Chapter one: Trust Is The New Data
03/05/2024
I ordered the book the day of the launch (27/02/2024) calling it an âinvestmentâ and I awaited eagerly for it to arrive.
It arrived Friday...âŚ
Iâve been interested in nearbound since I first learned about it because in the past 20+ years Iâve experienced, participated, and created strategies that really disrupt.
The rise of mobile devices, all the social sites, CRMs, inboundâoutbound, apps and digitalization on technically, what is simple good old attention, client acquisition and retention.
Today, I see nearbound as fundamental, profound....call it what you will. But itâs upon us and while others may just see it as just another book, one they will eventually get around to thatâs okâhowever just the reliance on outbound, inbound today is a foolâs choice.
Even in the HubSpot kick-off 2024 event our team at 6teen30 Digital, Inc. attended as HubSpot partners, there was a huge focus on community, usage, and collaboration in the ecosystem.
Like a seasoned heavyweight champion who recognizes that the methodologies and strategies that once secured their leading position are no longer as effectiveâspecifically referring to inbound methodologiesâHubSpot is now embracing a new contender: the nearbound methodology.
This fresh approach is poised to propel organizations forward, complementing their existing attributes and signaling a strategic evolution for HubSpot.
For those who havenât ordered the book yet, please order it today, and in the interim here are my key learnings from Chapter one âTrust is the new dataâ:
1. Where does Trust Come From? The Promise Land
Trust emerges as the cornerstone of success, and nearbound strategies offer a pathway to harnessing its power. By aligning with trusted voices that resonate with your audience, you can navigate customers toward their desired goals.
âNearbound strategies tap into the trust of voices who can help customers get to the places they want to go.ââJared Fuller, Co-founder of nearbound.com and Chief Revenue and Ecosystem Officer at Reveal
Repeat this mantra after me:
âTRUST COMES FROM HELPING OTHERS REACH THEIR PROMISED LANDâ
2: In this era (Nearbound Era) trust outweighs the sheer volume of data
The advent of the Nearbound era heralds a paradigm shift in marketing dynamics, where the traditional emphasis on data and messaging takes a back seat to trust and relationships.
So keep in mind three things:
- Trust trumps data
- Relationships supersede messaging
- And, network effects compound growth in ways that linear funnels cannot.
3: Organizations need to win
The power of network effects amplifies growth exponentially, presenting opportunities for you to thrive in ways that linear funnels canât match.
Companies that win, are the ones that have embedded partnership ecosystems and nearbound thinking into their DNA. As we stand at the precipice of the Nearbound Era. You donât need to make 100 choices, you just need to make this one. PARTNER UP OR PREISH. EVOLVE OR DIE.
Chapter two: Nearbound Defined
03/06/2024
After reading further, I ended up asking myself âcan I even do this justice in such a short review post?â
The reality is No! The depth and value in 2 âNearbound Definedâ are profound.
Before I start, I recall in the mid-90s, the focus on web development was primarily on the quantity of pages, rather than control over the content. This led to inquiries about updating content, only to learn from developers that it wasnât possible without what we now recognize as CMS access/control.
This reflects the idea that our knowledge is limited by our experiences, equally the same mistakes are being made in business practices in 2024.
Questioning its timing and relevance, similar to a VC pitch inquiring about a SaaS productâs âmarket needâ and âwhy now?â Motivation comes from the realization that traditional methods are outdated, we have been drinking the âKool-Aidâ for far too long.
A 2020 Business Insider report states, 65% of Google Searches ended without clicks, HubSpot noted declining blog readership, and sales outreach responses fell 40% compared to pre-pandemic levels.
Yamini Rangan, HubSpotâs CEO, emphasizes the era of the connected customer, focusing on relationship context over data management.
Reflecting on early instances of what we now call Nearbound, Peter Caputa, CEO of Databox, stands out for his pivotal role in founding and shaping the HubSpot Partner program. Recognized in this book for his significant contributions, his efforts exemplify Nearbound at its best.
If these significant examples donât convince us to prioritize nearbound, we might as well revert to using rolodexes, pads, pens, and corded landlines.
For those fond of nostalgia, enjoy. The real innovators will eagerly board the Nearbound movement.
Here are my top takeaways from Chapter 2: Defining Nearbound:
1. Network effects and nearbound:
Nearbound is seen as an ideal go-to-market (GTM) strategy in a world ruled by network effects. Itâs noted that being a âYoutuberâ is more desirable than a âNetflixerâ due to the status and massive reach of YouTube.
A key quote highlighted: âA great product never beats a great GTM, but a great GTM never beats great network effects.â
2. Long-term strategyâTesla and compound interest:
Teslaâs partnerships with Ford and GM exemplify strategic thinking and leveraging network effects, akin to âFirst Principles Squared.â
The installation of 20,000 Tesla chargers at Hilton Hotels emerged from this partnership, raising questions about its feasibility without the involvement of Ford and GM. Tesla and Musk knew the answerâit was compound interest.
Chapter three and four: The Curious Task of Modern Marketing and The New CMO
03/07/2024
A serious question to ask your CMO?
Does our current or future planned content campaigns include people whom our target buyers already trust?
Let that sink in for a while. Now think about how fundamental that is!
Still unsure? Think about how you buy, for personal or business use. Likely, you are buying on trust-based referrals or associations right?
On the launch last week of the Nearbound book, nearbound.comâs Co-founder Jared Fuller shared how he was a Marriott Hotels fan for yearsâalways staying there. However, with Teslaâs recent install deal with Hilton, his booking partner of choice is now Hilton.
Guess who is an âexistingâ Tesla owner, and now a ânewâ Hilton customer? Jared.
