The Challenger Customer •New Realities of B2B Buying and Selling by Bryan Ehrenfreund
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The Challenger Customer •New Realities of B2B Buying and Selling by Bryan Ehrenfreund
- 1. The Challenger Customer •New Realities of B2B Buying and Selling
- 3. Mobivity helps restaurant and retail brands realize their strategy of growing their business by increasing customer frequency, engagement, and spend. Our clients take validated marketing actions through ALL appropriate channels - traditional, digital, and mobile - based on relevant, localized, targeted, and personalized messages and incentives. Trusted by over 40,000 locations nationwide. 40 Million targeted impressions processed per month. About Mobivity (Ticker: MFON)
- 6. FOUR MAJOR SHIFTS IN B2B SELLING 1 - Self Empowered Buyer 2 - Role of Content 3 - Number of People Involved in the Buying Process 4 - Selling Change
- 7. 65-85% OF EVALUATIONS ARE COMPLETED BEFORE A REP ENGAGES* *Corporate Executive Board, Aberdeen & Sirius Decisions SALES REP INFO SCARCITY INFO ABUNDANCE THE SELF EMPOWERED BUYER
- 8. Information Scarcity Information Abundance SHIFT IN POWER Self- education Sales Engagement Sales Self-education Sales Engagement Marketing
- 11. DEMAND TYPE ALIGNMENT Content should align with demand type… New Concept Disruptive solution not widely considered because buyer unaware of problem. No budget. Requires issue creation. Buyer typically goes through entire buying cycle. Messaging focus on bringing attention to the problem and positioning market leadership. New Paradigm Retools existing process and solves a current problem more effectively. Replaces a current budget line item. Buyer typically enters cycle in Phase 2 - Solution. Messaging focus on creating consideration and process/solution change. Established Market Necessary solution in a highly competitive market, so goal is displacing market share. Budget exists. Buyer typically enters cycle in Phase 3 – Vendor Selection. Messaging focus on competitive positioning and creating preference for new provider. Source: SiriusDecisions
- 12. Create awareness around a new problem Align problem with business issues; drive urgency Help buyer identify needs in solving the problem Align solution with specific sets of business needs Demonstrate core features and functionality Validate/ reinforce choice INTEGRATED MESSAGING STRATEGY OUTPUT The goal is to align demand type with buying cycle phase, messaging framework, and an optimized touch strategy. Loosening of the status quo Committing to change Exploring possible solutions Committing to a solution Justifying the decision Making the selection Education Solution Vendor Selection BUYING CYCLE TOUCHES NEW CONCEPT NEW PARADIGM ESTABLISHED MARKET Education Education Solution T1 T2 T3 Solution Solution Selection T1 T2 T3 Selection Selection Selection T1 T2 T3 MESSAGING Reputation Demand Creation Sales Enablement White Paper Webinar Case Study White Paper Event Webinar Analyst Report Case Study Peer Interaction Source: SiriusDecisions
- 13. CEB – COMMERCIAL INSIGHT
- 15. SELF EMPOWERED BUYER Source – CEB analysis
- 16. # STAKEHOLDERS INVOLVED IN B2B BUSINESS DECISION TODAY 5.4 Different People Source – CEB analysis
- 17. 5.4 DIFFERENT PERSPECTIVES Source – CEB analysis
- 18. TRACK ‘EM DOWN, WIN ‘EM OVER Stakeholder 1: CIO Rep Angle: Minimal work- flow disruption Positioning: Seamless integration with legacy systems Stakeholder “Closed” Stakeholder 2: Financial Analyst Rep Angle: Cost savings Positioning: Write-off of existing platform Stakeholder “Closed” Stakeholder 3: Marketer Rep Angle: Deeper customer segmentation Positioning: Develop effective segmentation targeting strategies Stakeholder “Closed” 1. Accessing Individuals 2.ClosingIndividuals Source – CEB analysis
- 19. CEB – B2B PURCHASE LIKELIHOOD DROPS AS BUYING TEAM SIZE GROWS
- 20. BUYER GROUP CONSENSUS CHALLENGE
- 21. 1.5 Stakeholder Diversity Index Stakeholder DysfunctionIndex 2.0 2.5 2.5 4.0 5.5 Stakeholders don’t have a fair say Stakeholders avoid discussions of key issues Stakeholders have multiple disagreementsKinds of dysfunction: THE REAL ENEMY Source – CEB analysis
- 22. How to Win New Customers Communicate Value Motivate Change Get Attention and Gain Interest
- 24. CEB – CHALLENGER CUSTOMERS MOST LIKELY TO CHANGE WHEN …
- 25. The Mobilizers The Talkers THE MOBILIZER Source – CEB analysis
