Verloop - Fireside chat
Summary
TLDRIn this insightful fireside chat, Siddharth, the Chief Marketing Officer of WordLoops, shares strategies for building a robust customer acquisition strategy. He emphasizes understanding the target audience, identifying their pain points, and leveraging the right marketing channels. Siddharth also discusses the importance of allocating budgets wisely, staying ahead of the competition by delivering exceptional product value, and the role of technology in amplifying marketing efforts. Additionally, he highlights the significance of a content strategy aligned with the customer journey and the use of appropriate marketing tools for effective communication.
Takeaways
- 😀 Understanding your target audience is fundamental for building a strong customer acquisition strategy.
- 🔍 Knowing where your customers are and what platforms they use is crucial for effective marketing.
- 🎯 Allocating 70% of your budget to proven channels and 30% to experimental ones can balance risk and opportunity.
- ⏳ B2B sales have a longer feedback cycle, so cohort analysis over time is important for refining marketing strategies.
- 📈 Focusing on lagging indicators, rather than leading ones, can provide a clearer picture of marketing success.
- 🏆 A great product is essential; marketing can amplify its strengths but cannot compensate for a poor product.
- 📈 Staying ahead of the curve in technology and understanding customer needs can help maintain a competitive edge.
- 📝 Developing a content strategy that aligns with the customer journey is key to effective communication.
- 🛠️ Selecting the right marketing tools based on the stage of the funnel (top, middle, bottom) can optimize outreach and engagement.
- 🌟 Amplifying a good product with compelling content is essential for customer acquisition and retention.
Q & A
What is the fundamental aspect of building a strong customer acquisition strategy according to Siddharth?
-Knowing who you're marketing to is fundamental. It involves understanding the audience, where they are, and their pain points to build a strong customer acquisition strategy.
How does World Loop determine which customer segments to target?
-World Loop primarily targets CTOs, CIOs, and heads of customer support who are typically found on platforms like LinkedIn and various forums.
What is the approach to understanding customer pain points and value propositions as per the discussion?
-The approach involves understanding the customer's gain point in choosing a tool and identifying the pain points that the product can solve for them.
How does World Loop decide on marketing channels to invest in?
-World Loop decides on marketing channels by understanding where their customers are, what they search for, and how they interact, then allocating 70% of the budget to proven channels and 30% to experimental ones.
What is the role of the on-ground sales team in World Loop's GTM strategy?
-The on-ground sales team provides crucial insights into customer interactions and behaviors, which helps in refining the GTM strategy.
How does World Loop refine its budget allocation for different marketing channels?
-World Loop refines budget allocation by conducting cohort analysis to evaluate the performance of different channels and adjusting the budget based on conversion rates and customer feedback.
What is the key to staying ahead of the competition in terms of customer acquisition?
-Staying ahead of the competition involves understanding customer pain points, delivering value, and ensuring the product is superior to competitors, as marketing will amplify the product's strengths and weaknesses.
How important is technology in staying ahead of the curve in marketing efforts?
-Technology is crucial as it allows for better understanding of customer behavior, more effective targeting, and the use of advanced marketing tools to enhance customer acquisition strategies.
What are the best practices for building a content strategy as discussed in the fireside chat?
-The best practices include understanding the entire customer journey, developing content for each stage of the funnel, and ensuring the content aligns with the customer's needs and the product's value proposition.
How does World Loop recommend selecting marketing tools for different stages of the funnel?
-World Loop suggests selecting tools based on the stage of the funnel, with a focus on social tools for top-of-funnel, personalized tools for middle-of-funnel, and more direct engagement tools for bottom-of-funnel and customer advocacy.
What is the significance of understanding the customer journey in content development?
-Understanding the customer journey is significant as it allows for the creation of targeted content that addresses the customer's needs and pain points at each stage, from awareness to consideration to decision-making.
Outlines
🚀 Building a Strong Customer Acquisition Strategy
The paragraph discusses the importance of understanding the target audience to build a solid foundation for a customer acquisition strategy. It emphasizes knowing who you're marketing to, where they are, and their pain points. The speaker, Siddharth, mentions that World Loop primarily targets CTOs and CIOs, who are often found on LinkedIn or in industry forums. The strategy involves understanding what these individuals need and how World Loop can solve their problems. The marketing message should communicate the value that World Loop brings to these customers.
