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Sales and Marketing Hand in Hand Marketing strategy to drive sales Lynne Miller, Charlotte Van Rooyen, David Armstrong, TBI Communications Ltd April 2015 Topics Introduction A segmented strategy Sales and marketing alignment Case study 4 new ‘P’s Introduction Introduction Sales teams get on with the business of short-term selling Marketing teams generally not driving long-term value Can you answer the following? Where are our leads coming from and at what cost? How many prospects do we need to generate one lead? Which prospects need immediate action to ensure a sale? Which campaigns result in the highest LTV? A segmented strategy It’s a big world out there … Circ. 400,000 institutions [Ringgold] A segmented strategy Global Institutional Market by Region Africa Asia Australasia Central America Europe Middle East North America South America [Ringgold] A segmented strategy Global Institutional Market by Type Academic Corporate Distributors Government Hospital Other Public [Ringgold] A segmented strategy Not a homogenous group Regional differences Type differences Size differences Purchase process differences Buying cycle differences Complex inter-institutional relationships A segmented strategy Business model/pricing variation Segment 1: strategy A Segment 2: strategy B Segment 3: strategy C Segment 4: strategy D Segment 5: strategy E Segment 6: strategy F Market penetration A segmented strategy Where to start? Market size and profile Customer base size and profile Market penetration and gap analysis Identify segments with greatest propensity to buy - particular countries or regions - ‘similar profile’ libraries to existing - libraries of a certain size or type most likely to buy - consortia groups with high levels of current penetration Consider your value proposition for each Develop a 5 year contact plan against a defined group of prospects A segmented strategy Where to aim … Market mapping and analytics - single customer view (e.g. MasterVision from DataSalon) - identify, quantify and value stakeholders in decision-making process - put decision-makers into ‘like-minded groups’ to create segments - data mining and cluster analysis (e.g. characteristics of high-spending institutions, those vulnerable to cancellation etc.) - predictive modelling (e.g. which institutions most likely to buy) Linking marketing investment directly to sales results A segmented strategy “Successful segmentation is the product of a detailed understanding of your market and will therefore take time. Segmentation is appropriate for those markets where it is essential to combine individual customers or consumers into larger ‘buying units’ to ensure marketing activity is both cost effective and manageable.” Market Segmentation. How to do it. How to Profit from it. Malcolm McDonald and Ian Dunbar Sales and marketing alignment Pipeline management Sales come from a consistent, planned approach to the market Marketing and sales need to work together - short-term: sales promotion - mid-term: lead generation and keep in touch (KIT) campaigns - long-term: awareness and demand creation Marketing teams should drive sales strategy for long term growth - which markets, which approach, provide targets etc. Acquisition and retention goals - it doesn’t stop with a sale… Sales and marketing alignment Benefits of good pipeline management Helping sales teams achieve their targets Managing the activity of sales teams and agencies Prioritise leads for follow up Identify marketing investment required to meet sales targets Increase profitability Sales and marketing alignment Technology and processes Map out the desired sales process Agree who is responsible for each stage Consider pre-sale and post-sale activities Review CRM software to support processes Link marketing activities to sales outcomes Sales and marketing alignment Sample process flow SALES TEAM Market Mapping Identify leads DIRECT MARKETING Cool prospects Hot prospects TELESALES Warm prospects Sales and marketing alignment Sample process flow SALES TEAM Market Mapping Identify leads Hot prospects Sales promotion End-user campaigns DIRECT MARKETING Cool prospects TELESALES Warm prospects KIT campaigns Sales and marketing alignment Sample process flow PRE-SALE POSTSALE SALES TEAM Market Mapping Identify leads DIRECT MARKETING Cool prospects Hot prospects Sales promotion End-user campaigns High value customers KIT campaigns Mid value customers TELESALES Warm prospects Sales and marketing alignment New markets, new products, new business models One size doesn’t fit all No longer selling ‘units of print’ Our content is of different value to different institutions Rise of tiering strategies Different business models for different markets Different products for different market Need to model impact of various criteria to set strategy Messaging/value proposition development market by market Sales and Marketing working together Case Study The challenge: Secure entry into a crowded market for a new product Our solution: Target end-users directly… using interactive marketing techniques… that encourage participation beyond initial contacts The outcome: 180% increase in usage above average product trials 84% of potential target institutions participating 2,500 user sessions Participation data feeding into the sales pipeline 4 New ‘P’s of Marketing Personalisation Participation Peer to Peer Predictive modelling [Tyler Reed, Creative Strategist] 4 New ‘P’s of Marketing Personalisation customisation of messages and/or experience listen to customers give customers choice 4 New ‘P’s of Marketing Personalisation Weather-based personalisation 4 New ‘P’s of Marketing Personalisation Tailoring products or services to meet customer needs 4 New ‘P’s of Marketing Participation interactive marketing involving customers in the marketing mix create an environment build communities reward participation 4 New ‘P’s of Marketing Peer to Peer advocacy of networks and communities marketing messages are social make things easier to share 4 New ‘P’s of Marketing Predictive modelling a set of algorithms that describe the likelihood that a customer will take a particular action sales and marketing that learns A joined-up approach Raise the bar Sort out your data! Plan a strategic approach to the market - segment by segment Don’t forget your current customers! Are you maximizing LTV? Shift marketing resource to support sales cycle Plan out your processes and get technology support Develop data analysis/modelling skills Join up sales and marketing activities - coordinate and focus efforts Refresh your approach – the 4 new ‘P’s Thank you To find out more about TBI visit: www.tbicommunications.com