6 key Rules to Expand Your B2B Marketing Influence
Marketing influence is a timeless subject but the ways we capture and communicate are constantly evolving. I originally wrote about this subject in 2011 and updated the material for my 2015 book, Winning B2B Marketing . And whether you are a one-person consulting shop, work for a mega corporation, or anything in between, you need to constantly expand your Circle of Marketing Influence.
Starting with your organization at the core, everyone that you can possibly do business with can be pinpointed somewhere in relation to the center. As those individuals in the outer reaches of our marketing influence are brought closer, they become part of your inner circle. Those nearest to the core are friends, former colleagues, loyal customers, prospects in an active sales cycle and others you have direct influence on. Those farthest away comprise your total addressable market (TAM) but many or most of them may not even know that you exist.
Traditional lead-to-revenue (L2R) models track this movement through the marketing and sales sequence using terminology such as suspects, leads, qualified prospects, opportunities and customers. The idea is to locate individual suspects in the larger universe (TAM) and convince them to engage and then make a purchase. By contrast, in today’s pull marketing world, the idea is to broadcast powerful and consistent messages to the cyber universe and give people good reasons to engage with you. The key point is that prospects choose to engage with you – you do not have to chase after them. And they are much more likely to engage if they are already in your sphere of influence.
Over time, the inner- and middle circles grow as people become closer to you. Because you are providing the right message at the right time, people are educating themselves and they willingly engage – not because of the persistence and brilliance of your sales people and you pushing yourself on them, but rather because they actually need your products or services and are searching for a solution. The complexity of the sales process decreases, the sales cycle shrinks and your close rate goes up. This is what we call a winning trifecta!
Let’s take a look at how the circle of influence relates to your business. The Inner circle is comprised of your key influence group including employees, partners, customers, active prospects, personal contacts, and blog contributors. The Middle circle is the moderate influence group and includes contact lists, blog readers, suspects, social media followers, group members (e.g. LinkedIn), affiliates, industry experts, press, and analysts. The Outer circle is the low influence group and includes your potential prospect universe/TAM including email lists, direct marketing lists, occasional blog readers, media readers, and suspects.
This first graphic shows where you may be in your current evolution as a company or individual, particularly if you are in a fairly new business. Sadly, even some older companies have a small circle of marketing influence. In this case, the size of your inner circle and contact lists are small in relation to the entire prospect universe (total addressable market). And it is also true that marketing is usually more expensive at this stage (relatively speaking) because you often have to spend marketing funds to first educate suspects before turning them into prospects. In fact, even though your goal is to build a strong push model, it may be necessary to do a fair amount of push marketing at this stage.
The End Game: Where you are going
This second graphic illustrates the impact of how your consistent marketing and targeted outreach efforts will help you grow the number of key influencers and moderate influencers. Over time, these parts of the circle of influence will become a rich source of low-cost qualified prospects and customers. Also important to your fiscal health – your marketing campaigns can evolve from push marketing to pull marketing and you will generate leads and new customers at a much lower acquisition cost. In our practice we’ve seen the impact of building up the marketing influence database as it results in a two-third reduction in cost-per-lead over a two year period.
Rules for Expanding Your Circle of Influence
We’ve talked about the why, let’s now discuss the how. Follow these six rules to expand your marketing influence.
- Be intentional. Amazing how I meet someone who has 300 LinkedIn contacts and they tell me their goal is to expand their network to produce better results. My advice to that person is to start today and add relevant connections throughout the year, with a goal of 500 connections (adding one per business day). A year later, I look at their profile and they have 320 connections. I call these accidental connections because a few people will connect even if you take no action.
- Be methodical. Expanding your circle of influence takes time and a bit of work, but not so much time or effort if you spread the effort out. To start, block 2-3 hours per week on your calendar to devote exclusively to social media and network building. The investment will take a bit of time to pay off, but it will pay off.
- Be available. Don’t ignore your network and then scramble to catch up when you need something. We all have those people in our lives who only reach out when they want something (job, reference, etc.) but are otherwise silent.
- Be valuable. If you have content to share, make sure it’s the good stuff not just a rehash of what everyone else is offering. Not to say that you need to give away your trade secrets but it is usually better to offer something unique.
- Be generous. Following up on the previous rule, you should willingly share information, references, comments, compliments, congratulations and so forth. You are planting seeds for the future. Just like with real seeds, some will produce fruit and some will fall on barren ground. The point is that you have no idea which seeds are which – so do not try to be Machiavellian about your networking. If you are available and add value to enough people, you will gain in return. That’s the way life works, both at home and the office.
- Be realistic. Good networking is about quality of communication but it is also about quantity. If you wait until the perfect opportunity to reach out, you may have to wait a long time. The point is to communicate often enough to remain top of mind (without being annoying).
The Circle of Marketing Influence is an excellent way to remember that your mission in B2B marketing is to continually expand the number of people who know what you do and why you are the obvious choice in your market.
Porter Gale wrote a book titled “Your network is Your Net Worth”.The title really says it all. Build your network, expand your influence and reap the benefits.
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