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Are You Ready to Research the Buyer's Journey?

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Presented at the Marketing Research Associations - Corporate Researcher's Conference in 2015.

Session Description:

Depending on which study you read, 50 percent or more of the sales cycle now takes place in the marketing funnel. And where the nature of a sale has changed, research needs to change as a result. In this session, you’ll gain knowledge about a set of inexpensive (and, in some cases, free!) tools and best practices to handle this shift. Understand the marketing funnel that proceeds the sales funnel in order to produce complete studies that look at the buyer's journey from end-to-end.

Published in: Marketing
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Are You Ready to Research the Buyer's Journey?

  1. 1. Problem: We Win 90% of our Deals
  2. 2. Problem: They can’t compete with us…
  3. 3. Problem: Marketing = Lead Gen
  4. 4. Customers are now on their own Journey…. The Buyer’s Journey…
  5. 5. 57% Today…the Buyer’s Journey is Digital Corporate Executive Board Study 1M By 2020, 1M B2B “Product” Sales Jobs will be gone… Forrester Study $380/$50 Today…Cost of an outside vs. an inside sales call Point Clear Study B2B Sales & Marketing is Changing… MR Needs to Adapt…
  6. 6. 82% Today…buyers viewed at least 5 pieces of content from the winning vendor Forrester Study 90% Today….Business Buyers say when they are ready to buy they will find you… DemandGen Report 85% By 2020, 85% of customers will manage all of their interactions with the enterprise without human to human contact…. Gartner B2B Sales & Marketing is Changing… MR Needs to Adapt…
  7. 7. Your stakeholders are being told… http://blogs.forrester.com/lori_wizdo/12-10-04-buyer_behavior_helps_b2b_marketers_guide_the_buyers_journey
  8. 8.  1.1M active daily users  300,000 paid users  Users as of February 2014: 16,000  Amount of time people are on Slack (weekday): 2 hours and 15 minutes  Retention Rate for Paid Users: 98%  Number of Slack Employees: 180 A Case Study: Slack Stats
  9. 9.  Jason Lemkin (Interviewer): I go to Slack Plus yesterday to buy it. I’m like, “Where can I talk to a sales rep?” [laughs] I’m clicking around the “Contact Me,” “Talk to Me,” so obviously we’ve gotten from nominal to double to eight figures in revenue without a sales rep.  Stewart Butterfield (Slack CEO): We can have no outbound sales forever.  Jason Lemkin: When I’m from… pick your company, Dow, and I want to buy 1,000 or 2,000 seats of Slack next year, I’m not going to talk to a sales rep, and I’m going to pay a list price?  Stewart Butterfield: You’ll talk to one of these account managers. The difference is, we won’t be approaching you, and the reason you’ll want to talk to us is because like most large companies today, even now, there’s already multiple teams using Slack at the company. “Sales” in the New World is Marketing Interview with Slack CEO – Steward Butterfield
  10. 10. What to do? Now that we know that things have changed?
  11. 11. What to Ask… 3 Modern questions to ask Buyers Questions for your stakeholders Did they learn about a competitor – content analysis. Blogs Articles Landing Pages Community Discussion Did they engage with a competitor – social analysis Example.Twitter Example. LinkedIn How did they develop their vendor list? Search Position LongTail Keywords Paid Search Buyer’s Journey Research in B2B How your research might evolve… “90% of business buyers say when they’re ready to buy, they’ll find you.” - Source: DemandGen Report “By 2020, customers will manage 85% of their interaction with the enterprise without interacting with a human.” (Gartner)
  12. 12.  How did they find the competitor?  Demo: Positionly, Google Trends, Follow.Net, Compete.com  Other Tools to Consider: Cyfe, SEMRush, WhatRunsWhere, Keywordtool.Io, Majestic SEO, Keyword Density Tool, iSpinoage, Spyfu, Google Keyword Planner  Did they engage?  Demos: FollowerWonk, Topsy, SuperMetrics  Other Tools to Consider: GeoFeedia, HootSuite, Hashtagify.me, HootSuite, Moz (Top Pages), Grytics, FanPageKarma, Mention, TwitterCounter, LikeExplorer, Compare Facebook Analytics, Compare Page Engagement – Facebook, Tweepsmap, Twitonomy  Did they learn?  Demo: BuzzSumo  Other Tools to Consider: Ahrefs Content Explorer, Open Site Explorer – Top Pages, SocialCrawlytics, Quicksprout  Did they Buy?  Indeed Job Trends Tool, LinkedIn – Premium or Recruiter Light A Few – Standout Tools
  13. 13. <real world alert slide as a primer to this one – good graphic, etc.> Okay I’m on the bus… But I need an example of the End Product… I believe in the grapes…now show me… The Bottle…
  14. 14. Real World Example – Fortune 500 Client Emerging Competitors
  15. 15.  Stakeholder Impacted: Sales  Outcome: New Opportunities (& Threats) Prioritized  Stakeholder Impacted: Marketing  Outcome: Go-To-Market Positioned Tuned to Deal with New Threats  Stakeholder Impacted: Product Engineering  Outcome: Feature Segmentation – Spanning Free to Premium SKU’s Decisions Impacted
  16. 16.  A Fortune 1000’s Market Research & Strategy team asked me:  “Does Marketing Have These Tools?”  “What are they (marketing) doing to probe the buyer’s journey?”  How are they analyzing competitors and market shifts in buying?”  What can we (market research) do to help?  A meeting was scheduled between MR and Marketing  I described the problem and highlighted a few tools for 15 to 20 minutes.  Marketing and Market Research talked (happily and excitedly) without vendor involvement for 45 minutes.  Plans were made, actions are being taken.  But Marketing did not have all the answers or the tools already in their toolbox. Case Study: When Marketing and MR Met…. Why you need to ask about the Buyer’s Journey…
  17. 17.  Marketing brings:  Understanding of the Buyer’s Journey  Social / SEO Metrics on You  Social / SEO Metrics on the Competition  Market Research brings:  Research “Chops”  Detailed Qual (IDI’s with Buyers, etc.)  Detailed Quant (Survey’s with Buyers, etc.)  The company…  Benefits as a Result So here’s the point…
  18. 18. So what questions should you ask?
  19. 19. Why did you start looking? Gives you a proper taxonomy (LTK’s) – for tool usage..
  20. 20. First Step? What was the customer’s “first step” on the Buyer’s Journey?
  21. 21. What were the other steps (57%)? Analyst Commentary Blog Posts Influencer Commentary Data from Web Searches Industry Forum / Group Commentary Information gathered from Social Networks
  22. 22. Who did they drop in the 57%?
  23. 23.  “If you were going to look for a solution like this in Google – what would you type in?”  “When you land on a company’s website what are you going to look for (what type of content marketing)?”  Blogs, Videos, Case Studies, Podcasts, Q/A, Forums, Whitepapers, Training, etc.  How many times after your initial search do you go back to a resource (company website, forum, etc.)?  How long (days, weeks, months) do you spend looking at / reviewing what’s on the web before you make a call or email a vendor?  “Can you think of an example of something you saw that made you disqualify the vendor at that point – what generates a “Digital” NO?” More - Example Questions First Step and 56.3% Questions
  24. 24. Podcast  Over 100 episodes…  Available on iTunes, Stitcher, etc.  Show Transcripts posted on our site. Blog  Articles and Best Practices for Market Research Teams, Competitive Intelligence Teams and Stakeholders. Resources – Podcast / Blog www.cascadeinsights.com

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