Renegade Marketers Unite
Trust is Human-Led & 11 Other Forrester B2B Summit Takeaways
Fri Jun 23 2023Description
The episode covers topics such as building unbeatable B2B brands, the future of websites and branding, the power of personal stories in business, understanding customer value and experience, improving marketing metrics and customer focus, and data-driven decisions and marketing strategies.
Insights
Generative AI and the Future of Websites
Generative AI, specifically chat GPT, is predicted to revolutionize search and websites according to George Colony at the Forester B2B Summit. Websites as we know them may go away, replaced by chat bots and AI-driven interactions. The use of generative AI should not be limited to creating website content, but should be seen as a framework for rethinking data and making it accessible to customers.
The Importance of Customer Centricity
The need to stand out in a sea of sameness is crucial for brands, with customer centricity being the key. Nomenclature matters in marketing departments, as it can imply that certain types of marketing do not perform. Storytelling is important in all types of communication and can have a powerful impact on audiences.
Building Trust and Customer-Centric Transformation
Trust is built through human-led conversations. Salespeople should be AI-enabled to build trust faster. Building trust is crucial before leads enter the funnel. Bigger brands have an advantage in building trust. Employee alignment and belief are essential for customer-centric transformation. Customer value goes beyond economic value.
Understanding Customer Value and Experience
Customer value can be categorized into four dimensions: economic, functional, symbolic, and experiential. Economic value focuses on return on investment and speed of return on investment. Functional value refers to the specific function a product or service serves. Symbolic value is about the meaning and association with a brand or community. Experiential value emphasizes the importance of providing a positive customer experience.
Improving Marketing Metrics and Customer Focus
MQLs (Marketing Qualified Leads) are a problematic metric in the world of marketing. Calculating MQLs can lead to misleading numbers and job insecurity for CMOs. What matters is improving the win rate, deal size, and speed to close. Marketing can improve the win rate by focusing on better-qualified opportunities. Deal size can be impacted by processing the right opportunities effectively. Marketing can impact the speed to close by delivering valuable information when prospects are looking for it. 75% of revenue growth comes from current customers, not MQLs. Retention rate, interactions, and brand value play a crucial role in revenue growth from existing customers. We need to think about marketing lift across the entire business and focus on metrics that express current customers and prospects. It's important to pass intelligence instead of just leads to increase win rate, deal size, and speed to close. B2B marketers spend too much on technology that doesn't serve customers' needs effectively. Audit your technology stack for integration and alignment with customer value throughout their lifecycle. Not enough experimentation is happening in marketing budgets. Allocate 15% for testing new ideas that could have significant impact.
Data-Driven Decisions and Marketing Strategies
Data-driven decisions are important for portfolio management. Intuition can be used to source ideas from various places. Forester conference provided frameworks and roadmaps for rethinking strategies. Renegade Marketers Unite podcast offers interviews with innovative marketers.
Chapters
- Renegade Marketing 12 steps to building unbeatable B2B brands
- The Future of Websites and Branding
- The Power of Personal Stories in Business
- Understanding Customer Value and Experience
- Improving Marketing Metrics and Customer Focus
- Data-Driven Decisions and Marketing Strategies
Renegade Marketing 12 steps to building unbeatable B2B brands
00:00 - 07:59
- The audio version of Renegade Marketing 12 steps to building unbeatable B2B brands was ranked the number one new B2B audiobook by B2B Authority.
- IBM reduced their 24 go-to-market campaigns to five and achieved a 12% growth in sales.
- Employee satisfaction in the marketing department at IBM increased by five points after implementing focus on the five campaigns.
- Generative AI, specifically chat GPT, is predicted to revolutionize search and websites according to George Colony at the Forester B2B Summit.
The Future of Websites and Branding
07:33 - 14:45
- Websites as we know them may go away, replaced by chat bots and AI-driven interactions.
- The use of generative AI should not be limited to creating website content, but should be seen as a framework for rethinking data and making it accessible to customers.
- The need to stand out in a sea of sameness is crucial for brands, with customer centricity being the key.
- Nomenclature matters in marketing departments, as it can imply that certain types of marketing do not perform.
- Storytelling is important in all types of communication and can have a powerful impact on audiences.
The Power of Personal Stories in Business
14:27 - 21:54
- F1 as a business was not doing well, but it came back after the pandemic
- The F1 story combined personal and business elements
- Using personal stories in presentations is effective
- Buyers take risks individually, not just for the company
- Helping buyers look good internally is important
- Trust is built through human-led conversations
- Salespeople should be AI-enabled to build trust faster
- Building trust is crucial before leads enter the funnel
- Bigger brands have an advantage in building trust
- Employee alignment and belief are essential for customer-centric transformation
- Customer value goes beyond economic value
Understanding Customer Value and Experience
21:36 - 29:03
- Customer value can be categorized into four dimensions: economic, functional, symbolic, and experiential.
- Economic value focuses on return on investment and speed of return on investment.
- Functional value refers to the specific function a product or service serves.
- Symbolic value is about the meaning and association with a brand or community.
- Experiential value emphasizes the importance of providing a positive customer experience.
- HubSpot's CEO making their chief customer officer shows the company's commitment to customer-centricity.
- Prospects want to be served, helped, and known at every stage of their buying journey.
- Technology, such as AI and conversation bots, can enhance the prospect's buying experience.
- Relying solely on metrics like marketing qualified leads (MQLs) can be problematic and misleading.
Improving Marketing Metrics and Customer Focus
28:36 - 36:07
- MQLs (Marketing Qualified Leads) are a problematic metric in the world of marketing.
- Calculating MQLs can lead to misleading numbers and job insecurity for CMOs.
- What matters is improving the win rate, deal size, and speed to close.
- Marketing can improve the win rate by focusing on better-qualified opportunities.
- Deal size can be impacted by processing the right opportunities effectively.
- Marketing can impact the speed to close by delivering valuable information when prospects are looking for it.
- 75% of revenue growth comes from current customers, not MQLs.
- Retention rate, interactions, and brand value play a crucial role in revenue growth from existing customers.
- We need to think about marketing lift across the entire business and focus on metrics that express current customers and prospects.
- It's important to pass intelligence instead of just leads to increase win rate, deal size, and speed to close.
- B2B marketers spend too much on technology that doesn't serve customers' needs effectively.
- Audit your technology stack for integration and alignment with customer value throughout their lifecycle.
- Not enough experimentation is happening in marketing budgets. Allocate 15% for testing new ideas that could have significant impact.
Data-Driven Decisions and Marketing Strategies
35:50 - 37:34
- Data-driven decisions are important for portfolio management.
- Intuition can be used to source ideas from various places.
- Forester conference provided frameworks and roadmaps for rethinking strategies.
- Renegade Marketers Unite podcast offers interviews with innovative marketers.
- The show is produced by Melissa Caffrey, Laura Parkin, and Share Your Genius.
- Music by the Burns twins and intro voiceover by Linda Cornelius.