Here is what the experts are saying, and some takeaways from the past week:

Three Strategies to Reduce Buyer’s Uncertainty and Unlock Purchase Decisions
Our friends at biztechreports highlight some research that outlines three key CMO strategies to reduce uncertainty and unlock purchase decisions during the COVID-19 pandemic:

1. Prioritize high-impact organizational change for a customer segment
2. Document tasks and create/curate content pieces
3. Deliver enablement content

Sound easy enough?

The DemandGen report I shared last week reinforces the need for relevant content in early-stage engagement. In particular, 70% of buyers ranked “relevant content that speaks directly to our company” as “very important” in the survey, and 96% of B2B professionals considered messaging that “spoke directly to our industry needs” to be important.

There’s no doubt that change amplifies uncertainty for buyers. We’ve found that revisiting a client’s unique value proposition can yield insights to modify messaging in the current circumstances. Sometimes these insights can even suggest product/service changes to better respond to current needs.

How does your organization provide relevant content to prospects? Have you revisited your sales process to align with your buyer’s journey?

One Day It’s Fine And Next It’s Black
Some unfortunate employment outcomes resulting from the pandemic are becoming clear. A recent study shows that 64% of UK musicians are considering leaving the business. This bums me out, as I’m a musician, a lover of live music, and a huge music fan overall (in case you can’t tell)! Some other findings from the study:

• Musicians have lost on average 87% of their live bookings (and main source of income)
• 50% have no bookings for the rest of 2020
• 40% have applied for a non-music job since March
• Young Women are worst affected
• Classical musicians have the fewest bookings; Pop musicians have lost the most money

Check out the full story here.  With venues struggling and musicians leaving the profession, the future of live music is uncertain. In the B2B world, we know the live event business is struggling. And when you take into account all of the ‘adjacent’ businesses and industries, many are affected. Can virtual events fill the void?

Some Good News
In an effort to end on a more positive note, here is a ‘some good news’ throwback that brought a smile to my face!

I hope you do whatever makes you smile this long weekend!

As always, don’t hesitate to call me to brainstorm or ask how I can help.
Rick

Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622

The post Unlock B2B Purchase Decisions for Increased Sales appeared first on Virtual Causeway.

Here is what the experts are saying, and some takeaways from the past week:

SDR Function – Sales or Marketing?

I recently moderated a discussion on how sales and marketing leaders can best work with the Sales Development function in an organization. In a follow-up, I polled sales and marketing leaders, and asked if the SDR function should report into Sales or Marketing – and got the following response:

• Sales – 37%
• Marketing – 13%
• Both Sales & Marketing – 50%

This reflects the challenges of alignment between sales and marketing. If they report into both, won’t the SDR go crazy trying to please two masters? If they report into Sales, do they miss developmental opportunities to better understand targeting and messaging? If they report into Marketing, do they miss being mentored by individuals experienced in one-to-one engagement?

I find myself in the sales AND marketing camp, thinking that the SDR function can act as a ‘bridge’ (or maybe a ‘causeway’?!) between them. Much of what they do involves helping leads progress through the funnel. In that way, the function straddles BOTH! Admittedly the reporting structure can be tricky and there is a real need to set service level agreements for leads going to sales.

Where do your SDRs report? What have you seen work best?

Not All B2B Buying Decisions are on Hold

DemandGen’s 2020 Buyer Behaviour Study is cause for hope for all of us trying to close revenue in Q3! Some quick nuggets:

• 53% of marketers said the current crisis has NOT disrupted purchase plans
• 68% said the length of the B2B purchase had increased compared to last year
• 82% said purchase decisions progress now based on changing business needs

So how to move those opportunities along to closed-won? Solution providers need to engage in personalized ways that address specific challenges with their customers – either by industry or at the account level – providing them just what they need! (Sounds like an effective ABM strategy to me!)

Lessons from Innovative Music Companies

We have previously looked at the creative ways the music industry is responding to the pandemic’s impact on live events. But the article The 10 most innovative music companies of 2020 provides useful insight into finding success in a challenging environment.

Consider Gold Rush Vinyl, in our digital “I’m not waiting for anything” world, they are boosting the resurgence of old-school vinyl. How? Gold Rush Vinyl’s innovative process gets records into the hands of fans three times faster than the industry standard – in a more environmental manner to boot! They focus on identifying and solving a critical issue that matters to their customers.

