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The Infinite Future for the Modern Buyer

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The Infinite Future @msweezey SMASH Conference Keynote 2015


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@msweezey This presentation will be covering a lot of slides in a very short amount of time. If you would like to follow along on your device please find my slides posted to slideshare. Find my slides on Twitter @msweezey and there is the URL to the slideshare presentation. @msweezey


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In assessing the blame for the failure of good companies, the distinction is sometimes made between innovations requiring very different technological capabilities, that is, so called radical change, and those that build upon well-practiced technological capabilities, often called incremental innovations. The notion is the magnitude of the technological change relative to the companies’ capabilities will determine which firms triumph after a technology invade an industry.   -Clayton M. Christensen, The Innovators Dilemma We are You must understandfully are in a time of radical and only by we understanding the change, here change can we succeed in the infinite future. @msweezey


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Business: Use media to consume information and to publish information. They are reactionary to the consumer. Media: Is the medium for communication between all parties in the environment. Consumers: Are the ones who obtain information from media to fulfill their needs. operate in consists of media, consumers, and Business We must revaluateany of these three things change businesses. When we our foundations. Environment @msweezey


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Media has changed infinitely Media has changed the environment we live in causing major changes to our species @msweezey


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5 Media Channels @msweezey In 1960 there are only 5 marketing channels we must master. They are all analog.


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200 Media Channels @msweezey In 2014 there are over 200 marketing channels we must master. They are all digital, bi-directional, and driven by dynamic data.


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Media Ubiquity More people in the world have access to a mobile phone than have access to clean drinking water or electricity. The effects of this are only now beginning to be fully understood. @msweezey


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Limitless Noise @msweezey On average there are 1,500 posts waiting for you on Facebook, and the average person is exposed to 5000 ad impression per day.


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“ “ CMO will have the largest IT budget by 2017 -Gartner @msweezey


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Limitless Channels @msweezey Gartner predicted in 2014 that by 2017 the CMO would have the largest IT budget in the company, taking it away from the CIO.


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New Media affects Humans Media has changed the way people relate to each other, act, and obtain information. @msweezey


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Goldfish have an attention span of NINE SECONDS Attention Spans @msweezey The average human based on a Microsoft study in 2013 has an average attention span of 8 seconds.


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Time Spent Online @msweezey The average person in the united states spends 12.28 hours in front of a screen every day. The average person in the UK spends 12 hours per day. (NIH)


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1.70 71% Page views Have been Per visit to your site Disappointed by content 80% 25% Will never re-engage Bounce Rate On visits from Adwords INSTANT RESULTS @msweezey If disappointed once Buyers harness more power when they do a single Google search than all of NASA had in 1969 to land a man on the moon. Anything can be found in an instant, and if it’s not they they leave.


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GRANDPARENTS Are the fasting growing demographic on Facebook. BUYERS
 CHANGE @msweezey The new buyer is not like the old one. They are mobile, cross channel, and highly informed. On average they consume 3-7 pieces of content before they talk to sales. The average person between 35-49 checks Facebook 17 times per day.


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% 36 Customer satisfaction scores for business increases by thirty six percent when we focus on the full customer experience. % 15 Increase in revenue for those companies who can transform their idea of individual moments into a full customer journey. % 28 Customers are twenty eight percent more likely to recommend products from companies who provide a personalized journey. % 33 And are thirty three percent less likely to churn than customers who do not receive a fully personalized experience. *Transforming Customer Experience: From Moments to Journeys, 2013 Customer Mandate @msweezey Understand the customer’s needs and interests and use this insight to continuously deliver personalized content that aids the customer’s purchase decision, provides timely service and results in a great customer experience.


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Questions Lets see just how much you have changed based on the environment around you to make this point even clearer. @msweezey


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“A” or “b” How do you manage your email in box? @msweezey


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“We now disqualify before we qualify” @msweezey


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“A” or “b” How do you download data? @msweezey


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“We batch research” @msweezey


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Batch Research Defined Daily content consumption. Usually is Learn, and Escape. Happens across all media channels. How we engage with Research content. @msweezey


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40% of B2B buyers said they waited longer to initiate contact with B2B vendors – DemandGen Report 2014 @msweezey


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MARKETING CONTROLS THE BUYING CYCLE Gartner predicts the buying cycle will be primarily in the hands of marketing, as they expect a B2B buyer do have accomplished 80% of their buyers journey before they ever speak to sales. 80% @msweezey


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Business goals change Media has changed the environment we live in causing major changes to our business @msweezey


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Production 3-D printing has democratized production. Now anyone, anywhere, at anytime can print them selves products. @msweezey


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Technology SaaS technology democratized business operations. Now any business can have the best tool set to run their business, and build their product, with almost zero overhead. @msweezey


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Distribution Distribution and selling of goods has been democratized by online marketplaces. It is easier than ever to sell something at scale. @msweezey


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1/3 of Fortune 500 companies are removed from the list in Last decade (2004-2015) Infinite Competition @msweezey Production, Technology, Distribution, and Reach are all democratized making the relationship you have with your consumer the only sustainable competitive advantage.


