"Half the money I spend on advertising is wasted; the trouble is I don't know which half." A century later, this quote by John Wanamaker is still true for more than half of marketing organizations. According to Salesforce research, only 41% of companies are using marketing attribution modeling. Without a model, how do you connect a simple action like a click on an ad to revenue noted in your CRM?
In 2021, we expect this number to increase. Sales and revenue operations pros will dig deeper into their custom multi-touch revenue attribution reports to better understand how different activities create revenue. Such models are especially useful in long sales cycles with multiple stakeholders involved.
If we're increasingly talking about a customer-centric buying process, why are we still tracking deal according to salespeople's actions? Up until now, sales pipeline stages represent each step of the sales process, from lead to customer, according to the sales person's actions: "prospecting list identified", "lead qualification", "meeting booked", "proposal out", and so on.
We believe pipeline stages will shift from representing what the salesperson has done to tracking customer's actions. It will be more beneficial to look at the pipeline and split opportunities in stages such as "needs identified", "potential vendors elected", or "budget and timeline decided". It just makes sense in today's B2B world.
Google coined the term micro-moment to define intent-rich instants when people turn to a device to act on a need to learn, discover, or do something. In those moments, decisions are made, and preferences are shaped. In B2C, micro-moments are widely used to optimize the customer journey, increasing marketing ROI. With the massive increase of digital channels and data-driven marketing, we believe will start acting on those micro-moments next year.
B2B customers don't make impulse purchases, but they are more inclined to seek answers at particular moments. As an example, someone might be more willing to ask questions on your company's chat at the very moment they stumble upon quality content. In those moments, chatbots are a great tool that can be leveraged to help you convert more micro-moment opportunities. Chatbots can get the conversation started and connect a prospect to a sales rep.
Predicting the future isn't an easy thing, but sure it's fun. That's why we've also identified three other trends, which may or may not happen extensively in 2021, but are nevertheless exciting developments to watch.
Review your strategies and tactics with our Sales Playbook Template, which we've updated for 2021.
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Topics: B2B Sales