Secrets of how Fortune 100 Buy
Download as PPTX, PDF1 like422 views
Christine Crandell of New Business Strategies gave a presentation on aligning marketing and sales strategies with buyer journeys. She discussed researching Fortune 100 companies' buying processes, developing the Sellers' Compass methodology to map buyer journeys, and lessons for generating demand by following the different stages of the buyer journey from initial problem definition to post-purchase support. Crandell emphasized the importance of consistency across marketing, sales, and support in shaping buyers' experiences.
Secrets of how Fortune 100 Buy
- 1. Christine Crandell President, New Business Strategies August 23, 2012 10am PDT © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017 © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 2. Agenda… • Who Are We • Sellers’ Compass • Uncovering the Secrets • Translating into Demand • Lessons Learned • Your Next Steps • Discussion © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 3. Who We Are New Business Strategies helps companies succeed by accelerating revenue. • Deep, proven track record in strategy expertise that achieves outcomes. • Proprietary and tested Sellers’ Compass™ methodology for uncovering and aligning to buyers’ Journeys. • Consistently builds high performance marketing and sales processes, teams and strategies. • Unique partnership approach to service delivery that focused on building internal capabilities. • Practical advice, tools, and training to sustain success. © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 4. Our Services FastStart Sellers’ Strategy & Outsourced Services Compass Planning Services Sales & Buyer Journey Focus Competitive Marketing GamePlan Framework Intelligence Assessment Revenue Positioning Market Win / Loss Acceleration Workshop Strategy Analysis BluePrint Product Market Entry Go-To-Market Market Launch Growth Plan Intelligence Framework Barriers © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 5. We researched Fortune 100 Companies to determine how they buy emerging technology © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 6. Buying Has Changed “Only after we’ve completed 80% of the evaluation cycle and know all there is know about the vendor – only then do we contact them.” - Commercial Bank “50% of the final selection decision is driven by the experience to date with vendors.” - Insurance & Managed Healthcare “If the relationship is negative, it will rule out even the best fit vendor.” - Insurance “We expect marketing and sales to clearly articulate their differentiation and don’t hard sell.” - Aerospace & Defense “Relationship can overrule price.” - Diversified Conglomerate © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 7. The Sellers‘ Compass ™ Opportunities Sales Purchase Validate Deliver The Sellers Compass™ methodology enables, engages Customer Care Evaluate Nurture “Customers” and establishes Marketing Contacts Sellers enduring, profitable Compass™ relationships with prospects and Search Value customers. Define Expand Evangelize © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 8. The Sellers‘ Compass ™ Opportunities Sales Purchase Buyer Enablement Stage Validate Deliver • Define: Commit to solving the problem • Search Customer Care Evaluate Nurture Understand the approach Peers “Customers” Marketing Contacts Sellers selected & start business case Compass™ • Evaluate Search Value Evaluate alternatives, vendors and short-list • Validate Define Expand Test short-list & end-user Evangelize benefits & validate selection © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 9. Uncover the Define Step Trigger Event Google Google various keywords and look for research, reports, etc. Tap into Social Graph Talk to industry peers, social network, etc. regarding trends, solutions and vendors • Market Research Reports on trends Validate with LOB • 3rd Party Blogs • Social graph & peers Contact LOB and other IT teams to get • Technical Discussion Papers support to investigate • Conferences Industry Analysts Inquiries to analysts to get information on trends, problem and guidance on approach © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 10. Uncover the Search Step Investigate Approach Research various solution approachs, and develop master list of vendors. 1st Short List Define high level business requirements and short-list vendors Initial Business Case Develop high level business case and • White Papers & technical briefs socialize internally • Social graph & peers • Detail Feature/Function comparison • Customer case studies Contact Vendors • Videos, videos, videos Get missing data and ball park pricing for initial business case © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 11. Uncover the Evaluate Step Back Channel Vendors Back channel short listed vendors with social graph, industry groups and analysts. Demos & Information Web and in-person demo and build vendor relationships to answer questions Free Trial Test solutions to understand functionality, performance, scalability and • Benchmark studies & papers quality of support. • TCO/ROI tools and studies • Social graph & peers 2nd Short List to RFI • Customer case studies on adoption • Videos, videos, videos Based on trial, experience to date, and side-by-side comparison, short list to 3 and request formal RFI to update business case for approval and funding © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 12. Uncover the Validate Step Detailed Requirements Finalize detailed requirements and socialize with LOB. Finalize business case for submission. Long Running POC Test solutions in a production environment with end-users, internal processes and standards Bake-Off and “Selection” Develop plan to operate final solution at target scale, discuss pricing in more detail • Sample Business Cases and any areas of concern. • Financial / Viability Information • Vertical Customer case studies RFP/RFQ • Industry analysts • Vendor references Issues RFQ/RFP and initiates formal selection/sourcing process. Hand Off to Procurement © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 13. Demand Generation … Purchase • Search • TCO / ROI • Business Case Campaign Planning • Social Graph 1. Campaign waterfalls should 2nd Evaluate 1st Disrupter follow the Seller’s Compass. Disrupter 2. Calls to actions should match • Search • White Papers & Briefs each steps’ target end state. • Social Graph 3. Invest ONLY in assets & • Case Studies social media activities on • Feature Comparison ZMOT your Sellers’ Compass. 