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Ease of Use Personality Buyers harness more power when they do a single Google search Buyers harness more power when they do a single Google search Infinite Competition @msweezey Service Buyers harness more power when they do a single Google search Relationship Buyers harness more power when they do a single Google search You no longer compete with those in your own industry, but rather the best of those fields. Consumer are now comparing all experiences against each other rather than against their vertical.


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ENVIROMENT
 CHANGED BUYERS
 CHANGE Infinite Media + Limitless Channels Buyers harness more power when they do a single Google search Always on Buyers harness more power when they do a single Google search Buyers harness more power when they do a single Google search + Instant Expectations Buyers harness more power when they do a single Google search = Radical Changes Must Occur Optimizing for small gains will leave you way behind in the infinitely changing world. @msweezey


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BIG IDEA #1 The relationship is primary focus of the future, and they can not be built by campaigns alone @msweezey


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Campaigns Can fail Remember “New Coke” the only reason Coke-a-Cola didn’t lose the cola market was because of their relationships which they build during WWII. Where they made sure every GI got a Coke for five cents, where ever they were in the world. @msweezey


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Now they Can Scale @msweezey Kimpton Hotels is using “Journey Builder” to build long lasting relationships with customers even outside of their travel schedule. Technology allows this to happen, far surpassing Dunbars wildest dreams.


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Edward Bernay’s created Public Relations after learning from his uncle Sigmund Freud the power of the unconscious mind. He create a new form of strategic marketing which built relationships between products and consumers inner desires. Bernays Is Right @msweezey Building relationships with consumers inner desires is what we should be focused on. It is what our society is based off of, and the best way to drive people to action.


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BIG IDEA #2 Content is what consumers desire, but not just any content will do. @msweezey


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CONTENT Research from the Content Marketing Institute shows best in class companies spend 39% of their total marketing budget on creating content. Yet research also shows 70% of all content created never gets utilized. @msweezey


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Mass Media Fails @msweezey The worlds best media brands are failing. BBC laid of 500 reporters last year. Gigaom the $22 million dollar backed media brand, who pioneered blogging closed it’s doors after 8 years in 2015. We need to be relationship brands.


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More is not Influential There is no correlation between publishing more often and influence the content has with in a persons life, or with the relationship you have with the consumer. @msweezey


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71% Of B2B Buyers Have 71% of B2B buyers have been disappointedcontent with been disappointed by content -Pardot research 2013 -Pardot Research Report 2013 @msweezey


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25% Of them will never 71% engage with your of B2B buyers have been disappointed by content content again -Pardot research 2013 -Pardot Research Report 2013 @msweezey


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We should learn….. Media Made money Because they owned the relationship. Not because they mass published media. @msweezey


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BIG IDEA #3 Mindset is the only way to manage your brand across infinite number of media channels in the future. @msweezey


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Mindset Everyone in the organization understands everything they do will end up online. Services will receive tweets, product will receive reviews, and sales will be talked about. Everyone must understand the net positive effects of their actions. @msweezey


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Leading outdoor brand, headed by a climber. Not a business leader. First company to provide on site child care. Famous for their “When surf is good, go surf” mentality. Zappos , has become a monolith due to their customer service, and culture. This was spear headed by their CEO who’s philosophy of people first proved to be correct. Companies Who win @msweezey Pardot competed in the highly competitive marketing automation space. Zero funding, and very few dollars spent on marketing they succeeded in a market where their competitors had over ½ billion dollars. All three of these companies have a culture which breeds a consistent net positive mindset. It comes form the top, and is passed down. It must sit at the top.


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Ship My Pants National retailer spends over $10 million on a campaign to get people to shop in their stores. The campaign was based off of an award winning tag line “Ship My Pants” @msweezey


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Infinite Media Hurts @msweezey Upon a Google search to find the local store the average review is 2.9 out of 5. Creating a bad impression directly following the positive impression of the “Ship My Pants” campaign.


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Net Positive Experience @msweezey Upon going to the website to then purchase the website was broken. This now has created a “NET NEGATIVE” effect and the only way to win this consumer back is to spend more money. This is not sustainable.


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Customer Executive @msweezey Having everyone in your with the same mindset is the only sustainable way for you to proactively protect your brand from the infinite amount of content which will be published about you in the future. This is why companies like AT&T give CX a seat at the Executive Table.


