Marketing with Impact: Four Goldmine Strategies

Marketing with Impact: Four Goldmine Strategies

This is a Guest blog post by Deborah Fell, one of the top marketing experts I know.

Of all the ways to make money, panning for gold is probably among the most difficult. But what if I were to give you all the panning equipment and a map indicating exactly where the gilded stash is buried? A little easier now, right?

Today, I’m here to deliver the precious metals – a goldmine of marketing strategies that, if followed, may not result in gilded nuggets, but instead more customers, more revenue, and a golden future.

First, let’s recognize the obvious – your B2B customer is also looking to uncover some gold. But in their search for a product or service that’s going to fill a very specific need, they won’t be spending a lot of time on the phone or pounding the pavement.

b2b-buyers

According to a recent Forrester study, 92 percent of B2B buyers start with online research in the buying process and spend the largest single chunk of their time (27 percent according to a recent Gartner study) in this activity. As a result, these buyers are nearly 60 percent through their decision before they ever speak with a company’s sales representative. According to FocusVision, B2B buyers consume 13 pieces of content on average primarily from the vendor’s website, internet searches and social media. These buyers likely know as much or more about your company and the competition as you do!

The attached graphic illustrates just how circuitous the route is for today’s customer, from idea to purchase, and the paths they are likely to travel:

https://aliceheiman.com/wp-content/uploads/2019/09/Gartner.png

With virtually all buyers starting their research online, you would be wise to start there, too; however, how you start, and what you do, matters. Otherwise, those valuable buyer eyeballs will shift to another firm that is more adept at creating a connection.

At the outset, I promised you a goldmine – though your results may vary, here are four keys I’ve employed successfully with my B2B clients to help them define their online marketing strategies, and to make them count:

  1. Discover your target customer and his/her buying process:

Have you spent time getting to know your customer segment – I mean, really understanding what makes them tick? What’s the core problem driving the search for solution, and how do they look for solutions and develop requirements? If your discovery only asks about their need for your product, that won’t work because the gold is much further below the surface. With a firm understanding of not only needs and challenges, but the related pain, fear and uncertainty, you can develop an effective strategic and targeted approach to support their research and buying process, and demonstrate that you are the one that “gets” them. Without this, marketing is a shot in the dark at best, and your message will be undifferentiated.

If you also have insight into your target customer’s buying process, broader context of their problem and depth of concern, you can create effective, relevant messaging in the right channels and move the needle in your direction.

Remember this parable: Homeowners are not searching for a hammer when they go to the hardware store — they are looking for something to help secure the nail that hangs the picture and takes the room from an uncomfortable place to a thing of beauty. If you’re selling hammers, it’s your job to understand the problem from the customer’s perspective, and then demonstrate to them throughout their buying journey that you have the superior solution to solve it. Same is true with B2B customers.

  1. Create and execute a clear value proposition.

It’s tempting for people to overlook or overthink this step, thinking there’s no need to re-look or getting lost in the word-smithing. At this stage, we should be focusing on the essentials of the value proposition and putting it into words – answering these questions:

  • What problems do you solve?
  • Who do you solve them for?
  • How do you uniquely solve them?
  • What are the functional and emotional benefits?
  • Why should prospects choose you over any other solution?

Easy, right? But knowing this, and articulating it, are two distinct tasks. Assuming you have the right offering at the right price and are accessible in the right channels, converting this value proposition into brand positioning and messaging will be key to differentiation in your market.

Every aspect of the business, including channel decisions (where to distribute/sell), product/service lines (what to sell) and pricing (what do distributors or consumers pay) are part of the equation. For example, where a company distributes says a lot about the brand. If you distribute in discount channels, you may get some traction fast to start up or to make up for a tough quarter; however, you will become the discount brand. So, communicating what kind of company you are on each of these dimensions is an essential ingredient.

Again, be thorough in your message development and thoughtful in how and where you place it. Often, marketing agencies or consultants will facilitate a workshop to conduct a word exercise and call it a value proposition. That’s not enough. Your value is what your customers perceive it to be, so think through your offering, and what messaging needs to be where.

