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Episode 162  |  13:40 min

#162: 5 Sales & Marketing Predictions for 2021

Episode 162  |  13:40 min  |  01.25.2021

#162: 5 Sales & Marketing Predictions for 2021

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This is a podcast episode titled, #162: 5 Sales & Marketing Predictions for 2021. The summary for this episode is: On this episode of Seeking Wisdom, DC breaks down his top five sales and marketing predictions for 2021. We know... these are usually a dime a dozen, but DC's predictions are anything but predictable. A sneak peek: CMOs will be held accountable for revenue, the CRM as we know it is dead, AI AI AI, and much more. Tune in to hear what's in store for 2021. Like this episode? Be sure to leave a ⭐️ ⭐️ ⭐️ ⭐️ ⭐️ ⭐️ review and share the pod with your friends. You can connect with DC on Twitter @dcancel @HYPERGROWTH_Pod For more learnings from DC, check out his weekly newsletter, The One Thing. You can subscribe here: https://www.drift.com/insider/learn/newsletters/dc/
On this episode of Seeking Wisdom, DC breaks down his top five sales and marketing predictions for 2021. We know... these are usually a dime a dozen, but DC's predictions are anything but predictable. A sneak peek: CMOs will be held accountable for revenue, the CRM as we know it is dead, AI AI AI, and much more. Tune in to hear what's in store for 2021. Like this episode? Be sure to leave a ⭐️ ⭐️ ⭐️ ⭐️ ⭐️ ⭐️ review and share the pod with your friends. You can connect with DC on Twitter @dcancel @HYPERGROWTH_Pod For more learnings from DC, check out his weekly newsletter, The One Thing. You can subscribe here: https://www.drift.com/insider/learn/newsletters/dc/

