Three metrics by which to measure the value of marketing content.

Three metrics by which to measure the value of marketing content.

Feb 9, 2018 | Communication, Marketing

All marketing content I have ever seen is driven by one, or a combination of three things:

  • Vanity
  • They have something to sell
  • They have something to say.

There is always some overlap, but when you dig deeper, the motivation is always one of the three, and by a vast majority, one of the first two. To be clear, ‘Content’ is everything you post, from a thoughtful and original marketing blog post you wrote, to a research paper published elsewhere, to a cat photo.

However, the most successful content is when you have something to say, an idea you want to articulate and spread, a perspective that throws light on a question.

It becomes pretty easy with some level of objectivity, to put some numbers against these simple measures, even vary the sizes of the ‘bubbles’ to reflect the relative size visually.

When the purpose of a piece of content is to inform, educate, enlighten, and that purpose is met, financial outcomes may follow, but they should not be the objective, they are the outcome of great content.

What is your purpose for your content?

 

 

 

Your ‘enemy’ makes you stronger.

Your ‘enemy’ makes you stronger.

Feb 2, 2018 | Marketing, Strategy

Strategy is as much about what you will not do as it is about what you will do, perhaps even more so, as it forces difficult choices.

Equally, the old marketing buzz-word ‘positioning’ which was defined in my university days 45 years ago as ‘how your customers see you’ benefits hugely from the addition of a clear statement of what you are not, what you will  not do, and even calling out the ‘enemy’.

When you define who is your enemy, those who feel the same way as you will find it very hard to do anything but support you, it rallies support to your cause.

This means that you can never create a product for everyone, the more defined you are the better, as you will then have more potential for rallying groups of those who are against what it is you are against.

Where would Mohamed Ali be without Joe Frazier?

Where would Apple be without Microsoft?

Would Neil Armstrong have taken a moon walk in 1969 without the Russians?

Mr. Churchill would have remained a backbencher without Herr  Hitler

Would Coles and Woolworths be the most successful FMCG retailers (as measured by domestic market share) in the world without each other?

In the back streets of Ashfield in Sydney there are two small grocery stores, almost opposite each other, fighting to the death for the last 20 years, and in the process keeping Woolies and Coles at bay, at least in the very local area they service.

Respect your enemy, and learn from them, they make you stronger.

Photo credit MrT HK via Flikr

A brand is a red highlighter in your brain.

A brand is a red highlighter in your brain.

Jan 19, 2018 | Branding, Marketing

Brands have a number of useful commercial purposes. They can build margins, gain distribution, provide a base for expansion, and a whole lot more, but that is all from the perspective of the brand owner.

From the opposite perspective, that of the customer, and potential customer, a brand also has a whole lot of purposes, none of which have anything at all to do directly with your prosperity.

A brand is the end result of all the impressions and emotions individuals have experienced while coming into contact with the thing to which the ‘brand’ is attached.

Our individual responses will be marginally different, but as a group, we label those collective experiences  a ‘brand’

Our brains are just massively complex parallel computers, something the boffins in Silicon Valley are trying valiantly to replicate.  In effect, we absorb and process all sorts of things at the one time, mashing them all up to something that gets ‘remembered’ and which our brains can retrieve automatically when presented with the ‘trigger’

This is a combination of rational and emotional inputs that has its roots in evolutionary biology.  It enables all the things going on around us to be sorted quickly and efficiently without resorting to consciously making a series of choices. This applies as much to the choice of yogurt on the supermarket shelf as it does to the rustle in the bushes that last time resulted in your sidekick caveman being a tigers breakfast. You do not forget that, but at the critical point, when you hear the rustle again, your brain registers the rustle, and auto responses kicks in, and you get the hell out of Dodge.

There is a lot of bullshit and hyperbole around the notion of ‘brand’. However, like many things in life, we complicate it past the point of common sense. The challenge then is to dig sufficiently deeply to understand and articulate the trigger/response mechanism in the minds of those we most want to influence.

It sounds a bit creepy, but is just the way we respond to our environment.

