57 1 1 Reaching 1 percent

It is the dilemma of every business and has been for decades.  How do you reach that special 1% group of B2B of prospects out of your total addressable market who are looking to buy your type of product or service each week, and actually start communicating with them?

Yes, I do have the answer, but first, I want to recap on TAM, SAM, and SOM: -

  • TAM = Total Addressable Market
  • SAM = Serviceable Addressable Market
  • SOM = Serviceable Obtainable Market

The above is for you to decide, as selling Technology, SaaS or Services in 2022 is pretty much all online, therefore it is quite possible to plan to connect with any business in any country as long as you have the ability to service the customer.


Contents

1. The Current Play or Problem

2. Is any one person to blame?

3. Prospects are not another Species, they are us!

4. The simple strategies are frequently the best

5. The Ultimate B2B Connection Strategy

6. The 1% are now looking…

7. Rewrite Your Budget Projections


The Current Play or Problem

I’m sure you can relate to the list below: -

  • We’ve all got the CRM platform
  • We’ve all got the databases
  • We’ve all got Sales Navigator
  • We’ve all got BDR’s or SDR’s
  • We’ve all got telesales
  • We’ve all got Pre-Sales and Sales
  • We’ve all got marketing automation
  • We’ve all got pay-per-click to Landing Pages
  • We’ve all got ABM strategies
  • We’ve all got webinars

So, if we’ve all got the same platforms and processes how on earth can anyone even begin to approach any market differently.

There is also the shocking fact that the average tenure of CMOs (and CEOs for that matter) in Fortune 500 companies is getting less than eighteen months, I’ve also seen tenures as low as nine months.

It is clear; everyone is doing the same thing and is expecting a different result.  If success is not achieved, then it is the fault of the CMO.  It makes complete sense if you want someone to blame.  The trouble is, it’s the process and strategy that’s at fault, not the CMO. 

Is any one person to blame?

I have to hold my hands up.  I did spend quite some time blaming CMOs for their poor performance, but when you really look at the role of marketing, it has become about software management and administration and has very little to do with creativity and design.

Yes, there are a small number of marketers who have an entrepreneurial mindset, but not many.  That’s why everything is about Demand Generation, Lead Generation and Account Based Marketing.

The business desire is to automate everything, from business processes to marketing.  The trouble is, when it comes to marketing, it involves people and people are all different.  Businesses want to cookie-cut and pigeon-hole in order to impose a ridged structured process on someone who might simply be interested and would never buy.

To push this home, whilst is sounds good in conversation and on paper, marketing automation related strategies are impersonal, demands a transaction from the prospect upfront and is at odds with all the current statistics provided from the likes of McKinsey, Gartner, Bain and Forrester.

Prospects are not another Species, they are us!

Bottom line, we all want to remain anonymous during our self-educating research and will only engage when ready.  If a vendor fails to provide sufficient content, we’re off.  Also, if we are really forced to submit our details to download a document, if it’s no good to us, we’ll unsubscribe. 

An infuriating part of this process is when a BDR is given the download email data and is told to call us as a gentle follow up, we become furious that we’re now being chased up.  This is made even worse when no details are given and we’re just looking at a web page and we get a phone call asking what we were looking for.  This really is stalking!

A final note on the prospecting failure rates are as follows:

  • The current cold-call success rates are about 400-1 in finding an interested prospect
  • Using PPC to landingpages and marketing automation hides all your content from search engines.
  • The search engines robots and algorithms are unable to ascertain if your content is any good or relevant, hence achieving a high organic ranking.
  • Gatekeeping content makes your content and business invisible to prospects

The simple strategies are frequently the best

To set the scene;

  • You want to connect with the largest possible group of potential prospects, on a regular basis
  • They want to remain anonymous
  • They want to engage with you anonymously (ask questions)
  • They want to be invited into your business to see how it works
  • They want to see who the employees are
  • They want to learn about your products and services
  • They want to be entertained!  All anonymously!

Impossible – no!  Set up an inhouse live stream show and broadcast it over LinkedIn, YouTube and Facebook simultaneously, every week...

You’ll be kicking yourself when you realise how easy it is to do this, especially as you could do it right now, this second as you’re reading this by simply Going Live on Facebook.  Just click the icon!

