Aug 13, 2021 | Communication, Marketing, Social Media
There are a huge number of choices to be made when considering how to best reach and communicate with your ideal customer.
None are disconnected from the others, but like anything, all have their ‘sweet spots’.
Each has its place, and the better you know the habits and motivations of your ideal customer the better able you will be to make informed choices about when and how to reach them. You also must choose how much of your limited budget should be allocated to the various options, and what resources are required to optimise the choices.
Referral.
The original and still by far the best way to engage with a customer is to have someone they trust refer you to them.
Referral is the gold standard, leading to the challenge of how you make yourself ‘referrable’.
Website.
These days not having a website is like not having a phone in earlier times. You must have one even if it is just to capture the opportunities that emerge. However, not all websites are created equal. Many I see are next to useless. You can spend a lot of money on a site, and get little or no traction. However, done well, it is your digital ‘Home base’, the place where people find you and see if you might be an option for them, usually before you even know they are in the market.
Content creation & marketing.
This is everything from a comment on a Facebook or LinkedIn post to long form e-books, webinars, and courses. The objective of this material is to drive people back to your website, or directly to you, and to establish your position as an ‘authority’ in your field. Those looking for information, reassurance, or just a bit of help would usually prefer it came from someone with the authority derived from knowledge and experience, rather than cliches and blather. Your website is your digital home, you own it, you make the rules. The ‘rented’ platforms, Facebook, LinkedIn and all the rest, are not yours, you do not own the relationships built there, and the platforms can change the rules any time they like. These changes are made in their interests, not yours.
It is also true that the ease of posting to these rented platforms ,means they are filled with stuff that is fed back to you by algorithms, rather than by your choice. They record every click, measure the time spent on every page, and capture what you do with it, so they can sell it to people who want to reach you. It is a two-edged sword. It is too easy to load up rubbish: a dog crap on the footpath is just a pile of dog crap, but somehow, once someone photographs it and uploads it, that pile of crap becomes ‘Content’.
Analogue.
Never forget the power of analogue tools. TV is still a hugely potent means to reach customers, despite the claims that TV is dead, it is not. Neither is radio, magazines, books, catalogues, and all the rest of the analogue communication channels. Too often analogue communication is dismissed as no longer useful, usually by those who have never used them to know. How often would you not open a personally addressed ‘snail mail’? Never I suspect, which compares well to a personally addressed e-mail coming from a source you do not recognise. The e-mail open rate hovers around low single figures, testament to the power of analogue, when used well.
Social Media.
Social can be enormously powerful, which is another double-edged sword. It is often the ‘glue’ that holds the other pieces of the puzzle together. The downside of course is that it can chew up resources faster than a plague of locusts will consume a field of wheat, and have about the same impact on the unwary.
Imagine you sell engineering services to renewable energy suppliers. You are unlikely to be able to communicate what you offer to the buyers you need to speak to on Tik Tok.
However, that same person may watch Tik Tok over the shoulder of their 16 year old kids, but when they do, they will not be looking for engineering information.
It is called ‘Social Media’ for a reason.
None of these work independently, all have their own ‘sweet spot’ all cross fertilise and compound, but are next to useless in the absence of a specific target. Your media choices must come after the work to build a strategy, the assessment of your current situation, and the plan that defines your message, and who you need to reach and engage in order for you to be commercially successful.
May 31, 2021 | Analytics, Marketing, Social Media
‘Social Media Marketing’ has become a substitute in many people’s minds for ‘Marketing’.
It is sensible to have such a strategy, just as it is sensible to have an email marketing strategy, and a telephone marketing strategy, in the appropriate circumstances. However, to treat it as anything more than another tool in the marketer’s toolbox is to completely misunderstand the whole process of marketing.
Following is a reproduction of a note I sent after a long conversation with a potential client who runs a large function venue in a regional area. It all happened pre-covid, but it seems the sentiments were still valid, based on a similar conversation last week.
Thanks for taking the time to talk to me yesterday, you clearly have some challenging issues to be dealt with.
I suspect that the social media “brain-dump” over the phone I delivered yesterday may have been a little unclear, so I thought I would follow up with a few points that have consistently come through over the course of the work I have done in this space.
- To achieve anything at a cost that delivers leverage on your investment, you need a plan.
- A core part of that plan is establishing objectives for your activity, and in social media marketing the real objective should be to generate “leads”. Not sales, leads. Social media will not be effective directly selling a product such as yours. It can, however, be a very potent tool to identify and feed leads into a sales process that can be at least partially automated.
