BMA – Using Customer Data for B2B Growth

Data in business (and human society in general) plays a interesting role.  Kiyoto Tamura started the presentation with a note from his experience in finance: data plays a huge role, but most of money loss is based on emotions.

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In many cases customer data “lives” in different databases.  Traditionally, marketing automation vendors tried to “own” this database, what created limitations on which data can be used.  Marketing automation vendors should not “take marketing data hostage” and work with all available data.

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Kiyoto recommended to make rectangles typically used in PPT slides octagons – the chart will look more “scientific”  🙂

A very interesting point on AI-based predictive lead scoring.  Identification of a correct lead is difficult.  To make predictive lead scoring useful, the company have to have enough of good data, what may not always be the case.  “Don’t get caught in AI craze.”

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Very insightful presentation, as can be expected from BMA events.

 

Modernize or Fail

Just Media sponsored an excellent marketing event at Google campus “Modernize or Fail: How B2B Marketers Should Overhaul Their Digital Presence to Drive More Business Success.”

Curiously, Dick Reed mentioned somewhere at the beginning of his presentation clients who define “awareness” as an objective and measure campaign success by the number of leads generated.  And then surprised by high cost of lead.  Seriously.  He showed a very clear set of metrics by the stage, including ABM, what, I think, is just starting to emerge in marketing community.

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Content can also be sorted into the stages of awareness and demand – one more version of the content approach, which addresses the difference in metrics.

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Another interesting point – evolution of the approach to nurture.  As many of us, marketers, were trying in the past to “lead the prospect through the sales cycle” with our campaigns, the approach changed to what Just Media called “self nurture,” or a “connected experience” across company’s presence in the marketplace.

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  • The term “landing pages” becoming “landing experience”
  • Demand Gen: “If you have a fancy new white paper with the conversion rate 50% of the old one, return the old one!”
  • Mobile vs. desktop: technical decision makers prefer desktop; business decision makers do research on mobile devices after 9:00 pm 😉

Hilarious video from Slack (b-to-b 🙂 ).

 

Buyer thought process applied to the purchase cycle – very clear perspective to organize materials.
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Another interesting point: a different impact of short-term demand-focused programs and long-term brand programs.

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As Google is trying to move to “mobile first” approach, significant emphasis has been given to encouraging marketers to improve usability of their mobile web presence.

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Ah, mobile issues (and possibilities of penalties from search) have been discussed by the industry for a few years.  In many cases, enterprise web sites are not quite there yet.  However, this issue is very common, and as large organizations are struggling to adjust, so do all their competition.  It would be interesting to see how the situation changes in the future.

BMA – Return on Marketing Investment Using a Data Science Approach

10.pngFantastic presentation!  It exposed the audience to the depth of data science in marketing, including unfamiliar terms and concepts.  From one side, the event reminded to some of us in the audience “how much we do not know,” from another side, the presentation reassured us that the entire industry is struggling to understand the new marketing reality.  Scary, but exciting!

The most common conversation thread in data science realm: “This is not the report I wanted…”

Currently, data scientists spend more time “getting the data” than analyzing it.

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Interesting: data scientists typically find something what was not requested and that finding becomes the most important for the business.

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Slide above shows spike in transaction at the point of lowering the price, but not that dramatic impact on revenue.

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Slide above helped to identify a “sweet spot” of customers in about 50K+ range.  These customers purchased faster than customers with lower deal sizes.  The company executed a very successful campaign to target this segment.

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manifesto.pngGrover Righter also recommended The Cluetrain Manifesto to understand fundamental industry changes.

Interesting: email is considered the best medium for A/B testing.

Survey emails are popular: people like answering surveys, as they are perceived as industry experts, they can receive the result of the research, and they have a chance to win a gift certificate.

For “freemium” industry the most popular download is “Why to pay for something that can be available for free?”

The session informed and clearly explained the need for an expert in the filed.

