Trends in B2B Marketing: 7 Marketing and Sales Strategies to Grow Your Revenue Fast
- 1. 7 Marketing and Sales Strategies to Grow Your Revenue Fast Christopher Ryan Emily Murphy With: Moderated by: TO USE YOUR COMPUTER'S AUDIO: When the webinar begins, you will be connected to audio using your computer's microphone and speakers (VoIP). A headset is recommended. Webinar will begin: 11:00 am, PT TO USE YOUR TELEPHONE: If you prefer to use your phone, you must select "Use Telephone" after joining the webinar and call in using the numbers below. United States: +1 (213) 929-4232 Access Code: 601-713-935 Audio PIN: Shown after joining the webinar --OR--
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- 3. About Christopher Ryan Christopher Ryan, founder and CEO of Fusion Marketing Partners, is a business value and revenue growth specialist. He has 25 years of marketing, technology, and senior management experience, and is a widely known expert in business-to-business marketing, lead-to-revenue modeling, sales strategy, and business startups. He is a frequent speaker and author of six books on B2B marketing and business growth, including the recently published, Expert’s B2B Revenue Growth Playbook. About Emily Murphy Emily earned a Bachelor of Arts from the University of California, Santa Cruz, for her major in Film and Digital Media and minor in Literature. With experience in writing, publication, and teaching, she continued her work after college as a research writer and an online blog contributor. She has now joined the Aggregage team and is the Editor for several sites in our network, including B2B Marketing Zone and Supply Chain Brief.
- 4. 4My Objective is To: • Get you thinking about revenue growth • Provide you with actionable strategic and tactical information • Share success examples • Upgrade your value as a CEO, business owner or marketing/sales professional
- 5. 5 Who’s in the audience? Are you in… •Sales •Marketing •Both •Neither Poll #1
- 6. 6Seven Key Revenue Growth Strategies 1. Start with a marketing/sales performance assessment. 2. Prioritize your marketing and sales efforts. 3. Create one or more new revenue streams. 4. Change your pricing strategy. 5. Launch a nurture program. 6. Create one or more new offers. 7. Upgrade your value.
- 7. 7 • How did your current marketing and sales strategy evolve? • Are you doing things out of habit or choice? • What is your motivation for keeping the status quo? • Are your processes or technology hindering progress? • Are there any time bombs at your company? Do You Have the Right Revenue Model? 1. Assessment
- 8. 8 1. Channel partners that are underperforming or leaving you for the competition. 2. Technology that can’t support your growth. 3. Prohibitive S&M costs. 4. Weak product strategy. 5. Team performance issues. 6. Inability to get stuff done. Possible Time Bombs? 1. Assessment
- 9. 9 Leakage = Loss of revenue due to “preventable” reasons: • Failure to capture/count inquiries. • Rep-generated inquiries handled outside the system. • Failure to follow-up (FTFU) quickly. • Ineffective (or no) nurture program. • Weak conversion rates. • Overly complex selling/buying process. Where is the Revenue Leakage? 1. Assessment
- 10. 101. Assessment Sales Executive Suite Finance Marketing Development and Delivery Are Relevant Stakeholders in Sync?
- 11. 111. Assessment • Accuracy of forecasting methodology • Month/Quarter/Annual • Units & $’s • By sales rep, channel, partner • Average deal size (target vs. actual) • Performance as mapped to investment, marketing effort, company strategy • Trajectory: are we on the right path? Ability to Monitor Key Metrics
- 12. 122. Prioritize Your Efforts Concept courtesy of Right Away and All at Once, by Greg Brenneman • Redesigning anything. • Slight copy changes. • New email formats. • Tweaking offers. • Cutting expenses. • More sales training. Low Value Moderate Value High Value • More leads. • Website upgrades. • Branding updates and new content. • Increasing volumes. • Incentivizing direct and channel reps. • New revenue streams. • Major price changes. • Re-branding. • Boost pipeline coverage • Big partner deals. • M&A.
- 13. 13 Situation: Cloud-based software client had a great product and excellent staff, but mediocre marketing and sales results. Our five blue chip items were: 1. Cut the cost per sales opportunity from $950 to $400. Actual = $575 2. Boost company awareness (validated by web traffic) by 70%. Actual = 68% 3. Move from a primary push marketing model (90% of leads) to a blended model of 60% push and 40% pull. Actual = 35% pull 4. Get the company listed on the Gartner Magic Quadrant. Accomplished 5. Have at least four partners producing revenue. Accomplished Prioritization Example
- 14. 143. Create New Revenue Stream(s) • Expand to new verticals: (using Bowling Pin strategy). • Add new geographies. • Productize your service. • “Service-ize” your product. • Add an e-commerce component. • Get serious about channels (VAR, reseller, affiliate). • Evolve to become a full “Solution Provider”.