David Cancel: Before we get to the show, did you know you can get more insights just like the ones you're listening to right now on Seeking Wisdom delivered right to your inbox? Sign up to get my weekly newsletter, it's called The One Thing at drift. com/ dc. And we're back. We're back with another episode of Seeking Wisdom. It's the uncle, DC. I'm here to talk to you about five sales and marketing predictions for 2021. Now I know 2021 in year- end and year beginning predictions are a diamond dozen, but I want to share with you given my history and context what I think is going to happen in 2021. And don't forget, this is the universe's only six- star certified podcast, the first and only that you're listening to. I'm glad to be back. All right, let's get started. So what is number one? Number one is simple. B2B sales, as we know has been changed forever. The one thing that this pandemic has done, it's fast forwarded this idea of digital transformation by least a decade. So what does that mean? Most companies in the world who sell on the B2B side basically had two options, they could sell over the phone, over email, digitally, or they could sell in person, get on a plane, have steak dinners, go fly to customers, have field marketing events, all that kind of stuff that you guys know about. But given this pandemic, it's forced those companies that were still holding on to all of those physical events and physical ways of selling and convince themselves that that was the only way that they would ever sell a deal of a certain size. So the excuse was if you were to sell to the enterprise, if you were to sell to the cream, to the cream, to the cream of the crop a 500,000, a million, a 20 million or whatever, you get it. A size deal without meeting in person. But guess what? Starting in March of 2020, 100% of the companies in the entire world were forced to fully digitally transform themselves and sell digitally, market entirely digitally. So that is the big change. Gone is this idea of selling face- to- face as being the primary. I think when things continue to evolve there may be a blend in the future, but this is a digital first reality now. We though that was the case, and that was the case in most of our life, but now we've been fast- forwarded and forced on the B2B side. All right. What's number two? Number two is that CMOs will be held accountable for revenue. You may have heard this idea of the three era's of marketing that I talked about in the past, three eras. And so I think we're in the third era of marketing. The first era is what I call the brand era of marketing. And in that, think about Mad Men, think about TV commercials, think about print advertising. Think about all the things that we associate with marketing. In the brand era, which it started many, many years ago and started to do die down in the early 2000s when we entered the second shift. But that brand era, which lasted a long time, probably 50 years, so from the'50s, probably earlier into the 2000s, in that era marketers were about focus on creating brand. They were giving credit for... This idea of marketing was like getting attention. They were getting press mentions, coming up with a clever slogan, getting themselves on TV in a clever way. All of those things that we associate with marketing was all about the brand era. The problem with the brand era was that there was no way to tie that brand activity to actually selling something within a business. It was fluffy, it was hard to measure, there was not a way to connect the dots. And so we entered with the advent of the commercial internet, and in the early two 2000s we started to see the shift towards the second era, and the second era was about demand generation. That was the demand generation era, and in that era we could start to tie activities that were happening out in the field as well as online to actual leads, and so leads and prospects. We could actually take that marketing activity and map it to more leads for your business for your sales team, so these were prospective customers. We can never tie it to revenue, but we could at least tie it to leads. And so marketers started to gain a bigger foothold within companies and you started to see the emergence of even the role, the CMO. All of a sudden you saw a C- level role emerge in that era. And then the third era which we entered in the early 2020s was this idea of the revenue marketer. I call this the revenue era of marketing and in that world, CMOs now have a bigger footprint. It's no longer about just bringing leads, it's about bringing in customers and measuring the revenue impact of the customer, not only when you get the customer, but also when you maintain and grow that customer over time. So what does this mean for CMOs? The smartest CMOs today are able to track their activities that they're generating all the way down to actual revenue, not only for the sales team and bringing in new customers, but also marketing to their existing customers. So building out customer marketing teams, building out employee branding and marketing teams in order to track the full life cycle and impact that the brand is having in the marketing activities or having on revenue, recruiting employees and keeping a customer and growing that customer over time. So CMOs will now be held accountable for revenue and that's being fast- forwarded now because of number one, this idea of full digital transformation and all activities now being able to be measured. Number three, one of my favorite ones is the CRM as we know it is on borrowed time, tick tock. Not that TikTok. Tick tock, countdown. All right. So the CRM is on borrowed time and this is something that's been going on for a while now, and these kinds of cascade. A lot of this is being fast forwarded because of the full digital transformation that was kicked off by this pandemic. And so the idea of CRM as we know it is an entirely flawed idea, and this is coming from someone who has built a CRM in the past. The CRM was built, and the idea and the archetype for the CRM was imagined long before websites existed, long before any of the digital stuff that we're talking about and thinking about today existed. The idea of a CRM was a place, a ledger, think about a spreadsheet, think about a notebook, think about writing things down in a ledger, and having humans track all sorts of activities that were happening so that the company could have a better prediction on what was going to happen from a sales standpoint. And the reason we had to do it this way was that there was no way to track the real golden activity itself, which were the conversations that were happening and the activities that were happening, the events. So we had to have force humans to actually put them in neat little rows, in neat little cells so that we can build reports and we could create a relational database from it. Fast forward to the CRM as we know it today, it's still a modernized version of that existing thing. I kind of think about it as this filing cabinet in the sky, which doesn't make sense. If you're old enough, you may have worked or you may remember these filing cabinets that you used to go into work, and you used to have to go and figure out where exactly the information you needed was being stored. And once you found it and you removed that from there, you had to make sure that you labeled it properly and you put it back in the place that you found it. Why? Because if you didn't put it in exactly the right place, the person who needed it next would not be able to find it. This is how we used to work. And if you put it in the wrong place, or if you forgot to label it the right way, your manager will come and scream at you. You were the human index. That is how the CRM works today. It's a digital version of it, but we still rely on humans to put things in neat places and we don't have the real source of truth, which is the conversation or the real activities or the events that are happening in the CRM. So I think this is gone. With the advent of all the technology we have now we can build entirely new systems that actually capture the voice of the customer, the voice of the prospect, the conversations, whether it's on video, whether it's on email, chat, any of these kinds of different ways that we communicate today, or even in person. We can capture these things and create a new source of truth. And so this idea of the filing cabinet in the sky is dead. All right, number four. Number four is we will create this employment shift, and this is something we've been talking about for a long time. AI will create an employment shift, freeing humans to have more impactful jobs. And we've all heard in the news people worrying about what's going to happen with AI, this magical AI that's going to cause massive job displacement. I don't think it's as dark as we may think, there is some truth in that. One thing is true, history has shown every time there's an innovation, there's a new technology, there is displacement, but entirely new category of jobs emerge. We're seen that within our own company at Drift. We seen entirely new jobs that never existed and that were hiring lots and lots of people to help us with on the AI side of things, that's been spurred by AI, but also that is helping our customers power their AI initiatives. And so we're hiring entirely new job functions that have never existed before. And what's exciting to me is that we're giving people who may have never had an access into a company like ours except for maybe coming in through a support role, entirely new jobs skills and a new thing to focus on, which will help us propel us into the future. All right, number five. Number five is AI bias will cause problems that will require us, the industry to collaborate together to prevent. And so there's a lot of new initiatives that are going on here. We're doing a lot within our own company right now because we are focused on building an equitable future at Drift. That is one of our main goals, the reasons we founded the company, not only inside, but outside. We believe in building an equitable future for all of us. And so we're focused highly internally right now on collaborating with other people in the AI space to make sure that we do as much as possible and we continue to innovate our way out of potentially pushing in and propelling existing biases or new biases in this technology. So those are the five. 2020 may not be a year that any of us want to relive. Forget 2020, we're hoping for a brighter 2021. But there are some important lessons that we've learned throughout it, and it has forward us at least 10 years in terms of digital transformation. And the thing that I always talk about, which is whenever there's massive disruption, that equals opportunity because there's the chance for massive behavior change that comes from that disruption, which we're all feeling right now and will continue to feel. Whenever there's massive behavior change you have the opportunity to build entirely new types of products, re- imagine the products that you have today, re- imagine the services that you're doing, go into and create entirely new markets. So I believe there's a brighter future ahead of us, even though we're going through massive pain right now. So what's going on? What's your predictions for 2021? Leave them in the comments below. Hit me up on Twitter @ dcancel and don't forget the most important step, leave a six- star podcast rating wherever you're listening to this, whether it's on YouTube, whether it's on Podcast Spotify, whatever. Leave a comment, hit me up, six- star only, follow me, subscribe to my newsletter, and don't forget to text me. See you. Let me know what you thought of this episode by texting me at 1- 212- 380- 1036. Again, 1- 212- 380- 1036. Now, if you're looking for more leadership insights, sign up for my weekly newsletter, The One Thing at drift. com/ dc. Every week, I'll share a habit tool or mental model that's helping me reach my goals. I hope to see you there. Text me, hit me up.

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