Jayson DeMers’ recent contribution to Forbes, “The Top 7 Online Marketing Trends Dominating 2014,” covers a lot of the themes I’ve been writing about. If you like what Jayson has to say about Content Marketing, Image-Centric Content, and Simplicity, then take a look at “Be a Thought Leader” and “Create a Robust Content Marketing Program.”
Prediction #1: Content Marketing
Will Be Bigger Than Ever
Steps Nine & Ten of Ten Steps To Marketing Relevance
Be the one singing Marketing’s praises — and leaning forward
Step nine in this series is really self-help advice…. Sing Your Own Praises. As we discussed in the previous post, many executives need continuous reminders that Marketing has changed. They will persist in thinking of it as an “arts and crafts” cost center (one that can be downsized when needed). Your job is to throw proof points at that wall until something sticks. And you should take the opportunity to build your own internal brand at the same time.
Here are a few helpful quotes about how to build your brand by Patty Azzarello, Technology CEO, consultant, and author:
- Identify your Ruthless Priorities…those few things that you refuse to put at risk….initiatives or tasks that support what matters most to the business.
- Communicate your Ruthless Priorities over and over and over again…Unless you are completely sick and tired of talking about your message, you aren’t even close to getting your audience to accept it.
- You can get away with not achieving everything if you deliver remarkable results on a few key things. If you are known for delivering where it matters, you’ll have a lot of power.
That leads to step ten: Be an Agent For Change. There are a lot of reasons to keep improving, and if positive words don’t make the point, try these from General Eric Shinseki, “If you dislike change, you’re going to dislike irrelevance even more.”
But let’s conclude on a positive note. With today’s modern marketing tools and techniques, you have lots of avenues to relevance. Make them your ruthless priorities, lean forward as an agent for change, and demonstrate that you’ve got what it takes!
Step Eight of Ten Steps To Marketing Relevance
Learn from experience, and share the lessons
In our last installment, we discussed steps to integrate a Marketing Automation System (MAS) with the Sales process. To get your company to see the value of your marketing process, you will need to conduct continuous grass-roots training. But your executives need a different type of evangelism: data. The good news is… with a MAS, you can prove ROI like never before.
You don’t always get much time to make your point, so do it as effectively and rapidly as possible by speaking in numbers, the language executives understand. And it helps to have an elevator pitch as well. When I’m trying to get an executive’s attention, I say, “Did you know that marketing-generated leads have an 88% close rate once they are converted to an opportunity? That’s 18% higher than any other lead source, including our traditional referral leads.” That usually gets their attention!
Then be prepared to dig into the data with them, emphasizing that marketing and sales are all part of an integrated revenue-producing pipeline. As with any audience, pictures help. Here are a few generated by Marketo. The left shows channel ROI on an investment-to-success grid. The right shows a customer sales journey (each interaction leading to the win). Of course, you’ll need all the supporting data at hand, but don’t underestimate the value of good graphics.
As with Sales evangelism, you’ll need to continuously remind management of Marketing’s worth. Unfortunately, many are old-school and think of Marketing as an “arts and crafts” cost center. You can change their mind by continuously measuring, testing, analyzing and reporting on Marketing’s value. Get your data and get going!
Do you agree that Brands are rapidly losing value in our information society? In the February 17 issues of The New Yorker, Financial Page contributor James Surowiecki’ writes, in his article, “Twilight of the Brands,” about the theories of Itamar Simonson. In his book, “Absolute Value,” Simonson postulates that brands used to serve the purpose of helping us to choose a product or service when we had no information. Now, the Internet and social media have given us a wealth of information to aide our every purchase decision.
According to Surowiecki and Simonson, “If you’re making a better product, you can still charge more, but if your product is much like that of your competitors, your price needs to be similar too. That’s the clearest indication that the economic value of brands– traditionally assessed by the premium a company could charge–is waning.” They conclude by stating that a company is now only as good as their last product and brands have never been more fragile.
