B2B Growth: Your Daily B2B Marketing Podcast
B2B Growth: Your Daily B2B Marketing Podcast

Episode 1732 · 1 month ago

Increase Your TAM and Warm a New Market, with Will Lyon

ABOUT THIS EPISODE

In this episode Benji talks to Will Lyon, Sr. Manager of Strategic Marketing and Industry Solutions at 6 Sense. 

Discussed in this episode: 

  • Increasing your TAM effectively with Data
  • Using data to discern resonance and inform strategy
  • How to warm a new market

Conversations from the front lines of marketing. This is be to be growth. Today I am joined by Will Lyon. He's the senior manager a strategic marketing and industry solutions at six cents. Glad to have them on the show. Will welcome in. Hey, Benjy, really excited to beer. Yeah, it's fun to have you here and I know our audience knows sixth sense well. You come up in conversations and because we talked to so many tech companies and tech cells to tech you man. It's just gonna be fun to have this chat with you and really what we got into talking about offline was the fact that you've been helping branch six sens out and start to try to rock it in some other markets. So tell me a bit for you, will what you've been focused on in your role at six months. Yeah, absolutely. So my my role and my team is an absolute mouthful and what we focus on it is kind of go to market growth and non our industry. So anything that's kind of outside of high tech is our team's focus. So think kind of more lacquered industries like manufacturing and healthcare financial services, as well as even kind of new geographies that we don't necessarily have employees and like Agia Pacific. So that's kind of everything that falls under kind of our team's per view and it's a pretty applicable topic for to have like a team around this, and that's kind of why our team is kind of formed that its inception is to have kind of a go to market team that that's not necessarily driving. Were kind of the the rocket ship is headed and can constantly kind of surveying the field of new opportunities as they kind of arise. Yep, so...

...as you've sought to increase the total addressable market, what do you think some of then you were like largest learning? What's the thing that maybe through a curveball at you initially that you're just like now aware of? Like, I'm sure there's been a lot of lessons learned through this process. Totally. I think that kind of not fighting off more than you can chew it is probably the biggest learning and and there's probably a time and place for through every company to look at how they can be expanding their their total addressable market, their audience and those new opportunities will exist for everything, whether that's kind of a new product you launch, an industry launch, which is kind of primarily we're focused on a geography or even like a new way to kind of market to a current audience. So I'd say like those kind of tidbits exist kind of any and everywhere, no matter kind of what company. It's easy to fight off a huge chunk and try to after entire segment, entire audience, and kind of rationalizing those kind of baby steps that call a walt run to actually kind of achieve success is really key, so that you kind of got overstep your bounds and can actually achieve something that's measurable and comes out as successful in man totally. So let's talk about your move into manufacturing specifically, and as you kind of sought to make that move, I would say the traditional step might be to bring in a consulting firm. Right, you are right. We have all this white space, we need a guide, we need a consultant. Not a bad thought, but actually you think this is kind of like the old way of thinking. Now tell me a little bit about what you would identify before we go to the new. Any of that. Like let's talk about what you believe the old way was. When you're moving into this white space, sure, and I'll preface this with six sense has some amazing kind of consulting partners that help you tactically kind of scale up your strategy...

...and in consulting firms are needed in a lot of scenarios, whether it's kind of coming up with your marketing mix, your creative strategy, kind of whatever that that may be. In sixth sense has a ton of those partners in our network that have help our customers kind of leverage six sense to the best of their abilities. But kind of previously, kind of strategically, I think there's a new way that expanding into a new market, expand to new indust for you're expending your kind of product offering, can be done leveraging data, and that's exactly how kind of we have used sixth sense to do this previously. You'll kind of you could outsource this to a consulting company. They'll come in, they'll do some discovery, he'll give you a bunch of recommendations, but kind of the missing link there, that that that I've seen kind of firsthand, coming from a consulting company before this, is that live data is often missing. It's a lot of qualitative information that they're just going out and giving recommendations, but a huge part of that is that living, breathing data, that that's kind of hitting your eyes, computer eaching every day from customers, from prospects in the form of customer data, opportunity to website data, emails, you name it. There's evidence sources that just kind of is not even in that mix and into that kind of strategic recommendation. Yeah, I mean the the real time updates, right, because our world is moving so fast and the way you can pivot messaging, the way you can pivot how you do marketing if you're getting those real time insights is so important. I wonder, like you kind of touched on it there, but maybe drilled down a bit more. What would you say when you're going all right, like where is data ultimately just beneficial, and then also where is the third party bringing in that more beneficial? Like could you compare and contrast those a little bit more for us? Totally. Yeah, so I think in this is kind of like the up one of how we attacked kind of entering a new...

