A key role in the decision making process is that of an "influencer". All of us have played the role of an influencer either while growing up or as adults. Of course the degree of influence varies depending on what is being purchased, significance of its value and the involvement of the buyer or the decision maker, and the trust placed by the buyer on the influencer. Imagine how you went about purchasing your house, car or even equity/stocks.
The role of the influencer assumes greater significance in the B2B marketplace, more so in the context of "outsourcing" and, if I may add, the "offshoring" services marketplace. Influencers shape buyer perceptions and it is imperative that Services Marketers recognize their role. Services Marketers need to know their prospects influencers, define their influencer ecosystem and proactively work with them to drive "awareness" of their organization (and therefore the brand), and create "interest" in their services (or product) portfolio and capabilities.
Prospective buyers or 'prospects' invest time researching and understanding the service provider landscape, and would typically narrow down to what is called as the "long list" to whom an RFI (request for information) is usually sent. However, before the prospect can arrive at the long-list, the prospect is typically overloaded and burdened with information about services and products through a plethora of channels, and thousands of service providers are constantly competing for the prospects attention and share of business. Sample this, various service provider rankings that cover the global who's who and top 10, 50, 100; rankings of fastest growing companies; lead generation campaigns, events, webinars, podcasts, whitepapers, articles, media and the list can be endless. Ah! and of course Web2.0 and social media marketing add a whole new twist to the tale! It is here that investments made in proactively managing influencer relationships can make a significant difference to a service provider and help win deals.
Marketers need to understand larger influencers of their target segments while Sales professionals need to deal with influencers specific to their opportunities. Since prospects are faced with information excess, they will seek opinions much like we do in our individual buying process. In doing so they will reach out to influencers that they highly trust, and are credible, knowledgeable and unbiased - these together determine the "degree of influence" for a prospect. The degree of influence can be categorized as 1st, 2nd, 3rd (fashionable) or just high, medium, low (plain and simple)...or simply create your own categories!
1st degree/High Influence: these are typically your prospects peers - companies in the same industry and of similar size. They tend to exchange information through industry associations, networking events specific to their industry, or simply rely on personal relationships. This is where industry "References" are key to win specific deals and the all familiar reference-based marketing overlaps. Remember the last time your prospect asked for a reference from their industry? Some prospects may not rely on customer references and may consider them as biased, therefore references can also be viewed as 2nd degree influencers.
Other significant influencers in this category may well include strategic advisors such as business consultants, industry thought leaders, and in some cases members of the board.
The role of the influencer assumes greater significance in the B2B marketplace, more so in the context of "outsourcing" and, if I may add, the "offshoring" services marketplace. Influencers shape buyer perceptions and it is imperative that Services Marketers recognize their role. Services Marketers need to know their prospects influencers, define their influencer ecosystem and proactively work with them to drive "awareness" of their organization (and therefore the brand), and create "interest" in their services (or product) portfolio and capabilities.
Prospective buyers or 'prospects' invest time researching and understanding the service provider landscape, and would typically narrow down to what is called as the "long list" to whom an RFI (request for information) is usually sent. However, before the prospect can arrive at the long-list, the prospect is typically overloaded and burdened with information about services and products through a plethora of channels, and thousands of service providers are constantly competing for the prospects attention and share of business. Sample this, various service provider rankings that cover the global who's who and top 10, 50, 100; rankings of fastest growing companies; lead generation campaigns, events, webinars, podcasts, whitepapers, articles, media and the list can be endless. Ah! and of course Web2.0 and social media marketing add a whole new twist to the tale! It is here that investments made in proactively managing influencer relationships can make a significant difference to a service provider and help win deals.
Marketers need to understand larger influencers of their target segments while Sales professionals need to deal with influencers specific to their opportunities. Since prospects are faced with information excess, they will seek opinions much like we do in our individual buying process. In doing so they will reach out to influencers that they highly trust, and are credible, knowledgeable and unbiased - these together determine the "degree of influence" for a prospect. The degree of influence can be categorized as 1st, 2nd, 3rd (fashionable) or just high, medium, low (plain and simple)...or simply create your own categories!
Other significant influencers in this category may well include strategic advisors such as business consultants, industry thought leaders, and in some cases members of the board.
2nd degree/Medium Influence: even though this is the 2nd degree of influencers, this is perhaps the all important category where most marketing investments are made by service providers. 2nd degree influencers typically include "industry analysts" such as Gartner, Forrester, IDC, NelsonHall, etc., "management consultants" such as McKinsey, BAH, etc., "law firms" such as Mayer Brown with an outsourcing practice, and "outsourcing advisories" such as TPI, Everest, Alsbridge, and the sourcing practice of industry analyst firms. The reason for making them 2nd degree influencers is because of the trust factor; prospects typically tend to place less emphasis on these influencers (in relation to 1st degree influencers) as they work directly with several service providers and perhaps view them as biased in their opinion as they are compensated for their services. Of course, this is only my way of generalizing it and may not be true in all cases. One needs to understand the influencers between every prospect and deal, and the amount of trust and influence they enjoy with that prospect.
Outsourcing or Sourcing Advisories such as TPI are sometimes 1st degree influencers, and are also formally engaged by prospects to lead them through the sourcing/supplier selection process up to negotiations and contract signature.
3rd degree/Low Influence: this category includes influencers such as the media, partners of the supplier, employees of the prospect that are part of the selection process for a specific reason (Ex: early buy-in so they don't become obstacles) but can't influence the decision, "spray and pray" lead generation campaigns, and perhaps many more. What about you, the supplier? Well, it is my opinion that the supplier gradually moves from being a 3rd degree influencer to a 1st degree influencer in the buying/sales process. Everything that the supplier tells about their products or services is likely to be met with at least two questions - 'Tell me where have you done it before?' and 'How did you do it?' Everything that you say as a supplier or seller will be examined and taken with not 'just a pinch' but a 'good helping' of salt. Case studies and sales objection handling become important tools in such sales situations.
In Summary, it is important for Services Marketers and Sales Professionals to understand the role of influencers in their target markets and client buying cycle/supplier selection process respectively. Identifying and addressing them proactively can heighten supplier awareness and build supplier credibility, increase "velocity of the pipeline" for the supplier, help cut through the information clutter, and get ahead of the competition in the "long-list".
Share your views and experience about how your organization has implemented its influencer strategy? What has been the ROI against investments and when can you start expecting results?
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