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Salesman didn’t die.. but got help

Every time something new comes up and people jump on it, they learn something new but it seems that they often start forgetting the best features of the previous while learning. Then came the content marketing era and inbound marketing surge. Now there is a swing back to ABM (Account based marketing and proactive sales). Danny Wong from Blank label just published an article about this with 9 B2B sales predictions for 2016 in Huffington Post (source: http://www.huffingtonpost.com/entry/the-future-of-sales-9-b2b-sales-predictions-for-2016_us_56beb9b0e4b06fb6526b67c9)

It was great article and I totally agree with Mr. Wong.: Outbound and account management are musts, buyer journey and customer centricity are imperative. Marketing automation is fantastic in existing customer management and content marketing. Still, in case of new prospect recognition most visitors don’t leave their contacts or signs of interest which leaves most potential customers unrecognised. This is something that has bothered me.

Then I learned about Leadforensics… (because they reached out to me and outbound works 🙂 ) They gave me a short introduction to their software (phone+video), we did a pilot with two weeks of data capturing after which they presented me the results and pitched me an offer. I got hooked and bought the license.. and I am even more hooked now. (By the way, their process is very much worth experiencing too, its brilliant. You can book your trial contact here)

This is something I just have to share, because I find Leadforensics to be so elegant, easy and effective. The foundation of the service is IP address recognition. The service lets you know from which companies people are visiting your website, how many of them, which content, time spent and so on. In B2B this intelligence is often enough. You know which companies are looking right now in your sector and they are already considering your company. In case you are considering marketing automation or need leads for sales to follow, Leadforensics is a great tool to take as a first step in operational and cultural change or as part of the lead generation development in marketing automation project. This is what you get (this data is from this site):

#1 Visiting organisations

1 visitor list

#2 Sorting visitors

2 Sorting visitors

Example of multivisitors

3 multivisitor

#3 Company details and visitors

4 company details

In this case 3 visits by one person

5 visitor number

#4 Potential people to contact

6 contacts

#5 Dashboard

7 dashboard

#6 Sorting and actions

Now that I have the tool in use, I can upload my customer register and create a current customer group with assigned contacts. I can also create prospect list with assigned persons who will be notified about new visits. You can also define goals, not every content is a sign of buying intent, but some are exactly that. Assigning goals and actions for them is quite easy and effective.

My company FutureCMO – Catalyst for Growth is a super temp one man show with a network of other entrepreneurs and I am mostly helping large companies with their digital and customer experience transformation. My challenge is, that projects are large and take my time while running them leaving me little time for selling next cases. When they end I can easily drop between projects. This kind of transformation work is quite time sensitive and frequency of doing it is rare. Also, The lead-time from interest to project could take a lot of time too. Another challenge has been, that I have a globally competitive knowledge, methods and approach, but my work has been local sofar. Now I am going to make my first attempt to get my first very own international clients onboard. While working for WPP and Omnicom this was natural, but as an entrepreneur now it would be a big leap. This is why I think Leadforensics will help me target right companies at the right time and make certain that I can get my projects in without long stand-by periods. I am also working on a start-up for which we are raising money to get started and knowing which companies are interested in our pitch is very important. I am only in the beginning of using Leadforensics, but I am quite impressed with it.

In case you find Leadforensics interesting, you can book your own demo and trial period here (Link URL )

In case you are using some other tools for lead recognition, I’d be very happy to hear about your experiences!

Disruptively Customer Centric B2B sales – Tools for Crossing the Chasm

B2B sales has been under major disruption due to content marketing and automation surge. I am a big believer and practitioner of these tools and methods my self and I’ve been convinced that this is the way to create naturally supporting customer journey towards a happy end and the results have proved how well it works. Now I have to admit that you can go way beyond.

Let’s  consider the B2B buyers and procurement and their process:

TOP OF THE FUNNEL has to do with planning and designing the change. This work is mostly done with internal stake holders, consultants and designers. The buyers are exploring options, pondering their current solutions and how they fit with the change. This stage is really about learning and defining what would good outcome look like.

