[Get Inside Your Buyers Head]

PRESENTATION: Matrix Partners' David Skok

GET INSIDE YOUR BUYERS HEAD [ ] IMPROVE CONVERSION RATES

WHY DO WE NEED A GROWTH PROCESS?

In a perfect world… MyProduct.com DESCRIPTION HOW IT WORKS Our collaboration product allows you … Only $9,999 BUY NOW!

WHY DOESN’T THIS WORK?

BUYERQUESTIONS BUYING PROCESS ANDCONCERNS

How do we respond?

Break the process down into a series of steps… Website Free Trial Purchase Design a series of steps that we want customers to go through

Results in a Funnel Not all people entering the first step will get to the second, etc.

Studying Funnel Blockage Points Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects

The Source of most Problems Vendor Centric

YOU ARE HOPING YOUR CUSTOMERS WILL DO SOMETHING THAT THEY ARE NOT MOTIVATED TO DO

A better way to approach to Funnel Design Buyer Centric Buyer-Centric

THE BUYERS JOURNEY

THE BUYERS JOURNEY Awareness Consideration Purchase

Mismatch: Sales often handle every lead as though they were in the Purchasing phase I’m paid to sell. I better be selling.

Likely Distribution of Web Site Visitors 80% 15% 5% Awareness Consideration Purchase Vendor Web Site

Different Dialog and Content for each stage Awareness Consideration Purchase • Create Problem & Pain • Help in choosing a particular • Case studies awareness solution • Results achieved • Discuss how people are • Explain how your Product • How you helped achieve solving can solve their pain them • Discuss benefits people are • Free Trial / Demo • Other proof points seeing • Customer stories • Customer references • Don’t mention your product • Nurture with regular content • ROI data • Don’t sell! (Newsletter)

TRIGGERS • Just lost my data in hard drive crash • Backup software/service • Starting a new software project • Dev Tools, etc. • Performance issues with existing app • APM tools • Difficulties tracking bugs across multi-tier apps • Bug tracking software

Buyer Personae Who is involved in the buying process? Champion Economic Buyer IT required for sign off / Decision Maker

Getting to know your Buyer Personae • Identifying Characteristics • Company Profile (your ICP) • Any special characteristics relevant to this purchase • E.g. Developers: • Don't have a budget • Prefer Open Source, and don't like to pay for software • Professional Role • What does a day in their life look like? • Key business goals? • What does their Boss expect of them? • How does our product help them achieve those? • Motivations / Aspirations? • What would make their job easier?

Getting to know your Buyer Personae • What pain do they have that we address? • Is it latent pain, or obvious pain? • How do they describe the pain and what they are looking for? • (Helpful for messaging) • Is solving this pain a high priority for them? • If not, what features would make it a higher priority? • What are the triggers that cause them to buy?

Getting to know your Buyer Personae • Are they searching for a solution? • If yes, how do they go about doing that? • Who influences them? (Sites, organizations, and people) • (Helps us figure out how to market to them) • Most important features? Decision criteria? • What are their reactions to our product/company? • What will they like? • What will they not like? • What are the main questions and concerns they have? • What competitors will they also evaluate? • What will they like or dislike about each of those?

FUNNEL DESIGN GET INSIDE YOUR BUYERS HEAD

Designing a Growth Process to match Buyer’s Journey Awareness Interest Purchase Post Purchase Strangers Attract Visitors Convert Leads Close Customers Delight Promoters

Designing a Growth Process to match Buyer’s Journey Awareness Interest Purchase Post Purchase Top of Funnel Middle of Funnel Sales Customer Success Strangers Attract Visitors Convert Leads Close Customers Delight Promoters Drive the right traffic Convert raw leads Convert MQLs into Onboard, support and that matches your into MQLs closed deals ensure customer ICP and convert to success as measured by raw leads a customer KPI Credit: HubSpot

Top of Funnel Inbound Marketing Strangers Website Conversion Raw Event Lead Paid Marketing Targeted Outbound Mktg Strangers Qualify? Qualified SDR’s Lead Account-based Mktg

Account Based Marketing • ICP powers all marketing • Ideal Customer Profile • Build lists of matching accounts • Discover.org, Lead Fox, ZoomInfo, LinkedIn Sales Navigator, etc. • Track who is in buying cycles • Visiting G2 Crowd, Bombora • Track which companies are on your website • Targeted outreach • Aircover from Ads Thanks to Eric Spett, Terminus

Middle of Funnel Enrich Segment Nurture Raw Use software like Identify interesting Webinars, events, Lead High Yes Mktg ClearBit to enrich segments based on newsletters, etc. Scoring Qualify? Qualified Lead the email address attributes (verticals, Lead to identify company, job functions, etc.) job title, etc. or actions Low No Lead Nurturing Database

Sales – Lead Stages Mktg Discovery Qualify Sales Sales Ready to Opportunity Close Customer Qualified Call Qualified interaction buy? Lead Lead Note: Your process will likely be different, and there will be more Opportunity stages in your CRM pipeline

Initial Guess at Growth Process Website Free Trial

Map Buyers Process to Your Steps BUYER Research Shortlist Check Evaluation ROI & Vendors Review Sites Justification VENDOR Website Free Trial

GET INSIDE YOUR BUYERS HEAD BUYER What are they Shortlist Check ROI & thinking as they Research Vendors Review Sites Evaluation Justification go through their process? VENDOR How are they reacting as they Website Free Trial go through our funnel steps?

