Date post: | 17-Jul-2015 |
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Marketing |
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WELCOME!
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John Simpson Chief Executive Officer
@johnlsimpson3
Kalev Peekna Managing Director, Strategy
@kpeekna
DID YOU KNOW:
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• Only 30% of organizations still engage in cold calling.
• 57% of purchase decisions are completed before a supplier is contacted.
• Only 55% of B2B Marketers have programs dedicated to client retention.
• More than 75% of buyers are very likely to refer their firm.
A QUICK QUIZ
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• Revenue generation is not transactional.
• The buying decision is a long process.
• Your value to clients isn’t easily or quickly replaced.
• Client relationships are complex, involving multiple touch points between several individuals.
• Current clients are an important source of new revenue.
• What your clients feel about (and say about) your business strongly impacts the decisions of other clients.
FORGET THE FUNNEL
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• The right audience is more valuable than a large one.
• Buying decisions are only the beginning of the conversation.
• There’s no room for loyalty in the funnel.
• Buying decisions aren’t only driven by the messages you deliver to clients. They’re also driven by what clients say about you and to each other.
FINDING THE BALANCE
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What Your Client Does
• Identify Need • Research Solution • Active Evaluation • Formalize Relationship
What Your Firm Does
• Generate Awareness • Drive Consideration • Follow Up • Establish Trust & Advocacy
AWARENESS IN A WORLD OF ORGANIC DISCOVERY
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“The Zero Moment of Truth (ZMOT), when people research products before buying, applies across all customer bases ‘whether you're buying a big jet engine or a refrigerator,’ says Beth Comstock, SVP and CMO of GE.” SOURCE: HTTP://WWW.GOOGLE.COM.AU/THINK/COLLECTIONS/ZERO-MOMENT-TRUTH.HTML
AWARENESS IN A WORLD OF ORGANIC DISCOVERY
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SOURCE: HTTP://WWW.GOOGLE.COM.AU/THINK/COLLECTIONS/ZERO-MOMENT-TRUTH.HTML
71% of people use the internet DAILY to make decisions about business purchases
According to Forrester Research, the first thing 80% of people do when they confront a problem or have a question is to go online and search for an answer.
AWARENESS IN A WORLD OF ORGANIC DISCOVERY
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SOURCE: HTTP://WWW.GOOGLE.COM.AU/THINK/COLLECTIONS/ZERO-MOMENT-TRUTH.HTML
“The internet clearly is now the new trade show.” Sam Sebastian, Google
WINNING CONSIDERATION WITH CONTEXT
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Content Marketing
Delivers education or useful information
Context Marketing
Adds timing to content marketing, taking into account the specific
personality of the customer
DRIVE CONSIDERATION
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We instinctively practice ‘context marketing’ offline, but are we doing it online as well?
FOSTERING LOYALTY
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“Loyalty counts more and costs less than awareness.” Harvard Business Review
• Let's you add up to four family members in the same household to your account
• One in 3 households will have access to Amazon Prime in 3 years
• "Amazon Student" $39 version of Prime for folks with a valid .edu email address
INFLUENCE, THE GIFT THAT KEEPS ON GIVING
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88% of B2B professional service buyers are likely or very likely to recommend providers to friends or colleagues.
Source: Hinge Marketing, How Buyers Buy Professional Services
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HUMAN-CENTERED DESIGN
Avoids the firm’s objectives in favor of the audience’s needs
BRAND-CENTERED DESIGN
Focuses on the firm without respect to the
human/audience
RELATIONSHIP-CENTERED DESIGN Balances the firm and audience’s needs
RELATIONSHIP-CENTERED DESIGN
USING DIGITAL ACROSS THE CYCLE
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We are bombarded with experts proclaiming the “truths” of our “digital age.” Taking the relationship perspective helps you understand which “truths” have immediate, strategic impact:
• Digital permeates every step of the cycle, whether in a leading or supporting role.
• Social communications, especially beyond branded channels, increases the influence of influence. Every interaction matters more.
• Mobile expands not just channels and platforms, but also the contexts in which we interact with clients. We interact in different places, at different times of the day, with different people.
USING THE RELATIONSHIP CYCLE
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The Relationship Cycle is a framework, not a methodology. Here are three examples of how the Cycle expands your understanding and directs you to strategic decisions:
1. Auditing your Activities & Priorities
2. Understanding your Audiences & Users
3. Mapping your Interaction Opportunities
AUDITING ACTIVITIES
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Many marketers confront the full range of their activities only during budget season – which makes everything look like a tactic. Using the Relationship Cycle can lend a more strategic view on what you do.
Start by considering all that your department does at each stage of the client journey. Focus less on platforms, and more on actual activities:
Proposal
Preparation Ads Pitches Key Client Program
Email Marketing Blogging
Awards & League Tables Client Events SEO Industry
Events Sponsorships Lateral/Partner
Recruiting
Brochures & Biographies
Thought Leadership LinkedIn Client Sat
Survey Internal Comms ????