Love Your Pipeline Event

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Interesting: a panel of advanced industry marketers did not have significant experience in every industry area.  In many cases, they were starting ABM and just moving into predictive.  The shiniest of the shiny industry objects are new, and every marketing organization is trying to understand how to use the new opportunities for their business, or if these opportunities are beneficial for their business.

It was a pleasure to see “people” and “process” taking central stage in transformations of marketing organizations, and tools moving to the supporting side, where they belong 🙂

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Predictive technologies discussion:

“If you don’t have right people, don’t just buy the tools.  You won’t get enough benefit out of the tools…”

Another interesting perspective: improvement takes time…  and, in many cases, years.  (Very good visualization of “marketing improvement” from Insight)

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Predictive technologies discussion:

“We just put some tools in.  In 6 months we will see data…”

Surprising: sales aspect of ABM may not be entirely positive. Sales might feel threatened by account-based approach: “Now they will give me a limited number of accounts and I can not go outside the list…”

Tools mentioned during the event:

Gecoboard  – a tool that allows visualizing and easily exposing data in the office.  The board integrates with a variety of apps (including SFDC, Google Analytics, Excel).

“Live TV Dashboard that improves key business metrics”

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Conversica – a “sales assistant” AI, that communicates with prospects, warms leads and sends them to sales.

The tool has a free trial limited to 25 leads, and not limited in time…

BMA -Customer Relationship Intelligence (CRI)

CRI.pngCustomer Relationship Intelligence (CRI) – an approach that is trying to quantify and organize customer understanding and apply this understanding to improve business results.  The objective is to build customer insight into product/process/service improvement (avoid pursuing improvements that won’t be valuable for customers, and concentrate on the improvements that will be).

“Your most valuable customers want a relationship with you…”  because it matters for their company (their infrastructure, etc.)

CMO Council observed a shift from traditional metrics to “customer efforts” measurement.  (Customer efforts include all activities related to purchasing, installing and using the product).

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Example: a group of engineers went to the customer location to install the product.  After they came back, a new requirement was added for product development to limit time required for installation.

“Customers do not quite care about being delighted,”  but they will be happy if you “fix staff” and it will be easier to work with you.

book.PNGBook to read – Customer Relationship Intelligence: A Breakthrough Way to Measure and Manage Sales and Marketing

“Customer Relationship Intelligence brings a fresh, new perspective to sales and marketing: new relationship metrics and a breakthrough, actionable framework for real-time management, tied to profit. It is about teamwork and collaboration. It is about executing strategy. It is about retention, profit, and competitive advantage.

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BMA – Data-Driven Media Strategies

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“SiriusDecisions is my therapist” noted one of the panelists describing all confusion of our industry.  SiriusDecisions mentioned that she was not alone in this opinion 🙂

The discussion was very practical: yes, there are marvelous new approaches and ideas in the industry, but “find something that works for you, not something that worked in the case study.”

Media – make sure you can actually measure success.

ABM is a combination of demand and awareness; it is an opportunity for a small company to look prominent for the right type of people. But “don’t get swiped into ABM – you still need to keep AQLs coming…”

BMA – The Marketing Tech Stack of Tomorrow

stack.pngThe conversation about “marketing stack” started from a definition…  at this point of history, it is a “Franken-stack” with seemingly limitless number of tools and categories. In many cases, the technology can be in place, but it can do more than the organization is able to use.

From another side, despite thousands of tools available on the market, some questions can not be answered.  For example: what is it you are missing?  Do you have x% coverage?

What should marketers do?  How should marketers chose the next technology – particularly the technology for the next stage of the development of the organization, and this next stage can be quite different for different companies.

Interesting Growth.io is hoping to provide this guidance.  growth.PNG

One of the aspect missing in the “stack” is actionable insights.  The data is available, but what should be done based on the available data is unclear.

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Quite interesting – the “ideal report” that no tool can currently produce.

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What is rather amazing… ThoughtSpot marketing is responsible for 80% of pipeline. Wow!