Advocamp: Laura Ramos
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Why Advocates Are Your Best Competitive Advantage In The Digital Age with Laura Ramos, Vice President, Principal Analyst at Forrester 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: Laura Ramos
- 2. Why Advocates Are Your Best Competitive Advantage In The Digital Age Laura Ramos, Vice President & Principal Analyst #Advocamp, @lauraramos March 9, 2016
- 3. Welcome to the digital age…. the Age of the Customer How prepared are you to turn these empowered customers into advocates?
- 4. © 2016 Forrester Research, Inc. Reproduction Prohibited 4 Buyer empowerment creates a new age of competitive advantage Source: “Winning In The Age Of The Customer” Forrester report.
- 5. © 2016 Forrester Research, Inc. Reproduction Prohibited 5 Digital shifts the balance of power to your customers Image source: http://pixshark.com/door-to-door-salesman-1950s.htm and http://www.huffingtonpost.com/max-kolysh/5-advanced-strategies-for-saving-money-online_b_5003408.html
- 6. © 2016 Forrester Research, Inc. Reproduction Prohibited 6 Consumers trust people the most Source: North American Consumer Technographics Online Benchmark Survey (Part 1), 2014 To what extent do you trust each of the following types of promotion? (Answered 4 or 5 on scale of 5, where 5 = “trust completely, 1 = “Do not trust at all”)
- 7. © 2016 Forrester Research, Inc. Reproduction Prohibited 7
- 10. © 2016 Forrester Research, Inc. Reproduction Prohibited 10 AoC heightens importance of advocacy “Why is advocacy more important in B2B marketing today?” Base: 26 B2B marketing professionals or technology providers (Qualitative research, open-ended responses, top 5 shown) Source: “Advocate Marketing Creates B2B Customer Relationships That Last A Lifetime” Forrester report
- 11. © 2016 Forrester Research, Inc. Reproduction Prohibited 11 Greater brand reach at lower cost Advocates Reach
- 12. © 2016 Forrester Research, Inc. Reproduction Prohibited 12 The measurable impact of advocacy $250 million in closed/won deals. Influenced additional $500 million in pipeline. REV = Reference Engagement Value 1,400 advocates tweet 400 to 500 times a week. Generated 800 reviews from customers and partners. Example courtesy of “Forrester Groundswell Award Winners Provide Hope To Struggling B2B Marketers” report
- 13. © 2016 Forrester Research, Inc. Reproduction Prohibited 13 The business value of advocacy
- 14. © 2016 Forrester Research, Inc. Reproduction Prohibited 14 Engaged relationships that last a lifetime “Now I know what business books he's reading and we chat about those. The program helps our web of influencers work with every account in this way.” – Holly Zoba, SVP of sales, Signature Worldwide
- 15. © 2016 Forrester Research, Inc. Reproduction Prohibited 15 Great advocate marketing depends on:
- 16. Welcome to the digital age…. the Age of the Customer
- 17. forrester.com Thank you Laura Ramos lramos@forrester.com @lauraramos www.linkedin.com/in/lauraramos2013 For further information see: “Advocate Marketing Creates B2B Customer Relationships That Last A Lifetime” Forrester report.
Editor's Notes
- Image source: NBCNews.com (http://www.nbcnews.com/) and Associated Press (http://www.ap.org/) Here are pictures from the Vatican city, taken about seven years apart . The first was taken in 2005, during the celebration of the life of John Paul II… . The second picture is eight years later, 2013, again in St. Peter’s, with a very different audience…The installation of Pope Francis the first, the 266th pope. . As you can see, these people cannot experience this important moment in their lives without their smart mobile devices. Their devices are part of the experience with them and they're facebooking, tweeting, or instagramming what is happening in their lives. This is what the empowered consumer looks like
- Why Advocates Are Your Best Competitive Advantage In The Digital Age Welcome to the Age of The Customer, a 20-year business cycle in which the most successful brands and companies reinvent themselves to systematically understand and serve increasingly powerful customers -- and turn them into advocates. Laura Ramos explains why only those firms that dedicate budget, time, and resources turning customer goodwill into action will survive -- and how advocate marketing creates the customer-obsessed strategies and activity that make you thrive.
