TargetOutcome with Steve Grady

Welcome to the final episode of the Powerglass Pipeline Season. I hope you found inspiration and new techniques in this season to grow your comapny by optimizing your Customer Journey.  

Concept 1 - You need to put the systems, processes and tools in place to support and accelerate each Powerglass Pipeline stage. Your Martech Stack will normally be a combination of systems that suit your Industry and Go To Market. But there are over 8000 systems to choose from as shown here: 

https://chiefmartec.com/2020/04/marketing-technology-landscape-2020-martech-5000/

Conecpt 2 - These are some of the key systems that you need in your Martech Stack. A great exercise is to create a diagram of all your Go To Market systems and dataflows. 

•CRM – Customer Relationship Management System - Your company needs a centralized place to store and manage all of your customers’ contact information

•MAS - Marketing Automation System - The term marketing automation refers to using a single platform for campaigns, email creation/sending, lead nurturing.

•CMS - Content Management System - A CMS is the platform where you host your company’s website, content, blogs, landing pages, and lead generation tools.

•Social Media Platforms – you must be engaged on social media platforms where your prospects and clients find their information and network.

•ABM - Account Based Marketing - reach your ideal accounts and the contacts within those accounts, then monitor engagement. You are engaging accounts on their terms through understanding their challenges and providing transformative solutions.

Analytics – measuring results – Google tools, Dashboards, Automation, AI systems

Concept 3 - an example of a full suite Revenue Generation Platform is the RevEngine Platform shown here:

https://insights.targetoutcome.com/revengine-overview373234

Go to targetoutcome.com/powerglass-pipeline to get your Powerglass Pipeline Playbook and more information on the Powerglass Pipeline Course and Coaching Program. 

See you soon!

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We have reached the last stage of the Powerglass Pipeline  - Evangelize!  Now we are encouraging our Clients to refer us to both Prospects and Customers. 

Conecpt 1 -  The power of Raving Fans (Evangelists)

•Clients who trust you - will promote you.

•Clients now freely tell others about your company, products and customer service

•They promote your brand – logo garb, participate in your activities, tattoo?

•They use the Network channels and their own methods to refer you to others.

Leads from your Evangelists are powerful

How do you identify your Evangelists?

1.They passionately recommend your company to friends, neighbors, and colleagues.

2.They believe in the company and its people. People are loyal to people, not necessarily company brands.

3.They purchase your products and services as gifts.

4.They provide unsolicited praise or suggestions of improvement.

5.They forgive occasional dips in customer service.

6.They do not want to be bought; they extol your virtues freely.

7.They feel part of something bigger than themselves. Your Cause

Concept 2 - Taking up your Cause - how to encourage your "Raving Fans" to refer and recommend:

•Review your materials when you created Your Cause supported by your Primary Beliefs in the Awareness (Stage 1) phase.

•Have you delivered on your Cause using your Primary Beliefs throughout your Customer’s Journey?

•Have you asked you Clients directly whether they are telling others about your company and offerings?

•If they aren’t, why not? Something is standing in the way. Find out.

Concept 3 - Promoting Evangelism - The Loyalty and Network phases are the groundwork to provide a means for Clients to evangelize. People love to be able to help others with their same Challenges and look smart at the same time. Evangelism is driven by 5 of Dr. Cialdini’s Influence factors: Reciprocity, Commitment, Social Proof, Liking, and Authority. Always be giving to your Community in your Network channels. Keep solving problems for your Clients (New Territories).  Use Surprise and Delight with your clients through unexpected actions:

1.Giving them small gifts.

2.Writing them notes – handwritten and mailed is best

3.Having your CEO reach out to clients.

4.Recognizing their birthdays.

5.Sending loyal customers company-branded goodies

6.Personally checking in.

7.Proactively fulfilling their needs.

Incenting Lient Evangelism:

•Ideally, Client evangelists will promote your brand or product without any external motivation.

