As B2B buyers expect customized sales experiences, sellers can use these 3 tips to offer personalization at scale.
One of today’s biggest challenges facing B2B sellers is the increasing expectation of personalization as part of the buying experience. The seller’s task of offering personal experiences for all leads is a daunting one, particularly with limited time and marketing budgets.
As companies become increasingly focused on risk-mitigation in the buying process, they are far more inclined to trust vendors who can demonstrate that they understand and can address their specific needs and risk factors. According to Demand Gen Report’s 7th Annual B2B Buyer’s Survey, 89% of respondents stated that winning vendors “provided content that made it easier to show ROI and/or build a business case for the purchase.”
While the task of personalization may be daunting, it’s not impossible. And it’s certainly worth the effort. Here are three strategies your business can use to personalize sales pitches and make your marketing dollars work more efficiently.
3 ways to offer personalization at scale
1) Target smarter
We all know that social media platforms offer a wealth of demographic information. One of the most valuable insights it offers is intent signals: things like job changes, social posts, and hiring patterns, all of which can help your sales team identify the right time and strategy for reaching out to a potential buyer. You can use social media features built into the platforms themselves, like advanced filters and lead bots, to identify qualified leads.
Beyond identifying leads, smart targeting involves well-written and targeted online ads. According to Demand Gen’s report, “Online ads are shaping early behaviors and opinions of B2B buyers. 63% of respondents said they noticed ads from the solution provider they chose during the research phase.”
2) Demonstrate your understanding
Justin Shriber, vice president of marketing for LinkedIn sales and marketing solutions, reports that “80% of buyers don’t believe that the salespeople they deal with understand their business.” Most of this perception, Shriber says, is driven by the way salespeople converse with potential buyers. Using generic openers, and talking more than listening, reinforces this negative perception.
Set yourself apart by making sure that your opener lets the potential buyer know that you are paying attention to his/her particular needs and challenges. Make use of the information you’ve gleaned from social media to open the conversation by addressing a need or question the prospect has recently voiced.
3) Engage more closely
An important aspect of the personalization B2B buyers and consumers alike have come to expect is ongoing engagement. “When sales professionals are unable to provide ongoing value,” says Shriber, “the buyer feels no obligation to maintain a dialogue.” Continuing the conversation throughout the buying cycle is key to keeping the potential buyer invested. In addition, the most effective sellers use technology like email tracking and PointDrive to gauge whether the information they’re sharing is hitting the target. These technologies provide sales professionals with a feedback loop that they, in turn, can use to tailor future interactions.
How will self-driving, autonomous stores impact the retail industry and the supply chain?
This guest post comes to us from Argentus Supply Chain Recruiting, a boutique recruitment firm specializing in Supply Chain Management and Procurement.
Here’s another dispatch from the far-flung realms of emerging technology that will transform the Supply Chain – how products are brought to market, and how customers acquire those products.
We’ve written before about the upheaval Amazon has wrought on the Retail industry – whether it’s the company’s move into brick and mortar retail, its acquisition of Whole Foods Market seeking to improve its Last Mile Delivery, or its proposed use of drones to deliver products. We’ve also written about some emerging technologies – like augmented reality – that are blending the world of eCommerce shopping and a more traditional brick and mortar experience.
Suffice it to say, the retail industry is going through some major convulsions. With dozens of major U.S. retailers shutting down, and tons of new startups entering the eCommerce market, the landscape looks different than it did even five years ago. Companies are looking to the bleeding edge of technology to revolutionize the last leg of the Supply Chain, imagining the best ways to deliver products to consumers in 2020, 2030, and beyond.
Now, an idea that’s been explored in theory is seeing testing in Shanghai, a city known for its leadership in the mobile payments space, as well as its Blade Runner-style futurism.
Self-driving, autonomous stores
Analysts have touted autonomous drones and self-driving trucks as disruptive technologies to Logistics and Retail. Now, a great recent article in Fast Company profiles a startup called Moby which is testing a model of autonomousstores that drive around, seeking customers based on traffic data. Customers can “order” a store to drive to them, similar to how we order Ubers today. They then enter the store using an app and pay for goods with mobile payments. When the store is out of products, it drives back to the warehouse, or connects with another store that has excess supplies of, say, milk, to restock. Like a food truck, but one that also sells toothpaste, and replacement phone chargers, and apparel – using only robots.
Check out the video:
Pretty cool, no?
Produced in partnership between Swedish-based startup Wheelys and China’s Hefei University, the Moby Stores are electric, solar powered, and allow customers to order products for their next visit based on voice activation. Wheelys’ background is in making mobile coffee carts for entrepreneurs, and it’s extending that manufacturing experience towards these new prototypes, hoping (perhaps optimistically) to eventually build the stores for $30,000. It’s planning to start commercial production of the stores by 2018.