Optimize Your Steps to Fit BUYER Research Shortlist Check Evaluation ROI & Vendors Review Sites Justification VENDOR Competitive ROI Website Features Free Trial Calculator Matrix

Optimize Your growth process to Fit BUYER Research Shortlist Check Evaluation ROI & Vendors Review Sites Justification VENDOR Competitive Incent ROI Website Features customers to Free Trial Calculator Matrix do reviews

ADDRESS ALL DECISION CRITERIA BUYER Address Is this a safe vendor Security Concerns to choose? rd 3 Party • Customer Stories Security Audit & • Safe Channel Whitepaper Partners

Choosing a Go-to-Market Model Freemium No Touch Light Touch High Touch Field Sales Viral Self- Inside Inside Field Sales with SE’s Service Sales Sales

How I assumed the two would relate

A rough estimate of CAC versus Sales Complexity No Touch Light Touch High Touch Field Sales Freemium Self- Inside Inside Field Sales Service Sales Sales with SE’s Rough Estimates of Cost of Customer Acquisition (CAC) $0- $50 – $1,000 - $3,000 - $25,000 – $75,000 – $10 $200 $2,000 $8,000 $75,000 $200,000

The relationship is roughly exponential Clearly adding Human Touch dramatically increases costs

CAC (logarithmic) 10x 10x 10x Sales Complexity

The Obvious Take-away • Do everything you can to remove human touch from sales and onboarding

What creates Sales Complexity • High Price point • Complicated to evaluate? • Integration needed with other systems? • Multiple people involved in purchase decision? • Risk to business of a bad buying decision? • E.g. loss of data, business unable to operate if system is down, etc. • Requires purchase of other products / services to complete the solution? Freemium No Touch Light Touch High Touch Field Sales Viral Self- Inside Inside Field Sales with SE’s Service Sales Sales

Start with the buyer Understand the Complexity of your Sale Freemium No Touch Light Touch High Touch Field Sales Viral Self- Inside Inside Field Sales with SE’s Service Sales Sales • Price point • Larger investments need greater justification, & more levels of sign off • How complicated to evaluate? • Single person, or multiple people? • Integration needed with other systems? • How many people involved in the purchase decision? • Risk to their business of a bad buying decision? • E.g. loss of data, business unable to operate if system is down, etc. • Does it require other products or services to be purchased to complete the solution?

Land & Expand Much easier to get a large order once the product is proven

Product-Led CAC Logarithmic Growth Models $1,000,000 $100,000 $10,000 $1,000 $100 $10 $1 Freemium No Touch Inside Sales Channel Field Sales Sales Complexity 

Fixing broken funnels by getting inside your buyer’s head

Find the worst blockage point in your funnel FRICTION CONCERNS

Re-design, or try to use what motivates them FRICTION CONCERNS MOTIVATIONS

EXAMPLE BLOCKAGE POINT WEB SITE EMAIL CAPTURE FORM Typically a low conversion step

Problem: Buyer’s fear Email Overload and Spam FRICTION CONCERNS

We try to motivate with good content FRICTION CONCERNS MOTIVATIONS But frequently irritate the buyer with the barrier that stops them from getting at the content, and lose them at that step

Drift Redesign

OUTBOUND COLD CALLING

Outbound Cold Calling Arrange Cold Call Meeting with Sales Rep

Problem: No Buyer wants a cold call from a salesperson FRICTION CONCERNS

Get inside your buyers head – look for a suitable motivation FRICTION CONCERNS MOTIVATIONS

Redesign Invitation to… Build Cold Outreach (something of Relationship Build Trust value) • Educational Event • Meet their peers • See data that is of value • See their own data in a new way • Etc.

Use publicly accessible Data to build personalized assessments Hi Barbara, In doing a bit of research on fortinet.com, I noticed that you’ve lost a significant amount of traffic to the site (4,400 visits) over the past month. Is this something the team is aware of or have any idea what could have contributed to it? I also noticed while you folks dropped off the 1stpage of Google in 11 searches, there are tons of opportunities for your team (916 search opportunities!) See below:

USING CHROME EXTENSIONS

CLEARBIT LEADS + DATA ENRICHMENT New Leads Enrich Existing Leads

CLEARBIT Buyer’s Key Concerns • Data Quality • Highly skeptical • Seen lots of products like this before • Enrichment data wasn’t good • Data Coverage • Skeptical • What % of our leads would be covered in this database?