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Simplicity Wins in Mindset -  -  -  What do we value in an employee What do we value in a customer What do we call success Creating Mindset @msweezey Everyone in the company must be able to answer three basic questions. If they can you will proactively mitigate bad experiences and ensure a “Net Positive” experience in the future.


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“ “ “It is not the height of your highs, but the valley of your lows which will shape your brand” @msweezey -Andrew Davis, Author of Brandscaping


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BIG IDEA #4 Infinite content is required to market in the future so what type of content do we need to create? @msweezey


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Homework Watch This @msweezey Joe Pine II explains consumers want, “Honest and Authentic” experiences. He also writes about this concept in three books, Authenticity, The Experience Economy, and Mass Customization.


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Nobody Ever Said “I want content” They decide engage with content to solve goals, they engage with it because it aligns with their purpose Media Brands? @msweezey The worlds best media brands are failing. BBC laid of 500 reporters last year. Gigaom the $22 million dollar backed media brand, who pioneered blogging closed it’s doors after 8 years in 2015. We need to be relationship brands.


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Path to Purpose Google research done in 2013 proves it is no longer a linear journey to purchase, but rather helping consumers meet their purpose. When you do you increase purchases by 42%. @msweezey


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Escape ! People wanting to escape will lean on self discover and social channels. They are looking to escape their work, life, job, and take a short break. No barring on sales readiness. @msweezey


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Discover! Discovery is one of the greatest gifts of the internet. We have both passive and active discovery modes. Active Discovery: Direct searches on the internet Passive Discovery: When you scroll down in Facebook @msweezey


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Presence! Is the content which consumers create about themselves to validate the mediated self they are projecting. Simply engaging with this is fulfilling their purpose, and is helpful, and does not require you to create more content. @msweezey


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BIG IDEA #5 Relevance at scale. How do you scale a small team up to manage infinite relationships in the future? @msweezey


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Behavioral Data You no longer compete with those in your own industry, but rather the best of those fields. Consumer are now comparing all experiences against each other rather than against their vertical. Psychographic Data You no longer compete with those in your own industry, but rather the best of those fields. Consumer are now comparing all experiences against each other rather than against their vertical. CRM Data Also combine with all other internal data. Data Collection @msweezey Buyers become highly fragmented beings across multiple channels. They are always connected, and always on. The only way to reach them is to know more about them, and understand what it takes to really be relevant to the modern buyer.


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“ “ “Our end goal is to present the customer with content that is relevant, not invasive” @msweezey -Kimberly Ruthenbeck, Director of Web Customer Experience for Room & Board


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System of relevance Automation Platform (s) CRM Single Customer View Marketing Sales Service @msweezey Allows for plug and play integrations with other apps who use data, and add to data.


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Personalized Experience @msweezey Requires you to know each and every person, and demands a system of relevance which touches all aspects of your business. This puts the customer success platform at the heart of your marketing efforts. Then allows for scaling across all channels, with dynamic and predictive personalization.


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Automations Scale Automations allow for businesses to use data and instant actions to scale relationships across all channels. With out automations you can not scale one to one relationships. @msweezey


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Owned Experiences Creating customized experiences also needs to happen both on your website and via the email content. Predictive Content Dynamic content suggests the best next piece of content given set algorithms of most likely engagement. @msweezey +15% Revenue Companies using predicative content on average are seeing an increase in revenue by 15%.


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eCornell Lead Program Is the online branch of the Ivy League Cornell University. They are responsible for driving all traffic and produce 5,000 leads per month. Lead Nurturing Wins Using the 3-2-1 technique of lead nurturing eCornell has been able to see amazing results. Converting 50% of all sales qualified leads who are nurtured into new customers. 16X @msweezey Higher conversion rate on leads that have been nurtured vs those that have not. Produced the single biggest increase in leads from any other method.


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Lead Scoring From each engagement we can now track the buyer’s interest and score him based on behavioral metrics. Lead Routing Then identify the hottest leads in real time and pass them to the sales team asap. 79% +10% Revenue @msweezey Companies who automate lead management see a 10% increase in revenue in 6 months. (Gartner Research) Of marketing leads never convert into sales. (Gleanster)


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Real time lead routing Identify the hottest leads based on instant behavior and then send them to sales instantly. Real time notifications Sales then gets instant notifications of any lead they are working with and their engagement with marketing. Sales Nurturing Programs One click nurturing allows sales to then nurture those leads who are not ready buy. Sales Automation @msweezey The biggest benefit to the sales and marketing program are sales automations from Pardot. Giving businesses the ability to generate leads, identify them, and close them faster. @msweezey


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Raphus cucullatus “DoDo Bird” than 99 percent of species, amounting to Extinction Morefive billion species, alldue to environmental over that ever lived on Earth are estimated to be extinct Is Real factors. Don’t be a DoDo…… @msweezey


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Thank you Please share if you enjoyed this @msweezey


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