It’s a wild idea, to be sure – with significant manufacturing and regulatory hurdles still to clear – but pie-in-the-sky technologies have transformed retail before.
There are a few cool implications for this model from a Supply Chain angle, beyond the obvious convenience of having a store that comes to consumers:
It potentially changes the approach to last mile logistics, possibly eliminating the human component in delivery – similar to drones, but with product selection.
These stores combine the convenience of eCommerce with the tactile experience that’s still brick and mortar’s strength in areas like apparel.
They will allow retailers to compete in the brick and mortar space without paying for rent / real estate, which is a huge barrier to entry and carrying cost making brick and mortar uncompetitive. Of course there are maintenance costs to consider, as well.
By allowing customers to “order” a mobile store to a nearby location similar to how one would order an Uber, this model can allow a very fast form of same-day delivery, something that’s been a “holy grail” for companies like Amazon.
We know that startups don’t always translate into industry-redefining enterprises, but even if Moby itself isn’t the future of Retail, it’s very possible that wandering stores will be a big part of the autonomous era.
The DoD is gravitating toward advanced authenticating technologies as a means to root out counterfeit electronics in the U.S. military.
Counterfeit electronic parts are a well-documented problem in the military supply chain. At the time of a 2012 Senate Armed Services Committee report that brought the issue to the forefront, over a million counterfeit electronic parts had entered the U.S. military supply chain. The year-long investigation behind the report found 1,800 cases of counterfeits within military systems, ranging from thermal weapon sights to computers to airplanes.
The dangers of fake parts go without saying: Counterfeits not only threaten U.S. national security, but also endanger the lives of servicemen. So what steps is the Department of Defense (DoD) taking to forestall this problem?
A number of firms have developed advanced technologies that aim to authenticate genuine parts and root out counterfeits. Let’s look at a few of the projects for which the government has chosen to see where we might be heading in terms of amelioration.
DNA marking
When you think of computer chips, the first thing that comes to mind probably isn’t plant DNA. But that’s where the Pentagon’s procurement arm, the Defense Logistics Agency, is turning. DLA has contracted biotechnology firm Applied DNA Sciences to rearrange DNA from plants into unique sequences that are encrypted and attached to chips and other electronic components to distinguish authenticity.
Users simply shine a light on the part in question, on which a mark will light up to confirm the existence of the DNA. A quick swab of mark is then submitted for DNA analysis, which determines whether the part is genuine.
If an individual attempts to tamper with the chip in any way, it will distort or remove the DNA mark. The smudged or missing mark should immediately trigger a red flag for whoever is inspecting the part.
Optical scanning
Sometimes the best innovations are the byproducts of other innovations. That’s what happened with optical scanning.
The army originally brought on ChromoLogic LLC for a separate project looking at DNA’s tagging and tracking capabilities. The goal of the research was to find out if a barcoding system could be used with the DNA to improve security.
However, ChromoLogic researchers discovered that optical scanning technology developed to tag and track the DNA code also was capable of distinguishing an authentic part from a counterfeit by reading the component’s surface layer. Because counterfeit parts are forged primarily by altering the surface layer, optical scanning takes as little as one second.
Manufacturers insert the dielet into a component during production without compromising the part’s performance or design. A user can later employ a hand-held probe to provide power to the dielet. The dielet’s serial number uploads to a server, which sends back an encrypted message and data that could indicate tampering.
The goal, according to DARPA Program Manager Kerry Bernstein, is to “build the world’s smallest, highly integrated computer chip.” Success for this program, he says, means that any untrained operator along any point in the supply chain would be able to check and authenticate any component used by the Department of Defense or the commercial sector.
These three advanced authenticating technologies offer promising solutions to this widespread problem compromising the U.S. military supply chain. Which will prevail — if any? With counterfeits infiltrating the system at an alarming pace, the firms developing these technologies have a weighty task in front of them.
Amazon’s foray into the grocery space has larger implications for its overall strategy, and the possible benefits for the eCommerce goliath are diverse.
This guest post comes to us from Argentus Supply Chain Recruiting, a boutique recruitment firm specializing in Supply Chain Management and Procurement.
Big news out of the grocery retail world as Amazon has announced its acquisition of major organic foods retailer Whole Foods Market – for an eye-popping $13.7 billion sale price that doesn’t look so massive given Amazon’s $136 billion sales volume in 2016.
Analysts across the retail industry are talking about the huge implications of this sale for a retail industry that many say is in the middle of a major meltdown, in part owing to Amazon’s massive growth in the eCommerce space. This foray into the grocery business is a big challenge to companies like Target, Wal-Mart, and others, and also a sign that reports of brick and mortar retail’s demise might be greatly exaggerated.