“Your value is what your customers perceive it to be”

  1. Create a go-to-market plan.

This is where you will create the roadmap to nurture the right type of customer for your revenue-sourcing aspirations. To do this right, and I will insist again, ad hoc marketing has simply got to go. Random tactics will not convey the right message. Messaging in the wrong channel will miss the mark. And the right channel with the wrong message means you are wasting time and money and demonstrating to prospects that you are not the right choice.

This is where digital will take an outsized role: It is critical to have not just an online presence, but an effective online presence. Check this out: As of 2020, there were 1.3 billion websites in the world (with 200 million active websites in the U.S. alone) and 6 billion indexed web pages. That’s information overload, and it comes when B2B buyers’ time is more scarce and more precious. Effective implementation will ensure you’re not wasting it.

“Information is a commodity; time is the scarcity”

  1. Measure and track.

Opinion-based marketing results are out, and disciplined approaches to data and analysis are in. To that end, it’s critical to set specific goals and ROI targets. The days of asking your family and friends what they think of your website are long over! The best solution is to have insights based on real data, and goals that this data can support. Setting targets in this manner creates energy that will motivate the team to focus on accomplishments and success. Ideally, you and your team will have a daily sense of how marketing is tracking, and the insights needed to make timely adjustments to the plan. It’s important to stop what’s not working, keep doing what works or shows promise, and start new initiatives that will amplify the desired impact.

The good news is that this type of analysis need not be expensive. With a minimal investment, any company can measure and optimize its online results daily. Even if you outsource this to an agency, you still need to designate an internal resource to monitor, share, and understand the data. Marketing should report progress in your weekly or bi-weekly leadership team meetings, and the team should be collaborating with sales along the way. Showing a lot of leads but no progress in closing sales is not success. Marketing needs to stay close to the sales team (and vice versa) and elicit insight from them about the quality of leads and the state of the marketplace.

Clearly, there’s gold in “them there” hills. You just need to know your target customer segment and what moves them; how your product and service solves their pain better than anyone else; communicate this market superiority; and track and measure the results.

You have the plan and the map – go get the gold!

Or better yet, watch the webinar recording here: “THE Playbook for Explosive Growth: 4 Goldmine Strategies to Increase Marketing Leverage & Capitalize on Market Recovery”

Deborah Fell

Deborah Fell

Deborah Fell is Area Manager Partner & CMO for Chief Outsiders. She is an expert at helping mid-market to large enterprise companies identify and capitalize on marketing strategies to increase revenue and profitability. Chief Outsiders provides fractional CMOs without the expense of a full-time resource to CEOs who want to accelerate revenue and profits through improved marketing strategies, implementation and leverage.

How’s Your Sales Process Confidence Measuring Up to the Results It’s Generating?

SX_CMPGN_CONFIDENCE_19_2-01

This is a Guest blog post from Sales and Sales Management expert Chris Tully.

We’re just about halfway through the year and are coming out of an eventful prior 18 months. Finally, we’re seeing enough consistency in the market to take swift and effective action to move forward with a good amount of confidence… something many of us have been lacking for a while. When thinking about how to finish strong in 2021 and the best way to prepare for break-out growth in 2022, ask yourself: “what do I have to do to make sure that where I’m going now brings short-term results and positions us to make a huge difference long-term?”    In my role, I find that sifting through all the parts and pieces of the Sales Organization can be overwhelming for Owners and Sales Leaders, leaving some not knowing how to make heads or tails out of it all. While several areas of your Sales Function may need to be retooled or realigned to match the evolving economy, I’ve found that it’s crucial to begin evaluating the potential for adjustment at the heart: The Sales Process, or as I like to say, “the nucleus that feeds the whole.”

Given the considerable changes these past many months, whatever current Sales Process you had established previously is likely not reflective of new demand. This is due to drastic shifts in the evolving economy, such as how buyers buy and assemble themselves, communication method adjustments, changes in customers’ organization structures, impact to market trends, etc. Beyond these external changes, quite possibly your business has also gone through internal strategic changes relating to your target buyer and customer base. Have you taken time to think about the impact of all these shifts?   