PROBLEMS:

  • The buyers don’t engage with vendors at this stage, although they are likely to use vendors’ content marketing materials. Most of the buyers’ time is spent searching on Google.
  • Buyers have hard time finding relevant content because the market is quite cluttered with generic content that doesn’t really support buyers’ process. What customers really need and look for are: Solution facts, Business Cases, White papers, Success Stories, Reviews… Tangible and concrete tools for their process. These are not easy to find!
  • Customer would benefit from dialogue with the vendors, but they don’t do it because they don’t want to get harassed by sales. Buyers want to drive the process and manage it efficiently. Active sales is considered disturbing.
  • Large vendors dominate the space, because they have resources to produce content, they have strong page ranking and their brands pull customers to their resources. This logic and dynamic will enforce status quo and buyers don’t find NEW, INNOVATIVE AND MORE COST EFFICIENT OPTIONS. These vendors are not known yet and they concentrate on their product and service development – not in content creation. Their page rank is low and Google doesn’t find them. The buyers interest is to find the best solutions but they have very hard time finding them.
  • When the logic of top-of-the-funnel goes like that, it influences the request for proposal (RFP). The RFP and vendor list that will get that RFP will consist of well known players and leave very little room for innovative approaches
  • You don’t get trustworthy reviews from B2B companies anywhere, really. It’s difficult to compare sales pitch with actual delivery experiences. Success cases underline success, but hide failure.

Screenshot 2016-01-19 07.06.45

MIDDLE OF THE FUNNEL is about engagement with 3-10 recognised players who will get the RFP. This is the first time for the buyer to allow vendors to ask questions and study options with them. Vendors have experience from multiple customers and they can reflect previous cases and their results which could potentially lead to better outcome than the one outlined in the RFP. Connecting customers challenges to vendors solutions could create a new solution, which would be the best case

PROBLEMS:

  • Most innovative and best solutions are not the ones to get the RFP and the customers will probably choose solutions that are established, expensive and quite similar to those that their competitors are using
  • The most innovative people don’t get to influence the buyers thinking and the buyers don’t get the kind of edge to their operations that would have been possible
  • The market logic will enforce status quo: innovative SMEs don’t get to grow and once their technology is proven the entrepreneurs will make an exit and sell their company to big players years after the development of better solutions and at that point the big players will introduce the solutions to the market and scale them. At this point buyers don’t get such benefit from their choice anymore and they will pay much more than they would have paid a couple of years earlier

I met the Founder and CEO of SpendLead Fabrice Saporito last autumn and their solution really impressed me. SpendLead is an environment where the optimal buying process has been made possible and allows the most innovative players to engage with buyers early. The founders have their history in procurement and they have developed a dream environment for the buyers to realise the optimal buying process!

SpendLead founders have their history in major companies buying processes, which has allowed them to get these buyers in. There are already major companies procurement departments which have combined buying power worth more than 200 Billion/year using SpendLead which gives the service a unique value proposition. eg. BBC

Screenshot 2016-01-19 07.36.28

The service has been built around these buyers interests, which means that they have embraced it and adopted it rapidly. It’s now time for sellers and marketers to take advantage of this possibility. How it works for marketers promoting their services in SpendLead? You publish exactly what the customers are looking for:

Screenshot 2016-01-19 07.43.23

And you get tools to do you engagements and lead generation:

Screenshot 2016-01-19 07.43.40

For an SME this environment gives full toolkit, allows very easy publication and enables anonymous engagements with buyers who want to learn more at the top of the funnel. This will speed up and strengthen the innovative solutions adoption. This environment magnify solutions and their impact, not brands. That’s why I think that SpendLead can disrupt the market logic over the next couple of years. The service is completely free for buyers and the business model is based on leads. Their pricing is very affordable, 1,99USD/lead and it will probably disrupt the lead generation market also in case of bigger brands. At least it is great way for SME’s to scale their sales reach. I don’t think that big companies can afford to neglect this kind of player in case their buyers adopt the service.

SpendLead is definitely worth trying and their thinking is solid. I’m really interested in seeing how this kind of disruptive new service will change the way we do B2B selling and buying!

In case you have experiences about customer dialogue and sales process inside SpendLead I’d be very interested in hearing actual experiences from both buyers and marketers point of view

Making millions with pennies – BEHAVIORAL ECONOMICS

Growth and productivity

When I think about board member’s day to day life and board meeting’s average content, I know it’s full of big decisions. What is our growth strategy? Are we willing to invest millions of euros/dollars in technology in order to enable customer relationship strategy and automation? How can we reduce our churn? How can we lower over all costs and increase productivity? Thinking big is important, but I’ve come to conclusion that thinking big also makes board members blind to potential that is at their reach with minimal investments.