 

 

 

 

Your network is the second most valuable asset you have

Your network is the second most valuable asset you have

Jan 17, 2018 | Collaboration, Marketing

Networking in this modern age has been digitised, so it is made easier, but is it more effective?

Probably not, when most of the time the so called Networking’ is little more than an opportunity for a sales pitch.

Over my time, the most value that has evolved has come not from those I know well, but from those I know not so well, or at all, but who are in the networks of those in my networks.

When I first left corporate, one morning after another barney with the MD (never a career enhancing move) 23 years ago, the first thing I did the following morning, after processing the fact that I had a young family, with heavy commitments, and suddenly no income, was to write down the name of everyone I knew  with the intention of ringing each of them to let them know I was now looking for a job.

The really surprising fact was that the greatest level of support came from those I did not know well, but with whom I had interacted in some way. They not only offered me the support I had assumed would come from my closest connections, but they were the most valuable source of new connections. With hindsight, it is obvious, those I knew well were less likely to be able to offer valuable new connections, as I already knew them all.

The networks of your networks are of enormous value, if you treat them with respect. The weak ties they deliver are more likely to create the unexpected than those you know well.

Over the years I have discovered a few things about networking, which is the source of 100% of my activity, as it has always been  since the first consulting gig came 22 years ago. This came from a vague acquaintance to whom I had offered some insights in the course of a general conversation I did not remember,  but he did.

It is not about selling, it is about trust.

When an approach is with the objective of selling, most can smell it a mile way, and run for the hills, we hate to be sold to. Networking is about being valuable to others, which builds trust, which eventually leads to a transaction, in a tiny percentage of cases. You always need to give a bit before you can expect to get anything of value back.

Networking is highly personal.

Human beings are social animals, but having said that, we like to be social with others who are ‘like us’. There has to be some human connection before we will allow somebody new into our personal circles. This is where most of the digital platforms fall down. A ‘Like’ on Facebook is utterly meaningless, except to Facebook as a track along which to send more ads. A generic ‘let’s connect’ message on LinkedIn is much less likely to attract a positive response than one that is personalised, and the more personalised the better. After all you are more likely to trust someone who has taken the trouble to do some basic research and sent a personalised note, than a random generic connection request which you know in most  cases will be followed by a sales pitch.

Networker or connector?

Being a networker implies that it is all about you, who you know, and what you can make happen as a result. A better outcome is to be a connector, someone who ‘knows who knows,’ and in this way can add value to two other parties, which will build trust, and the likelihood that both of the connected parties will remember and return the favour, usually in spades.

Networks work as clusters.

Because we are pack animals, who tend to stick together, once we are in a cluster, we can ‘work’ the cluster, but there are always a few who have connections beyond the cluster, the ‘connectors’ referred to above.  Being the connector between these tight clusters is a position of great influence. The more diverse the connections you have access to, the greater the potential for that the one piece that completes the puzzle is likely to be in there somewhere.

And, your most valuable asset: your health of course.

18 ways to make the most of your large investment in trade shows.

18 ways to make the most of your large investment in trade shows.

Jan 9, 2018 | Customers, Management, Marketing

Years ago as GM Marketing of the Dairy Farmers Co-Op, I had a significant chunk of my marketing budgets taken by the involvement Dairy Farmers had in the Sydney Royal Easter Show, and associated conference sessions.  This was an institutional investment, beyond the control of my marketing programs, as a Co-Op, the board was committed to it beyond any debate.  After a couple of years of whingeing, I took it on as a challenge to generate a return from the investment, that I would rather not have made.

In more recent years, I have attended many industry conferences, organised a few, and spoken at several, so have had plenty of opportunity to see what works and what does not.

Following are some of the lessons, the things you should have sorted out before you make the significant commitment to exhibit.

 

Have a clear objective.

Build brand awareness, find new distributors, generate leads, position yourself as the industry expert, whatever it is, without an objective you may as well save your money. Your objective will drive the manner in which the investment is made, the size, type and the way you manage it.

Be strategically consistent.

Ensure the show activities and presence at the show itself is aligned with the rest of your marketing activities and programs. Doing a one-off industry show because everyone else seems to be doing it is a basic error to make. It is almost always harder to say ‘no’ than to just go along with the crowd.

