Presentation on theme: "Nurture Marketing Thomas J. Barczak InSource Solutions"— Presentation transcript:
Nurture Marketing Thomas J. Barczak InSource Solutions
Current Marketing Activities Newsletters Direct Mail On-Line Weekly Webinars Seminars Mass Appeal Targeted Topics Major / Minor User Conference(s) Telemarketing Websites Reference Stories One to One Correspondence
The Relentless Pursuit of Low-Hanging Fruit?
Learning to Cherish Your Customers, Prospects and Suspects Through Nurture Marketing
What is Nurture Marketing at InSource Solutions? A Process, automated through SalesLogix CRM,causing the right people to communicate the right messages to the right people at the right time every time
Case Study: Major Software Developer This major software developer sells most of their software products through an international group of 1000s of channel partners. In order to create top of mind awareness in this highly competitive environment this major software developer utilizes Nurture to stay in touch with their partners
Why Nurture nurture \ nur’chur \ - vt 1: to supply with vital nourish ment 2: to patiently educate 3: to faithfully further and foster the develop ment of. 4: to intentionally and consistently cause someone to feel special 5: syn: see cherish.
Step 1 - Know your Customer Identify and profile your best customers What makes them your best customer Identify the customer segments most likely to value your products or services Conduct segmentation analysis to target suspects & prospects
Step 1 - Profile Customers & Suspects Customer - Doing business with today or within the last six to twelve months Suspect – A potential customer that you believe has a need for your product or service that you have not made contact or the contact was incidental.
Step 1 – Profile Your Prospect A potential customer that has given you reason to believe that they wish to be your customer The role of your sales team is to convert the prospect to a customer using your unique sales methodology
Step 2 - Nurture Works For Complex sales Multi-level sales Long sales cycle Large sales Nurture does not work for: –“Scatter Bomb” sales –Retail sales (except High End products) –Simple sales (snow cones)
Step 3 - The Nurture Culture Corporate Mandate Nurture your people Encourage your entire company Develop new nurture approaches
The Nurture Philosophy Nurture is: –Knowing your customers –Knowing yourself (Your companies products and services) –Deposits before withdrawals from your customers or suspects; the emotional bank account –Purposeful targeting of suspects and clients –A strategy to create Top of Mind Awareness –A strategy to Fills the Gaps –A proactive demonstration of your business style –Defending your spot against competitive attacks
Step 4 - Know Yourself Articulate your business values What products and services do you sell? How are your products used by your best customers? What is unique about your company or the products and services they sell?
Step 5 – The Emotional Bank Account Deposits before withdrawals Make 4 deposits before you ask for a withdrawal Nurture involves making deposits and withdrawals but only when there are sufficient funds in the account to justify the withdrawal “How you sell is how you serve” Reciprocity – Get something in return
Nurture Deposits include: –Introducing yourself and asking permission to stay in touch with your target audience –Thanking a customer –Gifts –Information to solve their problems, no strings attached for their benefit –Intelligent way to make a point –Reciprocity “What goes around comes around” –Helping them succeed Step 5 – The Emotional Bank Account
Withdrawals include: –Asking for the sale –Asking the client for a favor –Asking the client for space on their desk Classical Problems: –Sales people are not trained to give without expecting something in return –Customers ask, what’s in it for you? Overcoming the Problems –Orchestrate the contacts –Train sales on the benefits of giving
Step 6 - Purposeful Targeting Drip Irrigation (Marketing) through Action Planning –High value contacts through personal and personalized mailings that your clients will remember –Full of nutrients that show that you understand their business and their pain points –Lumpy Metaphors to get your messages opened and read –Regular messages, on a regular basis, that your customers, prospects, and suspects will anticipate –Who doesn't want to get nurtured…it’s human nature!
Drip- Irrigation Never Drip- Irritation
Purposeful Targeting: The Importance of Metaphors To get your messages opened and read Keep your message in front of your prospect, professionally, intelligently and persistently yielding top of mind awareness “Repetition is the Mother of Top of Mind” David Ogilvy View your product or service as positive Forgives the trick (Sign the check….) Makes your reader smarter Curiosity and Involvement
Action Plan Series of personalized letters Orchestrated through Sage SalesLogix Supported by Metaphors Supported by Meaningful Gifts
InSource Solutions Nurture Action Plan #1 Goal To become the manufacturing intelligence executives opinion leader on achieving operational synergy and efficiency
Nurture Action Plan #1 Overview Target: Operations and Plant Management Purpose: Identify, Individualize and Interact with Management Level Operations Execs –Fill & cultivate pipeline –Identify early adopters & True Believers –Build Awareness of InSource Solutions and Manufacturing Intelligence Group –Establish position & differentiate InSource Solutions –Drive Proactive Sales
Nurture Action Plan #1 Overview Key Client Issues –Decreasing Manufacturing Operating Downtime –Increasing Production Overall Equipment Effectiveness –Increasing Product Output Quality –Integrating manufacturing systems to business systems –Providing executive dashboards to run their business
Nurture Action Plan #1 Strategy –Identify, Interact & influence key manufacturing decision makers –Guide InSource Solutions in communicating with them in a way that will prime the pump without eroding Account Executives efforts –Leverage Sage SalesLogix to provide an efficient methodology for running automated action plan processes
Action Plan #1 – Step 1 Days = 0 “Introduction” “Is your operating efficiency trapped in the manufacturing business intelligence maze?”