•But, sometimes it’s necessary to give passionate clients a reason to share that enthusiasm with the world

•Double Reward - Client sends discount code to prospect. Prospect buys with discount and Client also receives discount. Win-Win and you pay only for success. Both are encouraged to share their referral codes with other prospects for more referrals

•Ambassadors - Producing exclusive experiences Clients will be proud or excited to share on social media.

Concept 3: Ensuring Employee Evangelism - It is vital that you have programs in place to nurture and encourage your employees:

1.Establishing a transparent and open culture.

2.Inviting employees to help you create and/or refine your Core Values, Cause and Primary Beliefs. Check with employees on relevance.

3.Paying more than the industry standard and expecting more in return.

4.Putting just as much focus on employee feedback as customer feedback.

5.Supporting educational and career development

6.Hire using culture fit and enthusiasm for the company and products

Head to targetoutcome.com/powerglass-pipeline for your Powerglass Pipeline Playbook and Powerglass Pipeline course.  See you there! 

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In this episode we discuss the Network stage.

Concept 1 - In this stage you create ways to have your Clients network with each other and prospects. On-line, user groups, symposiums/trainings, etc. Provide ways for Clients to send referrals. You develop systems and techniques to promote Network Effects that can lead to an improved Client experience as more people purchase, also encourages new prospects as they look to benefit from purchasing.

Concept 2 - Client and Prospect Watering Holes - Identify and understand the following:

•Where do you customers get or exchange their information?

•What associations do they belong to?

•What user groups are they a part of?

•What events do they attend?

•What Social Media groups do they join – Facebook, LinkedIn?

•Are you in all these places?

Dig Your Own Watering Holes - you can provide value and also unique access to your clients and propects by using:

•Your Website posts – use comments/likes

•Create Social Media Group – Facebook, LinkedIn

•Create your own User Group – website, Hivebrite, events

•You can leverage your 50 Questions and Case Studies

Concept 3 - Review Methods and Sites - Client and User reviews are incredibly influential! Here are the stats:

•88% of consumers read reviews to determine the quality of a local business

•86% of customers say negative online reviews had influenced buying decision

•But most reviews – 80% are positive

•74% customers trust online reviews as much as personal recommendations – astounding – power of social proof.

•Reviews also manifest in Social Media as Likes and Shares. You need great content.

How are you represented on top sites such as Google, Amazon, Facebook, YouTube, Yelp, others.  What industry specific review sites should you be on?  Business listings, Industry Associations, Trade groups, etc. 

Concept 4 - Getting Reviews and Reputation Management - In today's digial world it is ever increasingly important to secure positive reviews.  How do you secure reviews:

•Ask

•Email customers manually with link

•Prompt reviews with codes and review sites on receipts

•Use review generation software such as Trustpilot, Yotpo, RevEngine, Birdeye

Understanding, protecting and nurturing  your Reputation requires these actions:

•Responding effectively to negative reviews and amplifying positive feedback is essential for success

•Being present and having a good reputation go hand in hand

•Know where your online reputation lives

•Reputation software – Podium, Rize Reviews, Reputation.com, Sproutsocial (social listening)

Here is a useful Online Footprint Checklist

1.___Number of listings

2.___Consistency of listing information

3.___Overall sentiment in reviews

4.___Frequency of new reviews

5.___Overall volume of reviews

6.___Social activity and engagement with users

7.___How does your mobile exposure and experience compare to competitors

Concept 5 - Driving Referrals -Requested referrals are great lead generation source as they normally go to “down funnel” prospects who are closer to buying. Reviews are “indirect referrals”. Make sure good reviews are in prospect watering holes. Autonomous referrals are fantastic. Your Customer Experience and Reputation is key to great referrals.

Head over to targetoutcome.com/powerglass-pipeline for more to sign-up for your Powerglass Pipeline Playbook and learn more about the Powerglass Pipeline course that provides much more detail, tools, and techniques on how to optimze your Customer Journey. 