Market your presence in the show.

Use the investment in the show as a reason to contact all your networks, inviting them to the stand, to the functions you have organised, or to the sessions of the conference that you think may be of interest and value to them. Trade shows are really just very expensive and expansive networking opportunities, so the greater the awareness amongst current and potential customers that you will be there, available ready to talk, and even ‘do a deal’ the better.

Follow up, follow up, follow up.

Persistence pays off, although you do need to have a ‘tyre-kicker’ identifier in place, as you can spend a lot of time following up people with little real intent of a commercial relationship and transaction. Similarly, following up your competitors neighbour, or committed customer is just a waste of your resources. However, this is no different to the normal situation,  every business needs some sort of lead scoring system. It is just that at a trade show, the numbers can become overwhelming very quickly, and it is easy to lose focus and waste resources.

Automate the contact collection process.

Most conferences these days have entrance tags that enable direct input of a visitors details in your CRM/lead management systems. Use them, it makes little sense having people copying out business cards after the day has finished, or getting visitors to fill in a form. Simple automation improves productivity enormously, freeing you up to engage with visitors without interruption.  Trade shows are great opportunities to build your contact data base, and as the old saying goes,’the money is in the list’.

Relationships are crucial.

Trade shows are wonderful opportunities to strengthen existing relationships and forge new ones. It is a huge networking opportunity, all those interested people coming to you, rather than you having to trawl through LinkedIn one by one, spend advertising funds. The opportunity to forge relationships with a wider group than you would normally interact with, particularly with businesses with complementary services to yours can be gold.

Learn about the innovations in your and complementary areas.

Exhibitors typically show off their latest and greatest, so it is a great opportunity to see what is evolving in areas that may impact you, and that you might be able to pass on to your customers, building on your position as a trusted advisor, rather than just a supplier.

Learn about the problems current & potential customers have.

It is casual, ‘non-salesy’ conversations that often uncover the problems that are the sources of value you can add,  and opportunities to be followed up. Have as many of these conversations as possible, always seeking to understand the problems others have, rather than flogging the features of whatever it is you sell.

Ensure the elevator pitch is clear, and delivered by all in the same way.

Having a clear, well tested elevator pitch is crucial at all times, but never more important than at a trade show, when it  will need to be delivered many times, and by different people manning your stand. Not only do you want to grab the attention of those to whom you can add value, and the elevator pitch is a terrific filtering device, you want those who hear it to remember the salient points so they can relate it to others in their networks. Trade shows are meeting places, and nobody attends without meeting up with someone they have not seen for a while, ex colleagues, customers, old friends, and having them able to recite your pitch acts as a strong referral.

In addition, ensure that your elevator pitch is reflected in the exhibitor listings, so the scanner who may be your ideal customer can see clearly the value you deliver. Flick though any exhibitor listing, and you remain in the dark about what half of them actually do, and very few make the listing sufficiently compelling so  that you file it away as a ‘must visit’ stand.

Collateral material.

Ensure the collateral material, be it analogue or digital is in order, and created thoughtfully, and differentiates you from your competition, rather than putting some generic stuff together as a last minute rush.

Provide a next step for everyone who engages towards a relationship.

Successful B2B selling is a process, rarely a once-off interaction. It makes sense therefore to be very clear about the next step towards a transaction that may arise during the show, from more detailed information available on the stand, to follow up visits, availability of engineering resources, referrals to existing customers who will support your claims, and many others.

Make your stand compelling.

It does not have to be the biggest, or most lavish,  but it has to stand out, and particularly be attractive to  your ideal customers. Having a clear definition of your value proposition and ideal customer profile, then spending a few dollars on designing the stand to be particularly attractive to that group will pay big dividends.

Leverage your relationships

Sharing your relationships with other exhibitors, is a powerful strategy to position yourself as an expert. Take opportunities to speak at the conference sessions, which further positions you as an expert, and make sure you do a lot of preparation to make the presentation a good one

Keep metrics of follow up and conversion success.

