Craft digital strategy for B2B solution sales
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Slides presented at RigaComm2018. How B2B buyers buy, elements of strategy, buyers journey, managing marketing and sales pipeline. Rolands Ozolins is a business growth strategist, co-founder of IBD Consulting.
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Craft digital strategy for B2B solution sales
- 1. B u s i n e s s G r o w t h D e l i v e r e d R o l a n d s O zo l i ņ š I B D - C o n s u l t i n g . c o m 1 2 . 1 0 . 2 0 1 8 . Crafting digital strategy for solution sales in B2B markets
- 2. How B2B buyers buy Elements of strategy What does it take to win?
- 3. About me Business growth strategist Former Microsoft executive Co-Founder of IBD Consulting
- 4. How B2B buyers buy?
- 5. What do we know about B2B buyers? Trust in relationship is 3x more important than price Before talking with sales, buyers have consumed 3-5 pieces of content Buying process takes 4,7 months on average On average 7 stakeholders from 3 functions participate in decision making Source: LinkedIn research: http://ej.uz/v7ba
- 6. Buyer-Driven Seller-Driven Need Read blogs Attend webinars Buying Decision BuyTurn to community Ask for an offer 66% to 90% of a Buyer’s Journey Today is Self-Directed (Forrester, 2014)
- 7. “57% of the purchase decision is already complete before the customer even calls the supplier.” (CEB, now Gartner)
- 8. Companies loose business opportunities even before your sales manager had any chance to sell.
- 9. The role of marketing and success criteria have dramatically changed 9 Image Source: https://stevepatrizi.com/
- 10. Today the main task of marketing in B2B is to generate qualified leads.
- 11. Prospects Buyers Buying cycle (time) Marketing Process Sales Process Marketing and sales process (ilustrative) Sales ownership Marketing ownership Advertising Content marketing Marketing automation Analytics Funnel management
- 12. Elements of digital go-to-market strategy
- 13. Elements of digital go-to-market strategy Product positioning Target customers Target markets Target scenarious Buying personas Buyers’ journey Prelimenary pipeline Competition BuyersHow to win?
- 14. Competitor analysis What your competitors do and what works for them? How many visitors they have? Where do they come from? What keywords they rank for? What keywords they pay for? What content they use? What content gets most shared? What socials they use? Whats ads work for them? What social networks they use? Who writes about them? What news outlets they use? What your competitors are failing at?
- 15. The cost and effort to win is set by competitors! Competitive analysis must guide your strategy Must be done early on Europe is a few years behind US Low hanging fruits are still available! Names Site Visitors SEO traffic State of SEO Video Use Registration Linkedin FB Case studies mkt tech Google PPC PR removed https://www.skaginn3x.com/4000 43 350 usd removed http://seac-ab.com200 removed http://www.hermasa.com/web/en/machines132 76 removed https://baader.com8600 67 removed https://www.cabinplant.com/1260 30 removed https://unifood.tech/1560 53 removed http://www.arenco.com/fish/2240 removed http://www.polar-systems.co.uk150 removed https://www.easycan.co.zaNA nav removed https://powerheater.eu3000 508 usd Summary of competition analysis, source: IBD Consulting
- 16. Demographics Problems and needs Values and goals Expected experience Role in organization Most valuable product benefits Expected objections Main sources of information Typical workday Creating buyer’s persona
- 17. Demography Objectives and Values Experience expected Role and place in organization Key needs, solution is solving Typical Day Expected objections Main sources of information Female, 30+ Higher Education: medical doctor Accuracy Order High sense of responsibility Easy to work and easy to maintain. High quality and complete process Protection of patient data Need for innovation and modernization Elimination of unauthorized examinations Controle There are hospitals or independent laboratories, subject to the governing board. If independent, then private. Can be Lab. Manager or company's manager. Industry events, training, conferences, seminars, Internet, producer information Discussions, meetings with employees, reports Investment required Local solution: Position as an internal solution Support and innovation Ludmila
- 18. Buyers’ journey 08/12/2018 International Business Development Consulting 18 Educational Blogs E-Books Whitepaper Industry analyst reports Industry studies Product comparisons Expert opinions Video Webinars Case studies Customer Testimonials Product Test Limited offers Detailed cost calculations Site visit Demonstration Awareness Interest Consideration Do I have a problem? How to solve the problem? Will this solution fit?
- 19. Marketing and sales funnel modelling Revenue target Average deal size Funnel stages Estimated and known conversion rates Campaing investment €50 000 Average deal €20 000 Cost per 1 aware prospect €13,44 Awareness Interest Consideration Business case clear Deal negotiated Contract signed Revenue # of prospects 3720 744 223 89 63 50 €1 000 000 Stage Conversion Rate 20% 30% 40% 70% 80% 100%
- 20. Managing marketing and sales funnel is an absolute necessity to grow in international B2B markets.
