Event-Led Growth: What is it? and Why Do You Need to Care About It!

Summary:

In the dynamic landscape of B2B marketing, businesses are increasingly recognizing the transformative potential of online events and webinars. Traditionally viewed as tools for engagement and education, events are now emerging as powerful revenue drivers. This shift is ushering in a new era of "Event-Led Growth," where strategic use of virtual events becomes a catalyst for sustained business expansion, especially within existing customer bases.

 

The Evolution of B2B Marketing

Historically, B2B marketers have focused on traditional channels like advertising, email marketing, and content creation to drive customer acquisition and retention. However, as the digital landscape evolves, so do the strategies employed by marketers. The shift towards Event-Led Growth signifies a realization that virtual events and webinars can play a pivotal role in revenue generation.

 

Events as a Core Component to the Rhythm of the Business

Online events have long been valued for their ability to engage and educate audiences. However, they’re often seen as siloed “one-offs” and their potential as a revenue stream has been largely overlooked. With the advent of advanced virtual event platforms, that are more content rich persistent destinations than ‘random acts of events’, businesses can integrate these engagement strategies into the core revenue-generating rhythms of the business.

 

Understanding the Shift: From Cost Centers to Revenue Drivers

Traditionally, customer marketing and educational events were considered cost centers – investments made for brand awareness, customer education, and relationship-building. The transformation to revenue drivers marks a strategic pivot. B2B marketers are increasingly leveraging online events to not only retain existing customers but also to cross-sell and upsell products and services.

Key Elements of Event-Led Growth:

• The Customer Self-Advocacy Flywheel: When done right, these persistent community forums are driven by customer inertia. This “flywheel effect” is when customer advocates are helping other customers with best practices and value creation.
• Customer Retention and Loyalty: Online events provide a platform for businesses to nurture relationships with existing customers. By offering exclusive content, sneak peeks, and personalized interactions, companies enhance customer loyalty and reduce churn rates.
• Cross-Selling and Upselling: Leveraging the captive audience during events, marketers can strategically introduce new products or showcase advanced features, leading to increased sales within the existing customer base.
• Lead Generation and Conversion: Events serve as powerful lead generation tools, attracting prospects interested in the industry or product offerings. Integrating sales funnels within events allows for real-time lead conversion, turning engagement into revenue.
• Data-Driven Insights: Virtual events generate a wealth of data, offering marketers valuable insights into attendee behavior, preferences, and engagement levels. Analyzing this data empowers businesses to refine their strategies, ensuring future events are even more effective in driving revenue.

Best Practices for Event-Led Growth:

• Segmented Targeting: Tailor event content and promotions based on customer segments, ensuring relevance and maximizing the impact on specific target groups.
• Integrate Marketing Automation: Automate post-event follow-ups, personalized communications, and targeted promotions to seamlessly transition event engagement into revenue.
• Strategic Content Planning: Design event content with a revenue-focused mindset, strategically incorporating product demonstrations, case studies, and exclusive offers to drive sales
• Collaboration with Sales Teams: Foster alignment between marketing and sales teams to ensure a unified approach, leveraging events to support sales goals and revenue targets. 

The Future of B2B Marketing is Event-Led

As B2B marketers awaken to the untapped potential of online events and webinars, the shift towards Event-Led Growth becomes not just a trend but a fundamental strategy for sustained success. By viewing events as more than “one offs” and embracing their role as powerful content within a persistent engagement destination, businesses can unlock new growth within their existing customer base. The era of Event-Led Growth is here, ushering in a new chapter in the evolution of B2B marketing.

The Rise of Customer Marketing: Unlocking Sustainable Growth through Upsell, Cross-Sell, Community, and Engagement

 

In today's highly competitive business landscape, companies are increasingly recognizing the immense potential within their existing customer base. The rise of customer marketing has become a focal point for organizations seeking sustainable growth through strategic initiatives such as upselling, cross-selling, community building, and fostering customer engagement. This short paper explores the significance of monetizing existing customers as the key to a sustainable business model and outlines the various strategies that can be employed to achieve this goal.

 

Introduction:

Traditional business models often focus on acquiring new customers, neglecting the untapped potential within the current customer base. The rise of customer marketing challenges this approach, emphasizing the importance of cultivating long-term relationships and maximizing the value derived from existing customers.

 

Upsell and Cross-Sell Strategies:

Upselling and cross-selling are powerful techniques to increase revenue from existing customers. Upselling involves encouraging customers to upgrade to a higher-value product or service, while cross-selling involves offering complementary products or services. Effective implementation of these strategies requires a deep understanding of customer needs and preferences, allowing for personalized recommendations.

Building a Thriving Community:

Customer communities play a crucial role in customer marketing, fostering a sense of belonging and loyalty. Establishing online forums, social media groups, or exclusive customer events, webinars provide a platform for customers to connect with each other, share experiences, and become brand advocates. A strong community not only enhances customer retention but also serves as a valuable resource for feedback and market insights.