- Image source: NBCNews.com (http://www.nbcnews.com/) and Associated Press (http://www.ap.org/) Here are pictures from the Vatican city, taken about seven years apart . The first was taken in 2005, during the celebration of the life of John Paul II… . The second picture is eight years later, 2013, again in St. Peter’s, with a very different audience…The installation of Pope Francis the first, the 266th pope. . As you can see, these people cannot experience this important moment in their lives without their smart mobile devices. Their devices are part of the experience with them and they're facebooking, tweeting, or instagramming what is happening in their lives. This is what the empowered consumer looks like
- Not unlike manufacturing, distribution, and information technology created a tipping point that changes the way we do business. At Forrester we call it the Age of the Customer. It’s defined by technology-empowered customers who are armed with more information and knowledge about your products and services, your pricing, and your reputation than ever before. These digitally-empowered customers create a new era of competitive advantage. They are one of the biggest threats to disrupting your business. Enterprises have to reinvent themselves to understand and improve the customer experience.
- Talk about Internet Retailer statistics. Talk about how advocate marketing turns this from a disruption to an advantage.
- Peer’s number one source business buyers use to gather information on purchases.
- 95% of US online adults over 18 years used consumer online rating and review sites to research products (2014).
- Canadian country western musician Dave Carroll and his band, Sons of Maxwell. It chronicles a real-life experience of how his guitar was broken during a trip on United Airlines in 2008, and the subsequent reaction from the airline. The song became an immediate YouTube and iTunes hit upon its release in July 2009 – 150K views in one day and more than 15M views to date -- and a public relations embarrassment for the airline. Within 4 days of the video being posted online, United Airlines' stock price fell 10%, costing stockholders about $180 million in value
- Image source: Entrepreneur (https://www.entrepreneur.com/) Every B2B marketer dreams of having advocates like these! The good news is that you don’t have to be Apple. Regardless of what product or service you sell, you have loyal customers who are your future advocates. You are missing a significant opportunity to reach future buyers if you don’t convert your customers into advocates. These are the “diamonds” who will willingly share their positive experiences about your brand.
- At 5 minutes a tweek, that’s 40 hours a week or one FTE a year!
- Completely reworked product APIs to make all software functions available on mobile app. AOC example because of their use of digital and their dedicated customer success management practices that make them highly responsive to customer needs. The company gathers customers' product ideas in its Idea Exchange and has adopted 1,700 of them since 2007. Salesforce product management engages with more than 1.2 million community members to crowdsource product ideas, vet and prioritize suggested features, and woo prospects. When product managers and marketers dedicate time to community involvement, all of Salesforce benefits: Its research shows that people who were active in the Salesforce community in the past three months spent twice as much as those who were not active and had a 33% higher adoption rate than non-community members. Embraces big data, mobile, digital – profoundly customer centric experience that pays off: revenue growth that exceeds 30% every year, and less than 10% attrition from existing customers
- “I have an executive client who is an advocate. Before the program, we did not have a relationship. Take us with them from job to job, company to company. Tell swinging for the fences story – HR, again became serial Ceridian uses
- Image source: NBCNews.com (http://www.nbcnews.com/) and Associated Press (http://www.ap.org/)
- Image source: NBCNews.com (http://www.nbcnews.com/) and Associated Press (http://www.ap.org/) Here are pictures from the Vatican city, taken about seven years apart . The first was taken in 2005, during the celebration of the life of John Paul II… . The second picture is eight years later, 2013, again in St. Peter’s, with a very different audience…The installation of Pope Francis the first, the 266th pope. . As you can see, these people cannot experience this important moment in their lives without their smart mobile devices. Their devices are part of the experience with them and they're facebooking, tweeting, or instagramming what is happening in their lives. This is what the empowered consumer looks like