Time and time again, I’ve witnessed it necessary to have a successful or proven process to drive sales success, similarly to process-driven models in other departments. I like to say that hypothetically, this means if you drop a new member into your Sales Team and have them follow the roadmap you laid out, they are able to deliver the same consistent results as other team members. You can dial in this type of repeatable measure of success when you take the time to “look under the covers,” so to say, by evaluating and fine tuning your Sales Process.

However, before you take action on retooling your Sales Process, first let’s work through a couple of self-administered strength tests to determine if you’re working upon a solid foundation. I’ve noted two vital components to consider when determining the effectiveness or completeness of your current Sales Process.

STRENGTH TEST 1 Does your current Sales Process account for the best practice elements outlined in my building block model, and have your salespeople been properly trained on how to navigate the roadmap you’ve given them?

SX-Campaign-19_Building-Blocks-Graphic_v2

Maybe you think that your process is successful and doesn’t need to be rebuilt. That’s great! But, I encourage you to verify this assumption given that the majority of 2,000+ Owners and Sales Leaders revealed that their Sales Process didn’t include the clarity necessary to drive desired results.   

THOUGHT PROVOKING TRIVIA   What percentage of small to mid-sized businesses don’t know what needs to occur at each stage of the sales cycle?   a. 54%   b. 61%   c. 73%   d. 86%   Find out the answer at the end of my blog.

I welcome you to leverage me as a sounding board to learn if there is merit in you investing resources to test the strength of your critically important Sales Process.

STRENGTH TEST 2 Do you see strong evidence that your Sales Process is producing desired results? A comprehensive response may take some investigation on your part. Below, I recommend specific research areas to conduct your due diligence in answering the previous question:

  • Is the Sales Process documented with clarity?
  • Is the Owner or Sales Leader engaged with the salespeople often enough to observe the Sales Process in real-world selling situations?
  • Is the Sales Pipeline showing good movement?
  • Are the salespeople performing consistently?
  • Does the Sales Team regularly achieve forecast accuracy?
  • Are closed deals meeting profitability targets?

I’ll discuss tuning your pipeline and leveraging technology to provide better conversion rate visibility in a future blog.   It’s essential to understand that by comparing your Sales Process confidence to the results it’s generating and taking subsequent action now, you’ll be positioning yourself to finish strong in 2021. Even more impactful, you’ll also be setting yourself up for a record-breaking 2022 and beyond!

THOUGHT PROVOKING TRIVIA ANSWER 86% of small to mid-sized business owners reported that they don’t know exactly what needs to occur during sale cycle stages. * So, how confident are you that your Sales Process is actually delivering the desired results? I can help. Schedule a time to chat.   *Data compiled from 2,355 Owners and Sales Leaders that took Sales Xceleration Sales Agility Assessment® through December 2021.

About the Author  I am a part of a sub-group of Sales Xceleration Advisors dedicated to pooling our knowledge and expertise to generate insights, tips, and tools to help business leaders exponentially grow their revenue. We are seasoned  Executive Sales Leaders that have guided B2B businesses ranging from start-up to Fortune 500. I welcome any special requests you may have for future writing topics.

Chris Tully

Chris is the President of Sales Growth Advisors LLC, a sales consulting firm focused on increasing revenue growth and improving profitability.   He can be reached at chris@salesgrowthadvisor.com.

Chris Tully_Sales Growth Advisors

What Does Effective Sales Coaching Look Like?

What Does Effective Sales Coaching Look Like

This is a Guest Blog post from Chris Tully.

What Does Effective Sales Coaching Look Like?

Although much of the world is still experiencing pandemic-related restrictions, business owners are starting to see the light at the end of the tunnel. We constantly hear the phrase “new normal” and it is something that must be adopted by businesses and sales teams who want to come out on top. By embracing the mindset that the new obstacles can be overcome, resilient companies are seeing this as a time of investment into sales strategy and sales coaching to seize the opportunity!

