Even if you believe in love at first sight, the likelihood of a marriage proposal on the first date is highly unlikely. Committing yourself to someone without getting to know him or her first is a ridiculous idea. Yet far too often companies are asking audiences to “commit” at the hint of an interaction despite knowing little about each other.
Why?
In the tech industry and according to author Tom Grant, Ph.D, companies desire early commitment, due to the industry’s “voracious appetite for leads.” As Grant explains in his report, Tech Marketers Pursue Antiquated Marketing Strategies, the “high-speed innovation” rate drives a hyperfocus on product marketing and lead generation compared to other industries.
Developing a relationship with an audience takes time and resources and can often be perceived as a distraction to the task of finding “ready to marry” prospects. This outward-in view of marketing ignores audience needs and assumes that all audiences are the same and that all searches must indicate intent.
However, the key to driving demand and lead generation in today’s economy is not being more aggressive and pushing harder, but rather, taking time to develop and nurture relationships. Audiences, like dates, can sense desperation. Perhaps the way to go faster is by slowing down and shifting the focal point from the conversion to the conversation.
We have long known that relevancy drives conversion and that conversion drives revenue. Getting to relevancy requires us to engage with the audience to understand their unique needs and motivations. As a result, our role changes from dictating to facilitating and understanding that it’s now on the buyer’s timeframe, not ours.
New technologies, such as Bizo allow us to know who the audience is at the first interaction. We also know where they’ve been for 30 days (who they’ve been dating) before the conversion point, via Google Analytics new Multichannel Funnels.
We can serve up custom content through re-targeting based on audience profiles, adapt for whatever device they are using, and deepen engagement by providing specific product or brand messages that align with their journey.
“95% of prospects on your website are not yet ready to talk with a sales rep” Source: 2011 MECLABS research
We no longer have to interrupt a buyer’s journey to gauge their interest level. We no longer have to call a prospect to qualify them. This can, and will happen, at the buyer’s choosing, if we let it.
By providing something of value (e.g. relevant and personal) buyers will share their interests, desires and needs, but only if we listen, nurture and respect the relationship. According to Forrester, this intimate information is critical to creating real opportunity (leads) for the sales force.
In the Technology Buyer Insight Study, Forrester found that, although tech has done a good job of equipping their sales force to discuss their products, they have failed to provide reps with insight into buyer’s roles and responsibilities. Only 29% of CIO’s said that sales reps could “relate to their role”, less than a quarter (24%) of business leaders said that reps were “knowledgeable about their business.”
Still too touchy feely for you? Consider Harte Hanks’ report, Mapping the Technology Buyer’s Journey which states that the relationship with the vendor is still a top 5 consideration driver. The first and second most important drivers are what you’d expect: 1) Meets all needs, and 2) Cost.
Competitors can match your price, but they can’t necessary match your understanding of the buyer’s need or the relationship developed through that journey.
This post is featured on Forbes.com
