represented in the CRM system, logged as activities that can be used in pipeline reporting. This allows you to measure, for example, the impact of reference calls on pipeline, or just how you referral program boosts revenue. Similarly, integration with marketing automation systems like Eloqua, Marketo and Act-on allow you to invite advocates into a program through external email tools, or trigger invitations based on a net promoter score captured in a third party form. Finally, community sites are where your customers live, and so it makes sense to deliver requests of your advocates in platforms like Jive and Lithium, and recognize their contributions in these environments as well. .
  • How advocate marketing boosts lead to-revenue management

    1. 1. How Advocate Marketing Boosts Lead-to-Revenue ManagementApril 16, 2013Featuring
    2. 2. 2• Mark Organ, CEO & Co-Founder of Influitive• @influitive• @markorganYour Presenters• Lori Wizdo, PrincipalAnalyst, Forrester Research• @loriwizdo
    3. 3. 3• For audio choose “Use Mic& Speakers” or “UseTelephone” in your Audiowindow• Submit your text questionusing the Questions pane• Note: A recording will bemade availableHow to participateHOUSEKEEPING
    4. 4. 4Advocate marketing captures their enthusiasm and turns itinto a powerful force for igniting business growth.All companies have champions
    5. 5. Research Informs Our Insights•Consumer Technographics•B2B Social Technographics•Tech Marketing Navigator•Q4 2011 Marketing Organization and Investments•Q3 2012 B2B Marketing Tactics and BenchmarksOnline Survey+ Countless other research panels•+ Endless Inquiries (over 100 in Q1)© 2012 Forrester Research, Inc. Reproduction Prohibited
    6. 6. 3%8%18%16%19%13%11%7%3%0%0-9% 10-19% 20-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-89% 90-100%What Percentage of Your Pipeline Is Marketing Sourced?The Pipeline is Half-EmptyOn average only 40% ofB2B pipelines aremarketing sourcedBase: 216 marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees;Source: Q4 2012 US and Europe B2B Technology Marketing Tactics And Benchmarks Online Survey#L2RM© 2012 Forrester Research, Inc. Reproduction Prohibited
    7. 7. 300% Increase insales leads?No Problem.We got this.© 2012 Forrester Research, Inc. Reproduction Prohibited
    8. 8. Kicking lead gen up a notch …Launch 22% morecampaignsGet some InboundworkingIncrease leadsdramaticallyNurture each lead,-- 4-touchesScore leadsPromote leads toSaleSSales accepts leadsthen …(a) Puts lead on „backburner‟ to close this Q‟sdeals(b) Closes lead as„dead‟ when they don‟twant a Proposal or PoC(c) Creates 20%Opportunity & Task to callin 3 months© 2012 Forrester Research, Inc. Reproduction Prohibited
    9. 9. …. And Gets the Same Old Result© 2012 Forrester Research, Inc. Reproduction Prohibited9Marketing Teamis working likedemonsDramaticIncrease inTraffic, Leads,MQL, SQLMinimal increasein marketingcontribution topipelineLimitedcontribution torevenueRelationship withSales still not allthat good© 2012 Forrester Research, Inc. Reproduction Prohibited
    10. 10. Success is not coming from puttingmore into this output machine!Average conversion ratios from Forrester’s ResearchMQL SQL Pipeline Won dealEnd-to-endAll 32%(N = 211)32%(N = 196)28%(N = 201)26%(N = 195)0.75%Top-Performers39%(N = 65)37%(N = 58)34%(N = 59)32%(N = 58)1.54%Base: Marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012 USand Europe B2B Technology Marketing Tactics And Benchmarks Online SurveyYou can’t getthere fromhere!© 2012 Forrester Research, Inc. Reproduction Prohibited
    11. 11. It’s not just about scaling the old model!© 2012 Forrester Research, Inc. Reproduction Prohibited
    12. 12. Attract Capture Nurture Convert ExpandB2B demand management tacticsContent marketing (e.g. whitepapers,interactive widgets, infographics)Tele-prospectingDigital advertising (includes sponsorshipsand banner ads, but not pay per click)TradeshowsEmail marketing Virtual events (e.g. virtual tradeshows)Company sponsored in-person events Radio, TV advertisingPrint advertising Analyst relationsPay per click advertising WebinarsSocial marketing Public relationsSearch engine optimization Industry trade/user groups (e.g. INETA, ASUG)We asked about the use of 16 tacticsacross 5 stages#L2RM© 2012 Forrester Research, Inc. Reproduction Prohibited
    13. 13. What are your top 4 tactics for buildingawareness?Attract Capture Nurture Convert ExpandTop Tactics: Attract
    14. 14. The Funnel is not dead, but it ……Doesn‟t understandthe balance of powerhas shifted from sellerto buyer.© 2012 Forrester Research, Inc. Reproduction Prohibited