🛠️ Activating Customers and Channel Investment
This section delves into how to activate customers and decide on the channels to invest in for marketing. Siddharth explains that understanding where customers are and what they are interested in is crucial. He suggests a 70/30 split for budget allocation, with 70% going to proven channels and 30% to experimental ones. He also talks about the importance of cohort analysis to evaluate the effectiveness of different channels over time. The feedback cycle in B2B sales is noted to be longer, so it's essential to look at lagging indicators to make informed decisions about budget allocation.
🌐 Staying Ahead of the Competition
The focus here is on how to ensure that marketing efforts are ahead of the competition. Siddharth points out that a strong foundation in understanding customer pain points and delivering value is key. He stresses that a good product will naturally stay ahead if it meets customer needs better than competitors. Additionally, staying on top of technology trends and having the right marketing tools are essential to maintain a competitive edge. The paragraph also touches on the role of content in amplifying the product's value and the importance of a content strategy that aligns with the customer journey.
📈 Marketing Tools for Effective Communication
In this paragraph, the discussion turns to the types of marketing tools that can be effective for both B2C and B2B. The speaker recommends tools based on their utility at different stages of the customer funnel. For the top of the funnel, social tools for broad reach are suggested. For the middle of the funnel, tools that facilitate one-to-one engagement are recommended. At the bottom of the funnel and for engagement, more personalized tools like physical books, benchmark reports, and webinars are advised. The speaker emphasizes the importance of choosing the right tools to match the stage of the customer journey and the goal of the marketing effort.
Mindmap
Keywords
💡Customer Acquisition Strategy
💡Chief Marketing Officer (CMO)
💡Persona
💡Pain Point
💡Value Proposition
💡Channel
💡Budget Allocation
💡Cohort Analysis
💡Competitive Advantage
💡Content Strategy
💡Technology Trends
💡Marketing Tools
Highlights
The importance of understanding your audience to build a strong customer acquisition strategy.
Identifying where your target customers are active, such as on LinkedIn or specific forums.
Understanding the pain points and value propositions for different customer roles like CTOs or heads of customer support.
The strategy of allocating 70% of marketing budget to proven channels and 30% to experimental ones.
Utilizing cohort analysis to evaluate and adjust marketing budget allocations over time.
The role of product quality in customer acquisition and how marketing amplifies product strengths and weaknesses.
Staying ahead of the competition by understanding customer needs and leveraging technology trends.
Developing a content strategy that aligns with the different stages of the customer journey.
The significance of top-of-the-funnel content in creating awareness of potential pain points.
Middle-of-the-funnel content should guide customers in making informed decisions.
Bottom-of-the-funnel content should highlight case studies and product differentiators to close deals.
Engagement content for existing customers should focus on thought leadership and educational resources.
Selecting the right marketing tools based on the stage of the funnel and the desired reach versus relationship.
The necessity of a good product as the foundation for effective marketing efforts.
How marketing can amplify a product's strengths but also highlight its weaknesses if it fails to meet promises.
The importance of being on top of technology trends to stay competitive in marketing and customer acquisition.
The role of content in amplifying the perception of a good product in the market.
Recommendations for marketing tools that can effectively communicate product and content to different customer segments.
Transcripts
[Music]
hello everybody welcome i hope you've
had a fantastic time reading wordloops
case and to help us understand the case
much better to help us understand the
questions in the case much better we're
delighted to have the chief marketing
officer of world loop in person actually
virtually but in person virtually to
guide us through the case i'm sure that
you've enjoyed the case and i'm very
very glad and delighted to welcome
siddharth to this uh to this little
fireside chat where we explore more
about world loops customer acquisition
strategy so welcome welcome to that to
this fireside chat
glad to be here thank you so much for
having me
perfect so you know right off the bat i
want to understand one very fundamental
question is that you know when when
you're trying to build a strong customer
acquisition strategy what are the kind
of foundations you end up building in
order to make sure your customer
acquisition strategy is is full is
strong and is very stable at the same
time
so yeah i mean uh
it's pretty simple actually right uh we
try to over complicate things and we try
to you know jargonize marketing a lot
but at the end of the day uh your
marketing to your customer right so the
first thing that you've got to do to
build a great foundation is to know who
you're marketing to
right uh figure out who your audience is
who is your uh who is going to buy your
product right who's going to sign up
right and then figure out where those
people are
right uh for example if i am i mean
given the world loops acquisition right
we sell primarily to the cto cios the
head of customer support right now most
of these people either are on linkedin
or on different for a forum right so we
figure out which forums are they on
which channels are they on right so you
build up with the person now you build
up where they are what they do you
understand get a deep understanding of
what you know who who they actually are
right i mean if there's a cto what is
the cto's gain point in choosing a tool
like one
and what is that pain point that loop
will solve for them right understand the
person understand their pain point and
understand how do you how would they get
attracted towards you what what is that
pain point that they cannot live without
what is the value that you bring right
and that's what you've got to
communicate and that's the foundation of
our marketing
got it perfect one point so over here um
you know further down
when you're trying to activate your
particular set of customers how do you
decide which channels to start investing
towards and how do you actually
refine out maybe a ratio of sorts where
we decide that these are the channels
that we should invest this much amount
of money or efforts in this in order to
streamline your gtm plans
sure
so uh you know as a part of gta right uh
the biggest uh
you know help you get is from the on
ground sales team right uh but before
even it comes to that right you've got
like i said you've got to understand
where your customers are at right if
your customers are on twitter or your
customers are on linkedin facebook are
they searching right i mean are they
actually looking at that keyword right
does that keyword even have a volume and
if they are searching like what are they
watching are they searching educational
is it like how do i build a whatsapp
chatbot or is it like where do i buy a
whatsapp chatbot right so is it an
intent driven is it a awareness driven
what is it you understand these things
right and then you figure out
okay hey this is uh
what's going to be like you know in the
you know this is what my customer uh
customers are this is where my customers
are and this is what is actually
where they are interacting with each
other all right and that's and that
that's a gdm strategy now coming to the
past where you know uh where how do you
allocate budget to this right now budget
allocation is an art in itself yeah uh
you might want to say that okay hey i
want to take on one channel and go full
out and you know double it uh typically
how i would break that is i would look
at okay hey this is uh there are like
the two channels where i know for sure
shot i think these are the way my
customers are actually available on
right i put probably put 70 percent of
my budgets there right 30 percent of my
budget is experimental right i don't
know the channel will work or not i
don't know that you know people i'm not
sure about the channel i see some of my
customers there but i don't know how
much of an impact will make and that's
how i basically now uh and then i
allocate 30 percent of budget to those
channels experimental right
now over a period of time uh in b2b
unfortunately right uh and given uh as
an enterprise uh sales product your
feedback cycle is slightly bit longer i
mean the lead comes in it takes some
time for them to either give a yes or no
right so your feedback is delayed but if
you do a simple cohort analysis
saying that okay of all the leads are
generated in say the first quarter of
last year
and you know by which channel right
which of these have actually converted
right and which of these have actually
converted and churned converted and
stayed and not converted right so you
get these like you know two quarters
down the line you'll get a good cohort
right and then you basically start
evaluating okay hey should i tune my
budgets up to my budgets down
right so you look at the lagging
indicators not the leading indicators
and then you probably make a choice uh
initially it is all about the leading
indicators you understand okay hey am i
able to generate substantial amount of
uh
conversations for my sales team
right if you are able to do that you
double down on the channel and generate
more and more we got it interesting now
in this respect whenever you are you're
identifying the channels to activate
people on these indicators how do you
make sure amidst all this you stay ahead
of the curve in terms of competition
because i believe that this space for
the last two to three years is getting
quite hot right we didn't say domestic
competition and international
competition uh you know price more and
everything is on one side and then
marketing is on the other side so how do
you make sure that you know your
customer acquisition specific to
marketing efforts is always ahead of the
curve as compared to your competitors
so this again goes back to the first
question right what are the foundations
right if you are able to actually hit
the paid point and actually highlight
the value that you bring to the audience
right they are going to go for your
product right um and you've got to
ensure you do it uh 10x better than your
competitor right