FREE TRIAL BLOCKAGE POINT Connect to Salesforce I have to go through IT to get Salesforce connected

SOLUTION: CHROME EXTENSION Browser See enriched Judge quality Report shows connection to data in of data data coverage Salesforce Salesforce UI % Chrome Extension

CHROME EXTENSION • Easy to install • Low buyer concern • Re-write the page’s HTML

CLEARBIT CHROME EXTENSION - ENLARGED

ELIMINATE STEPS THAT HAVE DEPENDENCIES ON OTHER PEOPLE

Freemium, Free Trials, Open Source The Product is your sales person

WHAT IS YOUR TIME TO WOW! ? Thanks to Gail Goodman of Constant Contact

DEFINING WOW! A moment where your buyer sees something cool and exciting Mini Wow! • Motivates them to continue exploring The moment when your buyer gets excited enough to want to buy Full Wow! Thanks to Gail Goodman of Constant Contact

TIME TO WOW! • How many steps? • How much time does it take? • How much FRICTION is involved

REMOVE STEPS & REMOVE FRICTION

EXAMPLE

As eCommerceshoppers… …what makes us buy?

Answer: Rich Product Content Feature Summary Photos Recommended Accessories Rich description Video Reviews Detailed Specifications

Salsify – Product Content Supply Chain Automation Photos Retailer Portal Videos Retailer Portal Text Brands Retailer Portal Specs Retailer Etc. Portal

Salsify’s Original Trial Experience Locate & Sign up Export with new Content Retailer Wait for Open the Learn the Import Export to Sign up email with App UI Content new Account Retailer

Landing Page Lots of Fields

Next, Wait for Email…

Get Inside your Buyers Head and Analyze for Problems Locate & Sign up Export with new Content Retailer Wait for Open the Learn the Import Export to Sign up email with App UI Content new Account Retailer

Redesign Trial Steps for Problems (Friction, Concerns, & Motivations) Delay causing Locate & Sign up major drop off Export with new Content Retailer Wait for Open the Learn the Import Export to Sign up email with App UI Content new Account Retailer

First Step in the Redesign Locate & Sign up Export with new Content Retailer Sign up Learn the Import Export to UI Content new Retailer

New Landing Page: JUST YOUR EMAIL

Motivation: “If these guys are using it, it must be pretty good…”

Then: Still leaves a problem: • Locate & Export Content Land directly in App • Then import to Salsify to have something to play with

Major Friction + Other people involved = Long Delays Locate & Sign up Export with new Content Retailer Sign up Learn the Import Export to UI Content new Retailer

Offer a chance to start with Sample Data They now have the MOTIVATION to import their own data Locate & Sign up Export with new Content Retailer Play with Learn the Import Export to Sign up Sample UI Content new Data Retailer Mini Wow!

Eliminate the risk that they won’t find the path to Wow! • High friction • Too much risk they won’t find the path Locate & Sign up to Wow! Export with new Content Retailer Sign up Learn the Import Export to UI Content new Retailer

Guided Navigation Human Help available

Trial Request -> Uplift - % Conversion, Before and After Logged into App Trial Request -> Product Page Trial Request -> Taking action 3x Overall Improvement 0 10 20 30 40 50 60 70 80 90 100 Before After

Next Problem Area… • High Friction • Long Delay Locate & Sign up Export with new Content Retailer Play with Import Export to Sign up Sample Content new Data Retailer

Google Shopping

Problem Solved –Export to Google Manufacturer Center Locate & Export Content Play with Import Export to Sign up Sample Content Google Data

Last Remaining Problem Area… • Huge Friction & Delay • Other People involved Locate & Export Content Play with Import Export to Sign up Sample Content Google Data

Scrape publicly available data from existing retailer’s pages Scrape Content for them Play with No import Export to Sign up Sample needed Google Data • They have my content in here already • They’re showing me all the issues Mini Wow!

Eliminates Need for Sample Data Scrape Content for them Play with See their Export to Sign up Sample own Data Google Data

Final Redesigned Process • Fast Time to Wow! • High conversion rates Scrape Content for them See and solve Export to Sign up problems with Google their own Data

Funnel Optimization Meeting Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects

Funnel Whack-a-Mole • Solve for blockage points • As you fix one, the problem will move elsewhere

SILOED THINKING MARKETING SALES CUSTOMER PRODUCT SUCCESS

THE NEW GROWTH TEAM SALES MARKETING CUSTOMER SUCCESS PRODUCT

USE FUNNEL FLOW CHARTS High Level Overview Handle Website Free Trial other Proposal questions xx xx xxx xx xx xxx MicroFunnels where needed

Treat your Buyer like a Bank Account Make a deposit before you try to make a withdrawal

Selling can be the worst way to sell First Contact Sell First Contact Build Build Consult Relationship Trust

Design a funnel that Delights Enticesand Motivates

FOR MORE INFORMATION [ ] WWW.FORENTREPRENEURS.COM