Understanding the dynamics of your conversion funnel is vital at all times, but never more than when you are following up a large number of potential leads generated in a short time, where the opportunity to waste time on tyre-kickers is geometrically increased. A significant change in your numbers may be an indication that your lead scoring systems are in need of review.

Measure the ROI of the show,

Apply the measures over a long period to allow sales conversion and retention to be a part of the equation. Sales is a process, and depending on your product, can have long gestation periods, so ensure to accommodate the average gestation in your calculations.

Plan everything,

Leaving organisation of the detail to the last moment will not work. Spend time up front planning, not just your presence, but who else is going, decide who you want to connect with.  Too many times I have seen last minute printing errors, poor editing leaving spelling and contact detail errors, wasteful premiums, redundant material, and obvious absences from stands, just because nobody thought it important enough to do the detailed planning, and allocate responsibility to get the job done in plenty of time. Sensible planning also increases the productivity of your investment, as last minute rush jobs always cost more, and are never as good as when real consideration is applied. Be prudent, but be prepared to spend that bit extra to leverage the investment already made.

Be early for everything.

Often that is when the best casual conversations happen, when there is few pressures of time and other people.

Have a senior management presence.

Often I have seen stands at trade shows manned by bored sales people who would rather be elsewhere, or casual staff who know very little, and have no authority to do anything. Success comes from commitment, and the presence of senior management is a sign of commitment, to everyone. Besides, most bosses spend way too much time closeted in their offices and meetings, when they need to get ‘out of the building’ and talk to real people, those who do not see things as they do, and who have no institutional pressure to agree.

The costs of trade shows are significant, not just the stand, and material, but in the costs of planning, manning, travel and accommodation, and following up. The investment can be easily wasted, or alternatively, it can just as easily be turned into a marketing goldmine with a little thought and planning.

Photo credit: Joe Flood via Flikr

Indifference is the killer of businesses.

Indifference is the killer of businesses.

Dec 7, 2017 | Branding, Change, Marketing, Small business

 

Successful small and medium sized businesses are always on the lookout for opportunities, which can be a problem.

All businesses, and especially small ones do not have the operational and management ‘bandwidth’ to take on too many opportunities, they lose focus and end up being mediocre in the market that made them successful in the first place, as they compromise in order to enable the coverage.

In this terrific cartoon and accompanying commentary, Tom Fishburne relates the contrasting stories of the Mini, one of the most successful cars ever designed, and the Pontiac Aztec, voted one of the worst ever, despite being in front of the demand curve at the time and therefore in a great position to be truly successful.

The problem can usually be distilled down to indifference.

People buy things to solve a problem, scratch an itch. Sometimes that is a simple thing associated with what will I eat tonight, and sometimes it is a personal thing associated with self-image. When it is the latter, creating a situation where there is indifference, where the purchase decision is not driven by a strong emotion, you will end up failing.

Strategy is all about making choices. It is not just a matter of determining what you will do, it is also a matter of determining what you will not do. It is this  latter dimension of choice that always causes the most problems in coming to a conclusion, there is always that bit of green on the other side of the fence.

‘Find a niche and own it’ should be the mantra of every business, but particularly every small business. Be very, very good at a few things rather than average at a number of things.

A former client has a dominating position in a niche servicing the underground coal market in Australia. A dying market if ever there was one. There are several strategic options: expanding into underground coal internationally, and/or expanding into adjacent hard rock mining operations leveraging some of their technology that is relevant to the challenges faced. As there are limited funds available, choices need to be made. Not easy.

One of my mates is a baker, a creative and driven bloke who has successfully built a business servicing the ‘high end’ market in a major city. His business partners now want to expand by expanding operational capacity in order to service the ‘medium’ market  where there is indeed far more volume, but also more competitors with spare capacity, so it becomes a question of price.

Over 40 years of marketing, I have never seen a situation where the dilution of the value proposition benefits the marketer. Customers are not silly, they make judgements on a range of rational and emotional considerations, and they do not consider your operational and financial priorities in those judgements.

 

Cartoon credit”: is again a wonderful Tom Fishburne production