Posted by Laura Ramos on November 19, 2008
[Posted by Laura Ramos]
Great customer references fuel great B2B marketing. But getting customers to testify or submit case studies is challenging. Good references require investment. But how do you keep customers from feeling like shills for their vendor firms? By involving them in communities of like-minded advocates! That is one hypothesis I plan to explore further in 2009 -- investigating the connection between social activity and greater customer advocacy.
Toward this end, my long-time Forrester colleague, Merv Adrian, and I have teamed up with the Customer Reference Forum to sponsor a survey (this link works!!) about the latest trends in customer reference management. Besides the typical questions about organizational structure, size, budget, and structure of the programs, we will explore whether social media is making an impact on how marketers engage with referenceable customers. We will present these findings, and our preditions and advice, at the Customer Reference Forum conference, February 18, 2009 in Berkeley California. If you'd like to particpate in the research, click through here.
As the economy heads towards a recession, many B2B firms find their existing customer base remains on of the best sources of continued growth. It is also less costly to retain an existing customer than to acquire a new one. Both facts point to growing interest in customer loyalty and reference management. I thought I would share Merv's comments on this subject -- which we also discussed with the Boston chapter of the Customer Reference Forum last Friday. Read it and let me know your thoughts about using customer testimonial to support sales and marketing. Take it away, Merv:
"Effective management of the Customer Reference (CR) management function – in some cases, simply the creation of a formal organization to manage these important assets – is on the critical path to both sustained business from the base and growth in new accounts. Sales uses references to nail deals down, Marketing develops reference stories for campaigns and events, and Analyst Relations uses them to support information requests from influencers.
That conclusion is no mystery to the firms that participated in the Customer Reference Forum event in February 2008 at California’s Claremontresort. And the list of attendees read like a who’s-who of the industry’s leaders. They have created, staffed, and begun to measure teams that manage their sourcing, development and distribution of customer references in a way that has begin to reap substantial benefits. They have improved their sourcing development of referenceable accounts, made better use of them for selling and marketing, reduced redundant and often conflicting programs, and grown a cadre of professionals who are learning to measure and mange the delivery of substantial value from their programs.
Forrester found the customer reference professionals at the event to be a highly motivated, increasingly well funded, and thoughtful group who were often seeking more visibility, support and resources despite their early successes. We were struck by the growth of an industry of products and services to support the CR professional: creative services, hosting, management tools and full consultative outsourcing were all in evidence.
The Customer Reference Forum event is a valuable gathering place for those involved in CR programs who seek to learn about best practices and share with their peers. It has also served as a focal point for an ongoing survey designed to document common practice in the industry, and the sponsors of the survey have several years of data tracking the emergence and growth of CR management as a discipline. They have learned that successful teams usually result from a Sales-Marketing partnership, with agreements forged to use references wisely, manage conflicts about ownership and overuse, and assure a steady stream of fresh stories to support corporate goals.
Forrester is excited to be partnering with the Forum team on the 2008 survey, developing some new avenues of investigation, and sustaining the existing data elements, which document team size, reporting relationships, management styles, and more. We’ll be joining in the 2009 conference, delivering a keynote address that will include data from the survey as well as other ongoing Forrester research. Since our discussions of this important corporate function with our clients began following the 2008 event, we’ve had a steady stream of inquiries and discussions with them that will provide us with additional ideas to share. And our ongoing research onto the effective uses of social computing supplements and extends this work. We look forward to networking with the pioneers and the new arrivals alike – we hope to see you there!"