B2B Marketing: The Psychology of Buying and The Marketing Moments of Truth

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00:00:01:01 Welcome to salesXchange and the sixth video in the series of marketing talk where we talk about marketing for CEOs who want to maximize their income without sacrificing profits. Now today I want to talk a little about the psychology of buying and how it affects generating new business. I have to say This was a real eye opener when I first learned about this. 

00:00:28:21 So I think you're in for an interesting session... The moment of truth was coined by a guy called Alan Lafley former chairman and president and CEO of Procter and Gamble. And it was later expanded by Google and the moment of truth illustrate the sequences of engagement throughout the buying process, now, what we've done 

00:01:06:04 is, we've taken these moments of truth and cross-referenced them against the whole marketing mix to show how all of this fits together, the marketing moments of truth. I'm just gonna get some information up on the screen so you can see one of the diagrams, if you're watching this then you can see the information 

00:01:39:07 behind me but better still and if you're listening to this as a podcast. You can't see me! But go to our website under workshops. There are all the diagrams that you can have a look at and it shows you how this flows from one section to another. 

00:01:58:15 So we'll start with the zero moments of truth. You can see we've got greens blues and greens. So you'll see how this all flows together in a minute... 

00:02:08:08 So the day that the Zero Moment of Truth is actually a term coined by Google in 2011 and it refers to the research which is conducted online about a product or service before someone takes any action. So searching for mobile reviews before making a purchase for example. The Internet has really changed the way consumers are interacting with brands 

00:02:37:21 and products and services like this online. And because of this decision making processes has change they've called it The Zero Moment of Truth or ZMOT So according to Google 88 percent of customers are researching online before they actually buy a product. Now if you're watching this, like I said I've got the image on the screen. It starts up here the Zero Moment of truth OK. The first moment of truth is 

00:03:13:17 when a customer is confronted with a product and that can take place online or off line but it occurs within the first three to seven seconds of a consumer encountering the product and it's during this time that marketers have got the capability of turning a browser into a buyer. Now Procter and Gamble described the first moment of truth as the moment a 

00:03:42:12 consumer chooses a product over the competitor's offerings. The second moment of truth is when a customer actually purchases a product and experiences its quality as per the promise of the brand. Now there can be multiple second moments of truth for every time a product is consumed or used... providing the consumer with information for future purchases and so on and 

00:04:15:08 sharing their experience and so on about their products and services. So the second moment of truth as I said here, is basically when they buy from you and install it and start using it, so it's a pretty straightforward process. 

00:04:35:15 Then you've got the third or the ultimate moment of truth. Now this is where consumers feedback or will have a reaction towards your brand or product or services. Now in other words the consumer becomes a brand advocate and gives back via word of mouth or social media publishing. So allowing for all these, you could call them states, you can tailor your strategy to follow a structured approach and a pattern of kind of content delivery. And the best way to put it is expectation for them, so that brings us on to 

00:05:13:06 the marketing funnel. Now most people in business have heard of a funnel of one type or another if not for marketing for sales. But it's knowing the different stages of these funnels that allow us to define the marketing and the nurturing stages and so as you can see with the color coding we've got here... 

00:05:37:07 We just them just go back to this. You can see with the stages we've got here that brings us into our marketing funnel, top of the funnel, middle of the funnel, bottom of the funnel. Just for those that can see with the color coding. Now all of these elements are descriptions that marketing folk talk about but they all flow together. And there's also the process of recycling your prospects depending on what 

00:06:09:10 they do or don't do. So really you're looking at the various marketing activities but it's important that everyone in your business is aware of these different activities and some generate interest and some generate leads. 