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In this Episode 13 we go through the 8 Concepts in the Loyalty Stage .

Concept 1 - We are starting the 4th "C-phase" which is Community where we create our tribe and raving fans. This is a key phase where you cement Loyalty, create Network, and encourage Evangelize.  

Concept 2 - Up to this point you have focused on a one-to-one Consulting relationship through Enter, Expand and Exclusive. Now you cement Client Loyalty with programs. You create your Client community platforms to develop one-to-many communications where Loyal Clients can refer you to others.

Concept 3 - Loyalty Stats - What makes clients loyal to a brand? 55.3% are loyal because they love the product. 25% are loyal due to great deals. 7% are loyal due customer service. Note: Poor product quality is the #1 reason (at 51.3%) why a brand would lose a customer. How many purchases does it take to make a customer loyal? Answers: 37% more than 5 purchases, 33% more than 3, 17% more than 4 purchases.  Getting to 5 purchases is a difficult road due to:  •67% expect 24/7 service •71% anticipate discounts •58% seek free shipping.

Concept 4 - Lifetime Client and New Territories - you are building on your client development steps and continue to: develop a trusted consulting relationship, you reach 100% wallet share. continue to grow with Clients business growth. To continue revenue growth into the future, work with your Clients to find new business opportunities, new business models, new partners, and revenues accelerate.

Concept 5 - Client Lifetime and Lifetime Value - Two key metrics for customer loyalty :

1.Client (Customer) Lifetime – how many years has this company/person been a customer/client? Calculate the average Lifetime for all your customers/clients.

2.Client Lifetime Value (LTV) – Calculate the total lifetime revenue $ received from each client. Calculate the average LTV $ for all your clients. 

Concept 6 - Net Promoter Score -  NPS is an easy to measure “what they say” Customer Loyalty metric using the question: “How likely is it that you would recommend us to a friend or colleague?”.  The follow-up question is even more important "Why did you give your answer?"

Concept 7 - Why do you lose customers? 

1.They feel neglected

2.They have reasons not to trust you

3.Someone else has promised to do a better job

4.Almost all business have this blind spot

5.Most companies spend 5x on customer acquisition vs. retention

6.BTW – why do employees leave? See 1, 2, and 3.

Loyal Customers are worth it:

60% loyal customers refer to friends and family

52% join a loyalty program

39% will spend more on a product even if cheaper elsewhere

Concept 8 - Starting your Community. Use these steps:

1.A Leader – you or a key executive who has the voice for your company. You must have a visible leader with a Cause and Primary Beliefs. 

2.Platform where Community members can communicate with the Leader

3.Platform(s) where Community members communicate with each other

4.Share positive Client experiences (Journal case studies)

5.Provide an omni-channel experience – social, help desk, chat, events, user groups, idea forums,

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In this episode we discuss Exclusive which is  the final stage of the Client Phase.  We discuss 3 key Concepts:

Concept 1 -  Exclusive = Sole Source Partner - Your customer has become a Client through the Expand stage. Business with your Client has been expanded. Now you work toward an exclusive partnership to secure 100% wallet-share. Then you work with your Client to help them grow their business through finding new territories that create new sales opportunities. You develop you partnership using these techniques

•You work to become the sole supplier of all the needs you can supply expanding your Consulting relationship

•Your Clients come to you as their trusted advisor to discuss growth initiatives

•You provide custom products/services and financial terms to secure a long-term win-win Partnership

Focus on What Clients Want 

1.Convenience – is it easy to do business with you? Or do you err on the side of what’s easy for you and not your Client?

2.Personalization –  Important in this stage! Clients develop loyalty to brands/companies that show they understand the client and what they are looking for.

3.Technology – Clients expect technology should make their experience with companies more valuable and their online experiences better.