4. Freely share technical information; your competitors have it anyway. 5. Avoid using “one-size-fits- Define all” assets. • Search 6. Verticalize your campaigns • 3rd Party Blogs beginning at Search step. • Market Research • Peers / Social Graph 7. Involve Sales in ‘Evaluate’ for • Case Studies Trigger consistency in experience Event © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 14. Social Media Role POWER OF INFLUENCERS VALUABLE INFORMATION Engage credible, trusted Don’t be stingy with influencers to discuss the technical, research and merits of your vision and market information . Make it solutions. easy to find and access. VOICE OF THE BUYER Unsolicited customer feedback and open dialog RESPONSIVENESS around consistency of Consistency, speed and experience, trust, and accuracy are critical to value. credibility. Empower all employers to respond and enable buyers. Use social media to inform, engage, and enable buyers (and sales) to participate along the campaign waterfall © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 15. Experience Expectations • Have a long-term partner orientation • Act like a trusted business advisor • Always have a sense of urgency & care • Be relevant & credible • Set realistic expectations • Be transparent & forthright • Honor your word • Be fair & flexible • Maintain a positive & broad reputation • Be consistent & predictable • Products perform ‘as advertised’ • Focus on overall success vs. a transaction
- 16. Lessons Learned from F100 … • A “selection” decision doesn’t mean you’ve ‘won’. • Transaction-oriented sales are considered niche vendors; relationship-oriented sales are considered strategic vendors. • Long running POCs/Trials/POVs are hedging strategies to realize benefits without making a long term commitment. • Internal research groups are persistent, funded and quietly influential; don’t ignore them. • They hate “solution selling”, follow insight selling - you’ll win if aligned to their journey. • Make the “Buyer” successful because their jobs and reputations are at stake – as are yours. © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 17. Path to Buyer Alignment … 3. Socialize, 4. Operationalize Share, Cross Teams and Educate 3 Functions 4 7. Mobilize Educate, train & 2 empower employees 2. Pilot 5 5. Measure Experiment with a Identify 1 slice of Sellers’ 7 Metrics & Compass ROI 6 6. Full Sellers’ Compass Marketing and Support 1. Discover define the end-to-end Start with a detailed buyers’ experience then investigation of your buyers’ align it with business journey (who, what, when, why) objectives. © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 18. Summary … Things to do today: • Evaluate how consistent marketing, sales and support behave – It’s your key to credibility • Solution Marketing/Selling is dead – Retool everyone for Insight Selling • Launch your Sellers’ Compass study – In-depth knowledge is actionable • Align Marketing and Sales to your Sellers’ Compass – It drives pipeline velocity and size © 2012 NBS Consulting Group, Inc. | Tel: 415.309.7017
- 19. Thank You and Questions? Christine.crandell@newbizs.com +1.415.309.7017 www.christinecrandell.com Forbes Blog: blogs.forbes.com/christinecrandell LinkedIn: http://www.linkedin.com/in/christinecrandell Twitter: @chriscrandell
Editor's Notes
- #10: Information about emerging market trendsDiscussion on the impact of trends on business and options for addressing/capitalizing on trends/technologyIn-depth technical discussion on various technologies to address trend/opportunity/problemCase studies on how customers have addressed the trend/opportunity/problem including approach, technology, challenges encountered and target vs. actual outcomeDetailed technical architecture of your solutionsDetail feature/function comparison between various types of solutions as well clear highlight of yourdifferentiation Online videos of product demos
- #11: Discussion on the impact of trends on business and options for addressing/capitalizing on trends/technologyIn-depth technical discussion on various technologies to address trend/opportunity/problemSample/best practice business case templates by major vertical used to size and justify the investmentCustomer case studies, customer video testimonials including customer media articlesTechnical benchmark performance data on your vs. competitive solutionsDetailed technical architecture of your solutionsDetail feature/function comparison between various types of solutions as well clear highlight of your differentiation Online videos of product demos and product presentations
- #12: In-depth technical discussion on various technologies to address trend/opportunity/problemBest practice business case templates by major verticalIn-depth customer case studies on how they approached their business case, investment sizing, implementation approach , and plan to drive end-user adoptionTechnical benchmark performance data on your solutions at in various environments and at scaleTCO/ROI calculator includes best practices on how to size the solutionTechnical information / white papers on integration with various 3rd party applicationsDetail feature/function comparison between various types of solutions as well clear highlight of your differentiation
- #13: Best practice business case templates by major verticalIn-depth customer case studies on POC, implementation, configuration and adoptionTCO/ROI calculator includes best practices on how to size the solutionWhite papers on how best to conduct a free trial/POC and how objectively measure ‘fit’White papers on configuration and implementation best practicesDetail feature/function comparison between your and competitors on implementation, customer and PS services
- #16: Marketing becomes the proxy for the early sales call. It used to be reps were involved earlier in the buying process, positioned to influence both the perceived needs and the solutions a buyer might consider. Without the ability for sales to engage buyers early, it becomes increasingly important for marketing to do its homework on the buyer – using research and analysis to determine the tactics most likely to resonate with the prospect. Marketing’s effectiveness will then become evident by how often buyers, when eventually meeting with reps, articulate their needs and desired solutions in terms of your offerings.