Why most partners promote the wrong type of content
Hi, I’m Jonathan Calver from StrategyMix and this video I’m going to explain why most partners are promoting the wrong type of marketing content. I’m going to start with a question, which I’ve been thinking about for some time, which is:
Is there a correlation between Response Rates and Conversion Rates
Is there a correlation between high response rates and high conversion rates? And if not, then is everyone selecting the wrong content type, because they are assuming that such a correlation exists? Let me give you 2 examples, which in my opinion, clearly show that there is NO correlation between high response rates and high conversion rates.
Example 1: Vendor White Papers
Typically, vendor white papers have relatively high response rates. From a prospects perspective, they look impressive, you can download them with one click and then file them away to read later. But as any partner knows, following up vendor white papers is a disaster. Prospects usually don’t take your calls and if they do, they say they haven’t read the paper and they cut you off if you try to start a conversation, because they see no connection between you and the white paper – which is not surprising because you didn’t write the white paper. The vendor did. So, high response rates, but low conversion rates. No correlation.
Example 3: Partner Round Tables
A round table event usually has relatively low response rates. From the prospects’ perspective, they’ve got to travel to the event and give up 2 hours of their time. So, you get fewer leads but if a prospect has spent 2 hours interacting with you - then they feel that they know you and trust you - and are therefore much more likely to take your call afterwards. You can then have a meaningful conversation and that is the first step towards a sale. So low response rates, but high conversion rates. Again, no correlation. Which leads us to this question:
Question for Vendors
If some type of content (such as white papers) have such low conversion rates, then why do most vendors and their distributors recommend them so strongly? I think this is due to what I call “separation of process”. The key metrics for marketing are response rates and number of leads. The key conversion metrics are calls, meetings, opportunities and ultimately sales.
Problem of Visibility
The PROBLEM is that marketing typically has limited or NO VISIBILITY of these conversion metrics. In the channel for instance, they don’t know how many calls or meetings have resulted from a particular marketing activity. And BECAUSE marketing only have visibility of their own metrics, they can only base content selections on their own metrics, ie: response rates. They don’t see the whole picture.
And there is an implicit assumption here that there is a correlation between response rates and conversion rates. But, as I pointed out, there is no correlation. So what is the solution? The solution is for you, as partners, to develop your own content - which promote you own people – so that you can build trust as part of the marketing process and not as part of a separate sales process.
OK, so the final question: What type of content should you develop and why? The answer is for partners is: The types of content that feature you and your key people and demonstrate your thought leadership. These are typically Round Tables, Videos and Webinars. Thank you for your time