But naturally you, we, are more sophisticated than just broadcasting a stream of consciousness over social media, being the businesspeople we are, we’ll of course plan for this!

The Ultimate B2B Connection Strategy

There are three main elements to setting up a live stream show and I’ll rattle them off here, however, you can ask us to prepare everything for you because that’s why we’re in business.

  1. Cameras, Mics and lights
  2. Preshow promotion – the marketing bit
  3. Hosting the show

It doesn’t really matter which order you do this as the initial objective is to get prepared and start marketing your show about four weeks or so before the ‘Premiere’.

Camera, Mics and Lights

Over the past few years there has been a significant change in the Prosumer digital camera/video market.  They’re low cost, fully featured and you can spend a few hundred pounds to quite a few thousand.  You can even use a handful of iPhones and a switcher, but I wouldn’t advise it.

There is a required kit list that would include tripods, filters, sound proofing as well as getting the right microphones and lighting. 

Preshow Promotion

Coral, combine or buy in your TAM customer data, clean it up and use a low-cost ESP like Mailchimp to send out emails. Your marketing automation platform is normally charged based upon the number of contacts you want to nurture; therefore, your TAM could be 10,000 or 20,000 names or more.  Do the maths and choose the cheapest, they’re only emails.

Augment your promotion by using LinkedIn pay per click banners.  Upload your above TAM database to LinkedIn and Facebook, depending on your budget.  Start a banner campaign that will appear on the newsfeed of all the people on your TAM database, as well as any other business you may have missed.  This ensures they’ll see you email and your banners over time.

Once you have created a format for the show and a ‘show flow’, think of it as a weekly television show, with different sections such as news, new products, new customers, interviews, etc, apart from the premiere, email your TAM each week, telling them what happened in last week’s show and what’s planned for this week’s show.

Hosting the show

You will have a number of existing staff who are outgoing and gregarious.  How would they fayre fronting the business, in front of the camera?  The main objective is to find people who want to do this.

The next part of this is a practical one.  And not everyone is practical.  There are probably existing employees who do photography and video as a hobby.  Would they be interested in managing the live stream show, e.g., switching cameras, monitoring sound, setting outside interviews over Skype or Zoom and so on.  You only have to ask.  And if there are none, do your staff know anyone who’s in to audio/video.

The 1% are now looking…

New business is a numbers game; the trouble is, no one has come up with a sensible and cost-effective strategy to access the biggest number, the TAM, until now.  Everything can and will flow from that.  Bear this in mind; -

  • It takes 7-10 ‘touches’ before a prospect recognises your brand or business.
  • Two out of three attempts to connect with a prospect fails
  • You need at least thirty attempts to get recognition, but too many, too often will annoy any prospect

If like any other sales company you have a sequence of success ratios, i.e., cold calls to contact, contacts to conversations, conversations to presentations and so on then the above completely flips the numbers. 

The next stage after the live stream is enabling prospects to self-serve on your website.  Give them everything they could possibly want.  Videos, podcasts, downloads, process formulas, project management spreadsheets, basically everything they would need to learn and implement your product or service.

There is no product that is restricted to the title ‘Complex Sale’.  There used to be Open University on BBC2 teaching everything from molecular biology to rocket science.  Nothing is too complex.  Now we all have the university of YouTube. 

If you’re able to carry out a face-ot-face demonstration/presentation, then you can record anything you can imagine.

Rewrite Your Budget Projections

Take your time.  Forward plan.  Digital Selling will change your business and the dependency on too many people doing too little work and attempting to justify their positions by spouting corporate speak!  You can tell I don’t buy in to all that.

You will be able to connect with the largest possible audience and very quickly see how they respond. If you don’t plan for them to self-serve, you’ll never find out.  This is where the whole user experience and customer experience strategies come in to play.

In the back of your mind, you only have to think, as this approach gathers momentum, it will reach and connect with more possible prospects than an army of telesales and BDRs and it costs a fraction current expenditure.  Thank me later... 

How will you look at your P&L for this year and your forecast for next year?  

Go to our Digital Selling pages to see how you can change the way you work and scale up your business.

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