- There will be investment required in the process, particularly the development of the ‘content’ and messages you send, irrespective of the level of automation.
- The starting point to developing the messages as it should always be, is the definition of the value of the product you are selling to the receiver of the communication. This is the point where your mix will be challenging, as the wedding reception product you have will be different to the corporate function product, although held in the same room, just re-arranged, and with differing support services. Similarly, the person to whom you are marketing the wedding product will be different to the one likely to be the buyer of the corporate function. Defining all this is critically important, much more now in the time of social media because of its ability to deliver a specifically targeted series of messages to a well-defined individual potential buyer.
- You can develop metrics that will give you indications of the effectiveness and impact of your activity. However, the problem of attribution is a significant one. Which piece of content, or ‘marketing collateral’ was the driver of the move towards the objective of a sale? Any digital agency that tells you they have that absolutely nailed is dreaming. However, you do now have the opportunity to test all parts of the process in a multitude of ways and optimise over time.
- The nurturing requires a “toolbox” of content, aimed at the individuals inhabiting specific target markets that you are setting out to reach. Some of this content can be challenging to create, but once done, can be used, and re-used, improved, and used again for little cost, providing your investment with considerable leverage. In your case, you do not have to do everything at once, pick a market (like weddings) and create a few pieces of content, such as the “Guide to the big day” I suggested yesterday, together with a few supporting pieces such as photos of decoration options, flower seasonality guides, and checklists of the really little things that make a difference on the day. These will both alleviate the planning headaches of the wedding planner, and make your life easier by neutralising those last minute panics.
- Once you have some of this, you can utilise social media to target the buyer. For example, Facebook and Pinterest will probably work for the bride to be, but LinkedIn may be better for the corporate buyer. In corporate it is rarely the one signing the cheque that does the investigation into venue options. Having such targeted message recipients means you can get some useful measurements of the outcomes of your social media spend, that can be supported by some of the other media options you are already using. I am however, a great believer, based on the results of the years, of being able to create a “conversation” with potential customers via social media, but this is just an automated and ubiquitous version of the opportunities we have always had to communicate, as evidenced by this story which goes back many years that I related in a post back in 2013.
As a last word, it is really difficult to find people who genuinely understand all this stuff and can implement as well. There are many around who will promise the world, and deliver something entirely different, when they deliver anything beyond an invoice. However, if you are curious, and prepared to explore the options, much can be done very effectively, and the outcomes are measurable and cost accountable.
If it costs you $50, or even a couple of hundred dollars to find, nurture and convert a prospect for a wedding reception into a sale, is that a worthwhile investment? I suspect so.
Let me know if I can help you develop and implement a plan that will deliver a return on the investment you have made in a terrific venue. Just do not be seduced by the hyperbolic nonsense sprouted by many self-styled ‘Social media experts’
Header cartoon credit: Hugh McLeod at www.gapingvoid.com
Jan 4, 2021 | Analytics, Social Media, Strategy
Which StrategyAudit posts gathered attention during 2020?
The StrategyAudit blog, and supporting research is both a personal archive of ideas, that vary from complete to really half-baked, a recitation of the things I see and learn from those I work and interact with, and the lessons that come from those interactions.
Over the course of the year, there were 120 posts published on the StrategyAudit site. It seems like a small return for the effort. Luckily, I did not keep a count of the hours spent thinking, researching, writing, and editing these 120, or I would probably have to counsel myself to do something more useful to my retirement fund with the time.
The 3 most popular posts published this year.
A bit of an unfair advantage accrues to those published earlier in the year. However, the pattern across the decade of this blog has consistently demonstrated that most views of most posts happen over the week or so after publishing. It is the minority that then pick up later and continue to deliver multiple views weekly over a long period.
Reflecting on the new management challenges created by Covid, the April attempt at predicting the impact of Covid came in first. Perhaps understandable, and with the benefit of now 8 months hindsight, I am very pleased with the accuracy of the predictions. That will be the subject, as promised at the time, of a separate post. Second place goes to a June post that looked at what I saw as the 6 critical challenges of remote work, a topic we were all thinking about, and at that time just coming to grips with. Third was a bit of a personal rant, which obviously struck a chord at the time, after that idiot MP Craig Kelly jumped on British morning television in January, telling all and sundry that the fires, then ravaging the east coast of NSW, bore no relationship to the hoax that is climate change.
