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Lies, Damned Lies, and Statistics
| Guest post by: Jeff Ogden |
Article Overview: Unfortunately, some vendors stretch the truth by overstating facts. In this article, we share how one fast growing software company made some big claims, which are not backed by data.
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Free Download - Marketing Made Simple TV is looking for a few good sponsors By Jeff Ogden |
Lies, Damned Lies, and Statistics
Don't believe everything that companies tell you. Sometimes vendors get an inch and take a mile. Check out the claims in this email. (Editor's note:: I was once a guest on this company's weekly video show. Wonderful people, but...)
Very impressive email, HubSpot. You obviously worked hard on it. One small problem - it's not true. Those numbers are fabricated.
Someone outed you in post entitled Lead Generation : How Some Marketing Software Firms Stretch the Truth.
Laura Ramos, formerly with Forrester Research and now with Xerox actually downloadedand read the survey. She was
impressed with the quality of the study - better than most she had seen. "But what bothered me was how the vendor-sponsor exaggerated the results to a degree that I felt were unnecessary."
Laura recommends people look at three things when reviewing vendor claims:
- What the base? - How many participated in the study. The HubSpot headline claims 5,000, but the survey had 214 respondents and most were small companies.
- Where did 5,000 come from HubSpot?
- Does the headline stand up when you scrutinize the data? - You need to compare the headline to the details. For instance, small numbers and lack of time frame can skew the data. The study results (page 12) show that 83% of the respondents and 32% of those show their leads increased 50%. But who are those respondents and how long did it take to get those results? That important data was omitted. And where did HubSpot get 5 months?
The bottom line is that marketing automation is highly competitive and vendors find very tempting to highlight customer results to catch the eye of busy marketing executives. But don't believe everything you read.
Successful B2B marketing today is hard work, and requires great processes and awesome content. As Laura says, software should be a distant fourth on the list. And we at Find New Customers agree with Laura. While companies such as Hubspot, Marketo, Eloqua, Silverpop and Aprimo all offer great software - things like buyers personas, content and processes make the difference.
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Article Tags: b2b demand generation, b2b lead generation, btob demand generation, btob lead generation, demand gen, demand generation, demand generation companies, demand generation company, find new customers, lead gen, lead generation, lead generation companies, lead generation company, sales lead generation
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About the Author: Jeff Ogden RSS for Jeff's articles - Visit Jeff's website With 8 out of 10 companies saying the lack of quality sales leads is their biggest problem, they need help. SiriusDecisions also found that fewer than 1 out of 10 companies that implement lead management software went beyond the basics. They need help. We help companies implement world class lead generation programs. Companies need quality sales leads, so they need sales lead generation programs including social media marketing. They need to implement lead nurturing programs. We are considered one of the best leads generation companies in business today. Click here to visit Jeff's website   7 Keys to B2B Marketing Succes Definitive Guide Making Quota How to Find New Customers 7 Keys to Lead Nurturing |
Related Forum Posts
9 Lies that are holding you back
- I've picked up this book to assist me with my conversations when coaching business clients and I've found it to be quite enlightening as distinctions are made.
The book is titled "9 Lies That are Holding Your Business Back..." by Steve Chandler and Sam Beckford (aka Small Business Millionaire).
I'll use this post in two ways:
1. To highlight A Lie
2. To help me internalize the concepts by writing about it in my own terms/understanding so that I can use it in future conversations (yes, I'm feeling a lil selfish and want to take you guys along with the journey)
first post to arrive shortly on the First chapter: Lie#1: I Just Need to Know [i:23sag391]How[/i:23sag391] to Do This"
Business plans are a waste of time
- I really like what Shri said in a previous post about how the usefulness of a business plan depends on the individual.
However, after reading some of Martin Lindstrom's "Buyology: Truth and Lies About Why We Buy"... I'm beginning to think that all business plans and traditional market research (i.e. using focus groups, surveys, etc.) are a total waste of time. No joke, I'm serious.
Lindstrom says "That's because, just like market research, economic modeling is based on the premise that people behave in a predictably rational way", but "Most of the brain is dominated by automatic processes, rather than deliberate thinking. A lot of what happens in the brain is emotional, not cognitive." ("Buyology" pg 28). Basically, consumers will tell you one thing, and do simply do another with their unconscious minds.
Re: Some attractive terms in advertisement
- [quote="lane_hug":sqdmyojl]Some terms can make the advertisement look more attractive,
like unlimited, free, life time guarantee, and more.
These should be definitely incorporated to ensure fast sales.[/quote:sqdmyojl]
You've got to be careful with such terms, though. Take as an example the poor Korean dry cleaners who had the words "Satisfaction guaranteed" on their storefront window. They lost (supposedly) a pair of slacks from some loony judge, who proceeded to sue them for MILLIONS of dollars (over a $100 pair of slacks) because they did not provide him with satisfaction. [If the sign had said "Satisfaction guaranteed or your money back" perhaps none of it would have happened...]
These days more and more people are apt to sue at the drop of a hat, and if you promise them something even though common sense says you wouldn't have meant what you said (for example Pepsi got in trouble because their commercial for Pepsi points, at the time the movie True Lies came out, featured a Harrier jet as in the movie. A few looney businessmen bought up all the points the could to get that jet, although they were told it had just been dramatic license, and ended up suing Pepsi for misleading advertising. The suit was dismissed, but the fact that the guy was able to find lawyers who'd even take the case on is scary.
To cut a long story short, be careful what terms you use, and think to yourself what you'd have to do if people took them literally.
Re: Is A Business Plan A Waste Of Time?
- [quote="Kevin":dzvusovb]... However, after reading some of Martin Lindstrom's "Buyology: Truth and Lies About Why We Buy"... I'm beginning to think that all business plans and traditional market research (i.e. using focus groups, surveys, etc.) are a total waste of time. No joke, I'm serious.
Lindstrom says "That's because, just like market research, economic modeling is based on the premise that people behave in a predictably rational way", but "Most of the brain is dominated by automatic processes, rather than deliberate thinking. A lot of what happens in the brain is emotional, not cognitive." ("Buyology" pg 28). Basically, consumers will tell you one thing, and do simply do another with their unconscious minds.[/quote:dzvusovb]
Please explain more.
I get your point, but STRONGLY disagree with your generalized statement that bplans and traditional market research are a total waste of time.
Statements such as this without sufficient evidence are dangerous to potential young entrepreneurs who might trust your opinion.
The business owner who does their own business plan will find that it is not a waste of time.
Think about the probable benefits from completing just one component of market research in a business plan: A comparative analysis of your competition.
A wealth of information critical to planning your survival will be gained from a well organized SWOT of your competitors and their products/services. (SWOT analysis is certainly not limited to plotting logical decisions. Emotion can be factored in the analysis.)
You know as well as I do that it has been understood for a while now that most buying decisions are emotional and nearly devoid of logical decision making.
Many sources say that focus groups are an inefficient use of resources. Your conclusion that [quote="Kevin":dzvusovb]I'm beginning to think that all business plans and traditional market research (i.e. using focus groups, surveys, etc.) are a total waste of time. No joke, I'm serious.[/quote:dzvusovb] because focus groups are found to be inefficient is wrong.
Your logic is faulty. You must qualify your statement more.
Re: make real an idea
- Hi..
Make sure your website is working for you! There are many Website Statistics easy-to-use and affordable web traffic analysis service that allows you to monitor your web site traffic. Use this information to your advantage, and improve the design and efficiency of your web site.
You just go ahead..i'm there with you..
Good luck..!
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