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5 Virtual Sales Meeting Tips

As a hybrid sales strategy is predicted to be the dominant way of selling by 2024 (McKinsey), sales professionals need to continue honing their virtual sales meeting skills on top of in-person communication. In addition, the global video conferencing market is expected to reach $14.58 billion by 2029 (Fortune Business Insights), suggesting that mastering the art of the virtual sales pitch and effective online meetings will be crucial for years to come.  

HOW TO MASTER YOUR VIRTUAL SALES PITCH AND WOW C-LEVEL CUSTOMERS 

The ability to deliver a compelling virtual sales pitch is more crucial than ever. C-level executives, with their busy schedules and high expectations, require pitches that are concise, engaging, and tailored to their unique needs. Mastering the art of the virtual sales pitch not only sets you apart from the competition but also positions you as a forward-thinking and adaptable sales professional.

Here are five tips on how to impress C-level customers at your next digital sales meeting: 

 

1. DO SOME ETHICAL STALKING

Researching prospects is as important as nailing your virtual sales pitch. There are several steps to take when a lead enters your sales cycle. Even if it’s a marketing qualified lead (MQL), you should dig deeper by looking into their social media profiles and websites. For example, find out what they are posting on LinkedIn and check if there are any recent news articles about current or upcoming projects at the company.  

If possible, send the lead an email and schedule an initial discovery call to discuss desired outcomes, budgets, timelines, and the right decision-makers to get in touch with. Doing this pre-work will help you carve out a more precise buyer persona that will be valuable when preparing for your sales meeting. However, doing this pre-work is time-consuming and impossible to do for every lead.  

It’s beneficial to invest in a service that does the pre-work for you, like ME Matchmaking, leaving you more time to prepare your sales deck and practice for the meeting.

 

2. MAKE THE CUSTOMER FEEL SPECIAL

Personalized customer experiences are no longer nice to have in B2B sales, they have now become a necessity. In fact, 80% of customers are more likely to make a purchase from companies that offer a personalized experience (Epsilon). At the end of the day, decision-makers are humans, and sales professionals need to make their sales presentations engaging and connect to their customer’s emotions and needs.  

Virtual sales meetings give you an opportunity to create a customized presentation for each customer and share your screen to showcase any relevant promo videos and web pages. Ensure that each point presented relates back to the customer’s challenges. It’s vital to center your sales presentation around the customer instead of presenting your product’s offerings or benefits blindly.  

 

Why ME Matchmaking partners prefer virtual meetings:

“Virtual meetings are more effective as you can prepare better, you’re in your own environment, and you have more time. You can be very direct and you can also present your slides.”

– Chris Herben, Field Marketing Manager, Commvault

 

3. AVOID MEETINGS ON MONDAYS AND FRIDAYS

Scheduling virtual sales meetings is tricky. Research shows that virtual meetings are badly received on Mondays and Fridays (Human Resources Online). Conversely, another study found that the best time to schedule a sales call or meeting is on a Wednesday between 4 pm and 5 pm (Salesmate).  

Ultimately, the right time for a sales meeting is a time that works best for you and the decision-maker. Give your customer a few meeting time options to make things easier. Ensure that the decision-maker accepts the meeting invitation and that you send them a reminder email a day before the meeting just in case. You can also leave these administrative tasks to services like ME Matchmaking which will pre-schedule virtual sales meetings on your behalf.  

Additionally, always prepare a meeting agenda so that no time is wasted during the meeting and that the customer knows what to expect. The end goal is to make every sales meeting as efficient as possible. In fact, 85% of sales prospects are more eager to join a 30-minute virtual meeting rather than an in-person meeting (LinkedIn). 

 

Why ME Matchmaking partners prefer virtual meetings:

“Virtual meetings are terrific because you can cut to the chase much quicker. It‘s more of a conversation with virtual meetings compared to meeting people at exhibitions or conferences.” – Ronald Kerkhof, Sales Director, Smart Communications

 

4. DITCH THE SALES PITCH

Instead of a traditional sales pitch, why not go a step further and provide a product demo during your presentation? This makes for a more interactive and engaging sales presentation that includes the decision-maker. A product demo also allows you to practice active listening and have a two-way conversation with the customer.  

During a product demo, C-level customers can ask specific questions that are related to their pain points, giving you the opportunity to provide real-time solutions to those challenges. You can also take it up a notch by calculating the ROI of your product or service in real-time, which gives you a chance to understand the customer’s budget better and even customize a package that suits their needs best.  

 

5. PRACTICE AND HAVE A PLAN B

One huge benefit of virtual meetings is that they can be recorded. This gives you an opportunity to watch old meetings and see where you can tweak or improve. It also helps to practice your sales presentation with your colleague on the video conferencing software you intend to use. That way you can identify potential technical issues early on and get familiar with the software’s tools and functions. This is also the time to come up with a backup plan if the actual sales meeting goes awry. For example, appoint your colleague to control the slides or handle any technical issues during the meeting while you continue speaking to the decision-maker.  

 

Why ME Matchmaking partners prefer virtual meetings:

“Most of our sales cycles take place remotely. It fits very well in the current atmosphere of business, so there are not many on-site meetings. Customers have realized they can have a virtual meeting in an hour and then jump to the next meeting.”

– Jouni Pohjola, Sales Director, Movial

 

After the sales meeting is done, make sure to send the decision-maker a thank-you email with a short recap of the meeting. You can also attach handouts and book follow-up meetings if needed. Don’t forget to connect with the decision-maker on LinkedIn too. All the best during your next sales meeting!  

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How C-levels are Networking in 2023

As the saying goes, “It’s not what you know, it’s who you know.” With so many changes hitting the business landscape in the last three years, we see the shift towards new ways of networking among C-level executives where an increasing number of top managers prefer virtual and hybrid formats of consuming content and building new connections.

 

1. THROUGH INSIGHT-GENERATING WEBINARS

As in-person events became impossible in early 2020, we saw C-level executives massively turn to webinars and various forms of online events. Today, CxOs still enjoy the benefits of online video content. For example, members of Aurora Live Executive Business Network find the virtual insights sessions useful with an average rating of 4/5. Some of the functions that make webinars appealing are:

  • The possibility to join from anywhere, anytime, or watch the recording later.
  • The chat function to make instant connections with a larger audience than a typical in-person event would allow.
  • The option to engage with speakers through live Q&A sessions, and upvote the most interesting questions from the audience making sure only the most interesting topics are covered.
 