Concept 2 - You have made it past the Buy and Bolt and Bloom Falls of the Rose customer profiles.  You are working to grow the Lifetime Client profile.  You build a relationship and sales grow. You develop a trusted consulting relationship. You reach 100% wallet share. Your revenues continue to grow with  your Clients' business growth

Concept 3 - Next you look to Create New Client Territories - You reach 100% walletshare and your relationship is great. Together you create win-win growth. Help Clients find new business opportunities, new business models, new partners. Your revenues grow.

Learn more at https://www.targetoutcome.com/powerglass-pipeline and sign-up for your Powerglass Pipeline Playbook to activate your growth! 

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In this episode we discuss the Expand tage which in one of the most important in the entire Powerglass Pipeline.  Now you are growing your customer's business (revenues) while you build a consulting-based client relationship. 

Concept 1 - Expand= Become a Consultant - You have onboarded you customer. They secured their Quick Win(s). They are happy as indicated on the survey. They are buying expected volumes. You now are going to change the nature of the relationship from Customer to Client by becoming their trusted Consultant.

What is a Consultant?

1.Giving expert advice to people in professional, technical, financial, legal, business, or other specialized fields.

2.Being a consultant takes a unique skill set that balances analytical abilities and excellent communication.

3.Your consulting intent is to find new problems you can solve

4.You discover issues, share ideas, explain concepts, present findings, and find ways to serve.

5.You may be able to charge for your Consulting – Audits, Reports

Concept 2 - What do Clients want? 

1.Convenience – is it easy to do business with you? Or do you err on the side of what’s easy for you and not your Client?

2.Personalization – Clients develop loyalty to brands/companies that show they understand the client and what they are looking for.

3.Technology – Clients expect technology should make their experience with brands more valuable and their online experiences better.

How do Clients Act?

•They thank you when you have discussions with them

•They seek you out for information or better still your opinion

•They share information that they do not share with other vendors

•They consider you a friend

Creating Clients  - In the Consider phase we asked our prospects: the right Questions, uncovered Unique needs, and identified their Expectations. Now we do this again with your new Customer in order to turn them into a Client by digging into their business. Ask:

1.What are your key corporate initiatives?

2.What are your company’s Key Performance Indicators?

3.What are your new target markets and companies?

Concept 3 -  =Ask your Customer questions about their Prospects and Customers:

1.What important Customer needs do you want to serve?

2.What are their additional problems, challenges, needs, wants?

3.What are the symptoms of their problems?

4.What is their desired outcome from solving their problem(s)?

5.What is your solution that will drive successful transformation?

6.What are the indications that your Customers are spending money solving these problem?

Concept 4 - Avoid The Bloom Falls off the Rose profile and work towards Lifetime Client profile.

Concept 5 - How much to Win vs. Keep? Do the math: 

1.What are your costs for winning new customers?

2.What are your costs for keeping existing customers

3.What does it cost you on average when you lose a customer? Sunk costs not recovered, profits decrease, poor customer retention hurts business sustainability, lost customers hurt morale

Remember Frederick Reichheld – a 5% improvement in customer retention rates will yield a 25% to 100% increase in profits.

Concept 6 - Customer Experience -  the impression you leave with your customer, resulting in how they think of your company, across every stage of the customer journey. The two primary touchpoints that create the customer experience are people and product. 90% of customers believe most brands fail to meet expectations (Acuqia). But 82% of Marketers believe they are meeting expectations!

For more information head to www.targetoutcome.com.

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Welcome to the Powerglass Pipeline Seasion Episode 10.  The Enter stage is the first stage of turning a Customer into a Client

Concept 1 - Your prospect is now your customer. They will become part of your “family”. First impressions are huge at this point and you:

•Must have a predefined onboarding

• Insure every step is well documented and trained

•Every step is owned by your point person

Concept 2  - The Ten Steps for customer onboarding success:

1.Set Expectations on both sides 

2.Small Steps – Do not overwhelm

3.Right Info at the Right Time

4.Highlight what is Important

5.Leave something to Discover

6.Show Off Your Product – Use your own stuff

7.Videos, Videos, and more Videos

8.New Users vs. Clients with New Products

9.Focus on Experience not Product/Service

10.Quick Wins (plan for 3 minimum) to Build Confidence

Concept 3 - Enter stage roles and responsibilities - Many relationship changes from Prospect to Customer, xpectations and responsibilities are different than before,Identify the point person in each organization who is involved in the onboarding process – Sales, Finance, Legal, Operations, Customer Service, Support. Introduce your onboarding process lead if it is not the Salesperson.