I’ve been working on direct marketing, sales development, customer journey analytics and customer experience-  and customer interface design since 2004 and learned that the potential is amazing. Realizing the potential often only cost pennies, but requires new point of view and strong experience. So what is this really? It’s BEHAVIOURAL ECONOMICS. Using BE in order to rapidly create major changes has to do with Choice Architecture and Nudges, leveraging behavioural patterns. It’s very much like Service Designing, but doesn’t necessarily require total make over, just adjustments. I decided that I collect and publish some of the actual outcomes that I’ve discovered with my clients so that there is tangible proof of what I am talking about. These cases are anonymous and from multiple market areas including both B2B and B2C cases:

Conversion: Sales increased by 240% by only re-designing the way the product was introduced and how customers actually were steered to made the purchase. Investment level 5000€ – sales value in millions
Sales: Changing messaging order and starting marketing by allowing own members to buy first, before others. Creation of momentums inside the campaign. Sales index was 200% in a first year and 260% in second year compared to the original target budget. Investment level – no change. Double profitability impact:  higher margins and stronger sales. The sales impact was + 20 millions.
Churn reduction: By changing the way how the company did invoicing, the company’s churn reduction was almost 1/3. Investment level in thousands – savings/improved loyalty > 1 million
Customer service cost reduction: Changing the way invoicing was done, we were able to cut contact center calls to half and allocate that free capacity to proactive contacting of customers who had given critical net promoter scores. Multiple impacts: NPS increase, higher loyalty, higher ARPU, lower cost to serve. Customer feedback also gave insights to overall service and product development. Investment level in thousands – impact in hundreds of thousands
SEO/SEM improvement: Cost of acquisition is often a critical profitability factor. In one case I analysed company’s current reach of SEO and SEM and came to conclusion that 1) Their all key words were targeting the last moments of decision making = most expensive 2) They completely missed the contexts that made their service interesting and valuable = high reach, low cost. Also, they renewed their website, which cut their lead generation to half. The solution: conversion fixes on website with minimal cost, new approach to SEO/SEM. Investment – re-allocated current marketing budget, projected impact more than 200% sales increase
Proactive service messaging: Sending customers service messaging with automation multiply their frequency to use service, increase spending and reduce churn. Investment apr. 100K, sales increase impact in millions.
What board members should consider:

We already have technologies and on-going spending – can we improve their impact
We already have thousands/hundreds of thousands/millions visiting our customer interfaces. Can we improve conversion to sales?
What is our level of contact center costs? How many contacts is there? What is causing those contacts? Can we do something about it?
What is our churn level (leaving customers)? What does that mean in euros/dollars? Can we do something about it?
We have tons of data. Have we really understood the value buried in it? How can we transform data into money (operational improvement with current offering – potential for new businesses and offerings)
One case I am currently working which is special for one major reason, its public, is Kela (Finnish pension insurance company). KELA is government managed and doesn’t have competitors, which means that I can talk about the case without breaking any NDA’s. Due to a legislation change, Kela is going to take over a new service area in the beginning of 2017 that currently employs 600 working years in employee resources. I have a privilege to analyze how customers are currently using Kela services, how and why they use office- and call center services. Based on this data I am looking for ways to increase self service level and decrease cost of servicing. The goal is, that by changing the customer interfaces and service processes we can decrease the service need so much, that Kela DON’T need to hire 600 more people to fulfill the new responsibilities. Since I started analyzing data, interviewing customers and customer service people, we have already found improvement points that allow Kela to cut hundreds of thousands and eventually millions of calls or manual applications. Very little user interface element changes alone can reduce costs by 1,5 million euros in one single service segment. These findings are now in process to be realized with lean UX workshopping.

There’s one specific finding that I just have to point out. In every application context Kela gives an average decision making time. The idea to give an average time is natural and intuitively right way to approach the customer need. However, there is a problem. Giving an average time for decision will create expectations. Giving an average time actually means that HALF of the applicants feel they get below average service, get worried and call. The number of such calls is +200K in total. What can we do? We can change expectations by changing ONE LINE across all services.