Hold on now… I would argue that Brands still retain their original function — at least for certain types of companies. The B2B service companies I’ve worked for, many of whom go to market through independent sales organizations, resellers, dealers and other channel partners, need a strong reputation/brand in order to gain any recognition and rise above the competition. In a commodity business, the brand may be the only thing that allows a company to charge more than the lowest price.
There are, of course, many ways to build a B2B brand — and content marketing that demonstrates thought leadership is one of the most effective (see my previous blogs). But not supporting your brand is like asking for a level playing field. Wouldn’t you rather have the advantage of a reputation for being a trusted advisor? Wouldn’t you rather charge a premium for that expertise? I believe that smart B2B companies understand that brands still serve as proxies for quality. Do you agree?
Step Seven of Ten Steps To Marketing Relevance
Your MAS must be linked to your CRM and other sales tools – and your sales force must understand how it all works
In our last discussion, we discussed the value of implementing a marketing automation system (MAS). But like any tool, a MAS only works well if used well. In order to reach the goal of continuous revenue performance management (a Marketo term), your company’s management and sales force must understand and embrace the system’s functionality.
Here is Forrester’s view of the marketing maturity journey, which shows how marketing and sales evolve together.
To get to the Predictor stage (or continuous RPM), I recommend the following integration
- Stage 1 – Make the Business Case
- Leadership – Sell the vision/future state with a scenario-based story (describe how a customer might find, connect with and purchase from your company through the tool)
- IT – Work through processes, procedures, charters, documentation, approval tiers, security certification, risk & compliance, etc.
- Stage 2 – Start Contributing
- Provide email marketing, landing pages, forms, campaign design, SFDC tools, lead nurturing, reporting/analytics, automated campaigns, etc… the word will spread
- Make sure all Marketing staff understands and are singing off the same sheet
- Stage 3 – Evangelize
- Provide reps with grass-roots training on why marketing-sourced leads are valuable and how to work them with the integrated MAS/SFDC tools
- Provide sales leadership with staff and account-level activity reports
- Provide executives with performance overviews & metrics
- Stage 4 – Prioritize
- Figure out how to manage all the work you’ve created for yourself!
Actually, the evangelism never really ends. There are always new people joining the company, and salespeople who haven’t taken time for training. Keep explaining how the MAS and CRM work together – and how it helps them win. Tell scenario-based stories, show the tools in action, get tactical, present the numbers … the goal is to get Sales to
see Marketing as part of their pipeline – the partner that is sending them highly-qualified leads and equipping them to close the deals. Only when Sales and Marketing hold hands does the whole process come together.
Step Six of Ten Steps To Marketing Relevance
MAS are critical for generating leads, measuring productivity, and demonstrating value
In the first five installments of this series, we covered structure, content and channels. Now let’s talk technology…. specifically marketing automation systems (MAS). These new tools, including Marketo, Eloqua, Silverpop and others, are a game changer. Having implemented all three, I can tell you that they go a long way towards making Marketing a science rather than an art.
At it’s core, a MAS is an email tool. But it’s so much more:
- a lead management and nurturing sysytem
- a campaign landing page development tool
- a CRM (i.e. Salesforce.com) utility
- an analytics and reporting tool
- a way to prove ROI
At my current company, we use Marketo for all these things and have effectively created a continuous pipeline from inbound lead though the sales process and beyond. Marketo provided this “marketing maturity journey” slide, which corresponds to our experience pretty well. Like many companies our size, we’ve mostly transitioned out of traditional marketing, have implemented and integrated demand generation systems, and are working daily to integrate sales and marketing efforts.
With a MAS, all stages of the funnel are measureable, and management begins to depend on those numbers — and see Marketing’s contribution. Getting to the nirvana of a continuous RPM system is going to take time while all the old dogs learn new tricks. But the journey is as important as the destination.
I recently listened to a Forrester webinar, and wanted to share these two slides from it…
First, we’ve all heard this, but the landscape has changed shape with the digital revolution. Now it really is all about the customer.
Second, marketing’s role has become increasingly about embracing the new paradigm, using digital channels to break through the clutter, understanding customers better via their data trails, and transforming the customer experience on a transaction-level basis.