00:06:29:14 I think a few people have probably been sacked in the past because of these specific defined areas because they weren't properly defined and certain managers I guess would believe that marketers were no good at their jobs because if one is just generating interest and one's generating leads it's whatever your expectations are. And in conjunction with the marketing funnel you've got to look at kind of awareness to the demand. Looking at qualification and looking at what the process is and look 

00:07:03:16 looking at thought leadership and understanding what creates interest and so on. So that the whole point of this is, as we move forward through these processes there's a customer experience flow and it's affected by different 

00:07:31:11 devices in component parts that all can connect with your potential customers from a website to smartphones to smartphone apps and the apps that can push content to users. So you've got all this flow of information that's, I suppose it's the way that you package your products that is absolutely key. So even if you've got a service and taking that service through to 

00:07:57:09 execution and engagement of your products. The point is to deliver an amazing customer service which encourages customers to come back for more. If they buy more they recommend more by listening to customers' suggestions for example or complaints or engagement in general your products or services can become perfected which ends up delighting more customers. That's the point. And I think you know, I'm pretty sure that gone are the days when, we just 

00:08:38:06 refer to customers as marks or targets and they're to be nailed or sold to at any cost just for profit, but the thing is there's the overall customer care, the point of having a genuine desire to serve and this point of serving applies to staff as well as in, for management to look at serving 

00:08:59:08 staff. 

00:08:59:17 So if any if anyone gets to the point that people are being treated any less than with total respect when they've made a commitment to you or your company, I just see it as it must be about serving them. So it's no longer just about you know take their money and run. We all want to have to the most amazing lifetime value from them. And if it's a struggle then perhaps some of the elements in your business 

00:09:30:00 or people's businesses need reviewing and it could be staff conduct or product performance who knows. But the bottom line is that the goal of that entity called 'A Business' is to serve the people it engages with employed or customers it doesn't matter. They have made a commitment to you and you have to respond accordingly in return. I think at the at the outset if you know when you're looking at this whole 

00:10:03:21 infrastructure you then look at the technology stack, the marketing stack because it's all driven by software and so on. So we've now got to a place in business that demands a significant amount of technology. Doesn't matter what department you're talking about, but marketing I think takes the prize for the most amount of integrated technology required to keep it functioning. I'm not going to go into every piece of technology that that could benefit 

00:10:33:05 a marketing department. There is an important aspect to all of this and that is to know is it needed? 

00:10:44:13 Don't get me wrong. I mean I am completely committed to anything that can enhance decision making and business direction from the use of SAS software as a service or analytics. However, whilst a lot of the companies out there and they do come across as sounding like snake oil salesmen. But it's important to understand it's not the technology that will engage prospective customers. 

00:11:10:02 Only you can do that through your, I suppose, distinct messaging. The only thing technology will do is transport your message, the tone of voice or your product whatever to the willing eyes and ears of your prospect. Going back to the graphic the information structure descriptions and brand names that we've got here that relates to technology only service as an illustration of what you might need, some of it you could probably use now 

00:11:45:10 some of it somewhere in the future I guess. But one of the key factors with all this technology is to make sure your staff can actually use it and this means making sure the sales company that is pitching to you and their respective implementation teams avail you of everything it can do and in turn you can adapt your way of working to achieve the results you want. There's we've we've got a book called The Essential Guide to Business 

00:12:19:18 Technology & Marketing here it is here which addresses the implementation Which address is the implementation of new equipment and systems and software and provides a framework to make sure your business gets the most out of new equipment and software. 

00:12:42:21 What we want to do now is just gone to the nurture that kind of a nurturing section or point of this. And you've got to understand that there's two opposing factors when it comes to marketing one wants to export content to get the fastest result and the other is tempering the human driver that says I'll take all of this information on board only if it meets my personal criteria. I mean, I do I look like the look and feel or am I ready or bottom line is 

00:13:17:16 my pain great enough to want to invest time in reading this message. And is this message directed at me and I suppose finally is in my preferred space or platform as someone like whether I watch or listen or read or whatever and if and only if you meet their criteria would you be in a position have a chance to engage with them. And that's way before you've even earned the right to market to them, that 

00:13:45:08 comes after engagement. And to do all of this and to get involved in that dance you have to cajole people saying "Hi" and popping up here and there and behaving a bit like a mating dance of a bird of paradise know once you become interested you have to maintain your cool and provide little tidbits to coax them in and to get them to look a bit more closely. So it's not all about selling and it's bit like a musical 4 4 beat 

00:14:14:00 promoting on the fourth beat engage engage engage promote one two three four one two three four engage engage engage promote you know you get the idea. 

