“Thank goodness events are working again,” shared a relieved CMO from a $60 million software company. Then other CMOs in the huddle offered variations on this theme. The collective relief was palpable. Several important insights emerged.
B2B CMOs' Collective Anxiety
I’ll get to the event-related insights shortly. But there’s a bigger fish to fry first. And that’s the general unease that exists among B2B CMOs right now. The demand generation playbooks that many relied upon for the last 5 years have hit a wall. CMOs are grumbling about the costs of once-vaunted ABM tools relative to the value delivered. In reality, macroeconomic factors like higher interest rates have lowered the purchasing tide for most marketing boats.
Whether or not you blame the economy or the playbooks (the same ones that were killing it two years ago), B2B CMOs are in a bit of a funk. And that’s a problem too. CMOs, like preachers, need to project confidence. Given the typical lag time between action and impact, great marketing requires a leap of faith. And before the attribution junkies get out your darts, allow me to explain.
Great Marketers Driving Change
Great marketers transform businesses.
They uncover the insights that drive the ideas that differentiate the brand inside and out. They fix broken go-to-market strategies. They tell the stories that motivate employees and rally customers. They fix dysfunctional cultures. They build the tools that make it easier for prospects to justify the purchase. They bring focus. And yes, they drive pipeline and revenue. But not without a significant lag time between these actions and their related impact.
Events Fueling Revenue Growth
Okay, pep talk over.
Back to events. For the relieved software CMO, the (“surprisingly effective”) events were not trade shows or fancy executive dinners. They weren’t even intended to drive net new revenue. Instead, this company was hosting seminars at the offices of their largest customers to help them get the most out of their software. Like many software providers, they knew their customers weren’t always using their product to its fullest potential. Fixing this would increase customer satisfaction and lower churn.
Surprising Wins and Shared Insights
But a funny thing happened along the way.
Other employees showed up at these seminars. And, when they felt their peers' excitement about the software, they requested licenses too. Suddenly a retention effort became an acquisition campaign. “These events have become our most effective revenue drivers,” exclaimed the CMO, “which is huge since doing these events is not cheap!”
Other CMOs noted that events were similarly working for them. “We’ve been doing roadshows in our largest markets,” shared a CMO from a $750 million cybersecurity company. “Most of the attendees are our customers and they do all of the selling to the prospects who join us,” the CMO declared. Part of the story is that work-from-home execs crave in-person contact with peers. But the bigger message is that investments in retention can double as acquisition vehicles.
Final Thoughts
Marketing is rarely a straight line from action to intended impact. But then again, neither are most B2B purchase journeys. You can do no wrong by doing right by your customers. They will sustain you during challenging economic times.
In the meantime, keep the faith.
Written by Drew Neisser
