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Someone has to talk about word of mouth…
First the data…
Research from Jay Baer shows that in B2B, 91% of every sale is influenced by word of mouth in some way
Jason M. Lemkin estimated that when BILL IPO’ed 80% of its customers came from word-of-mouth
Research shared by ThinkImpact shows that 88% of the potential customers of B2B businesses seek word-of-mouth assurance before purchasing
I have long been a big fan of net promoter scores (NPS), but the power of NPS scores is not in the score, it is in the mindset that companies can create an experience that their customers would be willing to share. NPS scores are often discussed as a customer satisfaction metric, but I am more interested in what it literally measures, quantifying how likely customers are to refer a company to a friend or family member i.e word of mouth. Companies don't increase word-of-mouth sales because they implement NPS, they improve because they adopt a mindset that they will do something that people want to share and then enable users to share. Companies can do this without NPS or with NPS, but it starts with the mindset.
Word of mouth is not a simple marketing tactic but we can do things to enable it. There are a few products that I use that demonstrate how to enable word of mouth:
Consistent, strong brand: This is not just about the logo and messaging, it is about how customers experience your brand throughout the customer lifecycle. People won’t refer your brand if they think there is a chance it will be a poor experience. We have referred quite a few of our clients who are relatively immature from a marketing perspective to Hubspot, because, over the years, HubSpot has done a terrific job of consistently creating a brand experience that suits those who are looking for a solution that is relatively easy to implement, use and gain value from.
Wow your customers: A consistent brand ensures that people will be willing to refer others, but an amazing experience will make people want to refer your product. For instance, over the past few weeks, I have had several people proactively recommend Opus Clip because they were amazed at how easily it can create small video clips from a larger video.
Make your product easy to share: Even if customers are willing, referring a product is not top of mind for them, so make your product easy to share. This could come in a wide variety of forms, but here is one example from a product I use, Semrush. By making their reports and data very easy to share, they have enabled many word-of-mouth discussions about their product with our clients.
Make your product easy to experience: People being referred to you should be able to experience your product without significant effort. Bill.com provides a great example. My first experience with Bill.com was when we received a payment from a client. After a simple registration to accept our payment, I was able to easily see the functionality the platform offered.
It is the end of the month so the sales team is hyper-focused on winning deals to close the month strong.
What is the marketing team focused on?
On whether or not they are going to hit their goals.
A marketer never wants to see red on the dashboard.
Unfortunately, this is where inefficiencies can start in marketing. There are marketing tactics that can easily push those top-of-the-funnel numbers to green; display and social media campaigns for traffic, lead form campaigns or partner lists for leads or a couple more email sends to your cold email list for a quick boost. The problem is that many of these tactics will never result in much revenue. In addition, marketers can become almost addicted to them. As traffic and lead goals increase they pour more money into them chasing green on the dashboard.
This process is a real issue for many companies. Through our Mosaic Growth Marketing Assessment, we have been able to save our clients millions of dollars, by eliminating tactics like these.
So as the month ends, instead of investing money and time chasing metrics that won't drive revenue, let's think about ways to take those resources and do something meaningful. It may not get your dashboard to green this month, but it will pay dividends in revenue in the future.
In B2B SaaS, we're all familiar with the idea of leveraging AI to drive growth through increased efficiency and productivity. However, in a recent interview when I asked Shailesh Manjrekar, CMO of CloudFabrix how AI will impact growth, he discussed a different aspect of AI that will enable growth: the power of democratization through AI.
Democratization, in essence, is about utilizing AI to make sophisticated software accessible to non-technical users. This concept opens up a world of opportunities for SaaS companies to expand their market reach. By breaking down the barriers of technical expertise, AI enables a wider audience to leverage software solutions that were once deemed too complex. Shailesh draws upon his industry, IT Ops, where AI has enabled non-technicians to conduct analyses that were once the exclusive domain of practitioners expanding the potential audience of users. This type of democratization extends beyond IT Ops, offering a blueprint for other areas within SaaS.
Consider website development. Traditional tools, despite offering drag-and-drop functionalities, still require a degree of technical know-how, limiting their use to a more tech-savvy audience. Enter AI, with its ability to allow users to create websites through simple voice prompts. This innovation drastically broadens the potential user base, making web development accessible to many more people, regardless of their technical background.
The implications of democratization extend beyond website building to any software that demands specific skills. This approach not only enhances user experience but also opens up new audiences for SaaS businesses which will help drive growth.
As we think about the future of SaaS, we can leverage AI not just to enhance efficiency but to democratize access to technology. The goal? To allow a wider audience to use our solutions, thereby driving unprecedented growth.