“The decision making typically takes AT LEAST xx time”

The change of this one line has very meaningful benefits:

half of the customers feel that their service EXCEEDED expectations
The other half is more patient
The projected saving for this very simple change is at the level of +1 million euros. The cost to make that change is 0€. When scaling all improvements together the savings will be calculated in multiple millions.

What is that KELA case really about? It’s about recognizing why people get worried, feel anxiety, what they don’t understand and how can we improve their feeling of confidence that things are going well. In practice we improve customer experience. In a commercial context this means higher NPS, stronger customer relationships, higher demand, higher conversion rates, lower cost of acquisition… the list is endless and it’s full of direct profit impacting factors.

What I suggest for your next board meeting is, that you take the board consideration list above and put it on  your agenda.  Then honestly consider if there is room for improvement. My experience is, that there always is. Then contact a person who has real experience about recognizing improvement points, analyzing the data for potential and capacity to create insights and design changes that make millions in ROI.

This is what I do.

Here is a short introduction to my offering and how does it impact company’s customer centric transformation, management, culture, infrastructure and processes: Behavioural Economics offering


Let me know if you want your company to take a leap to a whole new level of productivity. Let’s have a chat and see if we both get excited 🙂

Toni Keskinen
+358 50 55 222 76
toni.keskinen@futurecmo.org
http://www.linkedin.com/in/tonikeskinen/
@Toni_Keskinen

7P’s interview – Ephlux Insights with Toni Keskinen (of Future CMO)

Here’s my interview with Mr Babar Khan Javed about the backround of my thinking that led to re-creation of Marketing’s 7P’s published in ADMAP November 2014

Further reading:

Author: Toni Keskinen, Change Catalyst & Executive as a Service
http://www.linkedin.com/in/tonikeskinen

Join FutureCMO Movement LinkedIn Group here

Marketing technology and Branding – free book

Originally published at http://chiefmartec.com/2014/03/new-brand-marketing-technology/

A NEW BRAND OF MARKETING – free book by Scott Brinker

A NEW BRAND OF MARKETING: The 7 Meta-Trends of Modern Marketing as a Technology-Powered Discipline

Click to Download PDF: A New Brand of Marketing: The 7 Meta-Trends of Modern Marketing as a Technology-Powered Discipline

“The modern CMO and marketer can no longer be just a brand ambassador, they must also have a deep understanding of marketing technology. Scott Brinker helps the reader to understand how technology can be used for both successful marketing strategy and execution.”
Jonathan Becher, CMO, SAP

I’ve written a very short book, A NEW BRAND OF MARKETING, that’s free to download and share.

It frames the epic collaboration underway between marketers and technologists, set against the backdrop of two seismic shifts in marketing today:

First, how marketing is taking over the business. We can debate functions and org charts. But in a hyper-connected digital world, everything that a business does — the entire customer experience that it delivers, from the very first touchpoint onward — is now the scope of marketing.

Second, how technology is taking over marketing. Marketing has more software entwined in its mission today than any other profession in the history of computing. Leveraging these capabilities requires new approaches to marketing strategy and management — as well as new kinds of talents within the marketing team, such as marketing technologists.

These two massive shifts are the result of 7 “meta-trends” — each of which has dramatically changed the nature of marketing. And collectively, they have created a whole new brand of marketing:

  1. From traditional to digital
  2. From media silos to converged media
  3. From outbound to inbound
  4. From communications to experiences
  5. From art and copy to code and data
  6. From rigid plans to agile iterations
  7. From agencies to in-house marketing

At only 40-pages, this is probably the shortest marketing book you will ever read. But if you want to understand the context in which marketing has become a technology-powered discipline, I hope it may be one of the most helpful.

Download your free copy now.