- 15. 15Revenue Stream Example Recurring Revenue • Nike is launching a subscription service for kids called Nike Adventure Club. • It’s the first time the No. 1 sneaker retailer in the U.S. has worked on a subscription model. • Parents can order shoes for their kids ages 2 to 10 on a quarterly, bimonthly or monthly basis, paying fees of $20, $30 or $50. • Nike hints there could be more services to come.
- 16. 16Revenue Stream Example Adding Services • Launched in 2006 as Simple Storage Service. • Provides on-demand cloud computing platforms to individuals, companies and governments. • Significant product and partnership announcements every year. • Run rate revenue of over $30 Billion per year • Amazon also offers home services, product installation, etc. (undoubtedly more to come).
- 17. 174. Change Your Pricing Strategy • Raise your prices. • Lower your prices. • Offer tiered pricing (limited options). • Consider “all you can eat” pricing. • Set the price as “free”. • Create a recurring revenue model.
- 18. 185. Launch a Nurture Program • Create separate programs for: Inquiries who didn’t pass BANT qualification. People who abandon shopping carts. Existing customers for re-sell and upsell. Industry influencers, analysts, press, etc. • Include some non-sales content (e.g. articles, papers, video) • Be relentless: conversion may take 1 try or 100 tries!
- 19. 19Poll #2 Is your Nurture program… •Strong •Okay •Weak •Non-existent
- 20. 20 Source: https://www.marketo.com/marketing-and-sales-alignment/ The Role of Nurturing in the New Buying Funnel
- 21. 216. Create a Compelling Offer Let’s start with some fairly weak offers: • Straight sale with no special inducement. • Contact me – great for those deep in the buying cycle, but otherwise not effective. • Product-centric – better to focus on the solution or pain points. • Download brochures or spec sheet.
- 22. 226. Create a Compelling Offer • Drives immediate action. • Reinforces your brand promise. • Interesting enough to cut through the marketplace clutter. • make a strong statement • provoke curiosity • Attracts the right audience. • Timed correctly in the sales cycle. • Easy to take advantage of. Characteristics of Strong Offers
- 23. 236. Create a Compelling Offer Effective Offer Ideas • Special Pricing • Introductory Offer • Multiple Product • Premium • Free Information • Trade-in or Trade-up • Free Trial • Added Value (information offers) • Time-Based • Satisfaction Guarantee • Special Terms • Live Demo • Starter Version/MVP • Loyalty/Referral • Performance Guarantee • Special Inducement (e.g. BOGO)
- 25. 257. Upgrade Your Value If you demonstrate greater value to your prospect/customers, you get: •Bigger deal sizes •Faster sales cycles •Easier account expansion •A competitive fortress •More referral opportunities
- 26. 26 Trusted Adviser Consultant Preferred Vendor Vendor STRATEGIC TACTICAL C-level relationships; sought out for vision and advice prior to formation of project teams. Called upon by senior/mid-level operating management to evaluate & advise. Have a champion; collaborate on RFP prep; less price sensitive. Recognized as a commodity supplier; no champion; price sensitive; asked to bid. Stages of a Customer Relationship
- 27. 27 How to Move Up the Value Food Chain • Sell on the basis of “value” not price. • Focus on serving, not selling. • Differentiate by coolness, speed, terms, support, etc. • Bring specialized information to the table. • Become an expert on your prospects, industry and competitors. • Continually re-create value post-sale. • Let your humanity shine via: trust, humor, honesty, curiosity, etc.
- 28. 28Wrapping Up… I’ve provided seven strategies that will increase your revenue, but only if you: 1. Assess your strengths and weaknesses (especially revenue leakages). 2. Take action – preferably now. 3. Gain the support of your colleagues. 4. Leverage outside experts when needed.
- 29. 29 e-books, white papers, presentations, etc. http://FusionMarketingPartners.com http://Greatb2BMarketing.com (blog) Two Chris Ryan books available at Amazon • The Expert’s B2B Revenue Growth Playbook (2018) Download at: https://fusionmarketingpartners.com/resources/the- experts-b2b-revenue-growth-playbook/ • Winning B2B Marketing (2015) Revenue Growth Resources
- 30. 30About Fusion Marketing Partners Christopher Ryan, CEO [email protected] 719-357-6280 We Do This: Brand building/messaging Revenue modeling Website optimization Content creation Lead generation You Get This: Greater levels of awareness More qualified leads Ability to generate faster revenue http://FusionMarketingPartners.com/
- 31. 31 Q&A Founder and CEO, Fusion Marketing Partners Email: [email protected] Linkedin page: in/chrisryanfusionmarketing Twitter ID: @CRyanFusionMkt Website: fusionmarketingpartners.com Site Editor, B2B Marketing Zone Linkedin page: in/Emily-millard-murphy Twitter ID: @b2bmarketingz Website: b2bmarketingzone.com Christopher Ryan With: Emily Murphy Moderated by: www.b2bmarketingzone.com/webinar-series/trends-in-b2b-marketing