#ai #saas #b2b #technologyinnovation #democratization #growthstrategy
Dynamic Leadership and Innovative Growth: A Conversation with John Timar
Join us in this inspiring and insightful conversation with John Timar, a dynamic business leader and former Navy SEAL. John shares his incredible journey from being a college dropout and a musician to becoming a Navy SEAL, and eventually a trailblazing entrepreneur and CEO. His story is a testament to the power of hustle, creativity, and resilience.
Key Highlights:
John Timar's unique path to leadership, starting with his early struggles and breakthroughs.
Insights from his time as a Navy SEAL and how it shaped his approach to business.
The journey through various industries and roles, leading to exponential growth in each.
Pioneering the CBD beverage industry with unique marketing strategies and partnerships.
Launching "Grapple Science" – a brand focused on sports nutrition for combat athletes.
In This Episode:
[00:00:00] Introduction to John Timar
[00:03:45] John's early career challenges and successes
[00:10:20] Experience in the Navy SEALs and its impact
[00:15:35] Transition to business leadership
[00:20:50] The turnaround story of Kill Cliff and innovative marketing tactics
[00:30:00] Launching a successful CBD beverage line
[00:45:25] Building the Grapple Science brand
[01:00:00] The future of personalized nutrition and sports supplements
Don't Miss:
John's reflections on adapting military strategies to business.
The story behind the successful collaboration with Joe Rogan.
Insights into the evolution of the supplement industry and niche marketing.
About Our Guest:
John Timar is a former Navy SEAL turned entrepreneur and CEO. His diverse experiences range from military service to leading successful startups and established companies. He is known for his innovative ideas, dynamic leadership, and ability to drive exponential growth.
Subscribe to our channel for more conversations with industry leaders and innovators!
We take a look at an article by Dave Kellogg on how to improve your marketing reporting and have a few suggestions of our own.
Link to article: https://kellblog.com/2023/05/0....1/how-to-simplify-yo
Net Revenue Retention has been a very popular metric lately, but among some, it has lost some of its luster as the article linked below discusses. What is critical for companies focused on growth is that they don't change their core metrics based on trends or individual preference, instead put a formal process in place to define your metrics and to change them if necessary.
Article:https://sixteenventures.com/nr....r-panic-the-rollerco
Exploring the difference between a growth culture and a performance-obsessed culture.
Link to article: https://hbr.org/2018/03/create....-a-growth-culture-no
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Learn how to use extensions for Google Sheets to give your B2B reporting super powers.
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We are going to start with the punchline upfront – most of your go-to-market teams are likely not focusing on the right buyer. To explain what I mean, let’s break your target market into 3 different groups.
Total Addressable Market (TAM): This is the largest of the 3 groups and also the number that gets most of the executives and investors excited. Basically, this captures the universe of potential customers. However, it is likely that your current product offering cannot effectively serve your entire addressable market. Here’s where the next group comes in.
Ideal Customer Profile (ICP): This is the part of your TAM for which your current product has strong product-market fit. As a result, your ICP represents the real, immediate potential your company has to drive growth. For B2B software, ICP is defined by firmographic criteria that is shared across your typical buyer. This criteria could be based on industry, geography, revenue, and other qualification criteria.
Active Buyer: An active buyer is someone within your ICP that has initiated the buying process. This means they are at least aware that your product or product category exists and show clear signs of starting down the purchase consideration and/or purchase intent path. It’s important to keep in mind that, at any given moment, it is likely that less than 3% of your ICP can be called an active buyer. In other words, trying to time engagement with a buyer as they become active is like trying to find a needle in a haystack – time-consuming, frustrating, and likely not productive.
It is essential that the go-to-market team is aligned around who falls into your ICP and what signals may indicate that an ICP lead may be moving into the active buying process. Don’t assume sales and marketing are on the same page here. In fact, 9 out of 10 times, in organizations that are just starting to ramp up an inbound motion, we see a sales team that is expecting all marketing-driven leads to be active buyers while the marketing team is working to capture qualified leads of any sort. This results in a disappointed sales team and a frustrated marketing team.
TL;DR
To avoid cross-functional tension and an unproductive situation, establish ongoing two-way communication across the go-to-market team. If you don’t already have a go-to-market team meeting on the calendar, add one. The purpose of these meetings is for the marketing team to provide an update on strategies and tactics and the sales team to offer feedback and insight into lead flow and quality. Keep in mind, as you start to increase top-of-the-funnel volume, it may be necessary to consistently revisit the organization’s definition of an MQL.
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