A downturn in the market has historically been a time we’ve seen creative business leaders forged a path to leapfrog their competition. Whether this be on large playing fields or in the small business sector, the key is the ability to propel forward swiftly. One of the key battlegrounds to achieve this kind of success is in the sales trenches. That’s why it’s a critical time to revisit what effective coaching looks like. For owners who fill these shoes, self-evaluation is key to assess their ability and willingness to invest themselves more deeply.

There are four key things that sales leaders need to do in order to effectively coach and lead their sales teams through unprecedented market conditions:

  • Partner with your salespeople and dig deep into market conditions and changes necessary to the sales process. By experiencing the environment firsthand and uniting with your team in the trenches, you will more quickly be able to devise alternative approaches and tools. Gaining buy-in from your sellers happens naturally through this approach because they are involved in the development process while also gaining experiential training on the fly.
    
  • Review and revise sales metrics to align with today’s selling world. Virtual selling has dramatically impacted indicators such as Sales Cycle Length, Number of Outreaches, Presentations and Quotes, etc. Break down prospecting and sales stages to isolate additive areas to monitor productivity until your salespeople have fully adapted to their new environment.
    
  • No matter the previous track record, hold all sales team members consistently accountable to the newly defined metrics. The ability to benchmark performance across multiple salespeople will expedite the solidification of new methods being introduced. It is likely you’ll find tenured salespeople more open than typical during these unprecedented times given that they are also striving to reclaim their high-performance level.
    
  • This is an ideal time to span across industries you’ve previously seen the greatest success. To do so effectively, develop a laser focused strategy by refining your sales process to accommodate varying industries. Equip your salespeople with industry specific sales playbooks to include unique sales messaging, insights into market trends and conditions, customized buyer process stage mapping, etc. Empowering your team with this level of preparation will give them confidence and clarity as they explore new areas.

If you’re an owner who holds the sales leader seat in your organization, it’s time to scrutinize options to fulfill the granular level of leadership needed right now. The unique solution of an Outsourced VP of Sales may be the answer. This resource is equipped to coach and manage your sales team while also partnering with senior leadership to formulate company pivots or directional changes. This allows the Owner to focus on big picture objectives while having peace of mind that sales implementation is being led by a professional that is familiar with “what it takes” to come out on top.

How do you determine your company’s sales objectives each year? Do you have a documented sales process that is consistently followed? What keeps you up late at night thinking about your business? Take my FREE SALES ASSESSMENT QUIZ today to gain exposure into key questions you want to be asking yourself to stimulate new ideas.Click to take my Sales Assessment Quiz

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Chris Tully is Founder of SALES GROWTH ADVISORS. He can be reached at (571) 329-4343 and ctully@salesxceleration.com“For more than 25 years, I’ve led sales organizations in public and private technology companies, with teams as large as 400 people, and significant revenue responsibility.I founded Sales Growth Advisors to help mid-market CEOs execute proven strategies to accelerate their top line revenue. I have a great appreciation for how hard it is to start and grow a business, and it is gratifying to me to do what I am ‘best at’ to help companies grow faster and more effectively.Let’s get acquainted. I am certain I can offer you an experienced perspective to help you with your growth strategy.”

How to Use CRM to Add Value to Your Sales Team

This is a Guest Blog Post by Chris Tully.

Your customer relationship management (CRM) software system is filled with details about the people and companies most important to your business. But are you using CRM to add value to your sales team?

If you haven’t set up a CRM system to actively monitor and effectively track the steps your sales team takes with business opportunities, then you’re both walking around with your eyes closed. You can’t see what the sales team is doing – and neither can they.

If It’s Not in CRM It Didn’t Happen

About one-third of small to mid-sized businesses I encounter don’t have a CRM system. They are still managing the business on email and spreadsheets. About half of the remaining businesses have purchased CRM software but haven’t fully implemented it. Still others use their CRM for marketing or customer service, but not sales – missing the value of integrating the functions.