nothing beats having a good product
right and uh you know uh some of the
best people will always say this and you
know some of the best b2b marketers say
this
marketing ads as an amplifier right if
your product can do 1x 2x better your
marketing will make it project it to be
a great brand okay like hey i'm doing a
great job right if your product does
negative right if it is actually not
delivering on its promises marketing
will amplify that right i mean there
will be a lot of places where people
will go and complain they'll write more
reviews about you they'll start dissing
your product so marketing amplifies
whatever the product is
right and if you can and
if you're able to build a great product
if you're able to understand the pain
point and the value you bring and you
combine these three together right uh
you're always going to stay out of the
club right uh
naturally because that you are you are
that deep in understanding of the
customer uh second thing is
you know uh you've got to be on top of
technology
right uh you have a good i mean you have
a better tools coming out now you have
more uh you have more i mean marketers
are now spoiled for choices when it
comes to tools right so how do you go to
your i mean now that you have decided on
your customer persona you've decided on
your messaging you know that your
product is damn good
right uh do you want to go like on an
abm strategy or do you want to go on a
you know uh lead generation strategy all
this depends upon you know uh are you
staying ahead of the curve in technology
okay hey do i want to do i want to go
like you know choose a tool which i can
deliver one-to-one messaging or do i
want to go abroad so it's all you have
to be on top of the technology trends as
well
plus understanding your customers and
the value your product breaks
interesting now in order to deliver this
to educate the people and to amplify
uh how a good product is the role of
content is
undeniable right so
aspect how do you build out a content
strategy because what according to me uh
succeeds a good product is a good
content right
in order to amplify so what kind of best
practices you can share to make sure
that you know your content game if i can
say is on point
sure so uh you know whenever you're
going to the b2b product right you'll
have different segments that you will
target right you will have like you you
might will you might be targeting the
small and the medium and the medium
enterprises you might be targeting the
big enterprises right and it's not that
you'll be targeting only one segment i
mean as a part of your organization
you'll be targeting multiple sectors
right now
you have to understand the entire
customer journey right right from
awareness
to
you know saying yes or no and once they
said yes what are they doing right what
is the journey that they're taking right
and develop content for that
right so you have your top of the funnel
content you have the middle of your
final content you have the bottom of the
funnel content and you have your uh
engagement content or the customer
advocacy content
right uh top of the funnel content will
typically be okay hey how do you how do
you i mean uh make the user aware of the
passive pain point that they might have
right middle of the funnel is all about
hey
how are you going to make a decision
right bottom of the funnel is okay here
if you have chosen to take a decision
you've chosen to go for a conversational
ai
but why would you right get out your
case studies get out your point
differentiators get out your product
marketing understand what integration it
provides get the best content out there
right engagement is more about okay hey
now that you have chosen a world loop
right you've got to be the thought
leaders in this space
right what are the latest whatsapp
updates that's happening how can i help
the customers what what is the best way
to send out a outbound template message
right what is the uh what what are the
tips and tricks to make sure that you
don't get banned by sending you know
what's the best uh nurture campaigns for
brands to use
right on whatsapp how do they do that so
you know developing all these kind of
content uh i mean if you go by the
customer journey right that should help
you ace your content game very easily
got it interesting and now what
compliments for the push of content is
technology and i'm looking at marketing
tools in fact
what kind of marketing tools would you
recommend folks either b2c and b2b to
start investing towards uh so that you
know the product and the content gets
gets communicated very well and you know
the customer acquisition cost is is not
significantly high
sure so uh you know again like i'll
segment again by the top of the final
bottom of the funnel middle of the
funnel and engagement right so when you
have the top of the funnel right you
want it to be as social as possible
right so you look at more social uh
tools right which you can distribute
socially right um what about the funnel
middle of the funnel you want to go one
too few and one to one right so you're
looking at tools which are like inflow
to uh linkedin retargeting linkedin
emails right
then you come down to the engagement
right when you're looking at engagement
you're looking at very close knit of
people who are already working with you
so there it's more offline maybe you
send them a you know a physically a
physical book right take out your uh
benchmark reports check out all your
content pieces that you have made take
out all the blogs that i mean the best
blog or the best infographic you've made
and send it to them right
and or uh emails and webinars right get
them get them into this right so there
are a lot of tools and technologies that
you can use across these places right
the idea is like
what is a how however i mean i would do
it by the reach versus the relationship
right uh top of the funnel you want to
have a bigger reach right uh and as soon
as as you flow down the funnel you want
to have a better relationship you don't
i mean your case study you don't mind
your case study not going viral but you
want your cash flow to reach that one
person who's going to buy it tomorrow
right so you optimize for that got it
fantastic i think this is this is very
informative i think this provides a lot
of clarity and i'm sure that the
students will be able to connect a lot
of dots through this fireside chat back
into
what we spoke about were loop in the
case so thank you so much for taking out
the time especially when you're
recovering and i wish you a very fine
i hope i was of help yes absolutely
thank you thank you so much
[Music]
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