Bravado innovatives in the world of music artist merchandise or merch for the cool kids! Tapping into the growing desire of fans to connect with their favorite artists, they go beyond the standard concert t-shirts. They seek to create an artist brand. Bravado is evolving artist merchandise into highly coveted keepsakes. They took the time to examine what was motivating fans to purchase and created improved product offerings that are significantly growing sales.

What simple innovation might grow your revenues?

As the summer comes to a close – try not to lose your mind! Remember it doesn’t matter where you’ve been, as long as it was deep!

As always, don’t hesitate to call me to brainstorm or ask how I can help.
Rick

Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622

The post Getting B2B Sales Off Hold appeared first on Virtual Causeway.

Here is what the experts are saying, and some takeaways from the past week:

Sales Emails vs Sales Calls

Over the past months, HubSpot benchmark data has continuously shown that sales emails are trending above pre-COVID levels, but sales calls remain below. Deals created and deals closed continue to trend above pre-COVID benchmarks. And marketing emails trend above with open rates out-performing pre-COVID levels.

What does this mean? Have our communications channels all moved to email, and sales calls have decreased? I think it shows that during this pandemic, digital interactions have increased (as we all know). But – sales have been forced to become much more efficient and focus on target accounts, maintaining a hyper-focus on ABM-related activities. Or am I being too optimistic here? Is sales being lazy and simply relying too heavily on email to communicate to customers?

Targeting Accounts on the Rebound

Demand Gen Report backs up the HubSpot data, and shows that B2B organizations need to prioritize accounts on the ‘rebound’.

Our client projects have seen connect rates with decision-makers by our team increase consistently over the past 90 days – all while maintaining a diligent focus on the RIGHT account and the RIGHT titles and roles in those accounts. Developing a strong Ideal Customer Profile (ICP) that focuses on the highest probability industries, and pivoting sales and marketing resources to those industries have helped increase overall demand generation for these client projects.

What are you seeing in your organization? Let me know!

Credibility is Key to Today’s Music Business

The Lefsetz Letter outlines some overall challenges with today’s music business. Interestingly, credibility is identified as the key to a long career. In the music business, selling out may not matter if you’re in the Spotify Top 50, but it does if you’re not. It’s about understanding the lifetime value of a fan. If suddenly you prefer the corporation, if people get wind they’re paying more or losing access because ‘the man’ comes first, you’re toast.

What do you think? How does this apply to B2B? Much is written about customer experience but do we ensure pre-sales and post-sales deliver a positive brand experience? Will your clients fly away if they feel you are making too many short-term decisions in your sales and marketing just to make the sale?

Given current market challenges, the lifetime value of a customer becomes even more important to the long-term success of your business!

Last Chance to Register – August 27 Webinar

Still time to register for our What Do B2B Marketers Do Now? … in 29 minutes event – ‘4 Campaigns to Help You Hit Your Q3 and Q4 Numbers’! Join Us!!

I know I want to get away still this summer and hope you get to your happy place too. I’ll be at the lake!

As always, don’t hesitate to call me to brainstorm or ask how I can help.

Rick

Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622

The post Sales Emails vs Sales Calls appeared first on Virtual Causeway.

Here is what the experts are saying, and some takeaways from the past week:

HubSpot Data Update

I spent some time looking at the HubSpot benchmark data again this week. It’s fascinating for those of us that love data….and some interesting findings:

• Deals Created and Closed Deals continue to be over pre-COVID benchmarks, but maybe hitting a summer lull as they dip slightly in early August
• Sales emails continue to trend way above pre-COVID levels, but sales calls remain below
• Marketing emails continue to trend above pre-COVID level, with open rates performing 20% higher than pre-COVID in early August!

Check it out for yourself.

While we’re finding engaged prospects out there, our experience is that sales teams still have work to do in capturing that interest. You can have great targeted content (and you should!), but closing B2B business still requires sales professionals consistently executing a thoughtful plan.

No Social Media?

An SEO expert recently posed the question, “What do you do if your target audience isn’t on social media?” It got me thinking since some B2B marketers really can’t use the typical social media platforms as an effective way to engage. Here are three B2B marketing alternatives:

1. Become an industry expert – this is about investing in becoming a useful resource
2. Podcasts/webinars – increasingly popular way to communicate more creatively
3. Research and whitepapers – conducting relevant original research builds brand leadership

It’s an interesting thought experiment – what if I lost a marketing channel? Do our current ‘go-to’ marketing channels prevent us from considering others? Remember, we’re living through crazy times!

Socially Distanced Music Pens

Recently, there have been concerts performed in the UK utilizing social distancing – small ‘pens’ are set up to keep people far enough apart. What do you think? Is this something you’d enjoy attending? Would you pay extra if venues need to charge more to cover the cost of fewer attendees?