Concept 4 - Different Emotional States -  You are ecstatic about gaining a new customer but your customer is encountering fear, uncertainty and doubt which drives buyers remorse,  The relationship is in two very different states, so you must take specific steps to help your customer overcome their FUD.

Concept 5 - Relationship Profiles - As you onboard your new customer the relationship can develop four different ways depending on how successfully you engage:

1.Buy and Bolt

2.The Bloom Falls Off the Rose

3.Lifetime Clients

4.Create New Territories

Concept 6 - When is the Customer "Won"? You can see how the revenue-generating Relationship Profiles show how critical it is for a customer’s first experience to be successful. You may have won the deal in the Buy stage, but you win the customer after Enter and well into Expand stage. For example 40-60% of software users open the app once and never again – the deal is won, but the customer is lost. 

Concept 7 - Quick Wins and "How did We Do?" Survey - Your customer point person notes the Quick Wins in your CRM, After the first Quick Win, you engage with a “How did we do?” survey. Your point person will email survey but also calls to say it’s on the way. Ask them to be truthful and indicate where they were not delighted. FOLLOWUP on survey, let them know you got it and discuss any issues. These steps are vital for building trust and eventual loyalty

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In this episode we explore the lower half of the Powerglass Pipeline which is the Customer Pyramid. 

Concept 1 - the two C phases that are addressed by the Powerglass Pipeline are:

Client - You onboard you customers and learn their business to consult on additional ways to Solve other problems until you have full wallet-share

Community - Provide continued value and programs to build loyalty. Create networking opportunities and promote evangelism as fans spread the word. 

The key attributes of the Customer Pyramid are:

•Your Customer relationship begins

•Long term revenue lives in the Pyramid

•You learn your customer’s business

•You become a Consultant to your Clients

•You will earn trust, loyalty, and referrals

•Promote client networking and community

•Create network effects clients to prospects

•Focus on Client satisfaction to become fans and refer on their own to others

Concept 2 - The Real World "Puny" Pipeline  - Very few business spend quality time on their Customer Pyramid as most companies spend 5x on customer acquisition in the Propect Funnel vs. retention in the Customer Pyramid.  The hunt is so much more fun than the dressing/cleaning. Furthermore, most business hierarchies place account management and customer service at the bottom of the rewards ladder – very seldom President’s Club for them!

Concept 3 - Three key insights that describe the importance of a great Customer Pyramid:

A 5% improvement in customer retention rates will yield a 25% to 100% increase in profits.

You have a 5 to 20 percent chance of selling to a prospect, but you have a 60 to 70 percent chance of selling to an existing customer.

The lifetime value of a loyal customer can be greater than 10x, 100x, or more their original purchase/ Investments in Customer Loyalty compound over time

Concept 4 - Key Customer Retention Questions: 

1.How big would your company be if you still did business with every customer you ever worked with in the past?

2.If you never lost a customer, how much money would you save on new customer acquisition?

3.How much more money would you keep as profit?

4.If you kept all your customers and kept your current customer acquisition expenses going how much faster would your company grow?

Concept 5 - Roles and Responsibilities as new Customers come into the Enter stage - New members of your team become the customer owners and point people. This staff was introduced in the Buy phase. Now they need to own the customer and proactively communicate. All Downstream organizations play a part in a successful Customer Pyramid. 

For more information head to www.targetoutcome.com/powerglass-pipeline and look for the Powerglass Pipeline Playbook offer. 

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In this Season 5 episode 8 we discuss the Buy stage in the Powerglass Pipeline. 