- 28. Information empowered, self-educating buyers think they know (or should know) • Problems • Options • How to decide and buy Operate in stealth mode – hard to find, get found, get engaged, selling time, effort, skill levels Fatigue: • Change; Information; Technology • Products/features; Vendors; Sales people • Business problems; To Do lists • Organizational impediments Prefer Status Quo; “good enough;” Buyers don't care about your products, features or even "value proposition" Buyers can't understand or differentiate, so … Commoditize vendors, products, features, value They don't want to buy your products – only what products will do for them Companies don’t buy, people don’t buy, _____________ buy N EW R EA LITIES OF B 2 B B U YIN G A N D SELLIN G IN SUMMARY
- 29. • The Challenger Customer • Unpacking Challenger Customer Insights - Blog post http://www.avitage.com/unpacking-challenger-customer-insights/ RESOURCES
Notes de l'éditeur
- Xerox & AT&T Wireless 4 Startups 3 SMB’s Reside in Scottsdale, AZ
- Get audience make-up. Ask who’s in sales, marketing, ops and other New start-ups vs. established companies. How long has your company been in business? With that info I can tailor our discussion today. We’re ready to get started.
- Question! What’s the #1 thing you need to figure out as a start-up? Product/Market/Fit aka Sales! Figure out how to SELL your product or service
- Buying has changed forever. We used to live in the age of information scarcity, where the primary sources for information about a product or service was the sales rep, publications and big ad campaigns. Now, with the Internet and thousands of 3rd party information sources, buyer’s are getting their information elsewhere, and often aren’t ready to engage with a rep until they are 60 to 85% of the way through the buying process. Reaching these buyers in new ways is the challenge for today’s marketers, and Marketo helps marketers meet that challenge.
- Change in buying behaviors has major implications when it comes to marketing. In the old buy model sales owned the majority of the influence over someone's buying decision. My Xerox example. When I started my career in sales I was the primary source of information. Very few resources, Business Week, Gartner was even around back then in the prehistoric days of selling and a few copier review publications. Let me give you another example. My home buying experience. First house to today. Now fast forward to today according to SiriusDecsions 70% of the buying process is completed before the customer engages with a sales rep just like my recent house buying experience. This has given marketing much more power and responsibility.
- Type of demand your company is trying to create. Mistake marketers commonly make is a “one size fits all approach”. All products and services aren’t created equal. A one size fits all approach results in: 1-Watered down message 2-Poorly defined targeting 3-Lack of lead definition 4-Lack luster results 3-Catories of Demand Type 1-New Concept 2-New Paradigm 3-Established Market 3-Step Buying Process 1-Education 2-Solution 3-Vendor Selection
- This is for all my friends in marketing who strive to create “Thought Leadership” content. Not good enough! Build content based on customer insights.
- 5.4 individual stakeholder involved in a typical purchase Stop and think what that number represents. Massive amount of difficulty for us. We first have to identify who they are. Track them all down, got to win each of them all over. Got to build consensus inside the customers organization just to get the deal done. I’m tired just saying it! It’s hard work! But what the research found is it’s not just 5.4 different people but 5.4 different perspectives.
- More views! Every deal I’m involved with this holds true. CMO/Head of Digital/CFO/CEO/VP Ops This wasn’t the case just a short few years ago. The days of even a CEO making a decision without any input or consensus from his team are gone!
- So how do we sell in a world of 5.4 with diverse customer stakeholders? Boils down to 2 key tactics: 1-Winning access to the 5.4 Individuals. How do I figuratively or literally get in front of them? 2-and when we finally get in front of them how do we close them Individually? So we as sales people have to track them all down and win them all over. Think about like this. Like the plates spinning at the circus. Get the first plate spinning, then the second plate spinning and by the time you get to the 3 you have to go back to the first as it starts to wobble to keep one going. This is the sales world we live in today. Not only do we have to figure out the 5.4 but sometimes our customers have to do so too because they don’t know either. Key to winning is to build a collection of Yes’s as we go across the page. Reps job is to build consensus
- The real enemy in the buying process turns out to be customer dysfunction.
- CEB has done a lot of research. Step 1 is customers have to think about themselves differently. The role of the sales exec is to facilitate the groups consensus. 3 distinct selling phases! Why change?
- Always be closing the Group!