THERE’S NOWHERE TO HIDE. TRANSPARENCY IS EVERYTHING.
Information isn’t just free, it’s everywhere. Purchasers want to know more before making their buying decision, and they’ll often find whatever information they’re looking for. So, don’t hide it. Transparency won’t just land new customers; it will help retain customers by continuing to build trust.
THE DECISION ON WHAT TO BUY HAS PROBABLY ALREADY BEEN MADE BEFORE A PROSPECT EVEN SHOWS UP ON THE SALES RADAR.
Because it’s so measurable, too many marketers focus on the ‘middle of the funnel’ to the detriment of awareness marketing. While your sales force is still a powerful influencer, “57% of the purchase decision is already complete before the customer calls the supplier.” With 67 % of the buyer’s journey being done digitally,”it’s more important than ever to make your information available to your target the way they want it – and when they need it.
CONSUMERS HAVE MORE INFO THAN THEY COULD EVER USE, AND LESS TRUST IN MARKETING THAN EVER BEFORE. MORE INFORMATION:
IDC predicts that the Global Datasphere will grow from 33 Zettabytes (ZB) in 2018 to 175 ZB by 2025.
LESS TRUST:More educated, wealthier ‘informed’ customers trust businesses less than ever before – and trust is eroding quickly. In 2018 only 54% of informed consumers trusted companies – down from 74% in 2017. 27% decrease in customer trust
CONSUMERS KNOW WHAT GOOD MARKETING LOOKS LIKE (SEE AMAZON)
Thanks to Amazon and Netflix, consumers know what to buy and what to watch. The big players have set the bar pretty high, but like all technology, innovations that were once only for large companies are now affordable and have an extremely high return on investment. The ability to harness and optimize data has transformed marketing.
Now we can shorten sales cycles and provide superior customer service (increasing both the word-of-mouth potential and the lifetime value of a customer). Find the right customer. Send the right message. Do it at the right time.
MINING FOR GOLD IN YOUR DATA. TRACK, TEST, MEASURE, MODIFY.
Moving beyond “People who bought this also bought…” Even five years ago, the thought that a mid-size company could mine their data and create actionable insights would have been ridiculous. Today, it’s a fact. The tools, technology, and computing power are at virtually everyone’s fingertips. For many companies, their data is locked in silos; CRM, web analytics, customer support, social data, marketing automation, etc. By pulling the right information out of each silo, marketers can create a Customer Data Platform, activate data, and unlock digital signals that drive sales.
IT’S ALL ABOUT THE CUSTOMER EXPERIENCE. GETTING THE SALE IS GREAT. MAKING SURE THE CUSTOMER IS GLAD THEY MADE THE PURCHASE IS EVERYTHING.
One bad apple (or review) spoils the bunch. Unhappy customers cost far more than just their next purchase:
- An unhappy customer is 91% less likely to do business with that brand again.
- A dissatisfied customer tells 15-20 people about their experience.
- 88% of customers read an online review that influenced their purchasing decision.
- 42% of customers said that a recommendation from a friend or family member would influence their purchasing decision more than a sale or a promotion.
- It takes 40 good reviews to undo one negative review.
GET IT TOGETHER ALREADY. (Sales & Marketing Alignment)
Get sales and marketing out of their silos and magic will happen.
- Sales and marketing alignment can help businesses become 67% better at closing deals.
- Tightly-aligned sales and marketing teams achieve a 24% faster three-year growth and faster 3-year profit.
- 50% of sales’ time is wasted on bad prospects.
- 65% of sales reps say they don’t have the right information to share with a prospect. **