Concept 1 - The Prospect is going to buy from you!  -  Money will change hands. Make sure the purchasing experience is hassle-free. Head-off buyer’s remorse and highlight why this purchase benefits your customer. Communicate your onboarding support and next steps immediately. Use a welcome video, customer success manager, daily emails.

Concept 2 - Welcome Process - Take these steps with your new customer. 

•A new customer loves to be welcomed and appreciated for their purchase

•You need to send outreach from various people in your company thanking them for their business. Salesperson, Executive Leaders.

•Use Email, phone, thank-you note, a small physical token for the person or their team (deliver milk and warm cookies).

•Introduce their purchase point person and on-boarding team.

Concept 3 - Setting Delivery Expectations - As you are building your new customer relationship:

•Clearly communicate your product/service delivery expectations

•Delivery is one of your first acts with your new customer and will set the tone for this phase of your relationship.

•Detail your customer onboarding process, identify the steps, and responsibilities on both sides and contacts.

•There will be potentially new people from the customer side taking delivery, using the product/service, requesting support, etc. - Identify them and introduce your team.

Concept 4 - Creating Delight - as you begin to onboard your new customer, look for opportunities to delight them.

•What ways can you create delight at the time of purchase?

•Apple is famous for their unboxing

•“fanfare, confetti, ballons”

•Do something memorable that is social media post-worthy

For more information head to www.targetoutcome.com/powerglass-pipeline and look for the special Powerglass Pipeline Playbook offer. 

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In this episode we discuss the Intent stage in the Powerglass Pipeline. In this stage, the Prospect is going to buy from you or a competitor. They are looking to reduce Risk. Often, this is the Negotiation phase where proposal terms and conditions are discussed.  You show why you are the right choice with customer testimonials, case studies of positive outcomes, comparisons to competitor(s), monetized your benefits. Work to list and answer objections honestly (develop trust). Show how your purchase process is easy, effective, and hassle-free.

Concept 1 - Prospect is on the Precipice - Your Prospect is intending to buy from you or a competitor and they are now looking to reduce risk in several areas:

1. They don’t want to overpay

2. They don’t fully trust you yet

3. They are not convinced my return is greater than my cost

4. What are the product/service guarantees and warrantees

5. What is my recourse if I am not satisfied

6. Who will be my contact(s) with the company

Concept 2 - Price Negotionations - Haggling over price happens in the Intent phase. Prospects know enough about their needs and budget, your price and terms, and most likely one or more competitors’ prices/terms. Everyone has learned to ask for a discount, given the worst answer is no. In sales to large companies, procurement has savings metric. This is why we did the ROI journaling in the Consider phase. Use all of this analysis to negotiate successfully to a win-win outcome. Value stack our offer to the price looks like a great high-value deal.

•You should be better than your competition, if not fix that!

•Support the price you give as the true price – Tell why

•Use your customer testimonials that talk about value received

•Sell your competitive advantages, not you price

•Sell the relationship you have developed (know, like, trust)

•Sell everything but price – quality, value, higher ROI

•Fact: 74% of price cuts are started by salespeople

Concept 3 - Time to Leverage the Relationship - Starting in the Awareness phase we have nurtured Know, Like, Trust. We have helped our prospect navigate their buying journey. We have provided educational content, we helped them clarify their challenges, identified their requirements, and helped set their expectations, answered questions. You were honest and transparent and provided testimonials and reviews.

Concept 4 - Overcoming Objectives - This is an important part of this stage to answer all your Prospects objectives. 

•First, acknowledge and validate your prospects objections

•You are covered here! Use the info in your Powerglass Journal

•Remind them of the Before and After and Transformation Promise

•Make sure they have a firm view of their Success Outcome

•Use appropriate Knowledge phase 50 Questions with answers

•Use the Consider phase Q-U-E process with answers

For more info head to www.targetoutcome.com/powerglass-pipeline and look for the Powerglass Pipeline Playbook offer. 

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