...industry in this in this case manufacturing, is is kind of looking at all the data around you, and so six sense was great because it compiled all that first, second third party data for us into a single layer. But you don't necessarily, depending on kind of where you are and your journey. It helps to scale and it helps for ease. But even if you didn't have a revenue platform and accompany's marking platform like six cons, you can still kind of subs out of like a strategy on how to attack this via these like digital footprints. We call them almost like revenue moments there. They're kind of little things that the companies leave behind for you to pick up and come up with a thesis. So these things can exist for a company that doesn't have a technology platform that wants to try to kind of introduce strategy like an opportunity data. So going into your crm and looking at win loss records, like kind of what are key thematic events within those that could indicate that maybe a new industry and new geography, a new product offering two week existing audience could be a good play. So that's that's looking at kind of customer data. You could also kind of dive deeper there and look at contact data. So what type of personas and these are all things that we did to just kind of within six sense contact data, like are you targeting kind of the right personas within these opportunities, within these kind of audience layers that you're spitting out? There might be a new we we uncovered kind of new audiences and personas that we wanted to add to the next to kind of infiltrate that in multi threatning. To that that by and committee a little bit more. You could look at website data, emails, like all, there's a bunch of data sources that exist for you and I, no matter if we have a technology platform or not that captures this that technology platform. I think a key aspect is that third party layer, which is tough to capture. So those are all things that you and I could do without a success, without a Cowpas market platform. But that third party layers really powerful as well and it was really critical for influencing our strategy to see to d anonymize kind of WHO's...

...sitting our website based on kind of our audience thesis and who we wanted to attack, then also see what they were searching for. So that comes in the form of that third party data. Think keywords on the wider web and of all of our trade, trade publication partnerships, what they're googling. We have hundreds of kind of custom keywords, we have hundreds of generic keywords that we're tracking at an overall level. Then if you think about kind of this audience thesis manufacturing, what do they care about compared to kind of that core ideal customer profile? How should we kind of frame up this kind of thesis differently compared to Howard attack in overall market, and that I think that third party did. It is probably the biggest missing link when it comes to kind of coming up with this thesis. Where then, the thesis is kind of jumping off point to start to kind of test it or and that that step one. Right. Yeah, that's a good, good breakdown. Right there. You kind of LID right into where I want to go for a second, which is how you begin to actually warm the market, because once you have the data, that's one side of it. Then you got to go, okay, this is what we read into this and this is what we create to begin to warm the market. Talk a little bit about that. And then how you started to iterate to find residents and what was working. Totally. Yeah, so for six sense we had a good amount of manufacturing customers are ready so enough to know that this investment was warranted. We just kind of wanted to widen up that that audience layer. There's almost a half a million kind of manufacturing companies within just the United States alone. So that's a huge audience. So we needed to kind of filter down this audience to even get to kind of talking about the channel plays that that matter. So we determine kind of this audience. We filtered down using again our own technology, on things like technology, like technographics, technology that cooperates well with six...

...sense. We integrate with a wide variety of CRM's, a wide variety of maps. Manufacturing by and large, it's a digital laggered. So having that step up said, both our marketing team and our sales team upward success in the long run by filtering down these five hundred thousand manufacturers into a more bite size list, at least for This v one that we knew they a little bit like farther along their technology journey, their digitization journey, so we could sell them a little bit easier. They'd be more receptive tout of the messaging that we would test. We then kind of figured out. So we create that audience, figure out those roles again through kind of opportunity data discovery, interviews with sales reps, with our CSMS, to figure out kind of the roles that matter, and then we kind of looked at the channel play. So that's, I think, where we wanted to go here and for us we took a pretty lightweight to approach at first and kind of low cost investment using display auts. I think that's a great way to kind of Gage, gage a new audience sit without spending too much money. In that onset, you can benchmark kind of your display ads versus how they're performing. That's kind of that core audience, to see if it's if it's hitting kind of on part, if it's blowing out of the water or if it's drastically kind of missing the mark, and you can do that in a super reasonable fashion. That's kind of exactly what we did and we saw that the audience which relates receptive. We're engaging them, we're reaching them, and then you can later on kind of more kind of more costly kind of channels like a Webin are like Linkedin, ads in and also some of these kind of other channels that we can eventually get to our more time intensive. Like your team is only so big. For me it is myself and like arms and legs of kind of the rest of the marketing team. So you got to be strategic and kind of what you're spending your time on. Like it can take hours, hours, days and day to spend up a Webinar and if the audience isn't receptive engage, you can't reach them. Like what's the point? At what...

...point did you jump into something like a Webinar? I'd love to know that. Just bunny trail in here for a second. Yeah, yeah, yeah, so we started kind of our journey with lead, with ads. So display we a be tested I think three or four different versions of display that influence kind of our messaging for Linkedin, which again is a higher spend more targeted form. So again we're kind of maximizing or spend to this new industry for Linkedin. That's kind of warming the market. We're starting to reach, we're starting to engage. Then we started to do some kind of nurture, so starting to educate, taking their interests. We knew that they, this new kind of audience, was aware of six sense or the concept of what we do. This revenue technology, Account Base Marketing and we started to activate channels like bed our nurtures, peer to peer nurtures, things that started to educate them further keep their interest. And then lastly, and again that's relatively low lift in terms of time, you can reach a large audience and then, once you kind of can collect all that data, again, we were viewing all this lie within six sense and kind of the journey at this segment kind of as if progressed from from reach to eventually close one. Then we can layer in kind of those more time intensive things like a Webinarre. So that kind of occurred more at the end. We were informed on kind of what they were engaging with, what kind of emails they're open and what could have add. He resoning at weren't resonating, and then that can inform and of our talk, track the WHO, the one and the time and of kind of that more time intensive Webin are and it proved pretty successful overall. I love that and I always tell people to like, once you're at the point where your past like display at some of those initial low bar things, if you're going to take the time to put on a Webinar just this is my content marketing brain that like make that that content something that then can live on and maybe you then use the video as targeted add when linkedin. Like...

...there's so much that can come on at a point where you're ready for more buying, and a lot of us are thinking that way already. But for those that may not live in content marketing world, what a great way, once you have that amount of time and you're ready for a bigger ask, like use that to its fullest extent. There's a lot that you can do once you're ready for but I love that in steps and how you broke that down will there's a lot, a lot there. One thing I wanted to hit on here because you're so data heavy and you're in your brain. I know we're in a time where a lot of the bigger companies, the Google's and the apples of the world, are crack in the whip. I would say a little bit on data. We got some bigger questions on what that's going to look like going forward. So what's your take on that? It does it change our approach at all? What do you think the future of data looks like? As companies are starting to to reframe some things yeah, no, and that's a great question, something that we definitely think about it and talk about often. Whether our customers at sixth sense kind of realistically, it won't affect be to be as much, in my opinion, as it would. It will affect kind of be to see the crackdown and cookies and all that. It is much more kind of at the individual, that the personal identification level, and less so at kind of the overall account level, and that's kind of where we play the I also think that kind of the restrictions that will kind of crack down, whether it's eliminating cookies or more severe, it's going to affect kind of everyone. It's not going to be like one company will be affected more so than the other. So the playing field. Playing field will be leveled. It might change kind of how effective some solutions are over others, but everyone still will have there still will be a peak in a best best in class kind of tech platform to do exactly what you're trying to do, whether it's kind of anonymizing a website or or sending out kind of audience based adds, whatever that is. There's going to still...

...be a best in class and what we've found that, like just customers cannot do without kind of a these types of platforms that allowed to personalize, to send it, as to measure, as scale like. That's that's never going to go away. Yep, and you had mentioned a stat that's stuck with me and I wrote it in my notes here, because it's seventy percent of the buying journey now and be to be is done in what, and you guys kind of coined this. I hear it a lot now. It's a dark funnel and we talked about that on B to be growth from time to time. And this is like a real, real deal. So when you're doubling down on trying to personalize, on trying to get as much information as you can so that you can make that buy your journey as smooth as possible, right like day to becomes like this holy grail in a sense of like we need to know as much as we can about our customers so that we can actually make this experience as great as possible, and that's where you see the gap in between best in class and the rest. Absolutely yeah, and kind of a side plug is we've been working alongside kind of Boston consulting group by on a study that they've are about to publish, no, probably be published by the time that this this comes out, on what they're coining the two trillion dollar opportunity, and it's a missed opportunity for kind of sales and revenue teams and a wholly kind of relates to kind of this dark funnel sales and revenue teams kind of working better together, inefficial, inefficient sales prospecting and efficient marketing efforts and holds to kind of revenue leakitch. And a lot of that I would kind of personally attribute to how we're targeting our audience, kind of capturing those kind of revenue moments, as we say, and then being able to action off them. As a marketer, as a sales up, as a BEDR and and whatever your role is. Having the insight to know kind of when someone is in market, what they care about and how to kind of communicate. Those are keys that not every company does. It's table...

...stakes at the end of the day and is a huge reason why kind of auto consulting group is writing about this. This to trillion dollar kind of missed opportunity or opportunity to pending and kind of how you look at it. Well, we started this episode by talking about your kind of key learnings as you went into the white space. I want to end the episode by going okay, like let's take all that we've been talking about here around data and make it applicable beyond just maybe the text ac we have there. I know there's part of our audience that already uses six sense, but there's also going to be those that are going, okay, I'm not ready for that. So if we were just boiling it down and you were going there a little bit before, but I want us to like hyper practicalize this. Give you a moment to go. Here's the takeaway, here's what you should do leaving this episode. What would you tell us is like our step? What would you invite us to do leaving this conversation? Will Yeah, I think there's an opportunity for anyone, whether you're in a marketing or sales roll, to to just take a deeper or notation roll even, to take a deeper look at kind of your data and whatever data you have, a be alable everyone has that at their disposal, and see what opportunities kind of exists. Like we're in it. We're in a time like right now, especially for tech companies, where there's there's a lot of layoffs and it's really unfortunate, but there's a ton of opportunities that exist kind of under the surface that could open up a little bit of Tam to create that extra job, that actual opportunity to open up kind of a new segment. That's kind of how we've approached it. Is whenever kind of our pipeline or high growth as dwindled a little bit, we're like, all right, it's time to kind of open up, like what other opportunities, whether that's opening up a new office in the new geography and new industry, just be spinning off a product to a new audience. All that exists kind of within whatever data you have and there's limitless opportunities to kind of penetrate that, make a thesis tested out, an action off that, to create kind of a new weaponic stream. Love that. Make a thesis based on the data and who knows what comes from that. Will...

...thanks for taking time and breaking this down with us. For those that want to stay connected to you and to six cents to the any of the work you're doing, just tell us how we can do that. Yeah, I love to kind of talk about kind of total adjustable market expansion and then engage with a couple of our partners, with with kind of also kind of companies that are going to blaze in the trail, like a clary and sales off people ai. Those are a couple companies that I kind of exchange thoughts with and happy to do that. If you exist kind of within this space you're just want to learn more. Will Dot lion at Scom is how you can reach me. Love to talk about this kind of all day and then you can find me on linked in as well, at will lie perfect well, I would love to connect with you as well. If we're not connecting on Linkedin, you can search Benjie Block talking marketing, business and life over there. Thanks for all of our listeners listening to this episode and if you have yet to follow the show on spotify, on Itunes, wherever you listen to podcast, be sure to do that so you don't Miss Future shows. Will thanks again for for joining us today. We really appreciate it. Thanks for having a bag. If you enjoyed a day show, hit subscribe for more marketing goodness and if you really enjoyed today show, take a second to rate and review the podcast on the platform you're listening to it on right now. If you really really enjoyed this episode, share the love by texting you to a friend who would find it insightful. Thanks for listening and thanks for sharing.

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