Corporate Visions – Executive Insights Session

corp-visions

The approach of Corporate Visions is evolving, reacting to new findings and data pieces floating in the industry, and offering new arguments for the old problem – helping companies to succeed.  Latest session in Minneapolis was based on known fundamentals and full of new insight and arguments that can be used in our companies.

The relatively new number that is becoming ubiquitous for every marketer – up to 70% of sales cycle is complete, when the prospect just start talking with the company’s sales representative.  Does it mean that sales becoming less important?  Actually, sales conversations are becoming even more important – the interaction becomes more and more valuable.  sales-cycle

As 60% of the sales cycles are resulting in no change and retaining previous solution, all 100% of the sales cycle is failing to achieve the objective.  After 70% of the sales cycle, the prospect is still saying “Why should I change?”  At the point of talking with sales reps, the prospect is still not sure why do anything differently.  Our number 1 competitor is status quo.

Survey issue: Declared Preference (I think I will do…) is very different from Revealed Preference (I do..).

People generally unable to describe pains that will make them change.  Voice of Customer research generally leads to competing on the same perceived benefits that the rest of the industry.

capabilities

The best opportunity for change is to discover unknown needs and match them with the company’s capabilities that are not currently known to the prospect.

The change decision is the decision of survival rather than a decision of well-being.  It is based in the “old brain” and based more on emotions than on logic.  Old brain is responsible for the survival-related decisions.  Good resource Book – Thinking, Fast and Slow.

brainProspect theory:  Loss aversion is 3 times more motivating than risk seeking (a person will seek risk more likely to mitigate loss).

What is successful in encouraging change: emotional appeal to the “old brain” rather than logical rational and justification.  Good resource book – Heart of Change.

Most used (and least effective) change approach:
Analyze -> Think ->  Change

Less used (and more successful) change approach:
See ->  Feel ->  Change

Change approach can perfectly apply to selling.

Visual Stories

  1. Concrete (get action)
  2. Context (show urgency)
  3. Contrast (demonstrate value)

Language resides in the new brain.  When asked: “Why did you buy?” people usually answer a different question:  “How did you justify the purchase?”  Old brain does not process abstraction.

Price is the contrast variable – if there is no clear differentiation between options, the need for differentiation will result in price comparison.

This approach can be applied to the marketing content that is used during the entire sale cycle.

white-paper

Materials designed for earlier stages of the sales cycle need to be more visual than materials designed for the justification stage.  

Sales education

88% of executive buyers want to have a conversation, not to look at a PPT.

meaning

But what about all the information on the Internet?  There is too much of information – bringing meaning brings value.

MN Search – E-Commerce SEO, PPC, and CRO

Very interesting event!  Though I also start to recognize that as a general online marketer, in a couple of years I will be completely lost in the details of each specific discipline – everything is evolving so fast!  While I can understand (and enjoy) laser-focused events with this level of specifics, I am glad to attend them 🙂

Jeff shared a couple of hilarious videos  from Google Analytics channel – the videos show how would online shopping experience would look in real life…  if it can be translated into “real life”  🙂

An interesting point – for ambiguous products – names of products that can fit more than one category, co-referencing can be used.  Co-referencing is a link from the product description to the Wikipedia page that specify the category of the product.  For example is the specific product is associated with a band or sports team (and can be understood differently) a link to that band or sports team (or any associated concept, related to sports or music) can help search to make sure that this product is shown to searches who is interested in relevant concept.

schemaInteresting – Schema has a set of tags that specify layout of the article in social media, including Facebook. etc.  Raven has a tool that allows to create these tags easily.  Though Schema-creator.org would most benefit agencies and internal SEO teams, it is also good to know about its existence.

Shopping experience is expanding on Pinterest – rich pins allow to include product price inside the pin itself.

Google image search nuances: good quality images are needed.  Increasing bid can lead to expanded targeting and the targeting can lead to lower conversion.  Image search needs to be monitored closely by the agency.