Anyone following the industry probably isn’t completely surprised by the acquisition, which serves as another example of Amazon’s constantly widening footprint across all aspects of Supply Chain. It follows on the company’s gradual conquest of the logistics space over the last few years, including the licensing of 20 Boeing 767 air cargo jets, the acquisition of wholesale shipping licenses, and forays into trucking. It shouldn’t be so surprising that the company is seeking to put one of the final puzzle pieces in place towards a completely vertically-integrated retail Supply Chain by buying brick and mortar stores – while also buying a major staging ground to improve its last-mile logistics, which is often said to be the “holy grail of eCommerce.”
It all fits into analysts’ understanding of Amazon’s quest for world domination.
That being said, the specific acquisition of a healthy lifestyle brand like Whole Foods is intriguing for sure. This is a brand with major goodwill and solid growth as consumers have looked to healthier choices over the past several years, so it makes sense from that perspective. But as many outlets have reported, Amazon’s foray into the grocery space has larger implications for its overall strategy, and the possible benefits for the eCommerce goliath are diverse. As Supply Chain 24/7 put it, this move is more than a disruption to retail – it could be a disruption to all of society.
Woah.
So let’s dive in: what is Amazon’s medium and long game with this acquisition? What are the possible benefits to the company and the potential disruption?
Amazon gets to reap the sales of a popular and upscale grocery brand.
It brings Amazon a step closer to perfecting its last-mile delivery strategy, which has been difficult to execute for high-turnover perishable items like groceries.
It allows Amazon to place pressure on food suppliers’ profit margins by being even larger.
It obviously gives the company more physical, brick and mortar presence, which allows it to eliminate some of its disadvantages compared to brick and mortar chains – for example the fact that people shopping online on Amazon can’t try on clothes or select fruit. The company has already dipped its toe into the brick and mortar waters with its Amazon Bookstores, now up to eight locations, but this represents a full-blown cannonball into that space, selling way more than just books.
It allows the company to digitize the strongest parts of Whole Foods’ brick and mortar experience, adopting a hybridized approach at the same time as Wal-Mart looks to become more like Amazon.
It allows the company a larger testing ground for its Amazon Go app, which allows customers to pay for grocery goods using a smart phone without ever interacting with a checkout counter. This has negative employment implications, obviously, for retail workers long-term.
It gives the company more “touch points” with shoppers and avenues to sell higher-margin goods such as Kindle devices in grocery stores.
It also delivers a massive new client to Amazon Web Services, a client who is currently using Microsoft’s Azure Cloud platform.
It puts a number of Amazon’s biggest retail rivals on notice, including Target, Wal-Mart, and others, that they can expect more price competition.
When this move was reported, it sent stocks for Canadian grocery companies into a conniption, with some companies losing 3.5% of their value in a day’s trading. American grocery companies didn’t do much better, with Target, Walmart and Kroger all losing value as well. Whatever the outcome, it looks like this year’s retail industry upheavals might just be a taste of what’s to come.
When you achieve sales and marketing alignment, your company will perform better. Here’s how to get there.
The State of Inbound 2017 reports that only 22% of respondents say their sales and marketing relationship is tightly aligned. That’s a big problem.
Sales and marketing teams that are tightly aligned perform better, and revenue increases as well. Clear and consistent expectations between the two teams results in positivity across the boardroom.
Here are 6 ways to embrace “smarketing,” the process of integrating sales and marketing.
6 steps to ensure sales and marketing alignment
1. Create an agreement.
Marketing strategies are three times more effective when a Service Level Agreement (SLA) aligning marketing goals with sales team practices is in place. The SLA clearly states how each side will help one another. Some 80% of respondents with an SLA in place who feel tightly aligned report that their marketing strategy is effective. Tightly aligned marketing and sales produces higher-value marketing leads.
2. Hear it from the top.
Demonstrate the value of aligned sales and marketing across all levels of the company. C-level executives know the importance of tight alignment, and when they communicate it to managers and individuals, it will boost key players’ confidence. Shout it from the rooftops so everyone gets the message.
3. Straddle both sectors.
Create a position or positions to supervise the alignment of both fields. That person can put a plan in place with measurable outcomes, as well as mechanisms for tracking client leads and feedback. First on the new position to-do list: devising an “Alignment 101” class to train each group on expectations and processes.
4. Monitor the revenue cycle.
Develop a system to keep track of leads from inception to signing on the dotted line. Make sure both sides of the aisle can (and do) access and update lead information, allowing everyone to take ownership of business successes. Monitoring the revenue cycle keeps everyone accountable.