In my opinion, if sales activities are not visible in CRM they didn’t actually happen. I’d go so far as to say that if your sales team closed a deal that was not in CRM, hold back the commission. That may sound draconian, but I believe you’d only have to do that once to make the point.

Sales CRM is highly effective for the money. You and your team have the ability to see leads as they are captured, follow the progression of contact and communication through your sales stages, and easily record results. This allows the sales leader to be a more effective coach, gives immediate visibility to results, and provides some insurance if one of your salespeople leaves.

In the bigger picture, capturing all stages of the sales cycle allows you and the team to analyze what works best and recreate the most successful steps – continually refining and improving your sales effectiveness and growing your business.

CRM Guides the Sales Path

Clearly defining sales stages is valuable for your team. For example, Salesforce CRM software allows you to customize the objectives of each stage, enabling a sort of “guided path” to follow. Within the software, there are a series of questions that have to be answered positively before someone can progress. Seeing the hurdles that have to be cleared to reach those objectives can only help your sales force improve.

A good CRM helps the team better quantify sales leads. They can build a qualification score to see how strong each lead is (or becomes) by assigning points as the deal progresses. For example, is a compelling event driving the customer’s decision on the deal? Is an economic ROI stated or implied? Has the decision maker gotten involved in the evaluation of your proposal? All of this allows you as a leader to monitor progress and assess effectiveness.

The more disciplined your sales team is in following an effective, repeatable process and quantifying deals against the rubric you set up, the better they will be as salespeople and the more you’ll increase your company’s sales.

CRM Engagement Is Key to Adding Value

In order for your sales team to embrace CRM, the system has to:

  • Be easy to use
  • Add value by supporting and guiding the sales process
  • Be the “ground truth” of all sales reporting to and by company leadership

Promote engagement by taking two giant steps to successful CRM implementation: get used to asking questions of your sales team that can only be answered by referring back to the CRM, and make your CRM the source for all sales reporting in the company.

You’ll be able to quickly customize reports to illustrate specific sales performance indicators, and visually represent the team’s up-to-the-moment performance in the key metrics you choose to display on your dashboard.

Choosing a CRM System

There are at least 10 good cloud-based CRM systems out there that can meet the needs of most sales teams. There are also sites to help you decide which system to choose. Final choice will be your personal preference, but from my perspective you can’t go wrong with SalesforceHubSpot, or Pipedrive.

Selection and implementation are important. However, engagement is what will make or break CRM effectiveness. The single most important quality of a CRM system is that it adds value to your sales team – it should make their work easier, and help them be more successful.

Chris Tully is Founder of SALES GROWTH ADVISORS. He can be reached at (571) 329-4343 and ctully@salesxceleration.com“For more than 25 years, I’ve led sales organizations in public and private technology companies, with teams as large as 400 people, and significant revenue responsibility.I founded Sales Growth Advisors to help mid-market CEOs execute proven strategies to accelerate their top line revenue. I have a great appreciation for how hard it is to start and grow a business, and it is gratifying to me to do what I am ‘best at’ to help companies grow faster and more effectively.Let’s get acquainted. I am certain I can offer you an experienced perspective to help you with your growth strategy.”

How to Make the Move to a Virtual Sales Force

This is a Guest blog post from Chris Tully

Tips for Hiring a Virtual Sales Team | Lucidchart Blog

 

As we start our sixth month of quarantine across America, it is time to come to grips with the fact that some version of “virtual selling” is here to stay. What this means for leadership is that just adapting in-person techniques to digital/virtual sales will no longer get the job done.
Instead, teach your team how to make the move to a virtual sales force.

Leaders are preparing for a greater virtual sales presence than anticipated earlier in the pandemic. A recently released Gartner study reports that in June, “a remarkable 23% of CSOs reported plans to permanently shift field sales to virtual sales roles” with another 36% unsure whether or not to do the same.

The study provides a framework for leadership to enable virtual selling. Here are key skills and tools to help your team effectively sell from remote settings.

