We addressed a few questions in the webinar. The transcript and the video are presented here:

 

 

 

Our business getting leads but facing to convert in sales due to competitor lower prices, so we can convert these leads in sales.

You have to think differently. Competing on pricing alone is not a sustainable strategy. There could be various reasons for your challenge,  no. 1 maybe you are not able to delineate the reasons for your products high prices, no. 2,  maybe you are targeting the wrong audience set, no 3  maybe your features or components that make the product expensive are not really relevant for people.  So you need to revisit all these 3 pointers.  Plus you should also have a realistic benchmark. Whenever you are selling at a price point which is higher than the average MOP, you should be ready to sell volume.

Second, your marketing communication, your landing pages you overall strategy should be different than the volume seekers which are your competition. You need to demonstrate the value of your product- which means that your communication and the process of engaging people should also be such that only those who prefer value remain with your communication till the end of the funnel, rest all will leak out of the journey.   And after that you get less but much more qualified leads with a better chances of conversion.

 

I am a small brand and compete with various large brands in my market, but my products has a few unique features and is cheaper to operate how can I generate quick demand

Understand that your buyer is getting a huge volume of communication from your competition and if you add to it, you will be lost in clutter. Second, your competing brands can invest more than you in advertising and hiring better sales people.  Third they have an equity which you don’t have presently.

Given this situation, you need to do the following:

  1. Search for a niche- don’t play the entire market, rather look for a niche where the big players are not paying attention to.
  2. Create conversation opportunities in this niche-  see you need to compensate for the lack of brand equity by investing in opportunities to collaborate or converse with your buyers.  find out what is the problem of this niche, what are key challenges, and then create low investment opportunities- like webinars or an interactive simulation where your buyers can see themselves growing through your
  3. Invest in profiling your audience set- invest in market research to find ownership of your buyers and ageing of their ownership- then selectively to a few you can target for demand generation and the rest you can engage and nurture

I am writing B2B content for many years, but not much benefit came my way. How to benefit from B2B Content marketing? How to do it the right way?

Create rational expectations- and right metrics.  Then create content accordingly and judge which areas are working, instead of having a blanket thinking that my content doesn’t work.

Create a content structure in consonance with the stages of buyer experience, buyer challenges and buyer stages

Invest in high quality content creation.  There should be meat into it, even if the production quality is not great

Involve people from your team or experiential influencers in creating content. Involve people who are passionate about a given subject, that helps you bring in genuineness.

Stop creating content for search engines

 

What is Thought leadership and how to create it?

If you can provide deep insights into your buyer’s problems and challenges- that created thought leadership.  It’s not easy and hence the volume of this content is less. However with the help of digital you can collaborate with customers and influencers to create thought leadership content.

It’s not about your product.  It’s about the industry and it’s pain points. It’s about inspiring people. So invest in research and collaboration.

 

Watch the full webinar here:  https://www.bigmarker.com/dotconverse/The-Transformation-of-B2B-Marketing-with-Digital?utm_bmcr_source=atomthought

 

Marketing is transforming and how.  We see 2 major transformative changes- the attention fragmentation of consumers’ and their changing buying decision journey.   The webinar, below, delved deeper into these phenomenon.

We addressed a few interesting questions from the attendees of the webinar, and tare presenting the transcript as takeaways below:

 

Given the engagement stage of buying journey is very critical , what % of our budget should be spent in this phase?

OK, so there are two important learnings from the presentation:

  1. It’s prudent to invest money on creating experiences for users at every stage. So what we are saying is that you should focus on what kind of experience is needed in a specific stage and then allocate a budget accordingly. Do not make it watertight by stage- rather focus on experience needed and then spend what is necessary to create that experience.
  2. We have to collect  a lot of data to be able to understand the impact of experience on consumers.  We need to observe if creating positive experiences, results in the flow of users from one stage to next better than earlier or not. This will give us a conversion rate (and a lift in conversion rate) by funnel stage. And then we can see how much each stage contributes to the final conversion or sales.   Now, you can attribute a clear cost of conversion by stage and can attribute a cogent budget.

This is the reason why modern marketers need to invest in  data and skill sets to create experiences.  (Our media expenses should be less in general, and investment on people & skills, data and experience creation should be more)

 

What are the Key metrics or KPIs for marketing RoI that we should  consider?

See, Key metrics or KPIs will depend on your goals for a specific campaign or goals for a specific journey stage, or goals of a certain product line etc.

CXOs look at Business growth as one key metric. Within business growth they look at market share growth, mindshare growth, satisfaction growth and profitability growth

However as you go down the hierarchy the metrics should become more granular.  At the end of the day as a marketing leader, you should be responsible for high level metrics- that’s where your value add is.  However you should look at granular metrics to understand what’s causing a lift and or decline in growth.