I can’t help but wonder if this is a potential model for future B2B live events. Can we keep the Zoom-like world going or does the in-person contact return in a different format? At times like these, who knows what’s next?

Next Week’s Event – Webinar Aug 27

I am hosting another one of our What Do Marketers Do Now? ….in under 29 minutes events later this month – ‘4 Campaigns to Help You Hit Your Q3 and Q4 Numbers’! Want to pick up some timely lead generation campaign tips that stimulate sales? Join Us!!

As always, don’t hesitate to call me to brainstorm or ask how I can help.

Looking forward,
Rick

Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622

The post Times Like These Need Leads! appeared first on Virtual Causeway.

If you need a little wake up, give this song a listen as you read through this week’s update – another Lollapalooza connection – Canada’s Arcade Fire!

Here is what the experts are saying, and some takeaways from the past week:

Benchmark Research Shows Measurement Trends for 2020

DemandGen Report’s 2020 Marketing Measurement & Attribution Survey outlines some key findings among marketers this year:

• Marketers are pushing beyond MQLs to Account Engagement
• 59% said they are not doing attribution analysis in marketing measurement
• 66% want to apply deeper ABM metrics in the next 12-18 months

See the report here.

It’s not surprising that during this economic uncertainty, B2B companies are making every effort to be smart and efficient with their marketing investments. 40% of marketers recognize the need to improve the measurement and analysis of marketing performance. How are you doing with metrics?

The Most Important Question in Measurement and Analytics

Given the findings of the report above, this SiriusDecisions article is timely. They outline one key question that every reporting and analytics team should ask themselves as they work to drive clear decision-making in every phase of a measurement project. The question: “What should your end user do differently, now that they know this?”

It’s an interesting mantra to adopt. Think for a moment how you could use it in context to drive real, tangible decision-making throughout the measurement process.

#Lolla2020 – No Sunburns, No Sore Feet

Lollapalooza ran 100% virtual last week – did any of you watch? It was a combination of past favorite performances and new 2020 virtual performances, and the reviews are generally good. But do we miss the heat, the sore feet, the crowds, and the artist interaction? I’m watching closely as other festivals run virtually – many of the learns from these music festivals will be harbingers of trends in B2B events. What have you learned about running effective virtual events?

Webinar – 4 Campaigns to Help You Hit Your Q3 and Q4 Numbers!

We’re hosting another one of our What Do Marketers Do Now? ….in under 29 minutes events later this month! Please join us and listen in – and of course – contribute! The content focuses on successful and timely lead generation campaigns that stimulate sales. Can you see where you’re going?

As always, don’t hesitate to call me to brainstorm or ask how I can help.

Looking forward,
Rick

Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622

The post Avoid the B2B Summer Burn appeared first on Virtual Causeway.

Here is what the experts are saying, and some takeaways from the past week:

Is Your Demand Generation Taking a Summer Vacation?

Every year, as we enter the summer months, I have this discussion with my clients – some of them want to slow down marketing efforts in the summer, while others want to ramp up. This conversation has become so prevalent that I just created a separate blog post about it. And in today’s COVID world, these considerations are even more relevant!

Sales Activities Continue to Rebound

Have you seen the most recent HubSpot Benchmark data? Closed deals and deals created continued to rise in July above the pre-COVID benchmarks. So what does this mean? Activity levels are still increasing – keep pushing through the summer! Before you know it, we’ll be in September and you’ll only have one month left to hit your Q3 numbers! How are you going to hit your 2020 sales and marketing goals?

No In-Person B2B Events Until Second Half of 2021?

MarTech Today’s recent study shows that marketers won’t be interested in attending in-person events until at least the second half of 2021. Wow. But – while in-person events aren’t an option, the majority of marketers are satisfied with their virtual event experiences this year.

What are you finding in your organization? When would you be ready to attend another B2B event?

Concertgoers Help Research How COVID Spreads in Large Gatherings

As cultural mass gatherings around the world remain on hold for the foreseeable future, researchers in Germany are recruiting volunteers for a “coronavirus experiment” this August. Pop fans will be equipped with tracking gadgets and fluorescent disinfectant to get a clearer picture on how the virus could be prevented from spreading at large indoor concerts. Check out the article here.

I quoted the co-founder of Lollapalooza last week stating that we need to get through our germaphobia economy and into the claustrophobia economy – but this latest article has me wondering if we’re entering an “experimental economy”? Hold on tight, and don’t get blown away!

As always, don’t hesitate to call me to brainstorm or ask how I can help.