 

Customer Engagement Initiatives:

Engaging customers throughout their journey is vital for building lasting relationships. Personalized communication, webinars, targeted content, and interactive experiences all contribute to increased customer satisfaction and loyalty. Leveraging technology, such as AI-driven concierge services to orchestrate a customer journey enable companies to deliver tailored and timely interactions.

Monetizing Existing Customers for Sustainable Growth:

Monetizing existing customers is the linchpin for a sustainable business model. By focusing on customer lifetime value (CLV), businesses can implement strategies that go beyond one-time transactions, creating a steady revenue stream. Customer marketing not only drives revenue but also reduces acquisition costs, contributing to a more efficient and profitable business.

 

Conclusion:

The rise of customer marketing signifies a shift in business strategy, where the emphasis is placed on nurturing existing customer relationships for sustainable growth. By strategically implementing upsell, cross-sell, community building, and engagement initiatives, businesses can unlock the full potential of their customer base, driving long-term success in an ever-evolving market.

Why you should be all in on Gen-AI

It’s been a while since I’ve written about a sea change in technology.  I think one of the last topics was the rise of Big-Data where collection, analysis and compute resources were all coming together to fuel a revolution in predictive analytics which we all take for granted today. For instance, we get upset when Google maps doesn’t re-route us even when the backup just happened.  Or how we now run genomic sequences on our dogs.

We’ve been spoiled. 

I’m now seeing the same momentum, hype, and emerging reality around Gen-AI both for large language models and Image-AI.   We stand on the cusp of Gen-AI changing the way we learn, create, and make decisions.

The concepts of Gen-AI are not new mind you, Microsoft rolled out AutoCorrect in MS-Word in 1993.  Apple released Autocorrect with the debut of the iPhone and IOS 1.0.

What’s different is that today’s perfect storm of parallel processing GPU’s, (Related article Microsoft’s own ARM based GPU, look out Nvidia) combined with the neural networking algorithms that can correlate large associations of known language and image results and the open source large language models e.g. Open-AI with its 175B Parameters, all combine to fundamentally change the way we generate content and “original” thought. 

Open-AI’s ChatGPT,  one of the most public and widely used LLM’s stands to either be a breakthrough in the way humans create content or a shortcut to homogenize and normalize the world around marketing doublespeak, depending on your point-of-view.   

Personally, I like the way Google Pixel Image-AI helps everybody take a great picture.

Big-Data is all about using large data sources to form better predictive analytics and facilitate decision making to augment human action that drives better outcomes.

Gen-AI is a giant leap in the same direction, using those same Big-Data concepts but to change the way ideas are formed and content is created. 

The dilemma is that this is the essence of creativity and what makes us human.

 

 

Sam Altman's Commitment: San Francisco's Gen-AI Renaissance Through OpenAI

 In the ever-evolving landscape of Silicon Valley, decisions made by key industry players can have profound effects on the trajectory of both individual companies and the broader tech ecosystem. Sam Altman's recent decision to remain at the helm of OpenAI is not just a crucial move for the organization; it holds promising implications for the thriving Gen-AI scene in San Francisco. In this article, I delve into how Altman's choice to stay is poised to be a catalyst for the continued growth and innovation of the city's tech sector.

Leadership Stability and Vision:

Altman, a respected figure in the tech community, brings a wealth of experience and strategic vision to OpenAI. His decision to stay and board victory at OpenAI signals a long-term commitment to the organization's goals. His leadership continuity is not only vital for OpenAI's trajectory but also fosters an environment of trust and confidence among employees, investors, collaborators, and the broader tech community that lives in the wake of OpenAI. Startups are seeing Gen-AI as a tipping point in areas like: Content Management, Trust Catalogs and Enterprise Knowledge Management.  As San Francisco thrives on innovation and vision, Altman's unwavering commitment contributes significantly to the city's reputation as a global tech investment hub.

Attracting and Retaining Talent:

The war for talent in the tech industry is intense, and a stable leadership team is a powerful magnet for coveted engineers. Altman's decision to stay at OpenAI solidifies the organization as an attractive destination for top-tier talent. This, in turn, benefits San Francisco as a whole, as the influx of skilled individuals contributes to the city's vibrant and dynamic workforce.

Investment Magnet:

A stable leadership team is crucial for attracting investment, and Altman's decision enhances OpenAI's appeal to investors seeking long-term partnerships. The financial stability and strategic vision demonstrated by Altman contribute to a positive investment climate in San Francisco. As OpenAI continues to push the boundaries of artificial intelligence, the city stands to benefit from increased investment flows, fostering an environment where startups and established companies alike can access the capital needed for growth and innovation.

Khosla Ventures is in the final stages of raising $3 billion for its latest set of venture funds, showing how investors remain bullish even as startups continue to stare down slower growth and lower valuations.

in 2019 KV invested $50 million in OpenAI, making it the first outside investor in the company. That investment was more than double the largest first check Khosla Ventures had ever written for a startup.