5. Hold meetings and calls.
No one wants more meetings added to their calendars, but a weekly or bi-weekly check in gets everyone on the same page, imperative for tight alignment. Consider listening in on sales calls and attending each other’s networking events. Have fun learning about each other’s fields and how they overlap. A fresh set of eyes on something can often lead to a positive brainstorming session.
6. Create content.
Generating content for the sales team is a helpful way to partner up. Email templates, white papers, social media content, and Q&As are all tools salespeople can use to attract the attention of potential customers. Ask your sales counterparts how you can better support them.
Manufacturers who listen and focus on customer experience and service will win in the battle to increase revenue and company size.
This post comes to us from Kevin Jessop of Cerasis, a top freight logistics company and truckload freight broker.
Manufacturers have always struggled to know their customers. But, modern businesses have grown to encompass an omnichannel sales opportunity. Customers can place orders online, by phone, in person and in nearly any other means desirable. Unfortunately, this means manufacturers face an even greater challenge, as more customers translate into greater use of customer service.
In addition, customers are continuing to demand lower prices and free shipping. But, our predictions’ post noted how manufacturers are having trouble with transforming customer input into responsiveness and enhancements to the customer experience. Those who do achieve this feat can realize significant increases in revenue and high returns. But, how do manufacturers turn their focus to the customer experience?
1. Determine What Customers Want Today.
Modern technologies can give manufacturers real-time insight into the ways products are moving in retail and online environments. But, patterns today do not necessarily reflect the needs for tomorrow. As a result, manufacturers must be wary of overproduction and focus on providing the products customers want now, not tomorrow. In other words, manufacturers need analytics from point-of-sale systems, transportation metrics and more. Furthermore, companies must extend the buying cycle to get as much information as possible from consumers.
2. Lengthen the Buying Cycle Through Interaction.
Remember the catch-phrase, “Do you want fries with that?” Well, that concept holds true in the supply chain and for manufacturers alike. Consumers may not always go for what you are offering, but they want you to offer more than you have. Essentially, this creates a stronger level of customer service, and it can turn into additional purchases. More importantly, it gives manufacturers a chance to find out more about what the customer wants.
For example, a customer is a shoe store may purchase shoes, but if offered a new brand of socks, he or she refuses. During the ensuing conversation, the representative finds out that the socks have gathered a bad reputation on social media.
While this example is a bit extreme, it highlights how a longer buying cycle can translate into insights for manufacturers. In addition, a longer buying cycle naturally improves the company’s reputation.
3. Partner With Appropriate Businesses.
Businesses are often grouped into a broad category of competitors, but businesses can work to help manufacturers become more responsive to their consumers. This can include offering like products in package deals, compiling changes in like demographics or sharing information to reduce costs across the scope of both companies’ transportation networks. In fact, manufacturers can collaborate with third-party logistics providers (3PLs), like Cerasis, to realize the benefits of collaboration and taking advantage of business-to-business (B2B) sales through integration of systems, explains Louis Columbus of Supply Chain 24/7.
Essentially, every interaction with another business increases the possible customer base by both the number of employees in the new business and the number of customers working with that specific business. As you go through the chain of business, the opportunity for enhancing customer experiences grows.
4. Take Extra Care of B2B Partners.
B2B sales are more fickle than business-to-customer sales. According to a Gallup study, reports Chief Executive, more than 70 percent of B2B companies are facing setbacks and decreases among their B2B partners because of lacking customer engagement. Since B2B sales often take place behind the public’s perception of the economy, it is important that manufacturers work to create engaging relationships through content-driven, digital experiences. This can include videos demonstrating how products work, informative blog posts that provide something free and helpful to customers and beyond. Of course, the same concept of using digital technology to engage customers can be applied to B2C sales channels as well.
5. Be There for Customers After the Sale.
We have all experienced that disheartening feeling when calling customer service and getting lost or frustrated with the lack of service offered. Manufacturers need to be present to their customers after the sale because the level of customer service provided will be shared widely on social media. More importantly, poor customer service or inability to help customers with product issues or questions will gain a huge following much faster than a positive comment.
For example, manufacturers could send out emails for high-tech products that will require updates, or they may create online video banks to teach customers how to use the products easily. The opportunity for creativity in engaging current and future customers is only limited by your imagination!
Listening to What Customers Say is the Key to a Positive Customer Experience.
These steps go back to one thing, listening. Your company should listen to what internet-connected devices are saying about customers. You should listen to what your B2B partners are saying about your products and customers. Listen to what stakeholders, employees and B2C customers are saying. If you take the time to listen, you can meet the growing expectations of a modern customer base that wants a higher level of service than past generations. Ultimately, manufacturers who do listen and focus on customer experience and service will win in the battle to increase revenue and company size.