SORT YOUR ACTIVITIES
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Next, sort your activities into the appropriate phase of the cycle:
Generate Awareness
Drive Consideration Follow Up
Establish Trust & Advocacy
Loyalty Loop
Ads Proposals Key Client Program
Email Marketing Blogging SEO
Industry Events
Client Sat Survey LinkedIn Thought
Leadership Brochures & Biographies Sponsorships
ADD DIMENSIONS
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You can expand your strategic view by adding additional dimensions to the matrix you’re building:
Generate Awareness
Drive Consideration Follow Up
Establish Trust & Advocacy
Loyalty Loop
Activities
• Ads • SEO • LinkedIn Posts • Blogging • Thought
Leadership • Industry Events
• Biographies • Awards • Thought
Leadership
• Pitches • Key Client Program
• Sponsorships • Email
Marketing
• Client Sat Survey
Priority
Resources
Content
Tools
ASK YOURSELF
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As you build out your view, ask yourself some of the following questions:
• Where are we lacking coverage?
• Where are we making the most impact?
• How would it change if we took a different perspective based on:
– Practice
– Industry
– Geographic Market
• Where do we expect my practitioners (consultants, lawyers, bankers) to contribute?
• Do our activities accurately reflect our priorities?
ADDITIONAL THOUGHTS
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Having priorities – paying more attention to some activities and less to others – is not a problem. The problem is when priorities become unintentional.
For example, most professional services marketers know instinctively the value of repeat clients. But strikingly few have programs design specifically for clients in what we call the Loyalty Loop.
Are you Avoiding the Loyalty Loop?
General Counsel Report 2013
• 12% of firms always meet clients to discuss satisfaction
• 18% of firms never discuss satisfaction with clients
Corporate Data Litigation Survey 2015
• 59% of general counsel never provide performance feedback to outside counsel
UNDERSTANDING AUDIENCES
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This exercise is really a flipped version of the first – this time from the client’s perspective.
Focus on what lies outside the actual work. Think back to all the requests your department may handle or coordinate:
Research reports
Industry news
Who you’ve worked with
before Proof of
Expertise Continuing Education
Updates on Work
Background on your Leaders
Suggestions for Suppliers RFP New Data
SORT NEEDS
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Next, sort your activities into the appropriate phase of the cycle:
Identify Need Research Solution
Active Evaluation
Formalize Relationship
Loyalty Loop
Research reports
Industry news
Who you’ve worked with
before Case Studies Continuing
Education
Updates on Work
Background on your Leaders
Suggestions for Suppliers RFP New Data
ADD DIMENSIONS
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As before, adding dimensions can enrich your understanding:
Identify Need
Research Solution
Active Evaluation
Formalize Relationship
Loyalty Loop
Needs
• Research • Daily updates • New Data
• References • Suggestions
for suppliers
• RFP • Background on
Leaders • Proof of
Expertise
• Updates on work
• Continuing Education
• Leveraging your networks
Content to match need
How/where do they find it?
Best way to deliver content
ASK YOURSELF
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As you consider your audience’s needs, ask yourself:
• Do we fully comprehend their needs?
• Are we fully meeting their needs?
• How are their needs changing over time?
• Where do they look for new information?
• What is they best way to deliver what they need?
• What kinds of data do we have to support our assumptions?
ADDITIONAL THOUGHTS
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Most relationship-based businesses understand their clients pretty well. But there’s a danger in letting your assumptions about what you know go unchallenged.
For example, McKinsey’s research reveals that most leading B2B brands are completely “talking past” the true drivers of client loyalty:
“Our research suggests a potential stumbling block, though: a marked apparent divergence between the core messages companies communicate about their brands and the characteristics their customers value most.” -B2B Brand Awareness Survey, 2013
MAPPING INTERACTIONS
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The last example exercise is really about what connects the previous two. Consider each stage, from both yours and the client’s perspective, and identify the interactions that matter the most.
Expand your scope to consider both digital and non-digital modes of interaction:
Web Email In Person
Social Media Event Print
MAPPING INTERACTIONS
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Most interactions hit multiple points in the cycle. Visually tracking them may work better than using a bounded matrix:
Your Firm Generate Awareness
Drive Consideration Follow Up
Establish Trust & Advocacy
Loyalty Loop
Your Client
Identify Need
Research Solution
Active Evaluation
Formalize Relationship
Loyalty Loop
Web
In Person
Social
ASK YOURSELF
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As weigh the relative impact and prominence of different modes of interaction, ask yourself:
• Where are your interactions currently limited?
• Is there an opportunity to improve a particular interaction at a particular point in time?
• How well coordinated are the different kinds of interaction? Are they aware of each other?
• What is the client experience in each interaction? Does it align to our brand?
• Do you know how to accurately measure the effectiveness of your interactions?
ADDITIONAL THOUGHTS
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No one kind of interaction can govern the entire cycle. Your client’s experience during the process will always be made up of multiple, often discrete interactions.
Most marketers have experienced a pronounced increase in the number of communication channels and tactics they manage. Marketing’s job is to ensure they coordinate to create a comprehensive brand experience across the entire cycle.
86% Of B2B firms invest in content marketing 38%
Feel that their content marketing is effective
75% Do not have, or do not document, their content strategy
KEY TAKEAWAYS
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1. The marketing landscape is and will constantly be evolving.
2. Relationship-based businesses require a different model of marketing – the Relationship Cycle – to meet their unique business development needs.
3. The cycle can be used to inform your digital strategy, target audience and map your client interactions.