Reviews of A NEW BRAND OF MARKETING

As modern marketers, we have to embrace technology in order to stay relevant. But how? In A New Brand of Marketing, Brinker dives into the shifting digital landscape and illustrates how businesses can transform their marketing to be more inbound, and ultimately more effective, with tech-driven strategies.”
Mike Volpe, CMO, HubSpot

“Scott Brinker nails it with his articulation of the 7 meta-trends that have fundamentally altered — as well as empowered — marketing. Technology now fuels the marketing discipline, where science and art come together to build a brand based upon customer experiences, where the interactions are more inbound than outbound and truly global in nature.
Amy D. Love, CMO, Appirio

“Scott has penned a veritable treatise on the subject of marketing in the digital age of digital. In this pithy work, Scott captures the key meta-trends that will define how all marketing is done in a world of technology enablement and customer empowerment. The punch line: read it.
Terence Kawaja, CEO, LUMA Partners

“The leading meta-trends transforming and growing business at the convergence of marketing and technology by Scott Brinker. This short story is a simplified illustration of modern marketing, disrupted and transformed by the growing evolution and impact of technology, the modern the face of marketing.”
Mayur Gupta, Global Head, Marketing Technology, Kimberly-Clark

A New Brand of Marketing articulates the why of marketing’s fundamental changes over the past 20 years better than any book or blog post I’ve ever read. Scott, in his succinct and thoughtful voice, showcases the how necessary to navigate to a healthy and successful marketing organization as only a thought leader and expert marketing leader such as himself can. A must read for every marketer.”
Jascha Kaykas-Wolff, CMO, Mindjet

With A New Brand of Marketing, Scott has put traditional agencies on notice. Clients are evolving faster than agencies and their organizational models. A New Breed of Agency is needed, with an operating system that has Scott’s meta trends at its kernel. Every marketer and marketing technologist should memorize this short read. Gold!
Sheldon Monteiro, CTO, SapientNitro

“Scott has provided a great overview of the trends that are driving the long-term changes in how marketers do their job and the role that technology plays. This book provides much-needed context to help marketers and marketing technologists build long-term strategies that will let them thrive regardless of what comes next. Better still, he does it in a clear, enjoyable writing style.”
David Raab, Principal, Raab Associates

“Scott has brilliantly framed the dimensions along which marketing has transformed — and where it is headed in the future. This should be required reading for everyone in the industry.”
Dharmesh Shah, CTO, HubSpot; Author, Inbound Marketing

“Anything is possible when marketing and technology collide. Brinker’s A New Brand of Marketing concisely captures the fundamental shifts driving the most transformative time in marketing history. Read it, share it, and use it to accelerate change within your organization.”
Paul Roetzer, CEO, PR 20/20; Author, The Marketing Agency Blueprint

One of the most important marketing books I’ve read in some time — short and concise, but intensely relevant for today’s marketers. This is a manifesto for math marketers out there, and perhaps a final warning and blueprint to those who haven’t yet are the transition (but will soon be extinct unless they do).”
Matt Heinz, President, Heinz Marketing

“When asked, ‘What’s your biggest challenge?’ — most marketing executives reply that it is staying on top of the constant and rapid change that shapes the current environment of marketing. While I don’t know of any book that can solve that problem, Scott Brinker’s new book superbly sets the conversation in which that challenge can be met head-on and managed.”
Ric Dragon, CEO, DragonSearch; Author, Social Marketology

“Scott has put together 7 extraordinarily insightful trends that every CMO and CIO need to understand. He calls marketing a ‘technology-powered discipline.’ And while I might rather call today’s technology a ‘marketing-powered discipline’ — Scott would forgive me for fighting for top billing. It’s just a wonderful, insightful, and just plain entertaining read. This is one that every marketer and the technology teams they work with should read together.”
Robert Rose, Chief Strategist, CMI; Author, Managing Content Marketing

“Scott Brinker does a great job articulating a compelling and exciting opportunity for today’s marketers. The 7 meta-trends that Scott breaks out are accurate, digestible, and actionable. I suggest all marketers move this onto their must read list!”
Sam Melnick, Research Analyst, CMO Advisory Practice, IDC

“I love this book. It brilliantly and simply explains some of the most important drivers underlying marketing today. Scott lays out the facts, using data to explain what’s happening in the world of business as it touches marketing and technology.”
Michael Krigsman, Strategy Advisor & Analyst, Host of CxOTalk

Managing Social reputation – Brand is a verb

BRAND IS A VERB AND SOCIAL BY NATURE

Brands cannot be “created” one way – it’s the people’s perception of a company or product. Brand is no longer a noun; it has turned in to a verb. You could actually think brand as an agreement between a customer, customer’s peers (society) and company. Customers can agree or disagree with the agreement. As an outcome reputation and brand perception emerge, which could be good or bad. However, a brand cannot exist without the other parties. Brand is social by nature. However, a brand has never been as social as it has now become because of social media and online influence channels that customers are now very effectively and actively using. Customers have real power now that is global, not just local peers. No doubt that customer behavior has changed. It has completely changed in many areas and will continue doing so. Digital influence is the most important disruptive force along the customer journey.