    15. 15. Buyers are in control.• Your sales people • Google• Your web site• Peers/colleagues• Experts• Your customers• Brand perception• Product info• Brand perception• Features/benefits• Alternatives• Comparisons• Brand perception• Features/benefits• Alternatives• Comparisons• Reputations• Customer opinions• PricesSources ofinformationWhat buyersknow in advancePre-Web Web 1.0 Social WebInformation ScarcityInformation OverloadAttention AbundanceAttention Deficit© 2012 Forrester Research, Inc. Reproduction Prohibited
    16. 16. The Model Has ChangedClassicMarket interactionsbased on productsNewMarket interactions basedon business outcomesScale with Campaigns Scale with AwarenessSource: May 7, 2008, “Community Marketing: A New Discipline For Business Technology Marketers” Forrester report© 2012 Forrester Research, Inc. Reproduction Prohibited
    17. 17. “The fine art of being found.”Source: The New Yorker, October 3, 2011© 2012 Forrester Research, Inc. Reproduction Prohibited
    18. 18. Top Tactics: AttractWhat are the four most effective tactics for this stage?Base: 328 marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees;Source: Q4 2012 Global B2B Technology Marketing Tactics And Benchmarks Online Survey0% 5% 10% 15% 20% 25% 30% 35%Tele-prospectingPay per click advertisingContent marketingCompany sponsored in-person eventsVirtual eventsWebinarsAnalyst relationsIndustry trade/user groupsRadio, TV advertisingSearch engine optimizationDigital advertisingEmail marketingPublic relationsTradeshowsSocial marketingPrint advertisingAll respondents(N = 328)Top performers(N = 124)#L2RM© 2012 Forrester Research, Inc. Reproduction Prohibited
    19. 19. Business People are Active on Social(for Business!)86%Engagein social activitywhile working.32%Arecontent creatorsBase: 645 IT decision-makers at firms with 100 or more employees in the US and Western EuropeSource: Q1 2011 US And European B2B Social Technographics® Online Survey For Business Technology Buyers*Source: North American Technographics® Online Benchmark Survey, Q2 2010 (US)55%Cite online communities and forumsas influencers on their decisions© 2012 Forrester Research, Inc. Reproduction Prohibited
    20. 20. “I don’t have time for social”© 2012 Forrester Research, Inc. Reproduction Prohibited
    21. 21. Advocate reviews ATTRACTbuyersFact: Referrals to Tech B2B sites from non-branded searches account for 78% of allsearch referrals. Peer testimonials/reviewsof a product account for 60% of these.
    22. 22. 22Advocate reviews attract buyers262reviews, follows, andshares, making it oneof LinkedIns mostvisited profiles in 2012.
    23. 23. What are your top five tactics for capture(lead origination)?Attract Capture Nurture Convert ExpandTop Tactics: Capture
    24. 24. 0% 5% 10% 15% 20% 25% 30% 35%Radio, TV advertisingVirtual eventsAnalyst relationsDigital advertisingSocial marketingIndustry trade/user groupsPay per click advertisingPublic relationsPrint advertisingWebinarsTele-prospectingContent marketingSearch engine optimizationCompany sponsored in-person eventsEmail marketingTradeshowsAll respondents(N = 328)Top performers(N = 124)Top Tactics: CaptureWhat are the four most effective tactics for this stage?Base: 328 marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q42012 Global B2B Technology Marketing Tactics And Benchmarks Online Survey#L2RM© 2012 Forrester Research, Inc. Reproduction Prohibited
    25. 25. Advocates refer the best leadsFact: Evangelist spend 13% more than theaverage customer and refer business equalto 45% of the money they spend
    26. 26. 26Advocates help you capture the BEST leads• 36 newleads• 25%conversionrate in samequarter• $100K inpipeline
    27. 27. Attract Capture Nurture Convert ExpandWhat are the top five tactics for leadnurturing?Top Tactics: Nurture
    28. 28. Top Tactics: NurtureBase: 328 marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012Global B2B Technology Marketing Tactics And Benchmarks Online Survey0% 5% 10% 15% 20% 25% 30% 35% 40%Pay per click advertisingDigital advertisingPrint advertisingRadio, TV advertisingVirtual eventsPublic relationsSocial marketingSearch engine optimizationTele-prospectingAnalyst relationsIndustry trade/user groupsTradeshowsWebinarsContent marketingCompany sponsored in-person eventsEmail marketingAll respondents(N = 328)Top performers(N = 124)What are the four most effective tactics for this stage?#L2RM© 2012 Forrester Research, Inc. Reproduction Prohibited
    29. 29. Nothing nurtures better thancustomer success storiesFact: B2B marketers cite case studies(78%), followed by white papers (73%), andin-person events (72%) as the most effectivecontent for lead nurturing.
    30. 30. 30Ektron‟s advocates generated a huge increase in customersubmissions for “Site of the Year” award.Advocates create the most compelling nurturingcontent
    31. 31. Top Tactics: NurtureBase: 328 marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012Global B2B Technology Marketing Tactics And Benchmarks Online Survey0% 5% 10% 15% 20% 25% 30% 35% 40%Pay per click advertisingDigital advertisingPrint advertisingRadio, TV advertisingVirtual eventsPublic relationsSocial marketingSearch engine optimizationTele-prospectingAnalyst relationsIndustry trade/user groupsTradeshowsWebinarsContent marketingCompany sponsored in-person eventsEmail marketingAll respondents(N = 328)Top performers(N = 124)What are the four most effective tactics for this stage?#L2RM© 2012 Forrester Research, Inc. Reproduction Prohibited
    32. 32. © 2012 Forrester Research, Inc. Reproduction ProhibitedB2B Marketers Are Missing the Mark.
    33. 33. Attract Capture Nurture ExpandWhat are the top five tactics for leadconversion?Top Tactics: ConvertConvert
    34. 34. The Answer was “Sales Enablement”“Sales enablement is astrategic, ongoing process thatequips all client-facing employeeswith the ability to consistently andsystematically have a valuableconversation with the right set ofcustomer stakeholders at each stageof the customers problem-solving lifecycle to optimize the return ofinvestment of the selling system."© 2012 Forrester Research, Inc. Reproduction Prohibited
    35. 35. You must understand buyer’s process
    36. 36. BT conversations are moving online© 2012 Forrester Research, Inc. Reproduction Prohibited
    37. 37. You must engage37© 2012 Forrester Research, Inc. Reproduction Prohibited
    38. 38. “I don’t have time for social”© 2012 Forrester Research, Inc. Reproduction Prohibited
    39. 39. Buyers need to make a choice and theygo to peers for adviceFact: 74% of Tech B2B customers consider3 or more companies when purchasing
    40. 40. #1 result on Google search Which isbetter forEktron?
    41. 41. Attract Capture Nurture Convert ExpandWhat are the top five tactics for buildingcustomer expansion?Top Tactics: Expand
    42. 42. Top Tactics: ExpansionBase: 328 marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012Global B2B Technology Marketing Tactics And Benchmarks Online Survey0% 5% 10% 15% 20% 25% 30% 35%Radio, TV advertisingPay per click advertisingAnalyst relationsTele-prospectingPrint advertisingSearch engine optimizationVirtual eventsIndustry trade/user groupsDigital advertisingPublic relationsContent marketingSocial marketingWebinarsCompany sponsored in-person eventsTradeshowsEmail marketingAll respondents(N = 328)Top performers(N = 124)What are the four most effective tactics for this stage?#L2RM© 2012 Forrester Research, Inc. Reproduction Prohibited
    43. 43. ‟s Return on AdvocacyProfessionalDevelopmentContentDevelopmentResearchIncreased engagement leads to continuedincrease in valueWe nurture ouradvocates, grow ourrelationships withthem, and learn fromthem.
    44. 44. Why Social is a Must for B2B MarketingB-to-B is really P(erson)-to-P(erson) sellingBuying decisions are highly “trust” based.Peer influence (the highest influence) is shifting tosocial.Advocates helps you engage in the first 2/3rd of thebuying journey – when they don’t talk to sales.Multiple stakeholders over long, complex buying cycleAdvocates help you scale your outreachWhy You Need an Army of Advocates© 2012 Forrester Research, Inc. Reproduction Prohibited
    45. 45. 45WebinarsTestimonialsCase studiesLikes, retweets, sharesBlog commentsMedia & analyst interviewsEvent speakersNet Promoter surveysCommunity EngagementCustomer awardsLoyalty programsHelp desk & supportFocus GroupsBeta programsUser GroupsProductreviewsProduct launches!ReferralsReferencesCustomer advisory boardsRoadshowsAmbassador programs
    46. 46. 46
    47. 47. 47• Mark Organ, CEO & Co-Founder of Influitive• @influitive• @markorgan• Influitive.comQuestions?• Lori Wizdo, PrincipalAnalyst, Forrester Research• @loriwizdo• Forrester.com

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