B2B Revenue Acceleration
B2B Revenue Acceleration

Episode · 3 years ago

25: The Bullseye Marketing Framework w/ Louis Gudema

ABOUT THIS EPISODE

Many companies will miss their mark when trying to remain competitive or enter a complex marketing world.

On this episode, Louis Gudema, Author of Bullseye Marketing, talks with us about the three phase process he outlines in the book and how many years of experience in marketing has molded a practical approach to solid marketing transition.

SMB’s are the heart of the economy, but many companies don’t even know how to get in the game.  The first steps may be simpler than you think!

You were listening to bb revenue acceleration, a podcast dedicated to helping software executives stay on the cutting edge of sales and marketing in their industry. Let's get into the show. Hi, welcome to be to bureau of a new acceleration. My name is onion, with you, and I'm here today with ther though and Speaker Louis. Good Emma, have you been doing me good? Right, thank you for having me on the program it's an absolute pleasure. So today we will be talking about bully marketing framework that you have developed. But before we go into detail, can you please tell us a bit more about yourself and your journey in the marketing world? Sure so. I owned and ran and and Marketing Agency for about a dozen years. We did a lot of work. This is from ninety eight to about two thousand and nine. When I had a exit from it. I sold it. We did a lot of work with IBM, millions of dollars of work with IBM, Boston, Globe, EMC other major companies, and then we pivoted and became assass web development agency with our own content management system, because I wanted to have more of a recurring revenue model. Sure and that's what gave the company a lot of value when I sold it. Then I'd was VP of business development for two other midsides agencies, working with large companies and and some SMB's, but companies like Philips healthcare and other major companies of that word. And the last four or five years now I've head it up again my own consultancy and agency revenue and Associates, and we work with a range of companies from startups to multi billion dollar companies. One of the services we provide that probably would be of more interest to some of your clients or your audience is working with companies, software companies, on empowering their channel partners absolutely, you know, making a lot of companies. They may have a few great partners like a censure or adobe, who are, you know, terriffic and and really nail their marketing and know how to go to market, but they may have dozens or hundreds of small and midsize channel partners who actually aren't very a depth at their own marketing and could drive a lot more revenue for that company, for the software company, if they were stronger at that. And so that's something that were one of the ways that we work with companies. Well, you know what, we need to sit up another station just to speak about that. They believe, because this is such, I guess, a paint point. I don't think it's a problem as such, because everybody's already everybody's adding solution to it. But you are right, empowering partners, getting partners to do something, and we also feel for the partner when we walk with them, and we walk Pretty Grizzy with quite a few partners distribute to so you know, the traditional, the traditional channel, our Om type of partnership and it's difficult for those guys. It is difficult to move the needle and getting support is is really important and powering them is very important. Taking the ends and helping them to close business is also very important. So I think we should keep that on the side and really have a full on conversation. We will contact you again with to set up those up. Put Gass on that one, because this is a subject that we are really passionate about and, as you said, this is a subject that is probably extremely interesting for some of our audience and we know it because we talked about it every day. We speak about it every day. Well, it is one of the areas where you know my the balls I approach, which is what my book is about, the bullside marketing approach, really is applicable to a lot of those companies and it's really a framework for them to start to kind of an on ramp to modern marketing for companies that that aren't really doing it yet obsolutely or aren't doing it very effectively or fully in the way that some of the venture back startups or the software enterprise companies are doing it. I'm glad that you speak about your book. So Bulls I marketing, the book that you...

...restantly launched, from our perspective's essentially explain the frame walk you've developed to generate quick wins for small and mid sized businesses. Okay, but can you please take a few, a few minutes to tell us more about the Bulls I marketing framework? Look sure. So let me just give you know for one minute, give a little background of why I came up with it or how I came up with it. You know, ray, the marketing landscape, the marketing world, change is very, very rapidly and what worked ten years ago may not work at all today, or even what was working five years ago, and what I was seeing was that approach is like inbound marketing or social media, organic social media marketing. We're not producing results for many companies unless they make it extraordinary efforts in those areas. And and then, as I did research on it, I saw all sorts of data around this too, around how the search world is narrowing more and more. Google searches narrow more and more around a few major brands, a few major companies in each industry. How, starting in two thousand and thirteen, the social media platforms radically reduce the amount of exposure that they give to the organic posts from brands. So, you know, whereas five years ago ten or twenty percent of followers might have seen the organic posts from a company, today it's more like one or two percent. Yeah, and and so those channels weren't really driving results for companies, but other programs were. And and I was seeing in a lot of these channel partners are a lot of small and midsize companies and SMB's or, as they're often called in Europe, Sim's, are the heart of the economy. There's in the US there's more than three times as many people working for SMB's as there are working for enterprise companies. So it's a huge, huge part of the economy. And yet I was seeing how many of them had really underinvested in marketing and the marketing landscape had become so complex they really just didn't know how to get in the game. So the Bulls eye approach is a three phase approach to ramping up a marketing program and getting to the point where the adobees or the you know, the drifts or the hub spots or the venture back software companies are. And so in the first phase companies take advantage of what I call their existing marketing assets that many companies don't even realize they have. Absolutely that's very sure death. And so, for example, one of those and the really sophisticated marketers were listening to this will say well, of course, and yes, of course for them, but not for frankly, from the research I've done, not for eighty percent of the B tob world. So, for example, email marketing lists are a hugely pop powerful tool for companies and yet many companies very rarely email, have any segmentation, have any regular email program Kinsey says that email marketing is forty times times more powerful than social media which has been my experience, and yet you see this being really under used. You have websites that don't have strong messaging, don't have any calls to action, don't have conversion opportunities, and so almost everybody who comes to them, you know, they come and go and the company has no idea who they are or how they can start to engage with them. They don't have accountbase marketing programs, they don't have strong alignment between sales and marketing within the company, and so all of these and more are the center of the Bulls eye programs that I talked about in my book that can make really big differences really quickly and inexpensively. These aren't things. An email program doesn't cost a whole lot to do. You can get a you know, a tool like mail chimp or constant contact, you know, for tenzero email addresses you can send as many times as you want to for less than a hundred dollars a month. Same thing with making improvements...

...to the website or adding conversion opportunities or calls to action, don't tend to be very expensive at all, or improving sales and marketing alignment and and even doing outreach and and targeted account programs. A lot of those are really inexpensive or free and and companies can see results from those in weeks or months, whereas a program like inbound or organic social they may not see results for, frankly, years. Then in the second ring of the Bulls Eye, you use intent data to target the companies that are in market now, because our markets are much smaller than we think, because maybe only ten percent of our target market is actually looking to buy what we're selling right now. Okay, and you know, ray, it's very hard to sell to someone who doesn't want to buy. Yeah, and so using various types of intent data to really hyper focus the marketing programs around identifying those companies that are in market now, whether that's through search advertising, you know, and based on their search behavior, or whether that's through tracking how they're interacting with you and your content in your website or using third party intent data, using that to go after the best opportunities to close soon. And then in the third phase is where you do the long term awareness and brand building programs like display advertising and social media and in bound marketing and blogging and so forth. That can produce results in the long run, but are not where most companies should be focusing their initial effort. Absolutely so that's that's the Bulls I approach and in the book, you know, and just the first couple chapters, I lay that out. But then I go into a lot of detail on about twenty different channels with lots of best practices, tips and examples from small to very large companies how they're doing successful email marketing or account Bas marketing or search advertising or these other programs. And that's very important because at the end of the day you will be short prised about the number of people wattning us. We have and I can't base approach. Some people cuit account base setting because it's driven by cells. Some clital can base marketing because it's driven by marketing, but it's actually sometimes a bit disjointed. You have a good sales guy doing some good walk on his account but he is the only one out of a team of ten, ten individuals. Or you'll have a good marketing person that will actually do some fantastic walking. I don'tifying intelligence, I don't if I interest, but then then that marketing person will need a sells person to follow up on that interest. We've seen a one of our clans. I won't mention the name. Having fifteen touches, so fifteen responses through different elements. So it could be some of them was direct marketing, some of them was people reaching a certain score within the marketing automation solution and some of them was participation to event. Basically, of those three months pired that fifteen touches, fifteen unique so it was fifteen different individuals in one large, big bank. Okay, Big Bang that you know about, everybody knows about, but it's a very big bang. The prime that the eye is that they're insight team or their field cells team or whatever, could see that data was doing nothing with it because they were are the perception was at the level of individual making the statues, to level of individual showing interest was to junior in the organization. They were technical people, if you will, because we are in needy to be software ward, and they just look at them on a very individual basis. So when we realize that we just said will look, there is something going on. You know, we look at the data and we always try to make sense of the data. So and we turn that around. So we turn it around by saying, okay, we had fifteen different indication that someone in that company is looking into something. That's is a massive coincidence, right, and it's a pure cult of luck. Oh, in the one thousand...

...ninety and nine percent of the case, which is, you know, it's that someone at the top is looking at something that goes downe. Into the the organic round, that goes down into the organization, and someone at the bottom is doing some research on thing. Basically, what we managed to do is to go back up the organization to end up with the sill level person that was making a decision and basically we'll approach them with a very soft approach. By Sing Lo Hreis that lots of your team up doing some research. The all seemed to be researching the same thing. It's all great, but we thought that we will come to you. There is clearly an intense to solve a problem. Can you tell us more about your problem? What we are able to do versus, you know, for that vendors that we worked with, is actually to plug theirselves team with that sell level senior person at the on stage of their fact finding, Solution Finding Journey, okay, which meant that they wiable to influence the rest of the seal cycle. Okay, so I guess what I'm trying to say is it all dose elements are important, but there is also as interaction of sharing the information and most importantly, as to your point, is how do you do it? And I think there is lots of contents for markets, for sales people that speak about account base, advertising and everything, but I don't actually tell you what successful they don't really tell you how to do it. You've got to buy something else to do it. So I believe that's it's very important to give some practical advice rather than just speaking about the theory. Yeah, Yobo, because that's really make a difference for your readouls, a belief. Well, that's and you've given a great example there of, you know, something that would be in the second phase of the Bulls Eye, the second ring in the Bulls Ie. You know, seeing that intent data of fifteen different people coming to your website from the same company, seeing that surge and interest at the company and then acting on it. And you know this. You know, I'm sure, since I've been on the agency side, is essentially my entire career, and you're on the agency side, you get inside into how a lot of different companies operate, and even very large companies can have lots of challenges around lots of these programs. For example, is working with software company that was around a three hundred million dollar company and they had a great misalignment between sales and marketing. And you know, they told me that it typically took one the two weeks for sales to follow up on a hot lead that marketing would send over. That's right, wasn't that? This wasn't someone who would downloaded a white paper. Yeah, this is someone who said I'm interested and you know that lead is dead at that. Well, and it's upsetting. It's like, I mean we've all done it. We've all gone on to a website and as for something, it could be a call back, it could be something, whatever it is, you know, let's say called back like a very minimum thing. If you don't get that called back quickly, it does upset me. And if I do it with two or three different providers, we are called me back first. He is likely to get my business. No, absolutely, I want that right. I mean I'm completely different from business, but I'm doing some walk on my house at the moment right and build us fantastic you know we've got we made some build does they all do some fantastic qualk? They've got all a fantastic pot for you. Two of them are terrible at communicating. Two of them almost make me feel that they don't want our business. It's a long time to respond and I think it's very important to strike the eye on when he's hut. But I guess that whole conversation that's who having right now is leading me nicely to my next question. And what I want to talk to you about, Louis, is around written on investment. It's about, you know, you've seen through your career and through what you are doing and through you know, the ID behind bulls eye marketing. I'm I'm sure you've seen lots of people implementing all the strategy effectively and walking effectively with the sense team. But what should be the expectation income of from the perspective of Freeton Investment? I would you measure, and you have been practice us to share them, of what should be expected? Sure. So let me just say one thing before I talk about...

Roi. Yeah, and that is about what is the biggest challenge for companies who are undertaking you know, this or similar efforts, and that's really executing. And so you know, I can come up with the strategy. You can come up with the strategy, but especially if a company is just like a channel partner, hasn't been aggressively marketing and realizes they do need to market, but at the same time they need to make a commitment of some resources, which often may not be very much, it may be just to what seems to us like a small amount of time to review and and give their input and approve and so forth. But the execution is where so many companies fall down on this, even on the very simplest things, as I said, like a company that takes one or two weeks for sales to respond to a good in bound lead. In terms of the ROI, so you know there are companies, startups and smaller companies which, like some of the channel partner size companies, where we've increased revenue dramatically in just a year or two, like doubling or more. There are other come situations where part of the beauty of the center of the Bulls eye is that those programs cost almost nothing, as I was saying before, and so the Roi I've worked with companies where email became their number one channel for new leads and sales and cost them almost nothing, where they improve their website and added conversion, you know, added calls to Action and improve the conversion and it may immediately doubled the number of website leads that they were getting. I'm a big, big proponent of direct sales outreach, of marketing and sales, whether you call it account base marketing or count base sales or or whatever targeted account programs. But where you you say here are the twenty, five or fifty accounts that we're really going to go after and working on the research and then approaching them with content and materials and ways to get the appointment, ways to get in the door. I think for many be to be companies that can be one of the fastest and most cost effective ways and that's been my experience in working with companies to generate more revenue. So you know, part of the the beauty of the Bulls eye approach is the center of the Bulls eye and the customer is at the center of the Center and understanding the customer and what drives are buying decisions and and so forth. But the center of the Bulls eye is very low cost and so very high Roi. And it's in the Sen second ring where you start to, you know, get into more money and where, you know, maybe more a little more challenged in terms of, you know, measuring the Roi, because, as you know, attribution is a complex question. I always is. Yet absolutely once you get the full multi channel program going, you know, then you get into the more complex issues of attribution. But initially companies tendency very good Roi from those center of the Bulls eye programs and even the second ring. Yeah, we're in the business of helping companies to engage with the target market. But on the very seldsy you know, as you say, that appointment element is really important for our clients. They want that appointment, they want to qualify the opportunity, they want our activity to be very close to revenue. I mean, if that it's critical to have a proper marketing strategies. If we are the bull's eye, is fantastic. We've got lots of things revolving around us and and I see your activity and marketing walking together and to end we get clues, we get information, we get intelligence from marketing, we get intent and then all that can create a story. It's question of having someone there and maybe you know we speak about a function that that business development function. What actually spoke about with one of our guests recently, David Delenny. We spoke about the chief Business...

Development Officer. So that person that sits between the CMO and the sea row and it's supposed to get the glue, is supposed to join the dot and get do supportnities walked on up to a stage where they can be passed on, but it is you know, you cannot someone doing business development on their own from nothing, from a list of accounts, from an excellent spreadsheet, from the yellow pages, from Google right, the run rate will probably get to a plateau and you can't increase their performance. Then you add the marketing, the smart marketing intent, marketing, emails, marketing, I can base marketing approaches. All those tools can really support that business development person to increase the productivity in drastically and I think that's really what it's all about. The Human Lement is still very important in and having a good business development person, but if you feed them, if you give them tools in the arsenal, you equip them to really get better and we're talking about being better quarter on quarter, and we see that a lot because, like you, we've got the chance to work with a white spectrum of organization. Organization already have a very complex technology stack versus people who are seas funding them, got nothing and the world. That is the oyster. And we can really see with those guys moving up to Serry Abcdipoor acquisition, what a journey's been. You know, when you look back, you said, well, you know, we start to day and then we managed to increase all productivt and we've done that. Who else to some of hat to well supples do we send? People look pretty managed to if we faice people because we don't walk, I'll dough. We Walk Small Toe and I think that's please with about it's about walking small toe. Yeah, and, as I said, it's about executing. You know, we have a term in the US. I don't know if you use the same term in in the UK or Europe, first responders yet. And you know, first responders are like the police or the fire people or the emergency medical people who are on the scene of an incident, you know, some sort of tragedy. But I use that term and about a point you were making before about salespeople, that sales people need to be first responders, that salesperson who, and there's lots of data on this, you know, the salesperson who responds and in five or ten minutes has a much higher chance of winning a deal than the salesperson who responds even an hour later. And it's something I learned from a client. I first heard this from a client who had software in the hospitality industry and they had one of the things that they had was a portal where organizations could post that they wanted to do a conference or an event and then hotels and conference centers would would see those opportunities and bid on them, and they said that the company, the hotel or conference center that responded first one over fifty percent of the deals. And so even that simple of improvement in what a company does can have a dramatic impact on the kind of revenue that they can generate. And you know, I sometimes compare it to marketing with exercise. When I saw that you like to do cycling, as do I. Yeah, and you know there's a lot of research that if you do two and a half hours of exercise a week it has huge health benefits for people. And yet in the US only about twenty percent of people do two and a half hours of exercise a week. And you know, it's been promoted over and over again. And I've done research where I looked at three hundred fifty one smb be tob companies with about fifty to Azero employees. So these were not, you know, Solo printers, these were not small startups, these were established be to be companies and I looked at their marketing programs. I have a nine point digital marketing score card and there was a huge difference between the software companies, where the median was that they were using to seven of the nine programs, and companies in all other industries, manufacturing, medical devices, professional services and a lot of channel partners, where the median was that they were using only two or three of those nine programs. And settle literally, just like with the...

...exercise eighty percent or so of companies are just not marketing hardly at all and there's a huge opportunity for them to dramatically improve their results and their revenue. And when I looked at those companies and looked at how fast the growth was the software companies that were scoring eight or nine, we're growing five times faster than the companies that scored zero, two three. So is the difference between say, seven percent growth a year or thirty percent growth a year? Huge differences that the most sophisticated marketers and the companies that were most committed to this we're able to achieve. So that's the kind of opportunity that I think a lot of companies have. Yeah, what I think it's it does make it aough sense and I could carry on that conversation for a long, longer, long time. We was you'Lui, because it's really passionatable to all the Tope is that we are approaching today. Unfortunately, we getting to the end of end of a session today, end of all podcast. So I would like to thank you for your time. We would like to thank you for all the the input, the example that you've been sharing with us today. I'm sure I'll listener on audience will get lots of value from your input. Now, what is the best way to connect with you? If any of our listener wants to know more about buds a marketing, your book, Your Company, what you do, what's the best way to get into with you? Lui. So my bull's eye marketing book is available on Amazon. I was just noticing the last month the quarter of the sales were in Australia, so it was nice to see it's getting a tenntion in other parts of the world. And I am available. The company is revenue and Associates. I can be emailed at Louis Louis at Revenue Associates DOT is. I'm on twitter at Louis Gedema. I'm on Linkedin, of course, so happy to hear from people through any of those ways and you know, would love to talk with people and what their experiences or what the reactions to what we've been talking about are perfect well, thank you many things for your time today. It was great to have you under shore Lui, and we, I'm sure we would contact your getting in the off shut show to discuss about some of those all topics. Thank you very much. I enjoyed it. operatics has redefined the meaning of revenue generation for technology companies worldwide. While the traditional concepts of building and managing inside sales teams inhouse has existed for many years, companies are struggling with a lack of focus, agility and scale required in today's fast and complex world of enterprise technology sales. See How operatics can help your company accelerate pipeline at operatics dotnet. You've been listening to be tob revenue acceleration. To ensure that you never miss an episode, subscribe to the show in your favorite podcast player. Thank you so much for listening. Until next time,.

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