I am going to stretch the friendship a bit and give a dead cat bounce award to a post that I think had some considerable value as I review it, but that got no traction at all. I set out to describe the benefits that may flow from the Covid crisis, reflecting on the adage that there is a silver lining in every cloud. As with the winner in the category, I feel vindicated that the predictions made have been pretty accurate. Perhaps it was just a lousy headline?
The 3 most popular posts of the year.
This is a hands down to a post published over 6 years ago that describes the business model of supermarkets. It has continued to be the most viewed post every year since it was first published. Coming in second is the perennial runner up published in 2016, describing the 4 dimensions of project planning. Third was a welcome surprise, from early 2018, a marketers explanation of the accounting term Net Present Value. Many of those who run small businesses have a disturbing lack of understanding of even the most basic financial management tools, of which NPV is a common and very useful one. There are several other similar posts on accounting related ‘accounting type’ topics that also contributed significantly to the numbers.
Ideas that got no traction, but that seem valuable.
Some of the ideas I post may be a bit whacky, at least to some. However, it is not my job to reflect the consensus, it is my job to stimulate thought, and create some disturbance to the status quo by throwing in stuff from left field.
This one from 2019 combines two ideas. The first that the demarcation between marketing and sales is artificial nonsense created for the convenience of corporate management, and the second, that the accepted sales funnel is as redundant as a knife in a gunfight. Checklists on just about everything abound on the net. This post from late 2017 summarises a checklist I use when assessing the health of a business, was prompted by a similar idea published in the AICD magazine written by Phil Ruthven, for whom I have a very high regard. In 2013 I stumbled across an article in Fast Company magazine that started to explain the OODA loop, an idea that evolved from the fertile and obsessive mind of US air Force colonel John Boyd. I have since read a biography of Boyd, and spent considerable time reflecting on the competitive implications of the OODA loop, which I think is a seminal idea, highlighted this year by the speed and destructive spread of the Corona virus. Those who have successfully re-oriented themselves to get inside the ‘turning circle’ of their competitors, and the spread of the ‘Bug’, and been able to pivot their businesses in the face of the unexpected, have followed, mostly without knowing, the wisdom of the loop to their collective benefit. This follow up published in October 2020 was, sadly, a very strong contender for the dead cat award for 2020.
Finally, one of my personal favourite posts, viewed only once this year, published in 2016 after the death of Leonard Cohen. It has nothing to do with running a business, but is a deeply personal post, reflecting on a couple of the pivotal events in my life.
I look forward to interacting with you throughout 2021, which is getting harder, and harder. The combined impact of the continuing increasingly intense battle for your attention, and the squeezing of organic access to those who may be interested by the ‘social’ platforms makes life a challenge. (with the number of links in this post, LinkedIn is likely to stick me in solitary and throw away the key) If you find value in my thoughts, subscribe to them directly from the website, and spread the word amongst your networks. I promise not to follow you around when you do.
Have a better 2021 than 2020, perhaps an easy goal for most, and the basis of continuous improvement, finding a way to do a better job every day.
Header cartoon: once again, my thanks to Hugh McLeod at gapingvoid.com for the header
Aug 26, 2020 | Marketing, Social Media
The fundamental problem with ‘digital advertising’ is that there is little competition for ideas.
In the past, with limited availability of media, the competition happened before the public got to see anything, as those that controlled access to peoples eyeballs did the fact checking, curation, and idea vetting.
Now that is gone, and there is unlimited competition without the curation, the competition is for attention, then for head-space.
The competition for attention, now has infinite potential to consume the competition of ideas, hence we have the crap that just keeps coming at us in increasing volume.
There are some versions of curated content on line, where the ideas are curated and vetted as they were before, but they are struggling for survival in the sea of social sharks consuming everything around them of any value, and squirting out shark-shit.
And, that is all before the rampant fraud in the digital ad supply chain is considered.
Dec 22, 2019 | Change, Governance, Social Media, Strategy
It is getting harder and harder to be seen in the tsunami of stuff posted on various digital platforms.
The platform owners are wholesalers of eyeballs, their business is monetised by being the choke point between those who create material, and those who may benefit from seeing it.
Since the purchase of LinkedIn by Microsoft, the changes being made to generate a return on the $US26 billion paid have all been designed to build the case for monetising the access to the other side of the equation.