Provide Virtual Sales Force Tools

High-speed Internet – This is mandatory for smooth virtual communications and presentations. You should consider funding team members’ Internet access upgrades since they are working from home by necessity. Salespeople represent your company – do you want potential clients to equate poor quality audio/video with the quality of your products or services? Spend the money, and upgrade those plans to gigabit internet, where possible.

High-end wired or wireless headsets
 – Salespeople are keen observers of body language. Without the advantage of being in the room with clients, it’s even more important for them to be able to hear the nuances of everything that’s said.

A reliable meeting platform
 – Zoom, MSFT Teams, Mitel MiCollab, GoToMeeting, Cisco Enable, Google Meet, and more: these are what companies are using and they all have their advantages and disadvantages. Standardize the best solution for your company based on your existing technology stack. Be prepared to train your sales people on several platforms – they’ll need to be nimble enough to navigate clients’ preferred platforms, too.

Get your CFO onboard that these are all essential purchases right now and for the foreseeable future.

Tightly Integrate Sales and Marketing

The COVID-19 pandemic has accelerated digital B2B buying and selling. A McKinsey & Company survey report and infographic highlight the shift from in-person to digital, and what B2B sellers need to do to adapt.

Integrate sales and marketing processes
 – You need a demand generation strategy across platforms. The strategy should have well thought out social media, email, and outbound telesales support, and well-defined sales processes once a lead arrives. Make sure all your sales channels are incentivized to collaborate.

Optimize your e-commerce channel
 – For buyers’ ease and convenience, re-design to address top buyer frustrations with company websites. These are difficulty finding products, a long ordering process, hard-to-find contact information, and technical glitches.

Utilize online sales-enablement functions that intersect with buyers
 – AI-based conversational analytics help manage the full sales pipeline. Solutions such as sales chat bots, which reach back into your product database and answer questions, are becoming quite popular. These tools exist to improve customer experience and aid client problem-solving. They also improve the leads you capture from site visitors and help build your knowledge about their buying preferences.

Provide a robust CRM solution – 
Make sure both sales and marketing can access the same data. Customer relationship management (CRM) software should give your teams access to a full sales and marketing mix such as contacts, accounts, opportunity management, and campaigns, so both teams can work seamlessly toward increasing your revenue.

Provide Virtual Sales Force Training and Readiness

Sales people have limited attention spans (just like clients). So here are some hints for re-thinking sales training.

Deliver virtual training in tight 60-minute sessions
 – Break each session down into two parts: 50% presentation and 50% interaction (case studies, conversation, and questions). Limit training content to only the most valuable information, with a focus on understanding the client’s perspective.

Record and digitally archive sessions
 so they’re accessible to the team – This will be valuable for those who miss a session, need a refresher, and for future team members.

Role-play behaviors
 – How you talk with clients and how they respond is different virtually than in person. Role play across all stages of a sale, from first introduction to close. Have team members take turns being the sales person and the client; their calls will be more effective as a result.

Practice using presentation tools
 – Because everyone will be training from different remote locations, practice using multiple presentational tools and platforms with each other. This also helps people find the tools that are the most comfortable for them, which will support their ease and confidence in front of clients.

Changing to a virtual sales force also changes the way you think about and manage your sales team. Be prepared to reallocate your investments, and rethink sales strategies and performance metrics.

 

 

 

Chris Tully is Founder of SALES GROWTH ADVISORS. He can be reached at (571) 329-4343 and ctully@salesxceleration.com

“For more than 25 years, I’ve led sales organizations in public and private technology companies, with teams as large as 400 people, and significant revenue responsibility.
I founded Sales Growth Advisors to help mid-market CEOs execute proven strategies to accelerate their top line revenue. I have a great appreciation for how hard it is to start and grow a business, and it is gratifying to me to do what I am ‘best at’ to help companies grow faster and more effectively.
Let’s get acquainted. I am certain I can offer you an experienced perspective to help you with your growth strategy.”