- 21. 21 Digital Sales EngineTM methodology 1. Attract visitors with content 2. Use valuable content to obtain contact information 3. Marketing automation to educate customers and guide towards purchase 4. Customers demonstrating buying behaviour are transfered to sales
- 22. Example. Growth in B2B markets
- 23. Example: delair.aero Delair.aero a leading small electric fixed wing UAV company based in France. In September 2018 anounced significant investment from Intel Source: delair.aero Source: LinkedIn Premium
- 24. Blog: weekly 10 case studies Use live webinars (scheduled for June 26) Twitter: 3637 followers, posting few times a day Using mailchimp for forms and newsletters Facebook: 1670 followers/likes, several posts per month LinkedIn: 4414 followers, posts daily Youtube: 724 subscribers, 34 videos, over 7K views for top videos PR: september and february: too rare! How did they get there?
- 26. B u s i n e s s G r o w t h D e l i v e r e d r o l a n d s @ i b d - c o n s u l t i n g . c o m Thank You!
- 27. Good strategy pays for itself Campaing investment €50 000 Average deal €20 000 Cost per 1 aware prospect €13,44 Awareness Interest Consideration Business case clear Deal negotiated Contract signed Revenue # of prospects 3720 744 223 89 63 50 €1 000 000 Stage Conversion Rate 20% 30% 40% 70% 80% 100% 1. Interest CR increase to 31% generates extra 33 000 EUR revenue without changing anything else 2. Consideration CR increase to 41% generates extra 25 000 EUR revenue without changing anything else 3. Decrease of cost of Aware prospect to 12 EUR increased revenue by 120 000 without changing anything else
Editor's Notes
- What do we know about how B2B customers are buying? First of all, customers do search for information. In a sense they reach our to vendors and they look for information on their own. Trust in a relationship is by far more important than the price. So I just cannot stress this enough – sellers have to invest every effort to establish trust in the first place. Its not the price what sells in B2B markets – it is trust. And third – it is not a single person that we need to market to. In fact on average 2,8 persons are involved in buying decisions on average.
- 47% of buyers viewed 3-5 pieces of content before engaging with a sales rep. (Demand Gen Report, 2016) (Source: https://www.hubspot.com/marketing-statistics) The McKinsey report says the average buyer visits just 1.6 auto dealerships while car shopping, down from 10 years ago when buyers visited an average of five dealerships. From <https://www.cnbc.com/2014/02/26/americans-rethinking-how-they-buy-cars.html> Pirms klienti vispār sazinānās ar kādu pārdevēju, tie tipiski jau ir iepazinušies ar 3 - 5 satura vienībām. Vai tas ir bijis jūsu staturs? Cik no šīm vienībām ir bijis jūsu saturs? Kad klients, ir iepazinies ar vienu vienību satura, viņš iepazīstas ar nākamo jūsu satura vienību vai aiziet pie konkurenta?
- Do not blame your sales manager! Customers just dont want to be told, lectured and patronized by other people. They want to be left alone and learn on their own. Sales manager can sell to his friends, familily, neighbours , but that dries up at one point. And you cant blame the sales. The world has moved on, the role of sales and marketing has changed. Goodmorning! Wake up!
- Do not blame your sales manager! Customers just dont want to be told, lectured and patronized by other people. They want to be left alone and learn on their own. Sales manager can sell to his friends, familily, neighbours , but that dries up at one point. And you cant blame the sales. The world has moved on, the role of sales and marketing has changed. Goodmorning! Wake up!
- A funnel approach means that we divide our marketing and sales process into precise steps and optimize every step to sell to as many customers as we need. Knowing how many potential customers we have in different phases, knowing the average purchase volume and sales cycle length, we can precisely adjust both the marketing and the sales process to increase sales. In general, we get an accurate marketing and sales system. We call this a digital sales engine. Every sales and marketing meeting must center around questions: how of marketing and sales funnel is doing and what can we do to improve it? Think of it as an engine, a money pump, sucking in people at one end and having money printing press installed at the other end. You convert people attentiong into money.
- To develop a strategy we must precisely know the benefits of the product, how the product features translate into benefits of customers, comparison with competitors, the target market and other critical information…. Furthermore, when planning the strategy, each of it elements needs to be measured up against the competition.
- For example, a recent project on medical technology solution was a woman aged over 40 years with higher medical education.
- On average: 6,8 stakeholders 3,4 different functions 4,7 months* Who are influencers at each stage?
- Do not blame your sales manager! Customers just dont want to be told, lectured and patronized by other people. They want to be left alone and learn on their own. Sales manager can sell to his friends, familily, neighbours , but that dries up at one point. And you cant blame the sales. The world has moved on, the role of sales and marketing has changed. Goodmorning! Wake up!
- DSE helps to attract new customers and DSE uses markting content to attract new customers and gather customer contact information. Marketing automation allows to educate and nurture large number of customers and gently guide them towards purchase decision. Lead scoring identifies customers that demonstra buying behaviour and are ready to be transfered to sales team to initiate 1-to-1 conversation. DSE is specifically designed to faciliate automated and scalable lead generation process for products with long sales cycle. A: A Digital sales engine uses marketing content to attract customers and exchange this content against customer contact information. R: By using the Marketing automation tools, the client receives content that responds to potential client issues and educates the customer while pushing customers closer to the purchasing decision. Customers who are ready to purchase are handed over to sellers to communicate directly.