I have no problem with the principal, being paid for value delivered. However, for a small consultancy, wanting to inform, educate, demonstrate expertise, and add value, the costs can become significant.
There is an option.
Be really good, be different, and be of value to the few who really care.
Everything posted on the various ‘social’ platforms is first posted on my own digital home base, a point of distribution I own, so make the rules by which I operate, www.Strategyaudit.com.au . The alternative is to rely on platforms others own, where they make the rules by which you have to play.
For those who sometimes find value in what I write, subscribe to the posts on the site, rather than waiting to see them on LinkedIn or some other place, because you will miss most of them.
Once subscribed, you have the option of reading them, or just skimming and moving on, the choice is yours, not that of an algorithm designed to extract rent for the privilege.
If the posts become less than valuable, unsubscribe. Easy.
For many years now the path has become increasingly clear: to be seen, you must own your own your digital real estate, not rent it from someone else.
The recent changes in the LinkedIn algorithms have halved the number of people who see what I post, and moved them geographically. A set of eyeballs in Sydney is for me terrific, New York or Mumbai is of less value.
At some point soon I will simply stop posting outside my own digital real estate, relying on that oldest of marketing tools, word of mouth, to spread the word. At least then I know that those who see the stuff really care, perhaps learn, and might start a useful conversation, which is why I do it.
This is the last post for 2019. I hope it has been a good year for you.
As I sit here in Sydney, ringed by fire, and observe the impotence of the public governance we have somehow inherited, the hubris and self interest that prevents sensible debate and change across our economy and social services, I can only believe we are at a tipping point. I remain an optimist, and hope against hope that 2020 sees the awakening of a feeling that we have to not only demand change for the better, but dig in and generate it, one by one, until it becomes unstoppable.
Merry Christmas, and I will see you next year
Nov 18, 2019 | Marketing, Social Media
Self styled ‘experts’, flog all sorts of metrics that are supposed to tell you how well your digital marketing efforts are doing.
Many of them do give useful information, but it is only ever partial.
I am certainly one who loudly advocates the extensive use of data to measure and improve the productivity of marketing investments.
Opt in rates
Sales Conversion rates
Earnings per click
Cost per click,
On, and on, and on.
Being an old fart means I like simple stuff, and the simple measure of the effectiveness of your marketing dollar is the return on investment. ROI. The actions taken as a result of the investment divided by the cost to inspire and motivate that action.
Always has been the best measure, always will be!
Until the digital stuff took over, the best you could do was take an educated guess, informed by some research and experience.
Now you can usually get a pretty good read on ROI if you think hard about it.
How much did we spend divided by how much we got back.
There are really only three complications, beyond the technical ones involving statistics, and the lies that they can tell. Also, unfortunately, many marketers are lousy at statistics and mathematics, which is often a challenge to credibility.
First. Over what time frame do you do the measurement? For example, the lifetime value of a customer means you need a framework to make the calculation. This involves a lot of data as well as assumptions, and an intimate knowledge of customer behaviour over an extended period. This is very hard to get right, so most just use averages, which are almost always misleading. If my right foot is in a fire, and my left in a bucket of ice water, on average, my feet are at a comfortable temperature. Nonsense.
Second. Attribution. Which part of the investment led to the transaction? Was it the digital marketing activity, or the manner in which the receptionist took the phone call, or a thousand other sometimes tiny things that contribute to the transaction evolving. This challenge is not exclusive to digital marketing, it is to all marketing activity. However, the specific and very misleading claim made by most digital urgers, that you can measure the effectiveness of an investment in digital because you can measure movement through the ‘sales funnel’ is simply ignoring the reality of attribution. The claims made by the urgers of digital that they can reliably deliver attribution sufficient to make micro adjustments to the allocation of resources in an ever evolving competitive context is rubbish. You can get closer than a ‘best guess,’ but not with anything resembling statistical reliability.
Third. There are still things that we simply cannot measure. Most of us would agree that being a good parent is a great investment in the success of our kids, but how do you calculate an ROI on parenthood? Similarly, the impact of being part of an enterprise culture that encourages and values diversity of opinion, enables all stakeholders to have a genuine voice, and creates alignment of objectives, is hard to measure.
None of the above should restrain you from making the effort, and continuously improving the methodology as you learn more about your customers, and their behaviour, but it is a warning to those who just believe the nonsense peddled by digital urgers with a dog in the fight for your money.
Header cartoon credit: Tom Fishburne at www.marketoonist.com