Action Plan #1 – Step 2 Days = 15 “Business at the Speed of Thought” “How you gather, manage and use information will determine whether you win or lose.” – Bill Gates
Action Plan #1 – Step 3 Days = 30 “Enough to Worry About” “Worry is often the price you pay for a problem you have yet to solve” – Frederick Tucker, Jr.
Action Plan #1 – Step 4 Days = 40 “Words of Wisdom” “To face tomorrow with the thought of using the methods of yesterday is to envision life at a standstill.” - Alexander Graham Bell
Action Plan #1 – Step 5 Days = 7 “Nurture Call” Give Account Executives a valid reason for a follow-up call
Action Plan #1 – Step 6 Days = 30 “Managing Crisis Before They Happen” “Any kind of knowledge gives a certain amount of power. A knowledge of critical details has served many in avoiding a crisis. A knowledge of details has often caught an error before it became a catastrophe.” - Malcolm Forbes
Action Plan #1 – Step 7 Days = 40 “Why We Are Different” “Skepticism is a Weapon.... – Jack Welch, GE
Action Plan #1 – Step 8 Days = 30 “Tools for Synchronization” “Even a master craftsman would be hard pressed to produce outstanding results with broken, rusted or obsolete tools.” - Tom Watson, IBM
Action Plan #1 – Step 9 Days = 21 “Supply Chain” “The fundamental qualities of good execution of any plan are first, naturally, intelligence, then discernment and judgment, which enables one to recognize the best methods to attain it; then singleness of purpose, and lastly, what is most essential of all, will— stubborn will.” - Lee Iacocca
Action Plan #1 – Step 10 Days = 45 “Fear of Transformation” “Ignoring change is much like running $100 dollar bills through a paper shredder.” - Malcolm Forbes
Action Plan #1 – Step 11 Days = 30 “Grounding Strategy” “Staying competitive requires an elevated insight into a manufacturer’s dollars & sense. It almost requires a crystal ball.” - Michael Hammer
Action Plan #1 – Step 12 Days = ?? “Holiday Letter” Feel good correspondence during Holidays
Nurture Metaphors In a Nutshell Communicate with the right people, with the right message at the right time Direct Mail, and Adding Dimension to your messages to achieve top of mind awareness so that clients, prospects and suspects buy when they are ready
Occupy Top of Mind The process that establishes an emotional relationship with your Customers, Prospects and Suspects so that if asked they will mention your company first when presented with an issue, idea or problem that is solved by your companies product or service. Top of Mind awareness is achieved by: –Knowing your target –Knowing how they (may) use your product/service –Knowing their pain points and how your product/service cures the pain –Gaining the trust of your target audience –Best Book – “Bottom Up Marketing” - Jack Trout “Repetition is the mother of Top of Mind” - David Ogilvy
Top of Mind Awareness Advantages: – When your target has a need for a product or service they think of your company first – When they are ready to buy –Not dependent on timing –May not be budget dependent –Sales people are able to handle a greater amount of customer, prospects or suspects –Never cold call again
Fill in the Gaps Studies show that 20% of sales people are responsible for 80% of the sales Studies show that sales people only pay attention to 20% of a company’s customers Studies show that a sales person will drop a suspect or prospect after only four ineffective contacts, when 12 may be necessary to make a sale Nurture is designed to fill these gaps
Orphans These are your customers that are ignored because they don’t represent revenue now Those 80% of accounts that drop off of the sales person’s radar screen How much money are you leaving on the table? Remember that your Orphans many times turn into your competitors top 20% of accounts
Slow Adopters Prospects, Suspects or even customers that make their buying decisions slower then the sales organization would like
Ironclad Reason to Nurture Slow Adopters Research shows: –90% of all leads are discarded without contact –19% are ready to buy within 90 days –21% are ready to buy: 91days - 12 Months –14% are ready to buy: 12 Months – 24 Months –25% are ready to buy: 24 Months or greater –21% are DUDS The cold call sales process allows for abandonment after only 30 Days!
Other Opportunities Sneezers Whales Centers of Influence
Remote Locations How many customers, prospects and suspects are not located within a sales territory? What is your plan to expand your business relationships? Test marketing? Nurture is the perfect way to test a new location.
Demonstrate Your Style You really care, don’t you? Customer service Being in touch with what’s important to your customers Being there when they need you Predictable behaviors exemplifies reliability
Defend your Spot Your competition is going after your customers and attempting to harvest your prospects and suspects…guaranteed! Are your orphans at risk? Are you forgetting the slow adopters and remote customers? How many “A” clients have you lost to the competition? “Affection is the Antidote for Defection”
The Power of Giving First The Power of Persistence The Power of Leads The Power of Process The Power of Permission The Power of Money The Power of Repetition The Power of “The Extra Mile” The Power of “Drip Irrigation” The Power to Nurture The Power Of One To One Nurture Selling