The Nearbound book shares the famed economist Friedrich Hayek views around âThe Fatal Conceitâ and the associated quote "The curious task of economics is to demonstrate to [all] how little they really know about what they imagine they can design and how markets are âemergent and not plannedââ.
Why is this important?
Summarized, the markets require actors to process information according to their âownâ preferences. Ultimately it means âHuman Actionâ regardless of the people trying to influence the outcome, however, these people donât drive the markets or the outcome, it is the actors within the markets that do.
In marketing, this is the people who are surrounding your buyers, and the ones they look to and already trust.
Allison Munro, Chief Marketing and Ecosystem Officer at Vena Solutions, is featured in the book, what struck me is the statement she makes about behavior and how itâs changing.
Allison goes on to say:
"I donât search. I ask. I donât click, I ask again, and Iâll never revert back to the baseline of old search."
In the Who Economy, true INFLUENCE comes from TRUST, and trust comes from those who help.
Here are my other key snapshots from these two paragraphs:
1. Nearbound is about connecting the right people with people:
Nearbound aims to facilitate connections between individuals who can benefit from each otherâs expertise, resources, or relationships. It emphasizes building meaningful and productive relationships within networks to achieve common goals or objectives.
2. Reviews are not that important anymore:
With only 9% focused on the number of reviews and 10% on the productâs overall score (Source Trust Radius 2023 Busing Disconnect Study)âthe stand-out number is 23% interested in âreviewers that are relevant to meâ.
The 4.7 Star Syndrome is also quoted in the book and it also tells the experience and its relation with Vinay Bhagat CEO and Founder of TrustRadiusâ thatâs well worth a read on this topic.
3: Nearbound can help you expand your reach:
CMOs need to shift their focus away from just asking âhow they can reach their audienceâ, to âwho can help me reach my audienceâ.
By partnering with influential individuals or organizations connected to their target audience, CMOs can expand their reach authentically and efficiently.
4. The power of âWhoâ
Instead of asking âhow can I sell my product?â, Nearbound asks "where are my buyers, and who do they trust?"
The goal is to become part of your audienceâs conversations without interrupting them.
Chapter Five: Surround sound marketing in 5 phases
03/08/2024
We all have experienced Dolby Laboratories right?
The âAboutâ section on their LinkedIn profile states:
- Weâre the rain on the roof in a movie.
- The music flowing through your earbuds when youâre at the gym.
- The footsteps lurking behind you in a video game.
- The voice of a colleague on a call who seems to be right next to you.
- The sight of a breathtakingly bright and vivid sunset on your TV.
What has this to do with Jared Fullerâs new Nearbound book?
EVERYTHING!!!
Chapter 5: The 5 Stages of Surround Sound MarketingâA pivotal chapter where the momentum begins.
Tactically, nearbound marketing implementation offers a ground-up Go-To-Market rebuild (underlay) or enhancing current efforts (overlay) options.
During one episode of the Nearbound Marketing Podcast, Isaac Morehouse, CMO at Reveal and Co-founder of nearbound.com, and Logan Lyles, Evangelism and Content Marketing at teamwork.com, developed a 5 stage system to nail your nearbound marketing motion.
Lets take a closer look:
1. Defining Your ICP
Shift the perspective: instead of crafting messages for sales teams, start with prospective customers and partners. Let their conversations guide your messaging.
2: Establishing a strategic narrativeâmaking yourself easy to market with
The concept was popularized by Andy Raskin for leadership trying to reframe company strategy as a story. Another key takeaway here is that marketers are used to prioritizing âcustomers 1stâ and product 2ndâ, with nearbound itâs adjusted:
- Customer-first
- Those they trust most (partners)
- Your story
- Your product
You have to see partners as a center of gravity, not a distribution channel, their orbits pull your prospects into alignment.
3. Assembling a Nearbound Marketing team
The 4 key marketing team types with jobs to be done are:
- Journalists = Story finding
- Content creators= Story spreading
- Partners = Story connecting
- Customer = Story validating
4. Activating your evangelists
Ignite a self-reinforcing virtual cycle by activating evangelists who passionately share your storyâthe perpetual motion that starts and spins the flywheel.
To activate your evangelist follow these five stages:
- Identify potential evangelists: Evangelistsâ chorus singing your story harmoniously is far more powerful than any solo performance.
- Evaluate: Use the Map and Tap approachâUnderstand how they surround your buyer and tap into their influence.
- Activate: Ensure you make it easy for your evangelist to share your brand
- Distribute and make them famous: Promote a culture of âyou can trust us togetherâ and make them famous first.
- Understanding: Tracking nearbound investment is crucial. Chris Walker highlights open text feedback as a âself-reported attributionâ method to identify referrals and discovery paths.
5. Iterating and scaling:
Resist the urge to scale quickly after initial success, build gradually and you need to âevangelize successful evangelismâ.
Like Dolby Stereo revolutionized theater sound in 1975, todayâs buyer is influenced more by their trusted circle than your direct advertising.
A final thought
As we wrap up the exploration of the first part of the Nearbound book, I find myself reflecting on the transformative power of nearbound marketing. From dissecting each chapter to extracting valuable insights, this journey has been both enlightening and invigorating.
From redefining target audience perspectives to activating evangelists and scaling strategies, the Nearbound methodology offers a holistic approach to marketing success. As we embrace this new paradigm, I look forward to applying these insights in my own endeavors and witnessing the transformative impact of nearbound marketing in the years to come.
What are your takeaways from the book? Would love to hear from you.
See you soon, and donât miss my next blog on the Force and Friction about the Nearbound book (coming soon).