2016 Waypoint Research Group, LLCsteveb@WaypointGroup.ORG Advocamp 2016This isnt a tweak on a marketing campaign. Whos here to hear about a do something different strategy?
Even if Marketing does a great job filling the funnel, if the customer isnt a good fit, the bucket will leak. Weve seen in our research that when you try to engage with these customers, youll have problems down the road with case stories, references, etcWho here is concerned with top line revenue? Who here is concerned with longer term profitability?2
2016 Waypoint Research Group, LLCsteveb@WaypointGroup.ORG Advocamp 2016Regardless of your short-term or long-term view, were all here for the same reason. We understand that we need an army of advocates, but in order to build it we need to recruit. Which means we need to ask them are they with us, or not with us?
2016 Waypoint Research Group, LLCsteveb@WaypointGroup.ORG Advocamp 2016If were going to ask them, we need to recognize that B2B is different from B2C in many ways. One key aspect of B2B is that its generally characterized by a relationship between 2 companies, human or otherwise. So you need to understand the strength of that relationship, which is comprised of building blocks. Think of each block as an account. An account lights up red/yellow/or green based on the relationship strength.You might also have churned accounts (blue) Or disengaged accounts (wood)
Were B2B and these are our customers its not B2C where they might have been a one-off transaction. When youre asking your customers if they would be willing to be a part of your Advocate Army, you want COVERAGE. The more the better, right?
Your company works with many accounts, and those accounts have many different profiles small vs largeIndustryRegionsUse cases, etc
The aggregate is based on building blocks. And you should be able to see patterns in those building blocks that help you target the right patterns. But instead, heres what typically happens4
2016 Waypoint Research Group, LLCsteveb@WaypointGroup.ORG Advocamp 2016Heres how companies typically ask they send a survey, and they get results like thisand in this example they had a ~80% retention rate and couldnt figure out why the NPS was high but retention so low they look at the aggregate, but feedback is built on individual accounts (image of building blocks)5
2016 Waypoint Research Group, LLCsteveb@WaypointGroup.ORG Advocamp 2016We know that there is a relationship these arent Transactional customers so we can easy measure census. So we dove in deeper: and found actual NPS was much loweri.e. that their NPS didnt represent the business at all
2016 Waypoint Research Group, LLCsteveb@WaypointGroup.ORG Advocamp 2016Then we looked at how well the feedback represented the business and found that silent accounts were 7x more likely to churn
So we see that participation in the feedback effort with proper positioning can be a predictor of churn.
AND what do you think more engaged customers do? Need to look at the profile of those engaged customers. Do they come from small business or large? From specific industries?
2016 Waypoint Research Group, LLCsteveb@WaypointGroup.ORG Advocamp 2016Just like feedback is built on building blocks of individual accounts, account-level feedback is also built on individual contactsOur friendly client also made the mistake of relying on references that were no longer feeling the love
Diving into their feedback, they werent seeing the value. Theres a value equation that needs to be considered is this about expectations, or execution?8
H E A RARNESSNGAGEDDRESSEVEAL
2016 Waypoint Research Group, LLCsteveb@WaypointGroup.ORG Advocamp 2016If you want to build your Advocate Army then lets put it all together:Existing customers with strong relationships: Find out which contacts in which accounts are not just with you, but also seeing value and success. They are your armyWhat is the profile of these accounts? How does it relate to strategy?Existing customers with weak relationships: How much money in that segment? Is it strategic?
So whats next? START SMALLHarness who are the right people to engage with internally? Start with strategy, then pull in CSMs that can get you access to those accountsEngageAddressReveal9
Steveb@waypointgroup.ORG408.673.2211 ext 11
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