The age of the customer has transformed Marketing out of necessity – and vice versa.
Step Five of Ten Steps To Marketing Relevance
Don’t Get Caught Up in Making Nice Marketing…It’s About Making Money
How many of you know marketing managers who get lost in the weeds? Every team I’ve seen has members who get so caught up in making nice deliverables and campaigns that they forget to keep their eyes on the revenue ball. You can learn from them. Before diving into a project, ask yourself, “Will it make the company money?”
As we covered in a Be a Thought Leader, the way to a customer’s wallet is to make effective, information-rich targeted deliverables that prospective buyers will value. Danny Turnbull, Managing Director of gyro Manchester, put it this way in a 5/9/13Forbes article, “We live in an age where information is currency. If you create something of value for the end-users, they will pay it forward.”
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And, as we discussed in Think Omni-Channel, it pays to use inbound channels that earn prospects’ attention. According to HubSpot, inbound marketing costs 62%less per lead than traditional, outbound marketing, and have a higher close rate.
Marketing author and speaker Guy Kawasaki says, “If you have more money than brains, you should focus on outbound marketing. If you have more brains than money, you should focus on inbound marketing.”
I don’t know about you, but I think my time is valuable. If you give me the gift of information where I can find it when I’m looking, I’ll pay it forward.
Step Four of Ten Steps To Marketing Relevance
Be There With Relevant Content When & Where Your Clients Are Looking For It
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Even if you create relevant content, customers aren’t going to just appear. You have to put that content where they are when they are looking for it. Earned media is the most credible, and therefore the most effective. If customers learn about you through social channels or media mentions, they might seek out your owned media – and maybe even pay attention to your paid media.
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According to Marketing Profs, social media has become the most popular content marketing tactic because it is earned media. Published content – like articles, eNewsletters, and blogs – comes next. But all content, whether posted on owned real estate or not, works best when attention is earned… when readers post about you and other sites link to yours. (Plus it improves your search engine rankings.)
Another way to look at it… your new marketing mix should be about making it easy for your customer to find your content. Spend less on pushing out messages on traditional channels. You probably won’t reach customers when they’re ready anyway. Instead, pull your readers by placing content all the places they might look when their researching and receptive.
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And as we learned in Step Three of this series, if you keep at it – using all those inbound channels wisely – you’ll not only catch the attention of prospective buyers, you’ll generate leads and revenue. Ultimately you’ll create loyalty by becoming your customers’ education source and trusted partner. It’s a food-chain that puts dinner on the table.
Learn more about omnicommerce (omni-channel + mobile payments) and the omniconsmers of the future (18-34 year-olds who expect omnicommerce soon).
I recommend taking a moment to read “Vantiv Profiles the ‘Omniconsumer’ of the Future” at RetailCustomerExperience.com … because it contains a lot of interesting facts about the 18-34 consumer and what they expect from mobile payments. And because it’s part of the work I do for Vantiv. Likewise, you might enjoy this TIME piece on Omniconsumers, which references my research at the end.
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For the last two years I’ve focused on making Vantiv a thought leader in the payment space…keeping our clients and prospects up-to-date on current issues and emerging trends. (It also builds our brand, generates leads, and gives the sales force content.) Each year I work with our research partner Mercator Advisory Group to conduct primary research on payment trends in the U.S. Based on surveys of consumers and a series of qualitative interviews with payment industry experts, we issue quarterly educational campaigns designed to help readers understand the changing payment landscape.
Our newest thought leadership–the subject of the RetailCXP.com article–focuses on “Mobile Payments and the Omniconsumer of the Future”. The 18-34 omniconsumer is tech-savvy and eager for value-added mobile payments that allow seamless payment across channels. Young consumers want a consistent experience across all online and retail channels, and are willing to give their business to the provider who delivers best.
There’s lots more to learn. Visit Vantiv.com/research today to see the 2012 and 2013 campaigns based on customer experience research. Whitepapers and webinars are the core of the campaigns, but you’ll find infographics, fact sheets, videos and more. Enjoy!