By Mariel Cunningham, Senior Marketing Consultant, Carpe Diem Consulting
I want to share some of the insights from Bruce’s presentation that resonated the most with the audience – the summation of these insights has led to the development of Carpe Diem’s “New Marketing” approach:
1. We don’t sell how buyers buy™
Bruce explained that whilst today’s typical sales process has actually been around since the late 1800’s, buyers have changed how they buy even over the last 3 years.
Bruce used the example of “buying a car” to illustrate the new buyer’s journey.
Most people don’t wake up in the morning, and the 1st thing that comes into their head is that they need to buy a car. In terms of car buying – they are CALM.
But if they go downstairs and the car is stolen, or it has smoke coming out of it, or their neighbour drives past in a new car and makes them jealous, then they have had their STATUS QUO SHATTERED.
At this stage, they don’t know what the problem is and hence have no idea about the solution. So they’ll go to a search engine and type in their symptoms to SEARCH AROUND the PROBLEM:
The search engine – other social communities etc – will all give their view, and perhaps the buyer concludes the damage is so bad that the PROBLEM is the “engine is ruined”, and the SOLUTION is to “buy another car”.
BUT – most buyers don’t trust sellers – so they will TALK TO PEERS & EXPERTS to be recommended to a reputable car dealership.
Then and only then will they START ENGAGING the PROVIDER (i.e. ring up a number of car yards), and the familiar PROCUREMENT PROCESS will commence.
2. Sellers engage too late
Bruce pointed out that – if the end of this buying journey is in fact the 1st time the sales organisation finds out about the deal, then it’s much too late. The buyer will ring multiple providers, resulting in lower win rates, lower margins etc. Further, as buyers aren’t expert at diagnosing their problems, it’s quite possible they’re asking for the wrong solution to the problem. Perhaps they don’t really need a new car – rather just fix a leak.
3. The need for New Marketing™
Bruce used this slide to illustrate the need for a new focus – via earlier buyer engagement:
The traditional OLD FOCUS involves buying a list, calling it down, making an offer, and getting a success rate of around 3%. What about the other 97%? They need to be nurtured and educated – they’ll buy something sooner or later!
If your website only talks about your company, products, people etc – it’s a “late buyer journey” website. It simply won’t attract prospects that are entering symptoms early on in the buying journey.
Bruce generated much discussion around the use of LinkedIn profiles, pointing out they are searched just as much by search engines as traditional web pages. A company with 100 employees, each with a LinkedIn profile, in fact has 101 websites – all able to be optimised to attract buyers EARLY on their journey.
Increasingly – LinkedIn profiles are showing up in online searches. Wouldn’t you want your salespeople to have prospects land on their profiles?
4. Disruptive insights as part of New Marketing™ (and New Selling)
Bruce was firm that buyers would only tolerate sellers along the buyer’s journey if they were prepared to educate them. He cited the need for Marketing to generate “disruptive insights“, and to package these up for Sales to deliver to prospects, to “shatter their status quo”.
If the seller can present a statistic, an insight, a case study etc that makes the buyer realise they’re not running their business as well as they could – then this could start the buyer on a whole new buying journey.
5. Implementing New Marketing™
Bruce used this slide to talk through the process of implementing New Marketing:
PLANning is obvious – and the need to PREPARE the necessary “marketing infrastructure” and “disruptive insights” was well received. What was really appreciated was the concept on an ongoing cycle of listening online for “sales triggers“, building lists through social means, curating/writing and distributing content – but then the HAND-OFF to sales for 1-1 engagement when certain triggers occur.
Triggers might include:
- A prospect lands on a LinkedIn profile
- A prospect downloads a white paper
- A prospect comments on an article
6. Implementing piece by piece
Rather than stop marketing for 6 months to put all the New Marketing pieces in place, Bruce explained Carpe Diem’s model of still running campaigns, but aligned with each campaign “fix up” a piece of marketing infrastructure along the way.
7. Benefits of New Marketing™
Bruce concluded by outlining the key benefits of Carpe Diem’s New Marketing programs: