T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
1
CONTENTS 3
The Challenges We Face
5
The Rules Have Changed… Maybe
6
Should I Market to the C-Suite?
7
The Strategic Buyer’s Insight Report (SBIR)
9
Where to Direct Your Marketing Efforts
10 Groups of Influence 14
4 C-Suite Myths Debunked
19
The Psychology of the C-Suite
24 Earned Influence 29 Owned Media Creation and Dissemination 33
Brand Ecosystem
34 Distributing Content 37
Using a Marketing Automation Platform to Nurture Relationships
39 Account Based Marketing 42 There’s No Magic Bullet
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
2
THE CHALLENGES WE FACE When it comes to marketing to the C-Suite, getting the attention of a CEO can seem as difficult and elusive a challenge as Indiana Jones faced in his quest for the Holy Grail. And it’s not always just the CEO that you’re marketing to. The roles and involvement of the various executives who comprise the C-Suite vary from organization to organization, so throughout this ebook we will refer to them interchangeably as C-Suite, CXOs or CEO. The titles and roles may be different, but the approach you use to market to these people will remain relatively consistent. In marketing agencies across the world the same conversation is heard from a majority of clients… “Our company is different and the only person who can approve the purchase of our product/service is the CXO. So, we want all marketing efforts directed solely at getting the attention of the CXO.” And while there is a sliding scale of truth to that statement, it is more often than not a statement based on perceptions rather than concrete data. In some cases, getting the attention and early buy-in from the CEO is critical. But in other cases, that person may simply be the final hurdle in a much more elaborate buying process. The challenge for the marketer is the absence of any written guidance. You will be hard pressed to find any article written by a CXO-level executive telling marketers how best to capture her attention. What you do find however is a great deal of anecdotal information and studies directed primarily at salespeople, describing how they can succeed.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
3
However, this sales-oriented information can prove valuable to inbound marketers as well because we are doing so much of the work (education and nurturing) that in the past fell to salespeople. The key to unlocking success for this whole journey starts by identifying what role the CEO and the C-Suite truly have in the Buyer’s Journey process. From there, you’ll be able to craft a marketing program designed to get the right person the right information at the right time. This ebook will challenge some conventional wisdom, and help you determine when the CEO and/or other members of the C-Suite are primary or exclusive marketing targets. It also offers practical guidance on how to capture the attention of CXOs and how to create opportunities for your sales department to close the deal. Keep in mind that like all marketing initiatives, this is an ever evolving process. Some of the strategies and techniques that we utilized to successfully capture the hearts and minds of the CEO just only a year ago, have already changed. That’s why it’s so important to align yourself with an agency that has a track record of success when it comes to practical solutions for reaching the C-Suite. It may seem the time and effort needed to capture the attention and the imagination of the C-Suite is insurmountable. However, by following the recommendations offered here, like Indiana Jones, you too may be successful in your quest.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
4
THE RULES HAVE CHANGED‌ MAYBE Twenty years ago, the duty of talking to the C-Suite rested solely and exclusively with the salesperson. It was up to him to find a way past the gatekeepers and figure out when and how the CEO wanted to receive information. A lot of success could simply be chalked up to persistence and being in the right place at the right time. But in the last 20 years, everything has changed. People no longer wait around for some salesperson to swoop in and enlighten them on how to solve a problem or grow their business. The modern CXO is proactive and will do what all buyers do when faced with a problem... Google it. Since 2004, IBM has performed a series of Global C-Suite Studies that offer insight into the minds of CEOs and CXOs. We’ll be referencing findings from these studies throughout the remainder of this ebook. We all know that the Internet has changed the way business people make buying decisions. Instead of waiting for salespeople to educate them on a solution to a business challenge, executives today proactively search for recommendations and solutions themselves. This shift in problem-solving workflow creates an opportunity for marketers to educate and inform the CXO at points along the buying process when she is in learning mode and receptive to hearing about solutions. So in essence, the Internet has removed the gatekeeper from the equation which allows you the opportunity to communicate directly with the CXO and focus your efforts directly on getting the types of information the CEO needs to see in front of her.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
5
SHOULD I MARKET TO THE C-SUITE? A recent Harvard Business Review Study revealed that C-Suite decision makers spend less than two percent of their time with vendors, which is about one hour per week. This raises the question of whether your marketing efforts should be directed to the C-Suite, or to a person holding a midmanagement position. Just because the C-Suite has been the traditional channel that all sales initiatives must pass through, it should not be assumed that this is still the case. The IBM Global C-Suite Study found that CXOs are decentralizing the decisionmaking process to make it nimbler and allow their companies to remain more competitive. (Source: IBM C-Suite Study) To understand to whom your marketing efforts should be focused, you must begin with a detailed understanding of the Buyer’s Journey for a company within your targeted vertical. The Buyer’s Journey is a term first coined by Hugh Macfarlane in his book, The Leaky Funnel. The Buyer’s Journey describes the process a typical business buyer takes as they move through the sales funnel. It involves being able to identify who is involved in the decision-making process for a specific buying decision (aka identifying your buyer personas.) However, merely understanding the Buyer’s Journey is no longer sufficient. Today, you need a complete understanding of who should be the focus of your marketing efforts. This understanding can be derived from developing a Strategic Buyer’s Insight Report (SBIR).
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
6
A Strategic Buyer’s Insight Report goes beyond simply knowing who your Buyer Personas are, and focuses on gathering information specific to a particular buying decision. It provides insights that are not obvious, but ones that can provide a competitive advantage. An SBIR expands the knowledge of who your buyer personas are and identifies at what point they become involved in the sales process, what information they will rely upon to make decisions, and where they go to find information or obtain third-party verification. This report works to refine your entire marketing strategy, including what types of content are created and how that content will be distributed in order to ensure that it reaches your intended personas.
THE STRATEGIC BUYER’S INSIGHT REPORT (SBIR) This report answers questions such as:
.. Buyer’s Journey – What are the exact buyer personas who will influence the buying decision?
.. Priority Initiatives – What made the problem or challenge become an urgent priority for the buyer (i.e. What triggered the search for a solution)?
.. Success Factors – What are the buyer’s expectations for success (from both a business and personal standpoint)?
.. Perceived Barriers – What barriers would prevent this buyer from choosing your company?
.. Buying Process – What process makes it easy for this buyer to choose your
company? This includes the Buyer’s Journey from the point at which the search for a solution is triggered, the research performed, as well as who accessed the
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
7
solutions and who had input into the decision. For each person you need an understanding of his/her needs and what resources they consulted to learn and evaluate options—blogs, videos, social media, referrals, etc.
.. Decision Criteria – What criteria did this buyer use to compare options (this tells us how the buyer weighed his/her options)?
.. Optimal Path – What is the correct approach for making the initial contact with the company?
Practical Application: A SBIR kicks off with stakeholder interviews within your client’s (or your own) company to ascertain:
.. what the stakeholders believe the company’s unique value proposition may be .. who their buyer personas are and the pain points they experience .. the buying process decision criteria .. what resources the personas rely upon for information and third party verification The next step in the SBIR requires conducting a deep dive into the targeted verticals, as well as all major competitors that you’ll be competing against. There are many third-party tools that can assist in this endeavor, including: SimilarWeb, Analyst Reports, RavenTools, Owler, WooRank, SEMRush and SpyFu to name a few. Armed with this information, you’ll be prepared to interview current clients and closed lost opportunities to learn if your understanding based on prior research is accurate.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
8
WHERE TO DIRECT YOUR MARKETING EFFORTS It might surprise you to learn that the C-Suite is not always the best place to direct your marketing efforts. The members of the C-Suite know greater efficiency often means letting go of the reins and allowing those closer to the problem identify best solutions and correct the issue. 51% of marketers found that Influencer marketing brought a higher quality of customer and that it was the most cost-effective channel to leverage.
This is why using Influencers is one of the fastest-growing online marketing strategies. The reason for this is simple. A study by Tomoson found that 51 percent of marketers found that Influencer marketing brought a higher quality of customer and that it was the most cost-effective channel to leverage. (Source: Tomoson) So, if you’ve determined the best path to the C-Suite is through the Influencers they trust and admire, the next logical step is in identifying these Influencers. Specific answers to that question can be found through the use of the SBIR. IBM’s survey also offers some insights of who the most effective Influencers may be. 78%
C-Suite 55%
Customers
53%
Board of Directors 44%
Corporate Strategy Function Non-Executive Senior Leadership Key External Business Partners Parent Company
26% 25% 23%
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
9
There are four distinct groups that share influence over the CEO:
.. Other CXOs .. Customers .. Employees .. Outside Parties of Influence Of course the most influential are other CXOs, but reaching them can be both time-consuming and expensive. So here’s a look at how to reach the other three main Influencer groups.
GROUPS OF INFLUENCE 76% of CXOs want to know their customers better so they can meet customer expectations.
C U S T OME R S It is no surprise that customers carry heavy influence over the C-Suite. They obviously should, as they have the ultimate vote as to how they feel about the company and its products and services. What is different with this group is that because of the Internet and social media, the C-Suite has the ability to know directly how the customer feels and why. The IBM Global C-Suite Studies found that most CXOs are changing the way their organizations engage with customers. A British CEO respondent of that study stated, “We now have the tools to understand 90 percent of our customers, but we need to get to segment-of-one understanding.” The influence that the customers have on decisions made by the C-Suite is growing due to social media. An outraged or mistreated customer can become world news and because of that, 76 percent of CXOs want to know their customers better so they can meet customer expectations. (Source: IBM Global C-Suite Studies)
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
10
The most surprising statistic that surfaced in the IBM study was the depth of involvement that CEOs want customers to have in their decision-making process. Over the next three to five years, CEOs will be looking directly to customers for input into almost every aspect of their business including product and service sourcing. In light of this information, it only makes sense to have a marketing strategy that utilizes a company’s own customers to acquire a business partnership with their organization.
A R E A S OF TH E BUSIN E SS WH ER E CEO s WA NT TO INCLUDE CUS TO M ER S 82%
New Product and Service Definition
90% 71%
Product / Service Testing
75% 59%
Customer Policies and Procedure Development
22%
MORE
72% 43%
Business Strategy Development
60%
40% MORE
48%
Pricing Structure Validation
56% 33%
Environment and Social Policies Devlopment
50%
52%
MORE
36%
Product / Service Sourcing
45% 33%
Privacy and Security Policy Validation
44% Today
3-5 Years
Source: IBM Study
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
11
Practical Application: The practical implications of this information involve bringing the prospect’s attention to the support your product or service offers them in terms of their needs, wants and/or challenges. Develop an online survey or ask consumers who follow that prospect on social media channels to weigh in on the value you offer. When appropriate, you can also use brand advocate gamification programs to target client referral and social interaction. Tapping into the power of brand advocates is one of the most important benefits of social media. Gamification programs reward customers who already love your brand and incentivize them to communicate that passion where and how you want them to. This may take the form of sharing content (offers, events, white papers, or webinars) through social media, writing reviews or speaking directly to your prospect company. (Source: Salted Stone, 2015).
Nearly 40% of employee influence on buying decisions will increase in the next three to five years.
E MP L O Y E E S The range of Influencers becomes increasingly broad for complex or expensive purchases. This is in part due to the amount of corporate resources necessary, as well as the fact that the decision will impact so many people in the org. After the C-Suite sets the agenda and parameters of what they need accomplished, they tend to transfer the solution search to middle-management executives. According to the IBM Studies, employee influence on buying decisions will increase by nearly 40 percent in the next three to five years. (Source: IBM Studies) To effectively manage the employee Influencer, you must understand their personal pain points and concerns. Most employees would love to bring a costsaving, productivity-enhancing initiative to the attention of the C-Suite. Many mid-level managers dream about the career changing implications that such an initiative would offer.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
12
However, an even greater fear for this group is looking foolish in front of a CXO who may never forget the person who brought him a foolish idea. And this fear is a more significant non-motivator than the possible glory that could come with being the person who alerted the C-Suite to the value your business solution offers. Practical Application: To empower the mid-level manager to go to bat and recommend your company to the C-Suite, you need to develop their trust and confidence that your product and services will not only perform as promised, but that the benefits they provide will make that manager look like a superstar in their org. In this application, at the top of the funnel level, you need to share information that focuses on the content your SBIR identified as appropriate, but in a way that would allow the middle manager to see how she could be a hero by sharing the solution with upper management. For mid-funnel content, you will be providing case studies and if available, ones that showcase success stories where your product or service worked to support a manager who introduced your program and achieved great success.
O U T SIDE PA R T IE S OF INF L UE NC E Information and trust are the currencies that outside parties have to share with the C-Suite. The IBM Studies determined that outside parties’ influence will nearly double in the next three to five years (Source IBM Studies). Having a person of influence introducing you to the C-Suite can be one of the most direct paths to success for marketers. These outside parties may be individuals from academia, industry publications or an industry blogger with broad social reach. The introduction may be a direct one, or simply a well-placed article or comment.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
13
You should consider developing a program for finding, engaging and harnessing the efforts of these Influencers. Practical Application: Utilize Influencer discovery and outreach tools like Clearvoice, Klout, Tomoson or Littlebird to identify a list of thought leaders and Influencers who would be considered good sources of industry information and influence. These individuals will form the network of brand advocates that you leverage to share content on social media and reference you in blog posts and speaking engagements to help promote your brand and generate direct introductions. To engage these outside parties requires interaction through social media, sharing your ideas, commenting on their ideas and beginning a dialogue that if nurtured properly, will encourage them to become brand advocates.
4 C-SUITE MYTHS DEBUNKED You have done your homework, finished your Strategic Buyer’s Insight Report (SBIR) and concluded that your only potential entry point needs to be the CEO, or someone in the vaulted C-Suite. Now your goal is to determine how to get in front of them, but before we delve into the nuts and bolts, let’s first shatter some myths about the C-Suite.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
14
M Y T H # 1 T HE C - S UI T E D OE S NO T U SE S O C I A L ME DI A All of us are socially connected in the digital realm and search for answers to nearly all of our questions online. The executives who sit in the C-Suite are no different. When it was first reported back in 2014 that only 68 percent of the Fortune 500 CEOs have a social presence and 74 percent of that group are only found on LinkedIn (Source: CEO.com) the marketing world wrote off using digital marketing to reach anyone in the C-Suite. Well, we got it wrong. First, the Fortune 500 list is a small subset of CEOs and much smaller when you are looking to reach CXOs of other titles. And unfortunately, like all statistics, they are often accurate for a moment in time, but relied upon for years.
80% of CEOs who run the largest 50 companies are actively engaged online and on social media.
Even if we look at just the CEO title, when it comes to social media, there’s been a remarkable evolution made in the past five years. A study by Weber Shandwick found that 80 percent of the CEOs who run the largest 50 companies are actively engaged online and on social media. This trend is rapidly increasing, as the numbers have doubled since 2010. And as younger CEOs replace the more tenured CEOs, these numbers will continue to grow. (Source: Weber Shandwick) Practical Application: Establish a comprehensive social media plan designed to promote your blog, drive traffic to landing pages, increase credibility and engage Influencers. This will require a comprehensive program for determining what content will be promoted and through what social channels it will be distributed.myths about the C-Suite.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
15
M Y T H # 2 DIGI TA L M A R K E T ING D OE S NO T W OR K F OR C ONNE C T ING W I T H T HE C - S UI T E “Selling to the C-Suite” by Nicholas A.C. Read and Dr. Stephen J. Bistritz is based on data collected from interviews with 527 executives. The authors found that C-Suite executives are increasingly using the Internet to inform their views by searching for solutions to business problems they’re confronted with. (Selling to the C-Suite) So when we talk about digital marketing being effective for reaching the C-Suite, we are not speaking of pay-per-click ads or disruptive marketing such as pop-up ads. We are referring to the use of comprehensive marketing programs that are designed around a combination of inbound marketing, content marketing, earned media and outbound marketing. All four components are vital aspects in the quest to capture the attention of the C-Suite, and converting that attention into active engagement. Inbound marketing is more of a philosophy than a specific marketing tactic. It’s about attraction by excellence, as well as by thought leadership expressed and shared online. As a marketer, you need to attract CXOs to your website with content that is relevant to their concerns and interests, and published in the channels where they spend time. Once leads have been engaged, you need to implement lead nurturing and management protocols to further educate the CXO as his needs for information evolve from awareness to consideration to engagement through the Buyer’s Journey. Content marketing, when superbly written, designed and produced, can be a useful component within an inbound marketing campaign. When content is perceived as high-value by your buyer personas it stimulates engagement and sharing.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
16
In the context of marketing to the C-Suite, this requires you to be continuously sharing new content that is relevant to the CXO’s pain points and concerns throughout your website’s ecosystem on a regular basis. This ecosystem includes your website, blog and all social channels. Publishing new, relevant content often not only reinforces your position as a thought leader to the CXO, but helps drive organic traffic as your site’s search engine ranking will improve. The content you produce and distribute via your website, blog and company/ staff social media profiles is known as owned media. Earned media, or Public and Analyst Relations, refers to gaining exposure for your brand by establishing yourself as a thought leader with the intention of having highly targeted television, digital, trades and national business media platforms interview your company stakeholders or publish your original content. Earned media also refers to content being shared on social media by brand advocates and industry Influencers, or when your in-house experts present at national events. Outbound marketing occurs when you pay to reach buyer personas in channels where they “hang out” but might not otherwise find your brand presence. Particularly at the early stages of brand awareness, this type of paid media is critical in the search for new buyers. Companies that are successful in rapidly accelerating sales online use all three channels—owned, earned and paid—to gain traction. Effective outbound marketing ensures that the right message hits the right leads at the optimal moment. A comprehensive marketing program is architected to identify and craft each aspect of the program to the specifics that each C-Suite persona needs to see at each stage of their Buyer’s Journey. By continuously telling your story, the lead builds up a positive impression and understanding of your brand and its value to them and their org.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
17
M Y T H # 3 – C - S UI T E IS ONLY E NG A GE D AT T HE E ND OF T HE B U Y E R ’ S J O UR NE Y Another interesting insight that came from “Selling to the C-Suite” revolves around when the C-Suite becomes involved in buying decisions. The study found that members of the C-Suite become involved at two principal stages during the buying process.
80% of executives become involved in significant purchase decisions at the very early stages of the buying cycle.
At the very early stages of the buying cycle, about 80 percent of executives become involved in significant purchase decisions. The reason they enter at this stage is to better “understand current business issues, establish project objectives and set the overall project strategy to deal with what might be termed a breakthrough initiative.” The research also confirmed that “executives get significantly involved once again late in the buying cycle to evaluate whether the vendors can really deliver the original vision and to measure the results of the implementation.” Practical Application: This is where the SBIR becomes so important. You need to understand exactly what information each CXO needs to see at each stage of the Buyer’s Journey. If you understand their pain points, concerns and interests and where they go for information, you can set the stage for them to see you as a strategic partner.
M Y T H #4 – T HE C - S UI T E IS C OMP R ISE D OF P E OP L E W HO A R E L IK E E V E R Y ONE E L SE Sure, the C-Suite is comprised of people, but to assume that these executives have the same motivations, and move through the decision-making process, in the same manner as “everyone else” is a surefire way to derail even the bestintentioned marketing plans.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
18
There is a psychology in dealing with the C-Suite that is not encountered in other levels of management. And that’s because the C-Suite is comprised of a different breed of people, and you need to understand what makes these people tick before you can put in place a strategy for engaging them.
THE PSYCHOLOGY OF THE C-SUITE CEOs are the superstars of the business community. Like professional athletes, they have competed against their peers to rise to the top of their game. While every person is unique, for the purposes of marketing we build personas to represent people of like characteristics, beliefs and motivations. And CEOs are no different in this scenario. Individuals who have ascended to the top of the corporate world tend to share common characteristics. The observations that follow should not substitute for a comprehensive Strategic Buyer Insight evaluation, but valuable insight can be drawn from several studies. Much can be learned about the psychology of executives in the C-Suite by reading the works of Manfred F.R. Kets de Vries, the Chaired Professor of Leadership Development at Insead in Fontainebleau, France, and the director of Insead’s Global Leadership Center. Kets de Vries is also a psychoanalyst whose research offered insights that he shared in some 20 books on the psychology of leaders and organizations, including best sellers such as “Life and Death in the Executive Fast Lane,” “The Leadership Mystique,” and “The Neurotic Organization.”
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
19
The three universal characteristics of CXOs who share the C-Suite are control, ego and fear. And as a marketer, it’s important to understand these three traits and how they drive a CXO’s decision-making process. Let’s briefly examine each characteristic to see what types of information are necessary to articulate when communicating with organizational leaders. While these traits are not unique to the C-Suite, they are in many ways heightened by the scope and gravity of the decisions these executives need to make.
C ON T R OL The CXO wants to believe that they are in control of themselves and the future success of their company. By virtue of their position, they can make changes that will impact the lives of their employees and their shareholders. In a Fortune 500 company, the sense of control may be more of an illusion or hope. The size of the organization and the decentralized nature of larger orgs has an inverse relationship with the actual control the CXO can yield. A CXO is primarily concerned with six areas they feel the need to control. All strategic conversation or communications should address solutions from the pain points and concerns that arise from these six business objectives:
.. Growth .. Profitability .. Innovation .. Talent .. External market changes .. Corporate culture
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
20
EGO 70% of decision making on economic issues is emotional according to behavioral scientists.
“It’s the engine that drives leadership,” Kets de Vries explains. “Assertiveness, self-confidence, tenacity and creativity just can’t exist without it.” Behavioral scientists say that decision making on economic issues is at least 70 percent emotional. (Source: Emotion and Decision Making). A recent study suggests that CEOs who have larger egos will act based on the “supreme confidence” when others cannot. These CEOs tend to adopt technology and change quickly once convinced of its merits. (Source: Egomaniacs Make the Best Leaders) These emotional drivers mean the CXO must see something that catches their imagination that is presented in a way that enables them to connect the dots and see how the application or idea solves their problems.
FEAR It is telling that the number one fear of the CEO and his fellow C-Suite executives is not one of the six business objectives that they feel the need to control. The number one fear is “being found to be incompetent” according to a recent study published in the Harvard Business Review. (Source: What CEOs are Afraid of) Right after the fear of being seen as an imposter, the fear of underachieving and appearing too vulnerable were closely behind. Over 60 percent of the 116 CEOs that were interviewed said these fears affected their decision-making process on the executive team. (Source: What CEOs are Afraid of). The fear of being seen as an imposter manifests itself because of the CXO’s concern that the information they are getting may not be accurate or complete. In effect, can they trust the relevance and source of the information they’re being presented with?
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
21
This lack of trust is not limited to information received from third-party partners, as in many instances, even internal reports are sanitized to make them more palatable or “concise.” It is critical then that the information presented to the CXO be credible, both in source and content. The ascension to the C-Suite does not happen without making a few friends and a lot of enemies. These are individuals who have shown tenacity and the impact of their decisions have consequences that get magnified a thousand fold. Therefore, being able to trust information and the source of information is of paramount concern. CXOs have a corporate and public image that needs to be maintained. Practical Application: The SBIR should be the ultimate source for the type of content that is created and how it is disseminated to the C-Suite. Every communication needs to answer the following questions from the CXO’s point of view:
.. Will the product or service you’re offering address the pain points or concerns of my company?
If your product or service is not relevant to the concerns or problems facing the C-Suite, it is a non-starter. The relevance may not be readily apparent, so the information that you supply should quickly identify that you understand their pain points and that you have the solution.
.. Why should I trust the person and the company presenting the information? Both the information and the source must be credible. If both are not credible on face value, then they will not be considered. Do not assume that either will be apparent to the members of the C-Suite. Proof of both needs to be provided with the initial information that is provided to the C-Suite. This is so important that It needs to be reinforced throughout the buying process until it’s regarded as an universal truth.
.. Does the solution have a unique value? You will not be the only company vying for the attention of the C-Suite. So if you’re offering a solution that looks and sounds just like everyone else’s, but in a different wrapping, chances are you will not make the cut. You need to
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
22
differentiate your product, service or company in a manner that piques the curiosity and imagination of the Board.
.. Why should I rely on the information being presented? What is the business case or rationale for using your solution? Are there case studies that reflect the ROI or altruistic benefits that will be derived from its application? If you do not have a solid business case that is derived from case studies, you might as well sit this round out. No matter how credible you appear, the C-Suite will often want and require proof before making a purchasing decision.
.. Does the information set forth a business rationale in a concise format? Simply put, the C-Suite is busy. Each member has a department or division they are responsible for and the CEO has ownership of it all. They need succinct information that gets to the point quickly. Be liberal in your use of charts or graphs that get to the heart of the benefit and solution you offer. They will both appreciate it and use it as a shorthand that will continue to ratify your position.
24,000 senior executives worlwide If you look at the Global 2000 list of companies and figure that the C-Suite may be comprised of seven positions, the entirety of the available candidates to market is about 24,000 senior executives worldwide.
If you have determined that the C-Suite is the appropriate targeted persona for your product or services, you will find that there is a very small universe to operate in. It has been estimated that if you look at the Global 2000 list of companies and figure that the C-Suite may be comprised of seven positions, the entirety of the available candidates to market to is about 24,000 senior executives worldwide (Source: Gyro.com). This group is made increasingly smaller once you take into account that most of these organizations would not be a good fit for your products or services in the first place. This makes it absolutely critical that you get it right, the first time, as second chances are few and far between in this echelon. The balance of this ebook will share strategies and techniques that have been proven effective in cracking the shell of the C-Suite. Strategies and techniques that start first by grabbing the CXO’s attention, then nurturing them to the point where they want and need to hear directly from your sales team. It is important to note that many of these initiatives may not appear to be “inbound marketing.�
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
23
However, as explained earlier, “inbound marketing is more of a philosophy than a specific marketing tactic.” Each of the marketing initiatives described below not only complements a strategic inbound program, but is performed in a manner that has inbound influences and characteristics. We already crushed the myth that CXOs don’t go online for information and education. The education and buying process is totally different than it was even just five years ago. And with today’s content-rich web, CXOs research solutions, rank options, and evaluate costs and value at early stages in the buying process. The question marketers need to ask then is, where will these executives go when searching for this information? And, what type of content and information will engage them? A well-developed Strategic Buyer’s Insight Report (SBIR) will provide answers to those questions, but in many cases you will find several overlapping truths. CXOs tend to congregate together and in many cases, you will find they rely upon traditional sources, such as the Wall Street Journal, for guidance and information.
EARNED INFLUENCE Many more people are becoming aware of the term earned media, which describes media mentions that come about as a result of your having established yourself as a thought leader with the result being that highly targeted television, digital, trades, and national business media platforms interview company stakeholders or publish content about your products, services, or company.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
24
Earned influence is earned media that’s relevance and placement is maximized so that your targeted personas, in this case the CXOs, are motivated to make further inquiries. The best part is that earned influence has staying power. The blog written about your company or the online news article from the Wall Street Journal will often continue to appear in search results for years. Earned influence can also influence buyers at all stages of the buying process. It can create awareness at the top of the funnel and validation at the consideration stage. Your earned influence strategy is a key part of all comprehensive inbound marketing plans. And while executing an effective earned media program is not easy—it takes time, connections and perseverance—it is one of the more effective springboards into obtaining C-Suite awareness. And these earned influence efforts can have a tremendous impact on how the CXO becomes your champion in the Boardroom.
T R A DI T ION A L E A R NE D ME DI A 98,079 tweets A study in 2015 analyzed 98,079 tweets from CXOs and found that they shared information from certain publications.
The SBIR will identify where the CXOs go for information and third party verification so that you can target the most strategic media outlets. A constant theme pertaining to where CXOs go for information and third party verification is that they look to traditional media (newspapers, wires, and magazines), and even online versions of those outlets that pertain to their industry or general economic or business concerns. A study in 2015 analyzed 98,079 tweets from CXOs and found that they shared information from the following publications:
.. Forbes .. Business Insider .. Fortune .. The Wall Street Journal
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
25
.. Harvard Business Review .. TechCrunch .. Mashable .. Wired .. Fast Company .. Entrepreneur (Source: CyberAlert)
Imagine how beneficial it would be to have a CXO read an independent article in one of these publications that is heaping praise on your product, service, or company. In fact, traditional sources of news followed by Influencer-driven coverage were deemed the most trustworthy by CXOs. A major PR agency conducted a study in 2015 and found that almost half of
47% of CXOS intervieweD felt “earned media as the most influential medium for driving purchasing decisions and business outcomes.”
those interviewed (47 percent) felt “earned media as the most influential medium for driving purchasing decisions and business outcomes.” (Source: Bulldog Reporter)
S O C I A L E A R NE D ME DI A Today, earned media includes mentions in social channels such as Twitter, Facebook, LinkedIn, blog posts and review sites like Yelp. As both customers and Influencers tweet or write about your brand, CXOs will take notice. In 2014, the International Data Corporation conducted a study and found that “84 percent of C-level/vice president executives use social media to support purchase decisions.” (Source: IDC)
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
26
R E SE A R C H A N A LY S T R E P OR T S Research Analysts work at brokerage houses, investment banks and research companies and compile industry and company specific reports. The information is well researched, and since these reports are relied upon for investment purposes, they are regarded as a highly authoritative source for information. It doesn’t take much to realize how valuable it would be to have your product, service, or company receive a positive recommendation from an independent research analyst. A comprehensive inbound marketing program that targets a persona in the C-Suite needs to impact the research analyst reports as part of their earned influence program. Practical Application: As part of your effort to reach and influence the C-Suite it will be important to have third-party validated articles in appropriate trade, technology and national business press editorial platforms, as well as broadcast, when appropriate. Having a complete analyst relations program designed to introduce your client to firms that both publish and advise on their industry is crucial to securing C-Suite buy-in. In addition, it’s important to cultivate industry Influencers who will become brand advocates. The brand advocate process is meant to provide many intellectual and emotional touch points originating from third-party experts so that your audience begins to see your brand as a valued advisor and source of information that addresses their concerns and problems.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
27
S U C H A N E NG A GE ME N T M AY H AV E T HE SE C H A R A C T E R IS T IC S : 1.
Proactive pitching and education of:
.. Top-tier US-based National Business Publications: Businessweek, Fortune, Fast Company, Forbes, Wall Street Journal, New York Times, TechCrunch, Fortune, CIO, The Next Web, IDG, Wired, Business Insider, etc.
.. Industry Trade Publications a. Research and identify target industry analysts who cover the business intelligence and analytics market. Launch a proactive analyst relations program to reach out to the target analysts and set up in-person, phone briefings and presentations. b. Industry analysts may include: Forrester Research, Gartner, IDC, 451 Research, Ovum, Constellation Research, Current Analysis, Hurwitz & Associates, VDC Research, etc. 2.
Development of a Blogger & Industry Influencers Database
This involves Influencer outreach and engagement to build a relationship with the individuals who have a strong social reach; individuals who will eventually become brand advocates because they understand and appreciate the unique value proposition.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
28
OWNED MEDIA CREATION AND DISSEMINATION The C-Suite loves and will devour content that identifies solutions for their company’s pain points or concerns. Getting your solutions to the CXO is unquestionably more difficult as, like the rest of us, they are turned off by interruptive marketing, so you’ll want to utilize the channels where they proactively seek information and verification. The only way you will be able to identify these channels with any certainty though, is through the development of a Strategic Buyer’s Insight Report (SBIR). In the absence of having qualified data, experience in developing these types of reports provides the ability to identify patterns that can be used to help make media creation and dissemination decisions. That being said, these inferred thoughts and insights are no substitute for a comprehensive discovery and assessment process. Owned media refers to any original content you create that is under your direct control. This includes your website, blogs, newsletters, ebooks, webinars, podcasts, infographics, videos, etc. It’s important to remember, before you ever create any content, exactly what emotion or action you want to elicit from your audience. This is because every piece of content you create should be written to address the pain points or concerns of a particular buyer persona at a specific stage in the buying process. For the CXO, content should be CURVED… Credible, Unique, Relevant, Valuable, Engaging and Distributed.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
29
C R E DIB L E Before a CXO will consider your product or solution, they must trust both the information being presented and the source presenting it. To facilitate this trust, it helps to speak in the same language of the business and information being presented. Focus on strategic solutions to the persona’s pain points. Don’t get hung up on describing the features of your product or service. Be sure to backup your claims with peer-based case studies or independent empirical data that proves the solution you are presenting will actually work.
UNIQ UE 70% emotional Behavioral economics has found that economic decision making is up to 70 percent emotional and 30 percent rational.
The CXO wants a solution that will provide them with a competitive advantage. They want to be enlightened with a future vision that will help to differentiate their company in the market. Behavioral economics has found that economic decision making is up to 70 percent emotional and 30 percent rational. (Source: Gallup) C-Suite executives making course-changing corporate decisions are no different. They want to be wowed and intrigued by the future possibilities that your solution offers.
R E L E VA N T The information being presented must be timely and actionable to address their concern or problem directly. When content refers to business trends and statistics, it must be current. Using old information can make your solution appear dated, so regardless of whether the information may still be accurate, non-current information will not fare well in the C-Suite.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
30
In addition, to the extent possible, your content should be vertical-specific in order to maximize relevancy. Remember, like all decision-makers, the C-Suite will rely on shortcuts to verify the value of a particular solution. So case studies, charts and infographics will allow them to better see the relevancy of what you’re recommending.
VA L U A B L E Every solution needs to offer a return on investment (ROI) that justifies its implementation. The CXO has a strong financial compass and is focused on a return that legitimizes the investment and provides a measurable solution. You should not begin to engage the C-Suite unless are able to demonstrate an ROI that will align the leadership behind your ideas. It’s also important to remember that the C-Suite enjoys being altruistic when it does not negatively impact the bottom line. After you are able to demonstrate a clear and impressive ROI, look for the benefits that the implementation of your solution would have for their employees or community.
E NG A GING Boring content won’t fly. Period. Your content should tell an engaging story and provide new insights, but it has to be presented in a manner that makes it appealing and easy to digest. This goes beyond merely presenting aesthetically pleasing graphics, to considering how the C-Suite will actually consume the material. Collateral should be prepared in various formats so the CXO can review the information in a way that is most convenient and comfortable for him in the moment he finds time to engage with it.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
31
Short videos are popular because they can often convey a message with enthusiasm in a way that can’t be duplicated in written word. A well-produced video can increase the likelihood of an engagement as it provides the capacity to communicate on a more emotional level than text or images. A video implies entertainment and is also more likely to be shared via social media.
DIS T R IB U T E D Creating great content is not nearly enough these days. The Internet is bursting at the seams with incredible content and information, and in reality, most of that incredible content will never end up being seen or appreciated. That’s because creating content is just the first step in a two-part journey. For content to reach the CXO, it must be distributed effectively to land in the exact places where the C-Suite gathers on the Internet. Distribution must be considered as part of an overall paid and earned media strategy that involves you sharing the information or inviting them back to your website to engage with the content on your turf. Practical Application: Website: Have a contextually driven website. After all, your website is the epicenter of your online marketing efforts. It’s the focal point from which you explain who you are, offer your unique value proposition and continuously tell your story, all while simultaneously publishing new relevant content. If your website is contextually driven it will morph in real-time based on each individual visitor as they are identified (via persona self-selection techniques and cookie technology) and categorized into defined buyer persona buckets; buckets that can be correlated to well-defined stages in their Buyer’s Journey. The dynamics and abilities of your marketing program change when your website speaks directly to the CXO. A personalized and customized site engages the CXO persona at each stage of the buying process.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
32
When the CXO arrives on your site for the first time they should see messaging and content that aligns to the Awareness stage of the Buyer’s Journey. Each time they return to the site after that initial visit, the information should be different, changing dynamically to reflect where they are in the Buyer’s Journey. This ensures that your website is equipped to have a conversation with the CXO and address their needs and concerns each time they visit.
BRAND ECOSYSTEM Your brand ecosystem includes your blog, and all your social channels. In these channels you will publish and distribute highquality content that will attract the CXO and establish you as an industry thought leader. By regularly publishing long form blog posts you will not only continue to reinforce your position as the go-to source for solutions, but you’ll find your website is rewarded by search engines. 2,500 words The optimum length of your blog post to demonstrate thought leadership and to get the most shares on social media blogs over 2,500 words.
To maximize your impact and help position your company as a thought leader, it is recommended that you publish 16 high-quality long form blogs posts each month. (HubSpot) If there needs to be a trade-off between the quality and the number, quality always wins. And remember that each blog needs to have a purpose that directly addresses the pain points and concerns of a particular CXO persona at a specific stage in the buying process. The optimum length of your blog post to demonstrate thought leadership and to get the most shares on social media are blogs over 2,500 words. (Source: HubSpot)
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
33
DISTRIBUTING CONTENT The creation and distribution of content cannot be separated. An effective distribution channel is the only way to truly benefit from the content you create. Providing new relevant content on an ongoing basis is rewarded in both SEO and engagement by the CXO. Consistency and quality are extremely important in achieving these benefits. Below are several methods which have proven effective in capturing the attention of the C-Suite:
60% of executives read an email newsletter as one of their first three news sources they check daily.
Targeted Newsletters — Newsletters that provide strategic business insights can be an effective means for getting content in front of the C-Suite. This approach is substantiated by a Quartz Insights Global Executive Study which found that “60 percent of the executives read an email newsletter as one of their first three news sources they check daily.” Social Media — Social media is the perfect platform to generate Brand Awareness and demonstrate expertise in a given industry by providing great content. An effective social media strategy not only can establish a company as a thought leader in its industry, but can facilitate Influencer outreach and engagement. Live Speaking Engagements — Many CXOs attend industry events either as featured speakers or guests. It is important to take advantage of these industry gatherings to make live presentations that demonstrate your thought leadership and vision on the current state and future of matters that affect your industry. Content Syndication — Identify authoritative magazines that accept blog
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
34
syndications and have broad credibility with the CXOs in the vertical you are seeking to reach. Syndicating blog content, complete with link backs, across these publications will improve domain authority and help achieve solid organic search results. The publication of these pieces will be accompanied by blogs and social media posts to more widely distribute the content and message. Paid Demand Generation — Paid advertising and lead generation programs are an important part of any strategy to reach the C-Suite. Through your Strategic Buyer’s Insight Report you will determine how your targeted CXOs access media and where they go to find authoritative information. Effective utilization of a demand generation budget can provide a cost-effective way to drive new traffic and leads to the site and invite returning leads to share mid-funnel content. It is likely that one avenue you will use for paid demand generation is LinkedIn Sponsored Updates. With Sponsored Updates, you will be able to distribute your content directly to relevant C-Suite professionals in a place where they are already consuming relevant content. Retargeting — Once you develop a significant CXO contact list of individuals who have visited your site but who have not engaged, you can begin retargeting them with additional thought leadership content across the Internet. We recommend retargeting CXOs only when you have new and relevant content you wish to share with them to keep engagement and interest levels high. One such retargeting tool is Perfect Audience, which accomplishes effective retargeting by maintaining partnerships with all the major ad networks on the web, including Facebook, Google Display Network, OpenX, PubMatic and many more.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
35
When a CXO loads a web page anywhere on the Internet that has an ad from a network working with Perfect Audience, the platform “sees” them and can then serve up your content offer in that space instead of whatever other ad would have normally appeared. With retargeting campaigns, because we’re reaching CXOs who have already shown a prior interest in your company and solutions, you will find the offer is clicked 200-400 percent more often than an ad that is not re-targeting based. Just keep in mind that no matter how memorable or interesting your business, most CXOs who visit your site are going to leave without signing up, buying or contacting you. However, retargeting keeps your brand in front of them after they leave, giving you a second, third, and even fourth chance to bring them back to your site to convert. Email Nurturing Campaigns — Once your demand generation efforts work and you capture the attention of a targeted CXO, that is when the lead nurturing work begins. Lead nurturing is all about moving leads along the Buyer’s Journey from Awareness to Consideration and then from Consideration to Purchase Decision.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
36
USING A MARKETING AUTOMATION PLATFORM TO NURTURE RELATIONSHIPS Using a marketing automation platform such as HubSpot, you can build a relationship with the CXO over a period of time. An effective lead nurturing strategy will accomplish much more than simply moving a CXO down the sales funnel. It will:
.. Provide a CXO more information to convince them to engage .. Enable them to ask the right questions and identify your advantages .. Assist them in convincing other decision-makers and Influencers .. Gather more lead intelligence data through progressive profiling and tracking of their behavior (visits, pages, links, emails, social updates)
.. Gather additional lead intelligence data from external sources automatically .. Automatically categorize a lead as a buyer persona .. Automatically assign a CXO to a buyer journey stage based on behavior .. Automatically assign a CXO to lead nurturing workflows featuring content relevant to the appropriate buyer persona
.. Provide the Sales team with critical data for identifying, qualifying and closing
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
37
Once a lead converts on one of your offers, you can automatically enroll them in a number of lead nurturing workflows that achieve these goals, including:
.. Drip email campaigns providing: .. More relevant content offers based on the CXO’s behavior .. Personalized communication to build relationships .. Updates about elements of the program the CXO has shown interest in .. Event invitations, demonstrations, sales invitations for consultations .. Personalized (smart) content on the website .. Home page banners and messaging for CXO’s buyer persona, journey stage .. CTAs for content offers they haven’t yet converted on .. Appropriate content on interior pages for buyer persona, journey stage .. Personalized (smart) content in email’s subject, copy and offer relevant to buyer persona, journey stage
.. Personalized (smart) content on landing pages .. Personalized messaging referencing previous buyer behavior .. Smart forms asking relevant questions for buyer persona In his keynote at the recent Content Marketing Summit entitled “Inspired Content: How Brilliant Storytellers Create a Sudden Urge to Act,” Andrew Davis summarized the need for valuable content as the core of content marketing strategy: “Valuable content increases the demand for the products and services you sell,” said Davis. “If you want to own the consumer journey, create moments of inspiration. MOI leads to ROI.”
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
38
ACCOUNT-BASED MARKETING There have been a number of occasions where the client says, “There are only 100 companies who could ever buy our product or service and we know every one of the C-Suite and have the contact information for them. We just don’t know how to engage them.” In such circumstances, we recommend the Account Based Marketing (ABM) approach. Account Based Marketing is a good alternative when you have a limited number of prospects you’re planning to engage and the final sale will have the highest value and matter the most. There are many definitions for ABM, and many marketing automation companies will insist that it is a technology. However, ABM is more of a philosophy for how you are going to engage targeted companies. It includes the same elements of the comprehensive marketing plan: inbound marketing, content marketing, earned media, and outbound marketing. The differentiation between ABM and Comprehensive Marketing is the size of the net you cast and the degree of personalization. In the C-Suite, the distinction between who is accountable for a decision, who makes the decision, and who is involved in a decision can become blurry. An ABM program identifies all the relevant players in a company and sets forth a strategy for engaging each one.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
39
ABM is a collaborative effort that brings sales and marketing together to cooperatively create emotional and intellectual touch points with each key persona in the targeted company. An ABM is a hyper-personalized strategy that focusses your marketing and sales efforts on a limited set of accounts rather than trying to market yourself over a broad spectrum of organizations. Personalized marketing campaigns, including customized webinars, landing pages, blogs, and emails on topics specifically geared toward the targeted prospects, are key to ABM. The effort for these limited accounts is all-encompassing. You provide a seamless marketing experience through as many channels and on as many devices as the C-Suite and company Influencers use. No marketing channels are off limits. It is a metric-driven formula where you test all the channels for each buyer persona and focus on those that deliver results. These channels include all the traditional channels that are in a comprehensive inbound marketing plan, as discussed earlier. Within each company there will be a number of buyer personas that are not representative of a group of people, but of a single individual. This allows you to create relevant content that is uniquely important to that particular person. To ensure that the information is timely and relevant, you need to engage in social intelligence to monitor every challenge, initiative, or success the company or the buyer persona may encounter. Your content department and social media group need to be prepared to respond quickly as deemed appropriate.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
40
What makes ABM so different is the degree of personalization. We are not talking about just inserting the name of the individual in an email. Think more in terms of landing pages or microsites that are geared toward an individual account with a personalized URL (PURL). A PURL is five times more effective when it comes to open rates simply because if your own name was directing you to a microsite (www.yourname.com) you would likely find it harder to resist. Marketers must have the appropriate technological resources to gather information across marketing, web, and operations systems. From a marketing automation standpoint, you focus on IP address, email and cookies to target each individual account. This ensures that you deliver the most relevant information to the right person at the right time. While there are companies with ABM specific software platforms, HubSpot’s marketing automation platform can be readily used for ABM initiatives. In fact, HubSpot has been adding features that make it easier to implement an ABM program such as business intelligence tools and paid ad integration with LinkedIn and Google Adwords. (Source: Customer Experience Matrix) ABM can be an effective approach when you know all the players and the potential win is big. Because you are providing each member of the C-Suite personalized information that pertains to their pain points and concerns, it makes you a more credible solution and produces less objections.
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
41
THERE’S NO MAGIC BULLET There is no magic bullet to attract C-Suite attention and engagement. But the process begins with a deep dive using a discovery and assessment process that will form the basis for all future marketing activities. Whether you implement a Comprehensive Marketing program or an Account Based Marketing program, you need to practice diligence and patience. The benefits derived from gaining the trust and engagement of the C-Suite can result in a successful and profitable long-term relationship.
If you would like to discuss your specific needs and how our methodology here at Salted Stone can help you better reach the C-Suite with your marketing efforts, we would be glad to discuss your objectives.
R E Q U E S T A 3 0 - MIN U T E C O N S U LTAT I O N
T HE H O LY G R A IL O F M A R K E T IN G T O T HE C - S U I T E
42