Customers are actively using their power and they are getting more and more effective tools at their disposal to leverage this power to the most. For example WOT, Web Of Trust, crowd sourced rating of websites and brands has currently apr. 90 million people rating brands and websites. Any people who have WOT application in their browser has reputation score visually presented after every single link available online. WOT is a wonderful example of customers’ currencies becoming more and more influential. WOT is an ultimate rating tool. If some company acts unethically, spam, or in any way prove not to be trustworthy, apr. 90 million people in WOT start giving red to the brand. As an outcome, company’s online reputation score will become lower and eventually red. Red means, that if you try to enter the company’s website, you get a full-page size warning stating that other people have rated this site to be dangerous and not trust worthy. Would you do business with such a company?

WOT_trustworthy web page

Not only does WOT influence it’s users, but also everyone else online. WOT is also delivering reputation data to Google, which can then use it for any given purpose like Google AdWords or (safe) search. It’s not difficult to imagine, that Google might prefer to take people to brands and services that are trustworthy. Also, WOT made a deal with Facebook, which is using reputation data to make Facebook safer for it’s users. This picture will appear, if you are trying to enter un-trustworthy website from Facebook: Facebook It is quite remarkable how much people currently have ways and tools to influence brands business. WOT is just one of many tools available.

COMPANY’S REPUTATION MANAGEMENT

The mechanism of social reputation management has a strong emphasis on own touch points and encounters with customers. In case customer is dissatisfied, in every 1/10 cases the customer contacts call center and seek justice, making things right. The large majority apr. 9/10 doesn’t call, they are just silently dissatisfied. The more likely channel for making their point is customer satisfaction questionnaire, except companies only research small sample in order to get feedback suitable for their purposes – not all customers. However, the customer contacting actively is the fever meter and represent major urgency. The customer satisfaction questionnaire and especially customer’s open text answers represent confirmation to that urgency. These people are the most active social players because they have a personal story to tell and strong emotional commitment to the matter. In case they feel neglected they will become your brand destroyers and the 9/10 will join the choir. Here’s how the interfaces work:

Customer interfaces, touch points

What ever emerge from your own customer interface sources will spread all over social networks in case these matters are not taken seriously.

I’d love to hear about your social media analysis experiences. Which tools are you using? What kind of insights and phenomena have you observed?

I find Etuma to be an excellent tool for such analysis. Whitevector, Meltwater and other tools only help you analyze the outcome, what is already being discussed in public forums. Etuma enable you to analyze internal interfaces separately: call center logs, customer satisfaction questionnaires, customer forums & your own Facebook community. Looking at the fever meter results in own touch points and comparing that to the impact on discussions in public social mediums allow you to monitor the impact and velocity of change in the brand perception.

Toni Keskinen

http://www.linkedin.com/in/tonikeskinen/

Twitter: @toni_keskinen

Blog: http://futurecmo.org

This is how data makes money

This is a presentation that McKinsey consultant, Tim McGuire, made at the recent Direct Marketing Association conference. It is very thought-provoking and inspiring one, because it is about practical value and applications of data. In direct marketing scoring models and regression analytics have been an approach any seriously result oriented marketing responsible has already tested. However, the availability of data and applications in the rich and influential online environment has exploded the value to completely new level.

The CIO’s are currently challenged with new needs that come from marketing department and marketing department can no-longer operate without collaboration with ICT responsible people. Although Big Data sounds like an elephant, you don’t need to eat it with one bite. Majority of Big Data corporate scale initiatives can be done manually in smaller scale or with less expensive technologies. Testing, piloting, learning and calculating business cases from them enable solid foundation for larger investments and management attention.. even urgency. Every change starts from recognition and inspiration. This presentation might just spark that first step towards major transformation. Enjoy and share with your management team!

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