Inspiring Entrepreneurial Spirit:

Altman's decision to stay at OpenAI serves as a beacon of inspiration for aspiring entrepreneurs in San Francisco. It showcases the potential for long-term success and impact in the tech industry, encouraging the entrepreneurial spirit that defines the city. The success of OpenAI under Altman's leadership sends a positive signal to startups, motivating them to pursue ambitious goals and contribute to the city's reputation as a hotbed of innovation.

Conclusion:

Sam Altman's choice to remain at the helm of OpenAI is not just a decision for the organization; it's a strategic move that radiates positive effects throughout the tech ecosystem of San Francisco. Through leadership stability, talent attraction, increased investment, collaborative initiatives, and inspiration for entrepreneurs, Altman's decision positions both OpenAI and the city as central players in the ongoing narrative of technological innovation. As San Francisco continues to evolve, Altman's commitment provides a solid foundation for the city's tech renaissance.

One App to Rule them All…

 

One App to Rule them All…

In the beginning, frustrated IT Directors, B2B Sellers and Purveyors of Sales and MarTech stacks stitched together Video Collaboration, Conversational Analytics and Scheduling from a myriad of expensive tools like: Zoom, Gong and Calendly. 

But users often found these tools cumbersome, buggy, and expensive.  These tools frustrated users and IT admins alike with tool fatigue, complexity and often performance. These tools taken on their own are also expensive and frankly they don’t need to be.

We failed to address the fundamental needs of simplicity, ease of use and performance in a cost-effective experience that delivers Video Collaboration, Conversational Analytics and Scheduling all in one App. 

One App where you can control your own personal and corporate branding with custom tailored URL’s.  Your own “Digital Virtual Office” where customers can always connect with you instantaneously if you’re available now, leave you a personalized video message to inform you of their need for a conversation and even instantly find a time to connect if you’re away.

The time is now for CollabNow’s All in one Virtual Digital office.

Did I mention that it’s free forever? Yes, FOREVER. 

What are you waiting for? Claim your DVO today and become the Super Hero you were meant to be.

 

 

Customer Experience, the new Battle Front

Commoditization is everywhere.  With offshore development, noisy marketing channels, worldwide internet commerce, the last true battle front that remains is the Customer Experience (Cx).

Today’s buyer, either B2B or B2C (Which is becoming less and less relevant. More on that later) values service and convenience many times over price and product and expectations have never been higher.

Take Uber and Lyft.  Both ride sharing services offer exactly the same thing.  Get me from point A to B in somebody else’s Hyundai Sonata.  What’s the difference? Switching cost is zero.  Customers will churn over a 3-minute wait time.  The difference is the Cx.  How the driver greets you. What happens if you leave your phone in the car?  What is there is a dispute?  How the company handles the Cx defines whether you will renew or churn. Cx drives loyalty.

My friend Nick Mehta has built a great company in Gainsight on Cx being a killer differentiation and managing the Cx is now a whole category unto itself.

The flattening of the product and price curves have driven comprehensive commoditization across broad industries where price and product differentiation were formerly king not just Uber or Lyft, but Boeing or Airbus, eBay or Amazon, Cisco or Juniper. Our parents would drive across town to save 5 cents on a gallon of milk.  Today, I shop at Wholefoods, and am willing pay a premium, for a killer Cx.

Commoditization has flattened differentiation and the only battle front that matters is the Customer Experience. 

Deliver a great Cx and your business will thrive.

Brand Management in the Age of Twitter

In days gone by, a brand interacted with consumers either through retailers or tightly controlled feedback channels.

Brands were separated from their customers and marketing was a “Mad Men” sort of process of smoked filled rooms and catchy slogans and jingles like “Intel Inside”.

The rate of change in the past few years in the way that brands interact with their customers has been exponential with the rise of review sites like Yelp, Trip Advisor, Angie’s List and Twitter with the powerful elegance and beauty of the hashtag.

The hashtag has been the most powerful shift in the loss of B2B anonymity. In the past, if you wanted to complain about bad customer service or a tainted burrito, you were relegated to the black holes of customer service or the complaint department.

Now with a few clicks on your phone, you can bring once powerful brands to their knees as witnessed by Chipotle with a record loss of over $1B in market cap after a sick staffer spread the norovirus around a suburban Washington DC, store, sickening more than 130 customers.

Now powerful tools from Salesforce, Adobe, Lithium and others enable brands to monitor and respond with immediate damage control to prevent billions in loss or increased distribution to capitalize on market inefficiencies.

But the power of the hashtag is not just about angry consumers.  While monitoring its twitter feed shortly after the release of a new LeBron James shoe, Nike noticed that these shoes were being bought up in droves in the Midwest and sold at a 500% mark-up on eBay.  They quickly responded and stepped up production.   When Nintendo was trying to figure out what to do with old outdated games like Donkey Kong, they bundled them onto an old console and listed them for $99. These caught on like wildfire amongst 40 year old gamers looking for childhood nostalgia. Nintendo cranked up production and the price to meet this overwhelming market demand.

Twitter and the power of the hashtag has further accelerated the swing of power from the brand to the consumer.  

Next blog: The power of AI and ML in the new age of brand management.