Looking forward,
Rick

Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622

The post In the Eye of a Hurricane appeared first on Virtual Causeway.

One of my clients made an interesting request the other day – they asked if we could increase our marketing and demand generation efforts for them during the months of July and August. And not just a small increase in activity, but something pretty substantial. Now, many people might think this is counterintuitive, and would actually advocate a decrease in B2B outbound marketing efforts during the summer months. And to be honest, I used to think that way, too.

But I’ve changed my mind over the past few years. After analyzing previous years of data, here is what I realized:

1. We have a lot of data – 18+ years of lead generation, marketing, and research activities for our clients has resulted in a TON of data. How much data? Many millions of outbound calls and emails; over a million leads generated for our clients; and thousands of campaigns implemented over the years.
2. Connect rates don’t suffer in the summer – Connect rates, or the rate of conversations with decision-makers (as a % of total outbound attempts), don’t drop in the summer. In fact, our connect rates seem to be more predictable and, for some of our clients, tend to be higher in the summer! And with COVID, we are seeing the same!
   I think this could be because of fewer office distractions in the summer. And with many people still working remotely at home and our increased levels of connectivity to the office – even when on vacation – we still take those calls. We can be out of the office, but still connected and having those conversations.
3. Lead conversion rates don’t drop – In many cases, they increase! Even though many corporations do not make buying decisions in the summer months, they still use the time to perform evaluations. So, it’s a great time to get your prospects involved in the early parts of the sales cycle. Then once Labour Day hits, you will be ahead of the game
4. Smart timing is important – Of course, in the summer months, you will need to work around holidays, vacation schedules, etc. I would also say that the Friday afternoon prior to a long weekend would be a bad time to reach out to prospects. But as long as you keep these things in mind, you should be fine!
5. Schedules are less hectic – People’s schedules tend to be a little more ‘free’ in the summer months. And that means appointments with prospects tend to happen more often. The break from a busy and hectic schedule allows us to schedule a time to talk with decision-makers and influencers. Use that to your advantage and get your sales team in front of those decision-makers!
6. Each industry/vertical is different – Depending on the industry, summer may be the BEST time for the evaluation of new technologies. Some of my clients that target higher education (for example) have always said that summer is their busiest lead generation time!

So what have we learned? What techniques can we share with marketers looking for help?

1. Don’t slow down! Lay the groundwork for the fall – before you know it, Labor Day will be upon us, and you’ll have 30 days left to hit your marketing goals for Q3!
2. Change your activities – If you feel that your current lead gen activities can’t be effective in the summer, revamp your activities. Target your campaigns based on your target market and their buying behavior. Types of campaigns that tend to do well in the summer, regardless of industry:
   i. Account-Based Marketing (ABM) – if ABM is part of your go-to-market strategy, use this time to work on your target accounts and the messaging and strategy around it. If you need to revise your target markets based on industries that are suffering, this is a great time to revise and regroup.
   ii. List build, account profiles – use the time to build out your marketing lists – prospect lists, opt-in lists, etc – or profile key accounts for your sales team.
   iii. Infrastructure – use the summer to focus on improving, updating or implementing those sales and marketing systems you’ve been neglecting. Marketing Automation, CRM, etc – when was the last time you took a close look at your processes, mapped them out and fine-tuned them?
   iv. Content – we are all constantly striving for new and compelling content. Spend some time auditing your current marketing assets and determining where you need to focus your efforts. Contact partners, industry thought leaders or customers – see what content they have that might help you in your marketing efforts. There are all sorts of ways to build your content quickly – and summer may be the time to do it!
   v. Market research – we’ve found that our completion rates of online and phone-based research interviews and surveys is actually quite a bit higher in the summer months – perhaps people have more time to respond? Use this as an opportunity to survey your customer base, or look into new markets or products.
   vi. Lead generation – no reason to stop these activities. Try some new campaigns in the summer, or mix it up a little – people are still evaluating solutions and then your sales team will have a great pool of leads to close in the fall.
   vii. Lead nurturing – perhaps this is the time to re-market to leads stalled in the funnel/pipeline – use this as an opportunity to re-engage these customers and try to move them forward.
3. Start your marketing early – once Labor Day hits, there’s a short runway before your campaigns need to be in place.

Don’t let your lead generation take a road trip during the summer months – you might miss some of the best opportunities!

As always, don’t hesitate to call me to brainstorm or ask how I can help.

Looking forward,
Rick

Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622

The post Avoid Demand Generation Summer Vacations appeared first on Virtual Causeway.