2. JOINING VIRTUAL BRAINSTORMING SESSIONS

The need to exchange insights with a circle of peers hasn’t decreased, and the virtual spin-off on panel discussions, round tables, and moderated group discussions have gained massive popularity due to their efficiency and convenience. Also, studies show that 40% of executives network more online than in person as there’s less pressure and more flexibility (Fit Small Business). According to our data, 80% of C-level executives find moderated peer-to-peer discussions useful.

Jumping into a quick moderated discussion in between work meetings allows you to:

  • Quickly and efficiently connect with peers from different industries and countries.
  • Exchange ideas, experiences, and solutions on pressing topics affecting your industry in the time it takes to finish your morning coffee.
 

3. ATTENDING VIRTUAL INSPIRATIONAL & GROWTH KEYNOTES

Today’s CxOs are prioritizing personal development as much as professional growth. Not only do they want to gain new skills but develop new mindsets to become better leaders. Therefore, many C-levels find joining inspirational keynotes by world-renowned speakers valuable, especially in the hybrid world because:

  • It’s convenient and more accessible as more talks are hosted online.
  • They can connect with other attendees who share the same challenges.
  • Our data shows that 400 CxOs attended our event featuring inspiring talks from Duncan Wardle and Mel Robbins and gave a speaker rating of 4.9/5.
 

4. CONNECTING VIA IN-PERSON GATHERINGS AND ACTIVITIES

Although virtual networking elements have many advantages, CxOs prefer to socialize with their peers in person. Studies also show that 97% of attendees prefer in-person meetings of below 10 people (Forbes). Networking in non-business settings has gained popularity among C-levels such as wine tastings, cooking classes, and fine dining. Social get-togethers present:

  • Opportunities to form a closer bond with your peers over a shared interest or hobby.
  • A fun way to strengthen and maintain business relationships.
 

5. MEETING VIRTUALLY WITH POTENTIAL VENDORS

Another innovation introduced by the pandemic is virtual sales meetings. Here’s why they’re here to stay:

  • Many CxOs prefer initial meetings with solution providers to be online as it helps them swiftly identify if the solution offered has any relevance to their business.
  • 85% of C-levels are more eager to join a 30-minute virtual meeting rather than an in-person meeting (LinkedIn).
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How Sales Professionals Can Make the Most Out of B2B Networking Events

As a B2B sales professional, your network is one of your most significant assets. Not only is networking essential in building professional relationships, but it’s also a gateway to long-term partnership opportunities. With a variety of B2B networking events today, it’s important to know what to do for successful networking in different settings.

Here’s how to make every second count at in-person and virtual B2B networking events.

 

IN-PERSON EVENTS

From small casual networking events to large summits, in-person B2B events bring hundreds of C-levels from different industries under one roof. These events provide opportunities to network with your target audience in one place. Keep the following tips in mind to make a great and lasting first impression:

DO YOUR RESEARCH

  • If possible, request a list of attendees before the event, especially if you are a partner or sponsor of the event.
  • Do some research on the attendees and shortlist 5 to 10 decision-makers you would like to meet.
  • Connect with them on LinkedIn and introduce yourself prior to the event.
  • Having an online connection gives you a reason to approach them at the event and is a good way to break the ice.
  • Try your best to scout people in the crowd and be the first to start a conversation.
  • Find a common interest by joining events that revolve around a specific event or experience such as golf or fine dining.
  • It’s easier to start a conversation with someone when both of you have something in common that is not work-related. People are more relaxed and are more likely to remember you as a natural connection has been established.
 

GET FAMILIAR WITH THE EVENT AGENDA

Check out the full event schedule and:

  • Take note of interesting panel discussions, presentations, and keynote speeches you want to attend – especially if they relate to the product you’re offering.
  • After a session, try to start casual chats with decision-maker attendees about a specific topic or speaker. Ask them about their opinion on the topic and whether it’s a challenge for their organization. Learn what kind of solutions they are using or looking to invest in to solve those challenges.
  • If the conversation goes well, offer to keep in touch and add them on LinkedIn.Send them a message thanking them for their time and that it was good to meet them.
 

PRACTICE ACTIVE LISTENING

  • Do the opposite of selling – listen and try to understand the pain points of the decision-maker.
  • Be fully present and be genuinely curious about what they have to say.
  • With that information, relate it back to how your product or service can help them.
  • Settle on a few key points on how your product or service benefits your customers. Know them by heart so you’re always prepared when you need them.
 

VIRTUAL EVENTS

Although they are not networking events at first glance, virtual events gather like-minded decision-makers in one place and offer significant networking opportunities. The most popular types of virtual events are webinars or insight-sharing sessions. Here are a few tips for effective virtual networking:

JOIN RELEVANT WEBINARS

  • For example, if your company develops cloud software, try to join cloud-related virtual insights-sharing sessions.
  • Register for the webinar and add it to your calendar immediately so you don’t forget it.
  • Attending webinars related to what your company does gives you a broad picture of the interest areas and challenges of your target audience without having to ask them directly.
 

UTILIZE THE CHAT BOX

  • Be an active participant and use the chatbox to ask questions and engage with other participants.
  • Check if the list of participants is available in the chat box or online platform – they may contain valuable information such as names and contact details.
  • Strike up a conversation during and after the session has ended. You can bond over the session topic and tie it back to your company.
 

SEND A FOLLOW-UP MESSAGE OR EMAIL

  • Take the opportunity to move the conversation elsewhere after connecting with participants through the chat function.
  • Send them a follow-up email or message on LinkedIn and book an online call if you feel there is potential for business.
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4 Reasons to Invest in B2B Lead Generation Tools

B2B marketers need to update their strategies to find new leads considering the increased competition and changing customer habits. They also face a number of challenges, with 43% of B2B marketers having difficulty collecting quality data (MarketingProfs), affecting lead generation efforts.

If you have exhausted all marketing tactics to find high-quality leads, it’s time to invest in a B2B lead generation tool like ME Matchmaking. Here are four reasons why:

 

1. SAVE TIME AND COST FINDING PROSPECTS

60% of B2B marketers report wasted time and resources from unsuccessful lead generation campaigns (MarketingProfs). ME Matchmaking can help save valuable time in the initial phase of finding leads.

  • This leaves the sales team more time to focus on the important stuff – pitching the product and following up with prospects.
  • Sales professionals only spend 34% of their time on actual selling (HubSpot).
  • The rest of their time is taken up by research, writing emails, updating data, and scheduling client calls.
 

2. IMPROVE THE LEAD QUALIFICATION PROCESS

47% of B2B marketers cite lead quality as one of the main challenges among sales professionals (MarketingProfs). Generating a targeted list of B2B leads manually is time-consuming and prone to error. The same goes for the shortcut of buying leads or databases.

  • They may have outdated or incorrect information on job titles, company size, and email addresses, among others.
  • ME Matchmaking can help you reach the right decision-makers who are experiencing pain points your product can solve.
  • The prospects are tailored to your organization’s target group and buyer persona.
 

3. BUILD LONG-LASTING RELATIONSHIPS WITH PROSPECTS

ME Matchmaking offers meeting packages that allow sales professionals to have virtual meetings with new prospects throughout the year.

  • The meeting details and information on prospects can all be accessed on the ME Matchmaking platform.
  • The ME Matchmaking platform can help B2B marketers overcome the challenges of tracking offline conversions (31%) and improving ROI (31%) [Ruler Analytics].
  • Sales professionals can also create more touchpoints with prospects and share important updates, bringing them one step closer to closing a deal.

The ME Matchmaking meeting packages provide opportunities for sales professionals to network with decision-makers at in-person events and casual social gatherings.

 

4. INCREASE BRAND VISIBILITY AT VIRTUAL AND IN-PERSON EVENTS

Reach thousands of European decision-makers via online and offline branding opportunities offered by ME Matchmaking.

Online

  • Via the Aurora Live Network Platform
  • At virtual insights sessions
  • In monthly Aurora Live Member Newsletters going out to over 7,000 C-level decision-makers

Offline

  • At ME Flagship Events, get branding opportunities and access to our in-person events connecting hundreds of top CxOs in the region.
  • Join our exclusive social gatherings to connect with prospective clients and expand your network in a more casual setting.
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Why Sales Professionals Should Care About B2B Lead Generation Services

Today’s B2B customers are using a mix of virtual and in-person channels to connect with suppliers. Therefore, a hybrid sales strategy is the way to go, with McKinsey predicting that it will be the most dominant way of selling by 2024.

B2B sales professionals need to come up with hybrid sales tactics such as leveraging B2B lead generation services like ME Matchmaking. Here are three reasons why:

 

1. SAVE TIME FINDING NEW PROSPECTS

Sales professionals only spend 34% of their time on actual selling (HubSpot). The rest of their time is taken up by research, writing emails, updating data, and scheduling client calls.

  • ME Matchmaking can save valuable time in the initial phase of finding leads – especially when it comes to targeting high-level decision-makers from top companies.
  • This leaves sales professionals more time to focus on the important stuff – pitching your product and following up with prospects.
  • This also means less time chasing potential leads for a response, fewer rejections, and reduced stress.
 

2. CONNECT WITH QUALIFIED LEADS IMMEDIATELY

54% of sales reps report having insufficient data insights into buyer intent (Salesforce). ME Matchmaking offers a solution by matching you with prospects that have interest and investment plans in your area of expertise.

  • With ME Matchmaking, sales professionals can have conversations with the right decision-makers through pre-matched 1-to-1 meetings.
  • The meetings are all virtual and pre-scheduled, making it more convenient for sales professionals and prospects.
  • The meetings are short, allowing sales professionals can skip the small talk and go straight to explaining the benefits of their product.
 

3. PITCH TO NEW PROSPECTS ALL YEAR LONG

B2B lead generation services help sales reps reach their lead pipeline targets. However, not all services provide a wide range of offerings. While most services stop at generating leads, ME Matchmaking provides sales reps opportunities to:

  • Have meetings with new prospects throughout the year.
  • And engage with prospects in-person at social get-togethers and events.

ME Matchmaking helps sales reps create more touchpoints with prospects in digital and physical spaces, bringing them one step closer to closing a deal.

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The Consumer Blockchain: Is It an Enabler of Business Growth?

Blockchain is the underlying technology of Web3 and can fundamentally change how an organization manages identity, data, brand, copyrights, and digital assets. Businesses must understand the latest consumer behavior and culture to implement blockchain successfully. Jakob Hansen, CEO of the Nordic Blockchain Association (NBA), walks us through the recent developments of blockchain technology, its role in enhancing security and trust, new innovations to expect in the next few years, and more.  

*This article is a recap of our interview with Jakob Hansen at the session, The Consumer Blockchain: Is It Time for the Next Evolution of Digital Enterprises and Brands? 

 
Jakob Hansen is a renowned venture catalyst and business catapult across the Nordics and North American technology start-up ecosystem with vast international experience in Europe, Southeast Asia, and the Bay Area. He is currently the CEO of the Nordic Blockchain Association (NBA), a non-profit organization that helps companies and universities understand and explore the technology.
 

What should business leaders know before investing in blockchain technology?

The most important part is to understand the principle behind the project. We have got a great science-based blockchain in the Nordics called Concordium, where one of their key attributes is to simplify building an identity layer into a protocol. There are other protocols where high transaction volumes are extremely important. If you are working in TradeFI or financial institutions, you would want to work with a tool with a lot of speed. It’s important to identify what you want to create. First, the protocol layer and then the middleware or the ecosystem around it. Often, you are not trying to create a standalone system, you maybe need a wallet provider and security provider.  

 

Do you see the perception of blockchain becoming more positive?

I think it’s extremely important to distinguish between blockchain and fraud and TradeFi in general. That’s often done with cryptocurrencies. It’s when a company takes a token, lists it publicly, and trades with it. For me, that’s a trading issue and has nothing to do with blockchain technology. 

Transparency is an inherent part of blockchain that solves many fraud issues.  

I think it’s good that there’s been a lot of dialogue about these issues as it brought awareness to blockchain technology. That’s just a gateway into what the technology can provide. The NBA focuses on what the technology can do for businesses and for the world. 

 

How can blockchain enhance security and trust in applications and systems?

A blockchain process that businesses can put into place right now is product authentication. It provides good security for consumers. Blockchain enables authentication, supply chain visibility, product transparency, and warrant management. Brand loyalty is not the same as it was 10 years ago. Now trust is built on transparency.  

This is especially true for upcoming brands where customers need to figure out whether or not to trust them. Being able to scan a QR code to see the product’s entire supply chain to verify if everything the business claims is true, especially with a business’ sustainability practices, is useful. Imagine if you have a retail product that has been certified, how will consumers know for sure? There are many offline processes to ensure customers can trust a certain certification and is very time-consuming. In a fast consumer space, I think instant and fast verification would ease a consumer’s buying behavior.  

In addition, data security is extremely important, especially in the healthcare industry. Think about all the data that we are giving away. In Denmark, we have an amazing public healthcare system but I still have to provide sensitive information to both private clinics and insurance companies. There is a great project that is already live in South Korea. Basically, you put down your data on the blockchain, and only you have a private key to unlock that data. That means other parties can have your data but not read it.   

Also, a smart contract is a business process in that you can wrap a digital lock around it and put it into motion when certain conditions are met. Smart contracts could optimize businesses tremendously. 

 

What are the key steps businesses must take to facilitate consumers in blockchain?

This is dependent on the company and its consumers. Think about what smart contracts and blockchain can do with customer login data. Both technologies can offer customers a digital wallet with their login credentials. Personally, one of my digital wallets is in a Chrome extension and I use that to sign into Web3 companies. For example, companies can offer customers private digital logins or digital wallets that give them access to certain features. They can also charge a fee if customers want to access more. This allows businesses to interact with customers in a transparent way and opens up a variety of new business models. 

 
Dive into the latest trends and technologies impacting business leaders in the Business Buzz Outlook series. View upcoming sessions here.
 

Can blockchain reduce business costs?

Without a doubt. For example, I was part of a project where we tried to implement blockchain within the supply chain. However, it took some time for the suppliers to accept and learn it because it was a new technology platform. There are also initial implementation costs. From a supply chain perspective, implementation is quite fast if you control the whole supply chain. If you have smart contracts, you can agree on what needs to happen. You can do a consensus within your operations, which can be an expense claim from an auditor.   

I also did a lot of employment reimbursement. With smart contracts, you can set approval settings. You can authenticate it from an audit perspective, just think about the transparency that you have if you are doing transactions online. If you can implement that into your internal processes, you can save a lot of time. You can also have cross-border transactions, instant settlements, and more.  

 

What is your advice for business leaders who don’t know where to start with blockchain implementation?

Identify your purpose and why your business wants to work with blockchain. Is it to generate more revenue or become more cost-efficient? The tough part is that it’s a learning game where you need to cooperate. Blockchain is made on transparency and cooperation. I always say, “work together until lunch, compete in the afternoon.” Don’t try to solve problems by yourself.  I’m sure you have a sparring group within your industry so try to team up with them.  

Blockchain is a technology where you can create an infrastructure, and then you can compete on top of it. I would keep on being curious, and if you are not aware yet, ask around what the best use cases are. Organizations like the NBA are here to help. I know that you want to present a very clear plan to your superior or want to be very certain about a strategy. But with blockchain, being open-minded and asking for advice is the right way to go about it. 

 

Where are we now with the development of Web3?

Web3 is not defined yet, we are still in the learning phase. Also, Web3 is not only blockchain but AI and other tech as well. If we’re looking at the blockchain aspect of it, there are a lot of really good use cases coming up. Even though there is talk of a bad market or crypto winter, we don’t focus on that in the ecosystem. We must distinguish between blockchain and Web3.  

The way that I like to articulate blockchain is simple. It’s transparency, traceability, and trust.  

My passion for blockchain started when I was an auditor because I was tired of old receipts. Now I know there’s a ledger, I don’t need to spend time on paper receipts. Over the last few years, many people have jumped on the blockchain bandwagon. A number of large corporations already have a clear strategy for blockchain implementation. How it should start is to identify the need in the organization, from a shareholder perspective as well as a KPI perspective.  

 

What innovations can we expect in 2023?

We have talked a lot about data protection, and I think that will continue. Blockchain allows consumers to feel comfortable that their data and online presence are secure. 

Next, sustainability and traceability. My personal belief is that we are seeing a huge consumer wave in verifying that companies are acting transparently and complying with the UN’s sustainability goals. Transparency is going to be one of the big drivers that blockchain will be a huge part of. This goes back to what I said earlier about product authentication, supply chain visibility, and product transparency. Also, the Metaverse is going to keep on expanding and create a lot of revenue opportunities. Security and transparency are also key factors here. 

 

*The interview answers have been edited for length and clarity. 

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ChatGPT: Does it Pose More Opportunities or Threats to Businesses?

The generative AI tool ChatGPT has gained exponential interest and concern in equal measure since it launched in November 2022. Reaching 1 million users in just five days, ChatGPT is expected to bring its pioneer OpenAI $200 million by the end of the year. Before businesses jump on the ChatGPT bandwagon, it’s important to understand the opportunities and risks the tool presents, as well as its ethical considerations and limitations.  

In this exclusive interview, futurist and thought leader Gerd Leonhard shares his thoughts on ChatGPT and gives sound advice to business leaders on how to leverage and manage this emerging iteration of AI.  

*This article is a recap of our interview with Gerd Leonhard at the session, Unleashing the Power of ChatGPT: What Does It Really Mean for Business Transformation?  

 
Gerd Leonhard is a renowned futurist and thought leader. He was named one of Wired’s Top 100 Most Influential People in Europe and ‘one of the leading media futurists in the World’ by The Wall Street Journal. He is widely regarded as a global influencer and has advised business leaders from Fortune 500 companies as well as government officials and NGOs. .
 

What is ChatGPT and what are its limitations?

It’s a language learning model, an AI software that looks for patterns and clues on how to answer a question by looking at millions of statements that are related to the question. Of course, language models and AI have been around for 20 years with deep learning and machine learning. But the fact is that OpenAI decided to release ChatGPT to the public, creating a moon landing moment. ChatGPT is Sputnik, and the people on the moon are Bing and Google trying to integrate it. So, it’s a big deal for many reasons. I think it has great potential but also grave concerns like every big technology.  

However, ChatGPT isn’t going to be like the Metaverse, cryptocurrency, or blockchain. It’s a real game-changing moment and something we should be looking at across the board. 

 

Will ChatGPT replace existing search engines?

Search engines have been integrating ChatGPT gradually. For example, You.com and Bing, and Google soon — in the sense of having an optional chat bar. But we have to be careful of the relevance of those answers and fact check – which ChatGPT can’t do in a meaningful way currently. AI is a tool that we have to remain skeptical of. To paraphrase Kevin Kelly, “humans are for questions, machines are for answers.” I think that is so true. In this case, we should not be overestimating the truth and the validity of the answer.  

I think the key problem is that it’s so tempting. ChatGPT may turn into a huge laziness machine if we are not careful. With OpenAI’s recent partnership with Microsoft, we can expect fast development but it’s not going to replace search engines. Something to keep in mind is that humans make decisions by looking at a decision tree, images, and feelings.  

AI knows nothing about real life, it only knows data life. So, we should remain careful as to how much we rely on AI.  

 
Dive into the latest trends and technologies impacting business leaders in the Business Buzz Outlook series. View upcoming sessions here.
 

What opportunities does ChatGPT present to businesses?

At this point, it’s at a very early stage at the commercial level. It’s not scalable. It’s not real-time. It does not have ethical guardrails. I think it’s far away from large-scale commercial use.  

There’s an old saying that goes, “one machine can replace 100 ordinary workers, but no machine can replace one extraordinary worker.” A person using generative AI will beat a person without it. The tool alone won’t beat anybody.  

It will be the same for businesses. If you don’t use these tools to become faster, smarter, and more efficient, you’re going to get left behind. I’ve said this for a long time, but whatever can be automated, digitized, robotized, virtualized, and chatbot-ized; will be. That has a significant impact on our structure, companies, profit margins, and so on. But that doesn’t mean we’re going to be out of work. Instead, AI frees up my time to do more meaningful work. So far, ChatGPT presents opportunities to the finance, customer service, and airline industries. 

 

Do you think jobs will be lost to ChatGPT?

Technology needs to be used in a wise way. Look at call centers for example, I think 90% of those jobs will be automated but there will still be a need for supervisors. But yes, it will have an impact on routine jobs.  

If you work like a robot, a robot will take your job.  

If you learn like a robot, you’ll never have a job or you end up working for the robots. Think of Maslow’s Hierarchy of Needs, the same is true for jobs. The lowest level is data, information, and simple binary law knowledge. Machines have an unlimited repository of knowledge, and this will be clear by 2030. We are moving to the next level of work which is about tacit knowledge, quiet knowledge, understanding, wisdom, and purpose. There are plenty of jobs there. Also, I think if you’re going to save 50% of operating money using AI, that money needs to be put back to create possibilities of re-education and reskilling.  

 

Can ChatGPT measure specific outcomes in terms of customer satisfaction?

I think it could do that well. Imagine feeding all your data into an internal version of ChatGPT. You could ask intelligent questions like, “Do customers really like this product?” It could yield some results that are astonishing. Of course, data security and safety are issues here. In addition, a lot of data that humans use is not data that machines get. So, I think we need to be using it for trivial work. For example, travel agencies can utilize ChatGPT to figure out where their customers most likely want to go. From there, they can create a web page with that offering, alter codes on existing web pages, and more.  

 

How can ChatGPT be used to generate creative and engaging content for marketing and sales purposes?

There’s a great article by The Atlantic about how prompting AI is becoming a skill. Prompting means giving the right commands but if you drill deeper and ask, more complex questions, you will get more complex answers. So, you need to be good at prompting. One thing businesses can try immediately is to prompt their own products. You can ask how customers are receiving the product, what they don’t like about the product and more.  

However, keep in mind that it’s not real-time as ChatGPT’s database stops in 2021. That is one of the great confusions about ChatGPT and generative AI in general. I don’t think it’s possible to make it real-time. Because real-time is an infinite universe with data doubling every two weeks. That is where search engines have an advantage over generative AI.  

 

What is your advice to business leaders who want to implement ChatGPT in their businesses?

Firstly, experiment and try everything but be careful at the same time. For example, many companies thought that social media marketing could replace all marketing activities and save them money. Turns out that wasn’t true. Social media is expensive. So, you’re not going to save money because of this tool, you’re probably going to save some time. Appoint someone to oversee this and go for low-hanging fruits. For instance, explore bots for customer service and microsites. 

Secondly, we should embrace technology but not become technology.  

We should establish clear borders as to what it’s good for what it’s not. You don’t want to risk losing the trust of your customers. Too much of a good thing can be bad, and that is true with technology. Too much technology can really make a mess in your organization and customer communication.  

 

*The interview has been edited for length and clarity.  

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H&M Group’s Data Mesh Journey: From Ideation to Implementation

Data mesh was coined by tech leader Zhamak Dehghani in 2019 to refer to an agile, domain-based approach to setting up data architecture. As organizations become more data-driven, it’s time for IT and digital leaders to explore data mesh and its advantages. Erik Helou, the former Lead Architect at H&M Group, shares pertinent insights on how the organization utilizes data mesh, its benefits, and the challenges encountered during implementation.  

*This article is a recap of Erik Helou’s presentation at the session, Decentralized Approach to Becoming an Agile Business. 

 

Why H&M Group Adopted Data Mesh

H&M Group found itself in the same spot as many organizations, experiencing many iterations of data platforms, ways of working with data, and centralized teams. “In those days, we spent four or five years on new AI efforts, working with data in different ways,” Helou explains. H&M Group’s data systems eventually had to scale with the organization’s growth, and data mesh enabled that.  

Data mesh addressed the following needs: 

  • An accelerated growth of data: “The organization experienced accelerated growth of data, resulting in the need to use data in newer and faster ways.” 
  • A rapidly changing industry that pushed demand to scale AI and data: “The industry was changing as our company was evolving. We needed to onboard, facilitate, and make use of data capabilities at a scale and speed we hadn’t seen before.” 
  • Business knowledge ownership inhibited growth: “A big thing that inhibited growth and expansion in the data space was how to scale and manage business knowledge ownership of the data; and the ways of interpreting the data.” 
  • Business tech organizations move towards product centricity: “We saw a shift towards product centricity in the business development and technology departments, rather than the usual IT delivery way of operating.” 
 

H&M Group’s Interpretation of Data Mesh

H&M Group was drawn to data mesh, and more specifically, the distributed domain model because it solved many of the organization’s pain points. “The idea of this model is to define a map of your business in domains, subdomains, and data products,” Helou explains.  

“In a typical retail case, you would have the business data domain of sales, which is a difficult source-aligned product domain. All source-aligned data domain products should be the most correct and easy-to-use window into the operational business. That way, anyone in the company who needs the data view on insights, discovery, or operational software development knows where to go.”  

Helou explains that data mesh creates an official domain of data products that work well together. There is also a team behind them that the staff can contact to guarantee the operational qualities of that data. “It’s easy to find your way in a data mesh that represents the entire company’s activities,” he adds.  

Next are the aggregate products or the consumer-aligned products, which are refined or engineered products that transform operational business data for different purposes. Consumer-aligned products focus on specific needs in the business. In addition, the aggregate is a typical customer 360 product that takes information from a number of data products with a wealth of business knowledge into something more refined that can be used by people or systems.  

 

The Four Pillars of Data Mesh

  1. Domain-oriented ownership: This enables the distribution of ownership, development, and maintenance of hundreds of data products in an enterprise like H&M Group. Employees need to understand their domain ownership and data product ownership. “That’s the operational model and culture that needs to be established in the organization,” Helou says.  
  2. Data as a product: “Teams supply their data products to present what happens in the business domain they are responsible for. They serve that to themselves and to the rest of the company as an important asset.” 

To make that happen in a structured and sustainable way, there are technological tools that need to be in place: 

  1. Self-service data platform: “This is so we don’t have 200 product teams purchasing software and designing things in completely different ways. There’s a lot to gain in terms of costs and interoperability between different products if they can be on the same platform and use the same tools.” 
  2. Federated computational governance: This is important for the sustainability, compliance, and quality of H&M Group’s data products. “It’s things from the legal parts to logging to data quality to discoverability. You have one catalog where you can browse, discover, and understand the data assets you have rather than browsing through a big database.” 
 
Discover the latest developments in the data world in Aurora Live’s Executive Insights sessions. Learn more.
 

Features of the Data Mesh Approach

  • Enable all teams to autonomously ingest, share, refine, and consume data: “The autonomous way of working was the most important thing for us. The self-service data platform is key to distributing the work. We wanted all new and existing data product teams to be enabled on their own without too much dependency on bottlenecks, like how data engineering teams used to be in a data warehouse space. Everyone should be able to find and consume that data autonomously rather than asking for permission or knowledge. It needs to be self-explanatory and as automated as possible.” 
  • Provide a self-service UI based on standardized infrastructure, modules, and platforms: Data products are shared through friendly UI which provides standardized infrastructure components. “You should be able to create the infrastructure and data pipelines on top of what’s already there for an entire company. Any additional platforms or modules that you need go through the Self-Service UI.” 
  • Provide monitoring, logging, and alerting: As a background capability for the self-service UI, data mesh provides standard monitoring, logging, and alerting systems to maintain consistency among product teams, as well as ensure data quality and operational quality. 
 

Data Centralization is Key

“We want to stay clear of centralizing too much to reduce bottlenecking. Central engineering in data warehousing teams needed to do everything for all the source systems to be represented in the data warehouse. Business teams had to go through the heavily loaded, bottleneck engineering team. Data mesh allows us to get away from that,” Helou says.  

What H&M Group centralizes:  

  • Ensure a holistic one-stop-shop data use experience: “This is the data catalog we need to offer centrally because it has to be federated. Everything needs to be collected in one place.” 
  • Apply governance to all aspects: “We need to centralize the governance, legal aspects, security, compliance, and data quality.” 
  • Establish reusable accelerators and toolkits: “These are the building blocks for all the product teams to establish their data pipelines. That way, the teams don’t have to build specific tools because they cost a lot of time and risk. This makes it easy to fix bugs across a lot large number of data products at the same time.” 
  • Create schema, contract, and landscape fundamentals: “We need also to centralize hygiene factors like schemas, data contracts, and landscape fundamentals to enable stable and trustworthy operations at this scale and manage changes in the integration points.” 
  • Massive communication effort: “The central team needs to continuously talk about how we use data mesh and why we use it.” 
  • Documentation is key: “We need to centralize documentation describing the many data products we offer.” 
 

Data Mesh Lessons and Challenges

  • Mindset shift and upskilling of employees: “It’s a cultural thing to distribute the ownership of data creation, data knowledge, and data use in this way, which is something that is very attractive for a lot of people. But it’s still a big shift and we need to educate each other on how the organization uses data mesh. There will be upskilling, and the addition of new technical tools.” 
  • Decentralize technology (no central DevOps): “The decentralization of technological systems to find the right balance on what to centralize and decentralize.” 
  • Architectural and technological change: “It has an impact on the entire data landscape on how things work in the operational backbone and how data flows.” 
  • Manage legacy platform deprecation: “We need to take legacy into account. There are many well-functioning data solutions for reporting analytics that have to keep running. But we also have to steer our investments towards data mesh products and find our transition from legacy systems to this new platform.” 
  • Onboard key data procedures early: “It’s important to onboard key data early and find a handful of data sets early that enable teams to migrate from legacy data solutions to the data mesh reality.”  
  • Focus on business priorities: “What’s your strongest business case, either that you need to keep operating or something completely new? What data needs to be there? Then, you can get business stakeholders to buy in and find experts that can guide you to create those data product teams.” 
 

The Future of Data Mesh at H&M Group

“In the long run, we hope to gain agility and autonomy. As an online retail business, we need to keep scaling fast and adapt quickly to changes in the business world. We also need to get rid of any bottlenecks in this data expansion. Data mesh provides a strong foundation to enable innovation around data. It allows business analysts to uncover new potential, insights, and value propositions. It also lays the foundation for us to continue growing in the digital era and in the data-centric way of working.” 

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B2B Marketing in a Recession: 3 Value-Creating Strategies

In a trying economic environment, B2B marketers must work harder to prove that their marketing efforts are not just costs, but critical components that determine the survival of their organizations. Gartner’s chief of research, Ewan McIntyre advises, “The current environment demands a relentless focus on customer value, purposeful evolution of the marketing function, and continual optimization of brand value.”  

Here are three value-creating strategies B2B marketers can adopt during an economic downturn.  

 

1. Invest in brand-building initiatives

Brand awareness should never be neglected in any marketing strategy, especially during unstable economic times. In fact, brands that shine during a recession lay the foundation for business growth when the economy eventually stabilizes. Therefore, companies should take the opportunity to make a name for themselves during an economic downturn. Studies also show that recessions produce 47% more up-and-coming brands compared to periods of stability (Bain and Capital).  

Companies with strong branding inch closer to being top-of-mind solutions for potential customers, making it easier for sales professionals to strike up a conversation with them. In addition, it’s vital that B2B marketers stay on top of brand-oriented metrics such as website traffic, social media engagement, search volume, impressions, and click-through rates to prove the ROI of their brand awareness strategies.  

Several ways to ramp up branding include:  

  • Increasing digital presence on social media platforms, websites, email marketing, and more.  
  • Pumping out content such as case studies, solution guides, and product demo videos, as well as SEO-friendly articles and website copy.  
  • Attending webinars and in-person B2B networking events as a host or guest. 

Increased brand awareness can result in significant returns over time. For example, Cenareo, a French digital signage technology provider, drove a pipeline of 180k EUR in just one month by pushing out brand-building content and running creative campaigns on social media. 

 
ME Matchmaking offers coveted branding opportunities during virtual and in-person events that are popular among C-level decision-makers. Learn more.
 

2. Explore strategic lead generation tools and services

The possibility of a recession places B2B marketers under a lot of pressure to prove the ROMI of lead generation investments. Searching for top-of-the-funnel leads is much harder in a weak economy as changing market conditions result in shifting budget priorities among B2B customers.  

B2B marketers must conduct a fresh analysis of existing buyer personas and target groups, and update spending habits and customer dynamics accordingly. This data is valuable as it can be utilized to identify gaps in current lead generation activities.  

With 44% of sales professionals citing poor lead quality as one of their biggest challenges (Verse), B2B marketers need to invest in strategic tools that work efficiently and proactively in generating pre-qualified leads. 

A strategic lead generation tool can:  

  • Carry out time-consuming tasks of searching and qualifying leads. 
  • Identify strong leads who are experiencing pain points that their product or service can solve.  
  • Free up the time for sales professionals so they can focus on having valuable conversations and following up with leads, potentially shortening the sales cycle.  

For instance, enterprise IT company Pure Storage utilized the lead generation service by ME Matchmaking to connect with the right decision-makers and secured follow-up meetings with 75% of those prospects.  

 
With ME Matchmaking, sales professionals can have 1-to-1 virtual meetings with decision-makers all year round. Learn more.
 

3. Deepen relationships with existing clients

Customer retention is essential to stay afloat during a recession as B2B buyers re-evaluate their investments and search for more cost-effective alternatives. Therefore, it is imperative that B2B marketers build rapport with existing clients to deepen business relationships. Studies show that existing customers are 50% more likely to purchase new products and spend an average of 31% more than new customers (Forbes). 

B2B marketers can strengthen professional relationships with current customers through: 

  • Personalized emails and social media posts that address the challenges brought by the weak economy.  
  • Tailored content such as blog posts, newsletters, and reports about customer needs and challenges. 

They can also:  

  • Offer more flexible product packages and payment plans.  
  • Catch up with existing customers at in-person industry events and social gatherings.  

In addition, a 5% increase in customer retention can produce more than a 25% increase in profit (Bain and Company) along with higher customer satisfaction scores. For instance, German building materials company HeidelbergCement received a 70% response rate on its surveys after rolling out a customer retention program focusing on strong follow-ups. Representatives set up personalized phone calls with detractors and passive customers to discuss and address their challenges, as well as come up with solutions to win back their loyalty.  

 

B2B marketers have zero cents to waste during an economic downturn. Therefore, they must adjust lead generation strategies and allocate budgets intentionally, while shifting their focus towards brand-building and customer retention.  

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The European Energy Crisis: Can Sustainable Energy and Improved Efficiency Save Us? 

In the session, The Global Energy Crisis: Will Sustainable Energy and Improved Efficiency Come to the Rescue of Businesses in Europe? Prof. Dr. Marc Ringel answers burning questions on Europe’s latest sustainable energy innovations, the impact of policy changes on energy efficiency, and offers advice to businesses on how to navigate the current energy crisis.  

 
Prof. Dr. Marc Ringel is the Director of the European Chair for Sustainable Development and Climate Transitions at Sciences Po, Paris, France. He reads energy policy, energy efficiency, and environmental economics as a professor at Nuertingen Geislingen University, Germany; and is a senior associate researcher with the University of Brussels, Belgium. He is also a former official with the Directorate General Energy of the European Commission and the German Federal Ministry of Economics.
 

What are the latest updates on energy efficiency policies in Europe?

We have varying gas dependency across European countries, from over 80% in Bulgaria to almost no dependency in countries like Sweden. Consumer prices have increased by 39%, and households and businesses are finding it hard to tackle energy poverty. That has had enormous political repercussions on the development of energy efficiency.  

Energy efficiency policies have been increased and developed over two issues — tougher regulation and more comprehensive financial support.  

That has been coordinated through the European Commission and the REPowerEU initiative. There are ongoing negotiations that will give us more mandatory objectives in terms of energy efficiency. I think European governments have understood that a speedy transition and phasing of energy savings and energy efficiency come at a cost. What the EU has been doing on the other side is financial support. They have set up a recovery and resilience facility which is designed to support a coordinated transition of energy efficiency to help businesses and consumers save energy. There has been €225 billion worth of loans and €20 billion in grants stemming from the EU Commission trading system to support energy efficiency.  

 

What can we expect from sustainable energy in Europe within the next two years?

Sustainable energy was pretty much on show for larger climate objectives since the EU aims to fully decarbonize by 2050. 80% of European greenhouse gas emissions are energy related. Energy transition and clean energy initiatives were already at the heart of the European decarbonization project. Of course, that has been strongly advanced by the fossil fuel crisis. In concrete terms, this gives the EU a solar energy strategy. The plan is to double the photovoltaic capacity within the EU to 600 gigawatts by 2030. That combined with electrifying the European heating system with heat pumps will see a massive uptake in all EU member states. There will also be stronger regulation of energy efficiency.  

There are two directives setting the scene, one is the Energy Efficiency Directive, which provides regulation on energy efficiency objectives, and encourages the public sector to use and procure energy-efficient products. They also offer financial support for businesses and private customers to go into energy efficiency. On the other side, there’s the Energy Performance of Buildings Directive, which aims to reduce the energy consumption in buildings, and will see tougher and more stringent building standards. There is also a strong strive for green hydrogen, which is hydrogen produced by renewable energies. The strategy of the EU is to develop that partly at home but also get green hydrogen partnerships across the globe.  

 

How will the increase in sustainable energy impact businesses?

There will be two big impacts which are regulation and financial support. We are going to see mandatory energy audits and energy management systems for SMEs in EU member states. Those are designed to support businesses and help them become energy-efficient across the production chain. We will see more regulation in terms of saving energy and being more transparent about it. If it’s well designed as a mandatory measure, it would support the industry to be more systematic about energy savings.  

And there is the question of the amount of money to become fossil-free. It will be an expensive transformation that government budgets alone cannot cover. There has to be private finance stepping in.  Therefore, we are going to see business opportunities for the development of energy services.  

The largest scale is to support private households with building renovations and optimizing production chains. It’s the golden time for energy service companies in terms of getting the transformation along in a market-driven manner.  

We will also see a stronger development of public-private partnerships in the development of technologies and business models. It’s already working in industrial sites and electric mobility. Energy services will be quite active and solicited to delivering market solutions.  

 

What sustainable projects are going to be implemented in Europe?

The combination of photovoltaic systems and heat pumps will create autonomy within households. Heat pump technology will be developed along with the trend for electrification. We will see an increasing number of e-mobility projects. According to Horizon Europe, there is €99 million allocated for clean energy projects in 2022. Over the next few years, there will be projects that will link energy and information technologies at large. For example, optimizing energy systems with artificial intelligence, data, and behavioral economics. Denmark is leading by example as the Danish integration of wind energy has been a strong driver for many other European countries in terms of how to develop offshore wind energy. I would also name Germany for getting energy savings and credit optimization by doing tenders for unused capacity.  

 

When do you think the energy crisis will be resolved?

It will be the role of governments and the European Commission to give us a coherent policy stream. It will be a long development of energy efficiency and energy savings, in addition to phasing renewable energies into heating and cooling, probably to some extent by green hydrogen. In terms of structure, it will be a question of market design and market rules, which will need to favor energy efficiency and energy savings, much more than it has done so far. Many European governments are looking into the market design of electricity markets or heating markets. Europe is still importing most of its energy sources and that import dependence will continue to exist. Another consideration is about new supplier relations defining new energy partnerships. 

 

What will happen if new policies and alternative energy sources are unable to solve the crisis?

Supply dependence and economic dependence. There is still diminished but flowing Russian gas filling up our gas storage. That gas certainly will not be available to fill up our supplies after this winter. Many European governments are preparing for the next winter by finding new partnerships and suppliers. LNG is an option but there is a global demand for LNG, especially in Asia, which raises its price.  

The actual situation will depend on many factors which are outside of our control. Will there be a mild winter so there is no strong need to tack gas supplies? Until now, prices in global energy markets have been moderate because the demand from China and Southeast Asia was not at its usual limits.  

The European governments have been going on a shopping spree on their own, which didn’t necessarily work out to their benefit and led to much higher prices paid. And there is the question of the European Commission coordinating or taking over the buying process globally. In terms of customers and businesses, there is currently strong subsidization of the energy bills for private households.  

There is a clear need for subsidies, but I would caution against prolonging unnecessary subsidies. In the long run, there will be a much stronger need to revise our market rules and pricing to reflect the change towards renewable energies better. In the short term, subsidies work as contingency measures during winter but in the long run, work needs to be done on regulation. 

That is a short list of unknowns, which makes it really hard to predict how bad or how good next winter is going to be. 

 

Do you think that a strong government stance on energy savings will last over the next few years?

I think that by now, governments have understood that we need it for two reasons. Firstly, energy savings translate into price competitiveness. There are bigger problems on the horizon and that is climate policies and climate change because it is a polycentric crisis. Those issues combined will create strong pressure on governments to maintain strong energy efficiency policies. In terms of shortcomings, it’s a problem over the last mile. Many governments over the years have agreed on strong targets but did not follow up in detail.  

That is exactly what’s happening with the negotiations on European energy efficiency regulations. It’s really a question of coordination. Member states are willing to grant the supervising coordinating power to the EU. Energy efficiency is not easy. Policymakers can open up a wind park, photovoltaics, and solar roofs, among others. Those are nice for show-and-tell policies. Energy efficiency is more technical, complicated, and less than visible. There is still the idea that energy savings are a government-run show. There is a clear need for private initiatives and business models to deliver energy savings and efficiency.

 

What can businesses do to maximize energy efficiency, reduce carbon emissions, and improve sustainability and resilience this winter and beyond?

The first thing would be to get an energy manager or professional to guide you in implementing energy efficiency, that’s a no-brainer. But what is often overlooked is that small fuel savings can top up over time and that’s a story of scale. In addition, what has been proven to work is getting professional third-party help. Energy service companies can analyze and scrutinize your production chains and businesses. They can propose not only advice but also financing models and technical solutions. You would want them in over the winter and reduce your costs quickly. 

 

*The transcript has been edited for length and clarity.