You should create a metric funnel. At the top of this funnel should be high level metrics and as you go down the funnel- define metrics for each layer of hierarchy, responsibilities and platforms or marketing areas that they handle. The top of the funnel is more strategic and bottom is more tactical, campaign based, platforms based, seasonality based etc.

 

When we do demand generation, we get a lot of leads, but how do we determine what’s a good lead?

So, net net, if my sales guy just has to pick up a phone, call the lead and the lead converts easily- then that lead is great!

But that’s easier said than done, and in real life it doesn’t happen that way most of the time.  The reason is our ignorance- where we look at all types of leads with one standard perspective and expectation.

If a lead has shown interest, and we have been able to collect correct contact and demographic data- it’s a good lead. But unless we attach intent and stage level data- it’s not a great lead.

Once we understand at which stage of buying this audience is and what exactly is the intent – then we can take appropriate steps and create expectations of how soon can this lead convert and what do we need to do till then.

We also need to understand that our target audience follows a journey and then at an opportune time fills up a lead form.  Leads forms are not filed on impulse. Hence it’s imperative for brands to capture intent and hand hold audience over time, and transition them towards a final lead capture of form fill.

 

While consumer attention is getting expensive for advertisers, should brands focus on creating communities?

The focal point should always be user experience. If the journey stage demands advertising, so be it, if it needs touch point experience, let’s invest there. So as I said earlier, let’s not create watertight compartments. If there is a clear rationale of who would be part of the community, what experience will this community deliver and if the context and importance of this experience is justified, we should invest in communities.  But lets not forget that metrics or brand expectations should also be in syn with experience objectives. An advertising objective will be quite different than community objective. While advertising is easy relatively and more direct and transactional, community experience will be tough to manage, long term and very less transactional in nature.

 

Please click here to access the 5 Stages of Consumer Experience Infographic and keep tuned in , for our announcements about our next set of webinars.

 

These are turbulent times for the CMOs and their marketing teams. Not just because they need to think of a way to keep their brand pertinent in the minds of consumers, but to do it fast, ASAP!

On the contrary, often in such catastrophic situations, like the one we are facing now, many marketers enter a state of paralysis. They would want to stop everything, forget about doing anything quick!

The fact is that role of marketing becomes ever more CRITICAL in times like these. Let’s look at few areas which the marketing teams need to focus upon and create value for all stakeholders during this unprecedented situation, here are 5 areas marketing should invest into right now:

1.      Update & Assure- These are times, when customers can lose trust very quickly and hence, they need clear assurance about business continuity. This is especially true for B2B Companies. Marketers need to first and foremost create a communication program to assure and apprise users about their support systems and processes, how they are prepared to offer business continuity and how these support systems can be accessed or leveraged by users.

2.      Continue Supporting & Building Communities: Brands thrive due to communities. In good times, brands create fancy ads and programs to show their support for the communities. In times like today, brands cannot stop their engagement activities and hope to win back the camaraderie and trust afterwards.

Fitbit is offering a 90 day free usage of it’s pro features to all its users (which include key features like corporate challenges or community driven analytics etc.) as a gesture to delineating their concern about how they could motivate users to exercise in a fun and collaborative way.

At dotConverse, we are working with some of our clients to create online workshops for their communities involving Influencers and members, where both get engaged, educated and also indulge in co-creation together with the brand. We believe that consumers value these initiatives of brands much more in tough times.

3.      As CMOs we need to include our employees, especially sales and consumer facing teams and our channel partners in our communication programs, as target audience. This is the time to equip them with knowledge and training.

With one of our clients, we are working on an online education/refresher program to keep all the sales people abreast with products and competition, culminating in a contest and certification- all online. So, a great time for internal marketing and engagement of key stakeholders.

 

4.       This is a great time to invest in research & insights: Simple or advanced neurological, CMOs need to create programs wherein they could explore consumers’ minds to understand, apprehensions, intent, aspirations, pain points and motivations. Understand your consumers and be armed with vital behavioural information post Covid to execute.

Our partners in Singapore, do some cutting edge neuro research (online) for MNCs. 

5.      Marketing should now invest in activities for which they didn’t have enough time for earlier.

At dotConverse, we are helping our clients

a)      do a complete audit of their websites, and social assets as well as

b)     creating a nice repository of content. Great time for CMOs to invest in building up content for their websites. Leverage these content pieces with SEO and social activities later on.

c)      We are also executing – tele-research– reaching out to users and prospects to understand their product and application preferences and perception/feedback about our client’s brand/products. This is the time to find disgruntled and motivated customers and create an action plan which can be executed immediately after Covid situation settles down.

d)     Hosting interactive discussions via webinars/Zoom with consumers, partners and internal teams – to keep brands relevant and at the top of mind of their consumers

No gain saying, then, that it’s much more difficult and expensive bouncing back after a period of lull, than keep being smartly invested in consumer interaction even in times like these.