00:14:24:08 And once they do look don't be tempted to go at them like like a bull in a china shop. You know you take it easy. Make sure you've worked through the whole nurturing plan beforehand. The easiest way to do this is to genuinely put yourself in their position and you haven't got time to get your staff to do it your staff to go through the dance even as far as asking your existing customers well what 

00:14:55:10 do you think. Have a look see what we're doing, do they like your strategy. And if you don't like asking customers ask prospect, you know anybody. Basically you're speaking to whether it's prospects or suppliers get your salespeople to ask their prospects. I mean it's impossible to second guess what a customer thinks or is going to think so go and ask them. I think you know you want to have a process that keeps telling your 

00:15:23:02 prospects that you're actually talking to them. For them to feel genuinely served with great content and served in a timely fashion. And while we're kind of at that point I just want to touch on account based marketing now ABM Account Based Marketing has the potential to sound like snake oil sales, but in simple terms it's about the right people in your organization, talking to the right people in your prospects organizations 

00:15:56:10 at the right time and is based upon the fact that in most larger organizations there are multiple decision makers involved in the process and especially the higher the value of the acquisition. 

00:16:11:00 The more people are involved in that decision making process. So to achieve this, there is technology that helps direct marketing teams to address the different people involved in the purchasing process with methodologies that can support and assist the overall process. You know pretty straightforward Is it like a corporate approach to... 

00:16:40:20 Is this for you? And do you have the authority to make this decision? But but done in a nice way. But the bottom line is all businesses have to present a message that is read at the right time by the right person, you can't be too pushy and it's about engagement without seeming like you're bribing them or or being false about what you're attempting to do. So we kind of getting to the end of this, but how does this all fit 

00:17:14:03 together. Well you could say 'here's one I made earlier' and what we've done here with these Moments of Truth, they all blend together and I'll just get the right image up on the screen. Here it is, we've got all of the Moments of Truth. The Marketing Funnel, Activities, Customer Flow and Experience the 

00:17:41:18 Technology Stack, Martech, Nurturing, finishing with the ABM at the end. And the point of this is that we want these explanations to fit in with the Moments of Truth. And we've got this whole infographics completely separate as well. So if you visit our website if you are listening to this on a podcast it's 

00:18:13:05 salesXchange.co.uk go to the work shops tab you can download high res images and have a look at this at your leisure in your own time anyway. 

00:18:26:06 That's it. That's it for this one. I hope it helps with your quest to develop your marketing and if you need any help do get in touch with us via our website all the details are going to come up next. Or just give us a call. We'd be delighted to just have a chat. Help get you pointed in the right direction or give you any assistance that you might that's it for me for now. I'll see you in the next one. 

Content

A real eye-opener for me!  The Marketing Moments of Truth through to Nurturing and Account Based Marketing, we crammed a whole lot into this video which will change the way you look at marketing for your company.

Automation is only a transport system to deliver your message.  Are you active in your prospects preferred space and if you are, how are you blending your technology to blend with your new business processes?

Some of the areas covered in this video are: -

  • Marketing Moments of Truth
  • Marketing Funnel
  • Customer Experience Flow
  • Marketing Technology - MarTech Stack
  • Nurturing to ABM

The Business Technology and Marketing Handbook by Nigel Maine

Download your copy - http://bit.ly/sX-BizTechMar-Handbook

Details

Director

Nigel Maine

Location:

United Kingdom

Duration:

19:28

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